Callouts & quotes from 37,061+ activist slides

"It seems that ~70% - 75% of the U.S. loan book is unable to service its debt absent rate swaps, based on the CLOs."

"The alcohol opportunity is an example of low-hanging fruit that could improve same-store-sales and margins quickly"

"Although it is a lower priority, we would expect to begin realizing repairs and maintenance savings after 6 months"

"Drilling and completion techniques are pretty much standard whether fracking for gas or oil, and so are the costs."

"Xylem’s cash flow statement only shows a $56 million equity investment, far short of the stated investment amount."

"Current installed base is 7.5 million (as of May 2011), therefore the installed base could nearly triple from here"

"We think that in the current environment Pioneer earns a negative economic return on its Capex. Let’s do the math."

"Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period"

"Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period"

"Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period"

"Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period"

"After these adjustments, we reduce 2025 Adjusted EBITDA by approximately 90%, from $1,054 million to $103 million."

"As you can see below, Riot’s share price has materially underperformed peers who have signed sizable AI/HPC deals."

"Translation: Our competitors are ramping in auto too; Tennessee to remain underutilized for the foreseeable future"

"Why doesn't the segment revenue plus freight revenue match the reported segment revenue? They should be identical."

"Peabody correctly separates discontinued operations from continuing operations for investors whereas AMR does not."

"A benchmarking analysis of public U.S. reporting coal companies shows AMR leads the industry in restricted assets."

"The benefits of asymptomatic testing remain questionable, yet CEO Blackford suggests providers will test annually?"

"These are additional examples of the Board’s level of entrenchment and only underscore the urgent need for change."

"After reading our report and reviewing Oatly’s corporate credo, we believe you will form a very different opinion."

"To inform the financial industry about BNY’s global presence, we’ll create a mobile publication called: THE ARROW."

"Management is expecting to return approximately 1/3 of the current ~$260bn market cap to shareholders through 2018"

"Engage a new financial advisor with NO ties to the Board and publicly announce a sale process to take OUTR private"

"We believe that Chipotle is currently one of the most compelling and authentic large-scale food brands in the U.S."

"本試算は参考値。簿価は豊田自動織機の事業価値を正しく反映しておらず、また、簿価には法定税率31%が全額適用されているため、みなし配当課税による税効果は考慮されていない。豊田自動織機はPBR1倍を大きく上回る評価を受けるべきである"

"Wall Street analysts generally followed management's guidance that GED-0301 would eventually be a blockbuster drug"

"What if, instead of appealing to salons and hotels to feature ORIBE products, we open our own experiential venues?"

"Below are the summary cash flow projections for Pro Forma McDonald's based on the assumptions detailed on page 68."

"We believe C3 is poised to reset expectations as sales fail to materialize, losses balloon, and dilution increases"

"Mortgage availability was limited, with 5-to-10 year terms, floating interest rates, and ~50% loan-to-value ratios"

"Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"Trian has a track record of adding value in the Boardroom, improving both operating results and share performance."

"Globant is trading at peak valuation on the inflated belief that its growth mainly stems from organic initiatives."

"We would prefer to see the Board add individuals that have full independence and no prior connection to management"

"$200 Billion of Cumulative Incremental Investments Since the End of FY18 Nearly Equals Disney’s Current Market Cap"

"Maria Elena Lagomasino has a long track record of overseeing problematic compensation practices at other companies"

"There is no evidence that TWX's corporate overhead has improved the functionality of TWX as an integrated company."

"A standalone AOL should not declare dividends or directly return capital to shareholders in the intermediate term."

"I would also falsify their fuel cost per gallon, behind what's visible to the customer, to try and prove some ROI."

"We believe these observations are useful context as we evaluate TASK's business claims and financial presentation."

"I see them like a MEME stock right now. They're hot but as a long-term buy and hold that's a different evaluation."

"We believe WFG's MLM model is fraught with risk, which we believe has not been properly communicated to investors."

"Why hasn't CHD also impaired or written-down the $61m of goodwill and intangibles associated with the failed deal?"

"A separation could unlock between 15%-40%(2) of incremental value based on PPG’s current share price of ~$98.50(3)"

"On average, Trian’s portfolio companies have generated ~550bps of aggregate EBIT margin expansion after separation"

"Abnormally large "Non-Recurring" fees that suspiciously boosted index margins when they have struggled to increase"

"In our view, UEC’s period of vast stock price outperformance relative to the uranium industry defies common sense."

"Spruce Point raises serious concerns when it sees management tapping into pension funds for loans to subsidiaries."

"Mortgage availability was limited, with 5-to-10 year terms, floating interest rates, and ~50% loan-to-value ratios"

"Why should investors ignore acquisition-related charges when acquisitions are a key component of Company strategy?"

"If this is the goal, the split between concepts should be growth vs. mature, not Red Lobster vs. ALL other brands."

"A Special Meeting will provide shareholders with a forum to express a clear opinion, which the Board should honor."

"We believe the construction market was historically marked by aggressive competition and undisciplined risk taking"

"We believe the construction market was historically marked by aggressive competition and undisciplined risk taking"

"The company appears to have aided in the police interrogation of the analyst, as well as his eventual prosecution."

"Longer tenured Yahoo shareholders would be better served with a plan to unlock $30/share in value and not $3/share"

"BLI stands out for the number of nonsensical phrases, newly-invented words, and drivel it uses to describe itself."

"One takeaway we believe is that the sales cycle is much longer than management has suggested at two to five years."

"We believe this discrepancy illustrates that FTAI is categorizing revenue from whole engine sales as module sales."

"Note the conveyance for N282GX & N281GX are recorded together under the 282GX tail number (top right of document)."