Callouts & quotes from 37,061+ activist slides

"We believe change is warranted and necessary as a result of Edgewater's entrenched Board and management team."

"The Board should have fired Mr. Proud for cause instead of rewarding him with a $10 million 'ransom' payment."

"Total available space for lease in Alexandria's portfolio has risen to 18% currently from 9% at year-end 2021"

"BlackRock omits to say that the outperformance relative to the S&P500 stopped with the BGI deal 15 years ago."

"In June 2015, the CEO resigned, and Boulder was acquired for $11/share, or 52% below Chappell’s price target."

"It is imperative that the Board swiftly announces a strategic review to address the Company's undervaluation."

"Toyota Industries' Stakes in Publicly Traded Companies Have Increased in Value by 43% Since June Announcement"

"However, the press release was recently retracted and replaced with some notable revised quotes (next slide)."

"McOpCo’s Estimated Average Unit EBITDA margins versus U.S. Franchisees’ Estimated Average Unit EBITDA margins"

"How can TIM minorities trust that this deal is in their best interest given Mediaset lawsuit against Vivendi?"

"Inventory declines, coupled with cost reduction measures, has resulted in materially higher tenant cash flows"

"Inventory declines, coupled with cost reduction measures, has resulted in materially higher tenant cash flows"

"If scrip acquisitions are “entirely doable”, why have 100% of Rio Tinto’s acquisitions been funded with cash?"

"...Yet, operating margins are only ~250bps ahead of the peer average, and substantially below “best-in-class”"

"P&G must ensure those outside leaders are accepted and can succeed within the company’s structure and culture"

"Perhaps to obscure the transaction, CPI PG misleadingly reported a nominal purchase price of €1 for Pietroni."

"These combined misclassifications boosted operating cash flow by RMB 88.3 million (US$12.9million), or 57.6%."

"We believe much of the costs have circumvented the income statement and been accounted for as capex spending."

"KPMG explains that it has encountered an "Untersuchungshemmnis" (in English: obstacles to the investigation)."

"Unparalleled record of seeing through the stock promotion hype machine with insightful short-selling opinions"

"We believe that Bristol-Myers spending on R&D per employee needs to be reduced through organizational changes"

"We believe that software contract buyouts are an extremely expensive and dubious customer acquisition tactic."

"CP’s longer hauls and bulk / unit train mix should give CP a much lower unit cost profile than current levels"

"The GSEs’ guarantee business could generate significantly higher long-term earnings at increased g-fee levels"

"In less than two years between May 2020 and March 2022, FND dramatically changed its customer profile claims."

"Issuing in-the-money stock options gives executives more downside protection when DOX's share price declines."

"Despite capital expenditures continuing to grow on both an absolute and relative basis, revenue has declined."

"OSIS's response to our December 6, 2017 report in no way changes our opinion that OSIS is rotten to the core."

"Despite significant core capital generation, State Street's share count has increased ~50% since January 2007"

"GGP has over 24,000 tenants, with its largest tenant accounting for only 2.7% of revenue as of March 31, 2009"

"Pipeline capacity, not ownership, is the key to securing favorable crude differentials in basis dislocations."

"Disney's elevated content spend does not appear to be driving ancillary sales in other parts of the business."

"Investors Reacted Negatively to Disney's $60 Billion CapEx Announcement As Key Questions Were Left Unanswered"

"Disney has used a methodology for evaluating prior Trian investments that we view as flawed for many reasons."

"Directors with the appropriate skills, unaffiliated with the CEO and who bring a fresh perspective are needed"

"We are concerned that even newly-appointed directors have seemingly agreed to shareholder-unfriendly actions."

"The culture clash between TWX and AOL proved insurmountable. As a result, the operations were not integrated."

"The proposed share repurchases are integral to support the premium valuations of New TWX and certain SpinCos."

"Herbalife records “Retail Profit” as Distributor Allowances, which represents a ~50% discount to Retail Sales"

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

"We believe Freedonia’s marketing material is a redundant exercise, and the SEC should seek more clarity into:"

"We definitively believe the acquisition of Celgene is not in the best interest of Bristol-Myers shareholders."

"For more information about the candidates as well as information on how to vote, visit StrongerSouthwest.com."

"Directors with the appropriate skills, unaffiliated with the CEO and who bring a fresh perspective are needed"

"Lazard is the largest independent advisory firm yet has only a 9% share of the top 10 advisor global fee pool"

"We View UEC's CEO As A Promoter With Documented Connections To Multiple SEC, BCSC And DOJ Charged Individuals"

"Starbucks is trading at 22x consensus P/E today, a substantial discount to recent historical averages of ~26x"

"Fannie and Freddie facilitate widespread access to the 30-year, prepayable, fixed-rate mortgage at a low cost"

"How will Fannie and Freddie be able to IPO at more than $30 per share when the stocks currently trade at ~$6?"

"レーザーテックはACTIS在庫の処分に必死なようだ。A150については75%にも上る割引を提示している。その他にも、アップタイムと信頼性の問題を暗に認めていると思われるものを含めて、各種の誘因や優遇措置を提供している。"

"レーザーテックはACTIS在庫の処分に必死なようだ。A150については75%にも上る割引を提示している。その他にも、アップタイムと信頼性の問題を暗に認めていると思われるものを含めて、各種の誘因や優遇措置を提供している。"

"レーザーテックはACTIS在庫の処分に必死なようだ。A150については75%にも上る割引を提示している。その他にも、アップタイムと信頼性の問題を暗に認めていると思われるものを含めて、各種の誘因や優遇措置を提供している。"

"Both will allow you to cast your vote, but the gold card makes it even easier to vote for Elliott's nominees."

"How can the Board stubbornly move forward with this process when the market appears to have serious concerns?"

"Following engagement with Starboard, these companies achieved significant improvement in 'Rule of 40' scores."

"To earn the full maximum, Mitra needs to outperform the blended benchmark by less than 3% per year from here."

"It does not seem appropriate to us to appoint a CEO potentially disgruntled / motivated by reasons of revenge"

"BlackRock omits to say that the outperformance relative to the S&P500 stopped with the BGI deal 15 years ago."

"Not in BMS scientists’ interest to use Berkeley Lights, as BMS vendors and CRO’s don’t use the BLI instrument"

"TAM is at most around 150 machines, partly because BLI isn’t groundbreaking and has no proven clinical impact"