Callouts & quotes from 3,960+ activist slides

"We believe majority support for this proposal will send a clear and direct message to the Board to eliminate the dual-class share structure."

"Employees who remained behind at the mill after it was sold say they believed that Huaihua Yuda Wood was indeed a subsidiary of Sino-Forest."

"Believes Years of Self-Inflicted Issues Have Caused Avantor to Trade at a Meaningful Discount to its Intrinsic Value and Life Sciences Peers"

"Accordingly, we believe that YY helps Big Li prop up his and other performers’ popularity—and YY revenues—by spending far more than he gets."

"We believe the intent behind changing top users' data is clear: to prevent others from discovering the scale and absurdity of the Bigo scam."

"We believe investors need to pay particularly close attention to India, which has consistently been AMR's largest customer by export market."

"Warning: We believe Oatly's revenue disclosures are insufficient and not what we'd expect from a company with a 20-year operational history."

"Industry insiders stated that they believe the Synergy Ballard joint venture is only able to produce a few hundred fuel cell stacks per year"

"We believe that Richard “Dick” Sullivan (67) has been entrenched on FND’s audit committee as the longest running member since at least 2017."

"Therefore, we believe Huntsman’s performance seems to be the result of favorable macro conditions rather than skillful management execution."

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"Supply roughly equals demand and analysts expect the market to remain balanced, though we believe it may fall into deficit in the near term."

"Spruce Point believes current sell-side analyst price targets are wildly optimistic, with all but one analyst recommending buying the stock."

"Given management's inability to achieve its #1 most important goal, organic growth, we believe it is appropriate for the CEO & CFO to resign"

"Spruce Point believes a major red flag is when companies claiming to have a key technology advantage start to curtail technology investment."

"Achieving a growth + profitability rate of 35% would be a step in the right direction, but we believe significantly more opportunity exists."

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We don’t believe this to be a coincident and think that Trulieve has on purpose disguised a related party loan as coming from a third party."

"Trustpilot is either terrible at enforcing its own policies, or, as we believe, is selective in enforcement based on who is a paying client."

"We believe GoDaddy can reach growth + profitability of 40% by Q4'24E through a combination of stable growth and meaningful margin expansion"

"Experts at Georgetown University's Edunomics Lab also believe that the end of ESSER will spell danger for K-12 vendors such as PowerSchool."

"We believe the current order placement and fulfilment system undermines hard-earned customer relationships and leads to unnecessary errors."

"If SSS and valuation revert closer to historical average levels, we believe that SBUX shares can more than double over the next three years"

"Spruce Point believes Perion should provide more consistent disclosure related to its search advertising business in its earnings releases."

"Through consistent revenue growth, proactive cost measures, and improved incremental margins, we believe BILL can be a ‘Rule of 40’ company"

"We believe that the same executive team has once again failed to thoroughly disclose to investors the major issues relating to New Pacific."

"As for how many vehicle miles are in play for Aurora, we believe it's an order of magnitude smaller than Aurora's 200 billion mile fantasy."

"We believe GoDaddy can reach growth + profitability of 40% by Q4'24E through a combination of stable growth and meaningful margin expansion"

"I believe we overpaid for deals. Look at Mobius, there were risks identified of getting commercial products to quality standards to market."

"We do not believe that PGNY deserves a multiple premium and rather deserves a discount given based on our findings detailed in this report."

"We believe it's a big jump for Sveen to go from being an private banking associate to being the EVP, CAO and GC of an animal health company"

"Why We Believe CLEAR’s Financials Are Potentially Misportrayed And Investors Should Be Alarmed By The Chief Accounting Officer’s Background"

"I believe when investors attempt to value the disconnected stocks using conventional methods, they typically can't close to current values."

"We believe GoDaddy can reach growth + profitability of 40% by Q4'24E through a combination of stable growth and meaningful margin expansion"

"This inventory could be placed on any AOL property, yet we believe it is pushed to Patch in order to justify continued investment in Patch."

"Given the distortions in Leidos income statement metrics, we believe the best way to value the Company is on its operating cash flow (OCF)."

"We believe PLTK's business is unattractive in even the best of times, and see a potential downside of over 40% in the short to medium term."

"We Believe Ferguson is Mispriced as a UK-Listed Equity as 100% of its EBITDA Will Be from North America Following the UK Business De-Merger"

"We continue to believe that the opportunity for productivity improvements and margin expansion at Mondelez is significant even beyond 2018"

"Based on our research, Spruce Point believes there is a disconnect between Genius’ guidance / Wall Street’s consensus compared to reality."

"We believe Avery has grown so dependent on restructuring charges to perpetuate growth, that it has pivoted towards accounting manipulation"

"We will show why we believe Unifinance doesn't exist, and VCM Group is nothing more than a 1 person enterprise that has suddenly vanished."

"Although we have not included a more efficient kitchen in our margin improvement plan, we believe a large additional opportunity may exist"

"We believe that a $350 million portfolio sale would improve Darden’s credit profile, setting the stage for a larger real estate separation"

"Wal-Mart and dollar stores can coexist. Management believes FDO has ~3% share of their core customer’s wallet compared to WMT’s ~35% share"

"Given the differences in profitability between Target and Wal-Mart, we believe there are opportunities to improve Target's retail margins."

"Although we have not included a more efficient kitchen in our margin improvement plan, we believe a large additional opportunity may exist"

"We believe that a $350 million portfolio sale would improve Darden’s credit profile, setting the stage for a larger real estate separation"

"We believe new leadership is required at Southwest after years of consistent disappointments and a steadfast commitment to the status quo."

"We believe that FY2018's declining disclosures are intended to mislead investors and analysts from meaningfully understanding the company."

"We believe there are multiple outcomes, all of which are negative for Sunnova, regardless if an extension to the solar ITCs were to occur."

"We believe TMC siphoned US$ 43 million in cash and stock to undisclosed insiders by overpaying for Tonga Offshore Mining Limited (“TOML”)."

"We continue to believe that the opportunity for productivity improvements and margin expansion at Mondelez is significant even beyond 2018"

"We believe new leadership is required at Southwest after years of consistent disappointments and a steadfast commitment to the status quo."

"While competition in China has recently intensified, we believe that Starbucks has a defensible moat underpinned by several key advantages"

"Spruce Point believes that PERI's recent 2023 outlook suggests that the best operating leverage and growth potential is already behind it."

"Over the intermediate-term, with a revamped Board and c-suite, we believe Forward Air's value creation opportunity is $140-$145 per share."

"We continue to believe that the opportunity for productivity improvements and margin expansion at Mondelez is significant even beyond 2018"