Callouts & quotes from 37,061+ activist slides

"Quantumscape boasts that its prototype can be charged to 80% in 15 minutes – but doesn't tell you to what capacity."

"HHH’s share price has not traded above $90 since early 2022, when the Federal Reserve began to raise interest rates"

"Did John Hess vote against the recommendation of his OWN BOARD of which he is Chairman? How will he vote this year?"

"In Materials to Shareholders, Hess Uses Misleading Chart That Ignores Relevant Peers and Hides Impact of Oil Prices"

"BXMT's total non-specific CECLs across the entire U.S. book are $114 million, which this table shows is unduly low."

"Why We Believe Aggressive Accounting Inflates Total Contract Value And Adj. EBITDA By $600M And $250M, Respectively"

"PowerSchool’s attempts at building smartphone apps integrated with its solutions have largely been panned by users."

"We believe the owners are likely to continue selling shares which could act as an overhang on the upside potential."

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"How can management of the world’s largest Italian restaurant chain think it is okay to serve poorly prepared pasta?"

"The mines have the capacity to produce up to 28 million tons a year for a long time without substantial investment."

"Spruce Point believes that current financial data providers are, at a minimum, failing to capture operating leases."

"it is crucial that the Board understand that Southwest’s leadership has already lost the trust of its shareholders."

"Southwest’s dated commercial strategy has resulted in the worst unit revenue performance among its peers since 2018"

"Did John Hess vote against the recommendation of his own board of which he is Chairman? How will he vote this year?"

"For a company demonstrating no revenue growth, Arconic has sure managed to win a lot of contracts over the years..."

"Liu Yishou said if he didn't return to YY he might have been gone forever. This time, he came back to "scam money.""

"The factory I visited, who ever owns or runs it, is incapable of performing to the level ONP reported to investors."

"DND's employee rating is 53% below the average for employers within the Information Technology industry (3.9 stars)"

"When coupling that with the apparent access to the Yundong email system, the notion of separation becomes farcical."

"Why does Oatly now claim to have semi-finished inventory when its external financial reporting does not include it?"

"If that’s not bad enough, $568 is an incorrect number – it’s actually $567. It appears that GTT thinks that 2+1 = 4"

"The Wood E&I business stands out as a major outlier. WSP should explain what exactly is driving the provision size."

"In other words, with these changes, we see BUR as having taken the decisive step toward becoming a stock promotion."

"Only provider in all major regions, and the #1 player in two major regions that comprise >60% combined global value"

"Zebra's Inventory Is Bloated And A/R Factoring Abnormal With Worrisome Accounting And Financial Reporting Practices"

"Elliott wants to augment TIM's Business Plan by aligning TIM with international corporate governance best practices"

"SunStrong flattered HASI's 2020 financials while PIKing by providing HASI with a $21.6 million equity distribution."

"BRP's portfolio consists of mostly mature land investments vs. more recent housing inventory for other homebuilders"

"Even with large expectations for the pipeline, revenue will be declining, possibly impacting the valuation multiple"

"The import data shows that as a group, January through September 2024 shipments to ELF by weight are down ~60% YoY."

"CP's inferior operating margins lead to lower cash flows and underinvestment in CapEx, driving long-term share loss"

"We find that since providing capex guidance in 2016, FND has cumulatively underspent by ~$330 million vs. forecast."

"it is crucial that the Board understand that Southwest’s leadership has already lost the trust of its shareholders."

"The large spike of intangible asset purchases in 2024 in the second half was preceded by an unusual reversal in Q2."

"P&G has used the “tax rate” argument to adjust Heinz EPS figures downwards so that they look unfavorable vs. peers."

"FMCN fraudulently claimed to have acquired six mobile handset advertising companies that it in fact never acquired."

"Globant has the highest valuation amongst its two closest peers (Luxoft and EPAM) despite a weaker business profile"

"Matrix organization with both regional and end market leaders may create confusion and decrease P&L accountability."

"TWX lost the deal to Comcast. It was a landmark deal for Comcast which ultimately changed the face of the industry."

"In our experience, when companies' disclosures become more opaque, it's usually to obscure bad news from investors."

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"We call on the Board to suspend its acquisition strategy post a through review of management's recent transactions."

"Shareholders could benefit from two platforms focused on making acquisitions in their respective industry verticals"

"QSR is a high-quality business with significant long-term growth potential trading at a highly discounted valuation"

"UMG's share price including dividend reinvestment decreased 7% in 2022 and has increased 3% year-to-date in 2023(1)"

"CP's share price including dividend reinvestment increased 12% in 2022 and has increased 3% year-to-date in 2023(1)"

"We believe Mailchimp was an overpriced strategic blunder, and recent data suggests a marked business deterioration."

"PERI also has conflicting average deal size reporting. This further undermines our confidence in revenue reporting."

"The root of the problem for the company has been, and remains, overly optimistic Mineral Resource Estimates (MREs)."

"Incremental core growth attributable new products / M&A, at risk to a potential plateau in new product sales growth"

"Incremental core growth attributable new products / M&A, at risk to a potential plateau in new product sales growth"

"TSMCの生産ラインにおいては、生産性に関しても経済性に関してもKLA製のほうがレーザーテック製よりも性能がいい。だから、TSMCにおけるその関連の商売の約3分の2がすでにレーザーテックからKLAに移行している、と私は見ています。"

"Shady Accounting And Financial Management Includes Misstatements To The SEC, Inflated Margins And Understated Debts"

"This raises the concern that much of Fairfax's dividend income is return OF capital, rather than return ON capital."

"Realmente no se trata de vender Herbalife. Realmente se trata de obtener dinero de la gente al traerlos al negocio."

"But as can be seen from the chart right above, that leaves nothing for Aurora to collect for its autonomous driver."

"A decade later, Mayer now has used Yahoo’s shareholders’ cash to buy companies run by former APM members including:"

"Spruce Point believes Stryker's industry premium multiple should compress to account for the following six factors."