Callouts & quotes from 37,061+ activist slides

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

"Olam's snowballing CapEx is, in our view, destroying investor value, and pushing the company toward collapse."

"Core became a market darling and its valuation diverged sharply from other global oilfield service companies."

"Two Likely Disguised Financing Transactions that Result in Highly Dubious Accounting Gains of $544.5 Million."

"Vertiv’s leading market position in critical categories serves as a pull-through for other data center needs."

"Our collected data indicates that there are far fewer agents on BEKE’s platform than it reports to investors."

"development cost, less $127.2mm stock based compensation, plus $93.6mm of amortized software development cost"

"APP doesn't overcome the information asymmetry through “AI”, but rather through misappropriated 3P user data."

"Since the IPO on the London Stock Exchange in May 2013 to April 18, 2017, PAH’s share price has increased 29%"

"Management estimated the value of these projects to be $3 billion in 2017 when copper was at $2.70 per pound."

"And, the $6.80 Goldman bull case puts the stock nearly 3 times higher or almost $90 Canadian dollars a share."

"I don’t know if we really need the full Goldman bull case of $6.80 copper... but, sometimes dreams come true."

"All of this begs the question: Who are the 74 employees who worked at CSC as of 2016 and earned £2.6 million?"

"A Master Lease has a number of structural advantages that will enhance the stability and security of TIP REIT"

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

"For people seeking pain relief, having to bend over for PBH’s product may increase discomfort and aggravation"

"Management avoids the question of new product performance despite having a risk factor regarding new products"

"We are short China Huishan Dairy Holdings (6863 HK / “Huishan”) because we believe it is worth close to Zero."

"Either scenario would be bad and is expressly listed as a Negative Covenant according to its Credit Agreement"

"We Believe Cintas Overpaid For G&K, Is Struggling To Integrate It, And Spinning A Weak “Beat And Raise” Story"

"The $204.8m does not appear anywhere in AMCR’s actual 10-K filing, nor is it discussed on the conference call"

"Altogether, AerCap earns a low teens ROE on a new leasing deal excluding gains or losses when the lease ends."

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

"Heska doesn't actually disclose the amount of POC Lab Consumables REVENUE subject to subscription agreements."

"Investors betting on a Keith Grossman-driven turnaround will shortly realize that the emperor has no clothes."

"Nevro “still feels like a boutique” one-trick pony that’s “not really as sophisticated as they say they are.”"

"2012年から2022年の間、最小在庫管理単位（SKU：stock-keeping units）は年平均7.2%のペースで増加しましたが、コンシューマープロダクツ事業の売上高成長は年平均で僅か1.7%にとどまりました。"

"WWW's margin target is only 100bps lower than Deckers' despite having a gross margin that is over 800bp lower"

"Yet Kate Tokyo has high brand satisfaction and conversion rates but low brand awareness among Thai consumers."

"Will something get in the way of true love? Or will they consummate the marriage and live happily ever after?"

"Within Bayer, it's overlooked and under appreciated. With time, Bayer is likely to beef it up or monetize it."

"Management estimates that when housing starts recover to ~1mm to 1.5mm, EBITDA will be 2 to 3x current levels"

"We believe Epiq trades with a "credibility discount" that impedes the stock from realizing its full potential"

"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."

"However, just because they are still partners, doesn't change the reality that Pepsi may have sold its stock."

"Ku'damm: the first of the 3 buildings (ca 22,000 out of ca 62,000 sqm) is in use per Q3 2020 and is 100% let."

"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?"

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

"The purpose behind attacking behavior is to impeach the credibility of the accuser in the eyes of the public."

"Highest-volume TransMedics users have allegedly ramped their transplant programs by using questionable organs"

"TransMedics will look you in the eye and say, we’re going to leave them in the body unless you pay us $3,000."

"If elected, our slate will engage actively and cross-functionally to improve relations with key stakeholders:"

"In 2020, PSH returned $367 million of capital through its quarterly dividend and opportunistic share buybacks"

"Patch clearly does not drive search traffic and needs to be viewed independently from AOL's other businesses."

"Soleno's framing of this risk as “manageable” is clinically irresponsible and unsupported by robust evidence."

"Tax-free IPO and spin of Target Inflation Protected REIT (or “TIP REIT”) as Groundlessor and Facility Manager"

"The CHMP identified several shortcomings in the documentation provided on the pharmacokinetics of pitolisant."

"The report suggests a potential attempt by the physician and/or company representative to cover up the event."

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

"A 2020 profile of the IonQ co-founder on a Duke website shows that the size of the device remains ridiculous."

"The RCA deal was not the best or easiest transition. It was pretty disorganized. It was like a dumpster fire."

"Once again, these acquisitions in July 2018 and December 2019 appear to be in open violation of Bolivian law."

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

"The YOY growth rate is decelerating quickly and could possibly reach negative territory in the coming future."

"Since the IPO on the London Stock Exchange in May 2013 to April 18, 2017, PAH’s share price has increased 29%"

"We believe UFPT's largest customer, ISRG, will materially reduce their spending with ISRG over the next year."

"Giving GreenPower the valuation of annual sales plus net cash only gives it a value of about $1.50 per share."