Callouts & quotes from 37,061+ activist slides

"“for the first time, districts had more money than places to spend it” — former PowerSchool executive"

""PowerSchool's contracts typically have a three-year term with one-year rolling renewals" — FY22 10-K"

"Dye & Durham pauses sale process in face of cool reception from big shareholders — THE GLOBE AND MAIL"

"“...we ask the shareholders to kind of judge us on our performance and our merit...” — CEO Matt Proud"

"The bigger one is Changshu Jiangsu, I forgot its name. it does the business for NIKE as well. — Mr. A"

"トヨタ自動車との価格交渉において、豊田自動織機は値下げに対して守勢に立つ。コスト増分の転嫁は認められるものの、それ以上の価格引き上げを実施する権限は豊田自動織機にない。 — 元自動車部品サプライヤー幹部"

"「はい、私が〇〇〇で働いている間、15年ほどTSMCを担当しました。したがって、TSMCのマスク工場の管理者たちとやり取りしていたので、彼らの考え方をよく知っています」 — 半導体製造装置企業の上席幹部"

"「ACTIS A300の発表は、インテルとASMLが行った高開口数の極端紫外線装置の発表に合わせたニュースリリースを出したにすぎないのではないか、と思っています。」 — グローバルファウンドリーズの幹部"

""Alan Shaw is a crisis-tested leader who is delivering change." — Norfolk Southern Board of Directors"

"Harmony 1 trial paper, published 2013 in The Lancet – table of efficacy results with primary endpoint"

"I had 90 I saw on a rotating basis — Ex-Harmony territory manager for several states in the Northeast"

"With our technology and their technology combined, who can say no to that (the merger)? — Wing Fai Ng"

"university science project with no target market or commercial application — Former employees/experts"

"The fiduciary duty to make money for shareholders holds sway — Sébastien Bazin (quoted in Telegraph)."

"AAP has fallen behind, and we have a plan to put AAP’s performance on par with O’Reilly and AutoZone"

"PAH’s share price increased 14% year-to-date in 2019 through our last share sale on February 4, 2019"

"Our research leads us to believe that Nuvei has in fact served merchants in the adult film industry."

"Be extremely careful when operating cash flow is being revised in the first year after going public."

"In fewer than 2 years under 3G's ownership, Burger King experienced 5x+ of EBITDA multiple expansion"

"On the back of this incremental bad news, the stock fell another 6% to $36.63 over the next two days"

"Spruce Point views it as a major red flag that WTRG recently changed goodwill testing methodologies."

"Poor capital management needlessly harming shareholders, or further evidence of capital constraints?"

"If the Board is not happy with management and the Company’s performance, why should stockholders be?"

"If the Board is not happy with management and the Company’s performance, why should stockholders be?"

"However, XPO reports to investors virtually no impact to organic revenue from currency fluctuations."

"Since 2005, Tessera has invested over $500 million in its DOC business representing $9.90 per share."

"We believe TROX can easily pay between $24 – $43/share in cash and remain conservatively capitalized"

"The Human Capital Management industry is a secularly attractive, growing, and underpenetrated market"

"Return control to Vincent Bolloré’s Vivendi, an entity that oversaw massive value destruction at TIM"

"A Current Senior Eurofins Employee's LinkedIn Profile Appears to Concur that Eurofins Uses Factoring"

"It appears that True Science, W.T.F., Blue Ridge, and Ridium also shared officers through the 2010s."

"We believe that IPX has not provided a standardized schedule of operating costs across time periods."

"We therefore estimate that CPI PG inflates the Bubny landbank PP value (or carrying value) by ~100%."

"Highly accretive primary issuance at $90 per share, a 46.4% premium to the unaffected share price(1)"

"Least independent, least energy experience, most management directors and one of the longest tenures"

"Only a handful of public healthcare companies have durability similar to Val-gan’s product portfolio"

"PAH's share price has nearly doubled in the six months since the MacDermid acquisition was announced"

"THE TRAIN HAS LEFT THE STATION ON ESG AND MCDONALD'S WILL BE LEFT BEHIND IF IT DOES NOT MOVE QUICKLY"

"Our nominees would help the Board explore paths for McDonald's to reduce its environmental footprint"

"Despite all its hyperbole, Pure has thus far failed to get a toehold selling AFAs into hyperscalers."

"Match is a growing, high-quality business in a secularly growing industry and is deeply undervalued."

"Online Everyone Wants You To “Join the Family” And Stimulate A Purchase When Shopping For Western..."

"Huntsman is playing make-believe and crafting a deceptive narrative based on a fictitious portfolio."

"We believe Olive Garden has forgotten its main objective is to deliver value to their core customer."

"It appears that Maxar has not been transparent about the size of its contract losses until recently."

"After only one quarter, Maxar resorted to accounting changes to artificially boost its EPS guidance."

"So, how fast have Pioneer’s reserves grown from all that spending? They really haven’t grown at all."

"It's fair to say that Pioneer is losing about 20 cents of present value for every dollar it invests."

"ALL OF THE COMPANIES WITH A PERFORMANCE AS BAD AS ALCOA'S HAVE REPLACED THEIR CEO DURING THIS PERIOD"

"We are not sure if “since 2009” means since January 1, 2009 or January 1, 2010, so we looked at both"

"Nomad shares have increased by ~80% in just over a year, driven by the Iglo acquisition announcement"

"Spruce Point believes AMR's financial statements are masking an extremely low quality coal producer."

"Engine believes change at the Board level is warranted given the exceptional stock underperformance."

"Spruce Point believes that Dropbox will increasingly struggle to grow with scale as it turns to M&A."

"TICO effectively subsidizes TMC's supply chain which facilitates value transfer, not value creation."

"The bottom line is that audits have done nothing to ensure that ANTA's distributors are independent."

"we would have to admit failure because our processes were not good enough to provide a GC-rich gene."

"Rio risks trailing industry peers due to practical DLC restrictions on issuing stock as M&A currency"

"The DLC has cost Rio Tinto shareholders an estimated US$50 billion in foregone value since inception"

"P&G’s dividend per share growth is near worst in class as growth has stalled over the last few years"