Callouts & quotes from 37,061+ activist slides

"However, one industry insider told us that Dongfeng was being supplied by Shanghai Re-Fire and not Broad Ocean"

"All truths are easy to understand once they are discovered; the point is to discover them......Galileo Galilei"

"PeptiDream cannot possibly fail as long as the projects that that you see here stay on track — Chairman Kubota"

"Three-Pronged Approach and Multi-Year Plan to Drive Sales and Profitability — Darden's March 3rd presentation."

"Parkland will continue to enforce the terms of the Governance Agreement going forward — Parkland Press Release"

"In our opinion, Kyoto Audit is to audit failures what Michael Jordan was to basketball. — Muddy Waters Capital"

"actually, on the ground performing [to] that level of volume is extremely difficult. — Former Carvana Director"

"a few hundred thousand dollars. — A salesman for a large European manufacturer of papermaking production lines"

"so excited that we don't have to switch aircraft for the first time ever and just build — CEO Jeffrey Thompson"

"management provides dubious KPIs, such as GTV, that even one former employee described as "smoke and mirrors"."

"“Got it,” — Dr. Freedman (in response to an email from an Insys Sales Manager regarding speaker program fees)."

"Reit's counsel notes his clients intention to "retain any and all funds in R&O's possession" — Reitz's lawyers"

"We did say on the previous call that the revenue guidance for the year included organic and inorganic sources."

"In 2019, Pershing Square established two new investment positions that reflect our core investment principles"

"A handful of top distributors take nearly all of the cash flow; almost no one joining today can reach the top"

"Pfizer decided that OXBRYTA’s benefits no longer outweighed its risks and pulled the product from the market."

"For larger leagues representing a higher percentage of total dollars waged, the revenue share is less than 2%"

"Avery is organized into three business units. Below is our assessment and key insights from former employees."

"We Believe FIGS Exaggerates Its Total Addressable Market (TAM), Gross Margins, And Glosses Over Growth Issues"

"Valeant invested the HSR limit of $75.9mm and Pershing Square contributed the balance of the required capital"

"Glass Lewis - "members of [the compensation] committee should be held accountable for this lack of oversight""

"Garcia III and Jenkins were both owners of Rewards Systems LLC (Looterang) Yet Conceal It From Their SEC Bios"

"Comparing the uptake of UroLift (a leading MIST) to Aquablation highlights the relative superiority of MISTs."

"We believe this comparison is consistent with Procept's historical reluctance to acknowledge procedure risks."

"Directionally, and on the whole, we think our analysis is correct and the broader conclusions are inescapable"

"ADP is not achieving its structural margin potential across multiple client verticals (likely including SMB)."

"ELLIOTT LAUNCHES “STREAMLINE 66” PODCAST FEATURING 1:1 CONVERSATIONS WITH ITS BEST-IN-CLASS DIRECTOR NOMINEES"

"Agilent's share price including dividends increased 30% in 2021 through our last share sale on August 5, 2021"

"Name changed: From: Guangzhou Fengxian Sporting Goods Co. Ltd. To: Guangzhou Xiangrun Sporting Goods Co. Ltd."

"What kind of volume can a business like this expect when its clientele is pet owners who never go to the vet?"

"Does the large adjustment in contingent consideration suggest that something went wrong with the acquisition?"

"We believe Darden must get its advertising on concept and stop ridiculous promotions like “buy one, take one”"

"Our valuation methodologies demonstrate a value of approximately $2.5 – $3.0 billion for Darden’s real estate"

"The multiple management communicated for the EPIC acquisition was based on 2yr forward synergized projections"

"DJ G&P rates can be ~2x greater than Permian G&P rates, allowing for high FCF generation despite lower growth"

"Standard “Coulombic efficiency” metric is once again missing, without which cycle life claims are meaningless"

"10. Retail investors are at major risk as the lockup expires and insiders can dump the shares they're pumping"

"We believe Marathon’s severe undervaluation costs shareholders $14 – 19 billion (~60 – 80+% of equity value)."

"This cascading sequence of events ultimately has the potential to cause the insurer to become insolvent . . ."

"Valuation uses CASY's current depressed multiple. Prior to missing Q1'17 earnings, CASY traded ~0.75x higher."

"Our investigators' site visits confirmed that only one building, Building C, is currently under construction."

"Real estate companies trade at substantially higher multiples of EBITDA compared to Target or other retailers"

"Yet What Investments or Digital Acquisitions has Viacom Made In The Last 10 Years Since These Empty Promises?"

"Elliott estimates tax savings equivalent to approximately 60% of 2011 Net Income guidance provided by Company"

"BXMT's market cap, which is currently $4.0 billion, is at risk of being completely wiped out by these losses."

"BXMT's market cap, which is currently $4.0 billion, is at risk of being completely wiped out by these losses."

"It should be obvious that what lies behind the doors EY could not open is highly problematic for the company."

"Mr. Shaw's most "decisive action" has been pivoting to a value-destructive and operationally flawed strategy."

"BOOT's New Store Economics Are Struggling And New Stores Look Nothing Like They Were Represented To Investors"

"Discount stores primarily appeal to women bargain hunters whereas BOOT's core customer has skewed to 65% men."

"Houghton Mifflin is a higher quality business than McGraw Hill’s K-12 business and deserves a higher multiple"

"ACAS' compensation expense ratio is one of the highest compared to publicly traded alternative asset managers"

"We believe Darden must get its advertising on concept and stop ridiculous promotions like “buy one, take one”"

"Our valuation methodologies demonstrate a value of approximately $2.5 – $3.0 billion for Darden’s real estate"

"Prices stopped reflecting this a few years ago because we ran out of places where we could switch oil to gas."

"Brand partnering could cannibalize higher profit GMCR K-cup sales with lower profit brand partner K-cup sales"

"Management deployed capital worth ~60% of the market cap. That investment is now worth <20% of the market cap"

"The multiple management communicated for the EPIC acquisition was based on 2yr forward synergized projections"

"Why is AMR showing $21.8m of cash outflows associated with its share repurchase program when it spent $23.8m?"

"In 2017, Pershing Square established multiple investment positions that reflect our core investing principles"