Callouts & quotes from 37,061+ activist slides

"Olam marked up the assets acquired by a significant amount, which resulted in Olam booking a gain and boosting PAT."

"Our recovery model shows that recoverable assets for unsecured creditors of Olam would be 45.8 cents on the dollar."

"By that measure, OMERS' overpayment was $196.2 million, which accounted for 83.7% of Fairfax's gross disposal gain."

"As a result of the consistent misexecution, Splunk's operational performance is significantly worse than its peers."

"When including annual fixed costs in the calculation, we estimate the company will lose -$402 on every MA customer."

"Both AbbVie and Chinook appear to have manipulated facts and figures to conceal dangers associated with atrasentan."

"This is seemingly a flagrant violation of the best practices for the use of composite endpoints in clinical trials."

"In fact, over the past four quarters, China has accounted for 30-45% of revenue for the leading U.S. WFE companies."

"The simple conclusion is that valuing ACMR in line with practically any other WFE company yields tremendous upside."

"Cutting R&D for a technology-centric business is a risky move that could hamper future competitiveness and revenue."

"We are troubled by REZI's recent reporting omission of segment and corporate depreciation and amortization expense."

"We found this CVS store no longer carries two of PBH's "Power Core" brand products and favors its generic CVS brand"

"Pershing Square owns 2.0% of common stock, not the 8.3% that the fund has claimed since the start of their campaign"

"Contrary to ADP’s focus on long term value, Pershing’s fee structure encourages a “Swing for the Fences” mentality."

"Warning: Carefully notice that MGPI doesn't put the break-out of "Premium Beverage Alcohol" in its 10-Q SEC Filing."

"Adjusting for capitalized commissions reduces reported FY19 Adj. EBITDA by 12% and FY19 Non-GAAP Net Income by 17%."

"Specifically, the Company Would Have to Generate $79 Billion in 2030 Revenue to Achieve Peer Median Revenue Returns"

"BN's share price including dividend reinvestment increased 21% in 2025 and has increased 2% year-to-date in 2026(1)"

"QSR's share price including dividend reinvestment increased 9% in 2025 and has increased 4% year-to-date in 2026(1)"

"We Estimate That Starboard Inflated Their REIT Multiple Analysis by ~4x Through Flawed Calculations and Assumptions"

"I think there’s a lot of window-dressing with Grossman and that’s why you’re not seeing this big uptake in revenue."

"Former Nevro executives and reps suggested that employees game the evaluation to ensure a virtually 100% pass rate."

"But in all fairness I do want to point out that it is a side-effect of rapid growth that not everything is perfect."

"It's a very slow throughput infrastructure and a very heavy infrastructure to deploy in a checkpoint in an airport."

"This suggests the EC strategy is not working, and consumers are not interacting with brands online via My Kao Mall."

"Surfacing Value of Real Estate in Illustrative PropCo/OpCo Structure Yields Approximately $49/Share Intrinsic Value"

"Instead, it decided to go with a rough cut, crop sciences dude named Monsanto, and the market did not respond well."

"What remains is a premium life sciences business with high barriers to entry and an excellent competitive position."

"This raises concerns of the technology behind Danimer’s product and the Company’s firsthand research and diligence."

"Return to double digit revenue growth seems optimistic. Even analysts don't believe Zillow's 45% Adj. EBITDA target"

"We continue to re-evaluate the PSUS transaction structure and will keep PSH investors informed as regulations allow"

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

"Shareholders can best express their frustration by voting against the compensation committee members and say on pay"

"While tasked with overseeing risk, we find it ironic that he himself has nothing at risk if Nova succeeds or fails."

"We are encouraged that now is the time to be short given the start of the gross margin unwind beginning in Q1’2019."

"The lack of Open Payments reporting is striking given what surgeons detailed as lavish, unusual travel inducements."

"Highest volume users have doubled transplant volumes through "very expensive abuse" with no improvement in outcomes"

"I think it’s going to the surgeon and then using the surgeon to bully the administration; “we’re going to do this.”"

"Centers increasingly using the device off-label for storage at the hospital after initial recovery/transport on ice"

"The BEF spin-off, it goes without saying, exhibits none of the characteristics that the IRS finds so objectionable."

"We believe that FirstGroup US should trade at a premium to Laidlaw's historical valuation of ~5x - ~7x in 2005-2006"

"Inspire claims this number is 2 million – their source? See footnote 2: “Company estimates” (i.e., “we made it up”)"

"So why does the Board believe AOL should be compared to the world's largest companies for purposes of compensation?"

"A large number of citations is generally good, but a preponderance of internal citations undermines its importance."

"Consider a spin-off of Semiconductors division into a standalone public stock ("Sony Technologies") listed in Japan"

"The main purpose of a Breton Pulleys structure is to allow for maximum control of the company with minimal capital."

"Trian believes a merger with Mondelez and a separation of all of PepsiCo’s beverages business is the right strategy"

"The Muddy Waters report appears to have given rise to many questions that have not yet been sufficiently discussed."

"The company responded to Moody's by asking it to withdraw the rating, saying it disagrees with Moody's methodology."

"Whether Aliza Nazarbayeva was actually defrauded (or not) is immaterial. Her money was used to finance the Buxmead."

"ADP’s share price including dividends has increased 18% from our average cost at announcement date to January 2018."

"These incidents not only tarnish the reputation but expose desperate measures are needed to achieve subpar results."

"HelloFresh ranks only 175th among food delivery sites due to terrible overall review scores of 1.3 of 5 on average."

"No, the share repurchase was value destructive. Management repurchased the shares at a price above intrinsic value."

"Remember, you should always pair the numerator and denominator on an apples-to-apples and oranges-to-oranges basis."

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

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

"The opportunity to round-trip cash back to INS, or even to siphon off cash for themselves, becomes very pronounced."

"Are investors really supposed to believe that the value of this empty warehouse more than quadrupled within a week?"

"Reinterpreted: Forced design change of major component required by Archer to make their Midnight eVTOL certifiable."