Callouts & quotes from 3,960+ activist slides

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Spruce Point believes Kalshi will continue to operate while in litigation and DKNG's full year '25 revenue consensus is likely at risk."

"Some analysts suggest that DKNG could pivot to a prediction market model, but we believe doing so would likely devastate its economics."

"While management is making progress with their plan to increase margins to 17-18% by 2018, we believe optimized margins are far higher"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Mr. Müller, you have just made some remarks about Muddy Waters. I believe that, for me at least, that will be a principal theme today."

"We believe the recent growth in SSS is driven by the reduction in total store count. This is a low quality way to temporally boost SSS"

"DNMR presents Novomer as not just being a low-CapEx project but one with low production costs as well, which we believe is misleading."

"Spruce Point believes that Xylem investors should also be highly concerned about the fact pattern after the acquisition was announced."

"We believe that Zebra's $290 million of goodwill and intangible assets recorded in the acquisition should be evaluated for impairment."

"<14x P/E for what we believe is one of the world's best industrial companies WITH potential margin and capital structure opportunities"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"That is why we believe so passionately in what standalone management can accomplish when they are "handed the keys" to their business."

"We believe it is safe to say that most consumers who buy Frito-Lay and other PepsiCo snacks globally buy them with a Coke, not a Pepsi"

"Spruce Point believes that an influx of private equity capital into asphalt paving companies may be pressuring ROAD's growth strategy."

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"We believe CMG’s winning value proposition is that it successfully competes in all the desirable attributes of out-of-home fast eating"

"We believe concerns around META’s AI-related spending initiatives are underestimating the company’s long-term upside potential from AI"

"By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal."

"We believe there are highly-compelling industrial reasons to pursue a separation of the Bob Evans Restaurants and BEF Foods businesses"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Because New Vision is a related party, we do not believe that these revenues to Flexopt actually represent true economic transactions."

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"We believe CMG’s winning value proposition is that it successfully competes in all the desirable attributes of out-of-home fast eating"

"While management is making progress with their plan to increase margins to 17-18% by 2018, we believe optimized margins are far higher"

"We believe it is clear that the Board approved the $500 million Preferred Financing to “buy the vote” and dilute common stockholders."

"We believed these targets were a step in the right direction, but left room for outperformance, particularly around margin expansion."

"The overbought levels accurately predicted the peak in the last two fad cycles and we do not believe this time will be any different."

"We believe a reasonable amount of non-recourse leverage, especially if the debt is high-quality, is more of an asset than a liability"

"We believe that the increase in option values indicates that management may be issuing options which are in-the-money from inception."

"We believe the Company is capable of achieving a 23% SG&A expense ratio, in line with peer benchmarks and prior a management targets."

"Spruce Point believes that CHD's recent Waterpik and FLAWLESS levered acquisitions were made in desperation at outlandish valuations."

"We believed these targets were a step in the right direction, but left room for outperformance, particularly around margin expansion."

"We believe that the repurchase is a good use of cash and will assist in reducing the current discount between its share price and NAV"

"We are delighted to own UBER’s ~30% EPS growth at only 21x while we believe the company disproves concerns around autonomous vehicles"

"Although the pace of the housing recovery is difficult to predict, we believe a recovery over the next several years is highly likely"

"We believed these targets were a step in the right direction, but left room for outperformance, particularly around margin expansion."

"We believe our portfolio companies are attractively valued today given their high-quality business models and future growth prospects"

"We believe that the repurchase is a good use of cash and will assist in reducing the current discount between its share price and NAV"

"We are here today because we believe Arconic’s management isn’t succeeding at any of these tasks and yet the Board has failed to act"

"We believe there are clear catalysts for an upward revaluation of MDLZ as key investor concerns that emerged last year are addressed"

"As Sunnova's lockup expires, Spruce Point believes insiders will be anxious to reduce their positions at today's inflated valuation."

"The principal argument against a revaluation is that it might harm the HKMA’s credibility. We believe this is false for two reasons:"

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"We believe Intuit shareholders may have lost sight of the fact that the Company now has a sizeable small business lending operation."

"If New Darden’s multiple does not expand following a spin-off, we believe more than $800 million in shareholder value could be lost."

"If New Darden's multiple does not expand following a spin-off, we believe more than $800 million in shareholder value could be lost."

"Thought of As A Defensive And Stable Company, We Believe Broadridge Is Exhibiting Multiple Classic Signs of Growing Financial Stress"

"We Believe The $2.5 Billion Levered Acquisition of Itiviti Is A Diversion From Core Issues, And Will Fail To Meet Lofty Expectations"

"DLO's operational structure also contains unnecessary complexity which we believe is a deliberate attempt to avoid oversight by FCA."

"We believe it is impossible for shareholders to trust that key decisions are being evaluated with full independence and objectivity."

"We believe Bunge has engaged in significant asset and investment shuffling which has resulted in a cumulative $1.2b capital deficit."

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"We believe if federal regulators get involved, they would most likely push for a prohibition on compensation cooperation altogether."

"We believe that index inclusion will lead to a higher valuation for our portfolio companies due to greater demand from passive funds"

"To ensure equitable and effective executive compensation, we believe a board's Compensation Committee must prioritize the following:"

"We believe Lightspeed has always aspired to be the next Shopify, but the evidence suggests it has failed miserably in its ambitions."

"We believe there are clear catalysts for an upward revaluation of MDLZ as key investor concerns that emerged last year are addressed"

"we believe this issue is both material and urgent — Bluebell Capital Partners (quoting BlackRock's 2020 Exxon AGM voting rationale)."

"We believe there is a $215 million - $326 million EBITDA improvement opportunity through a renewed focus on operational excellence."