Callouts & quotes from 37,061+ activist slides

"We believe Fannie and Freddie should be valued somewhere between P&C insurance companies and regulated utilities"

"It's very difficult to recruit, retain, and motivate people at companies that size and scale, especially remote."

"PSH's ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH"

"The 10 largest companies in the S&P 500 index trade at 27x earnings, compared to 20x for the other 490 companies"

"CPKC’s share price including dividend reinvestment was flat in 2024 and has increased 7% year-to-date in 2025(1)"

"Of all the strategic missteps, perhaps most concerning is the Company’s decision to acquire Olapic in July 2016."

"Total potential dilutive shares, all of which are in-the-money, stand to increase the current share count by 80%"

"Norfolk Southern vs. CSX (same geographic footprint, track miles and freight mix): 800 bps worse operating ratio"

"AOL shareholders need a Board that will exercise stringent financial discipline to address these massive losses."

"Someone is lying, and we already have precedent examples of the CEO exaggerating the state of the SD&A business."

"The oral suspension curve is oddly pointy and the DCCR curve is flat with identical concentrations over 12 hours"

">CYP2D6 liability and drug-drug interactions amplify toxicity; the FDA's assessment was based on misleading data"

">Mechanism of action – “increases histamine levels in the human brain” – is unproven and hence false advertising"

"Our interpretation is that Neurio was a problematic acquisition requiring a reversal of payment back to Generac."

"Apple clearly states that fingerprinting without consent violates its Apple Developer Program License Agreement."

"The LBO model will usually give the lowest valuation. We usually use LBO model to establish a 'floor valuation.'"

"It’s ironic that AUID is supposed to guard against fake logins, yet it provides fake revenue numbers in its PRs."

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"IIPR signed its only sale-leaseback with DYME at the end of July 2019, mere weeks before DYME went into default."

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"It feels like you are focussing more on ripping people off than giving them a great product and value for money."

"Our Research Shows That GreenPower Motors Isn't Really An Electric Bus Manufacturer, But Is An Importer/Reseller"

"SGH's shift away from Brazil and into the Specialty Computing business has turned SG&A and R&D into fixed costs."

"Despite weak operating performance, robust multiple expansion drove significant share price appreciation in 2015"

"HelloFresh wendet verschiedene Strategien an, um zu verhindern, dass Kunden ihr Abonnement erfolgreich kündigen."

"Liang noticed that the people in the WeChat Groups were giving out multiple great identical reviews to teachers."

"KLA may have an interesting strategy...they will be ahead of Lasertec because they already have a better source."

"The Pershing Square leadership team joining HHH will receive no cash or equity compensation as employees of HHH."

"We don't think Mongolian supply is all that relevant because the transportation costs to Europe are prohibitive."

"This reflects, we believe, management putting its self-interest ahead of the best interests of all shareholders."

"Four Charged in Alleged $150 Million Payment Processing Scheme — Department of Justice, Office of Public Affairs"

"Profitability is not just a breakeven business anymore. It's a very profitable business. — Management (Apr 2015)"

""We do believe that we operate restaurants really, really well" — Sally Smith, Chief Executive Officer, 10/26/16"

"XHL's data shows 61,574 performers earned RMB2.69B gift income from October 2019 to January 2020. — Footnote 106"

"“Friendship Dairies workers vote unanimously to strike over 2 key issues with Saputo Dairy” — EveningTribune.com"

"Fair M&A Guidelines — Enhancing Corporate Value and Securing Shareholders' Interests (METI, 29 June 2019) — METI"

"“the best measure to judge a company’s performance,” — Texas Instruments (referring to free cash flow per share)"

"RINO International Corp. December 31, 2009 Form 10-K (filed March 31, 2010), p. F-30. — RINO International Corp."

"Nick Wingfield, "AOL Veers Into eBay's Turf With Online Shopping Service," Wall Street Journal, October 2, 2002."

"“unfair or deceptive acts or practices in or affecting commerce, are hereby declared unlawful.” — 15 U.S.C. § 45"

""Where Friends of Good Nutrition Meet Every Day" — Herbalife Independent Distributor Nutrition Club Presentation"

"An operational guru and master of strategy, Doron Gerstel leads Zend with vigor and spirit. — Zend.com biography"

"「残念ながら、聞いた話のうち、共有できない内容があります。レーザーテックにとても近い人を何人か知っており、彼らから聞いた話です。しかし、それ以上言えません」 — KLAで極端紫外線マスク検査を担当した、元エンジニアリング幹部"

"Minister of Mining reveals that Cesar Navarro was a strategic partner of the Alcira Mining Company — Los Tiempos"

"reflected the best currently available estimates and judgments — FSCT: Definitive Proxy Statement (Mar 23, 2020)"

"In 2016, CEO Lang said that International would be 20% - 25% of its business over the next few years. — CEO Lang"

"An internal investigation of Olympus called management "rotten to the core" — Internal Investigation of Olympus."

"Revenue at around USD13.5 billion for FY20, increasing by low single-digits over FY21-FY23 — Fitch Credit Review"

"展開国を増やし、多くの流通チャネルで販売すれば売上1,000億円を目指すことは不可能ではないが、そのようなやり方はせず、グローバル・シャープトップを目指したい。 — 花王グループ化粧品・スキンプロテクション事業成長戦略説明会"

"Table 4. Studies carried out on bioplastics' degradation in soil environment (adapted from Emadian et al. [43])."

"We also know from an early interview of iKentoo's CEO in 2017 that its ARPU was ~$100, or 50% lower than LSPD's."

"“hospitalized for ‘psychiatric issues,’ aggression and hallucinations while receiving WAKIX.” — Physician report"

""Right now, between Facebook and YouTube, they make up about 15% of our total revenue." — CEO, Q3 2021 Conf Call"

"“it interacts with everything” — Neurologist in the UK who also practiced in the US; used Wakix in both settings"

"EBIT margin of ~9% versus management's medium-term target of 12% and Home Depot's current EBIT margin of ~14.5%"

"Valeant shares have declined 83% from our average cost of $196 per share at announcement date to April 21, 2016"

"Since the IPO on the London Stock Exchange in May 2013 to January 20, 2017, PAH's share price has increased 11%"

"This could suggest phantom restructuring charges, or mistiming of charges and reversals to manipulate earnings."

"It appears that in 2022, Sunrun claimed ITCs of approximately $205 million on 14,390 systems that didn't exist!"

"Apart from Nigel Travis and Kathleen Mason, the rest of the Board lacks substantial retail operating experience"