Callouts & quotes from 37,061+ activist slides

"A Terrible Risk/Reward Owning 2U With Analysts Seeing Just 6% Upside, We See 30% - 50% Downside Risk"

"On a recent channel check, we found that WD-40 was the only lubricant on the shelf being discounted."

"Given the required education of the medical community on new CAR-T therapies, speed to market is key"

"We have serious concerns about the ability of Celgene to bring blockbuster CAR-T therapies to market"

"We believe implementation of cell culture optimization could result in a meaningful cost improvement"

"Set forth below are the summary projections for McOpCo based on the assumptions detailed on page 76."

"CP’s Board would not even interview Hunter Harrison… …We now have the opportunity to do so ourselves"

"There have been three different CFOs at C3 since the beginning of its IPO process in September 2020."

"FND Is Substantially More Levered Than It Appears. We See 40% - 60% Downside Risk To The Share Price"

"In 2024, CCEP reported +6.3% volume growth, or 50% below the 13% revenue growth reported by Monster."

"We think the Company's continued investment in Verifi requires an independent and fresh perspective."

"There are likely other properties like Park West that are currently under-earning in GGP’s portfolio"

"It is clear that FMCN did not effectively manage the conflict of interest inherent in this purchase."

"3 of its last 7 acquisitions have represented between 6.3% and 8.4% of Globant's prior year revenues"

"Disney added this new "skill" to their matrix for the first time, ahead of this year's proxy contest"

"Adjusted EBITDA margins for the core business (i.e. ex. TiO2) DECLINED ~110bps between 2015 and 2016"

"We believe restructuring sales force incentives could better incentivize margin-maximizing behavior."

"Huntsman is focused on downstream systems, yet seems to have the lowest average margins among peers."

"We believe Huntsman has an opportunity to streamline its legal, risk, and engineering organizations."

"The WB, at this time, is significantly behind the four major networks in terms of audience delivery."

"The $20.0 billion repurchase has modest advantages in terms of Free Cash Flow and EPS growth at TWX."

"We reiterate a "Strong Sell" opinion on DV with 35% - 45% ($15.90 - $18.80 per share) downside risk."

"Distributors cannot get to the higher-income, upper levels of the Herbalife chain without recruiting"

"Axon would then later report abandoning $3.0m or 27% of what it hyped as "structurally superior" AI."

"We have serious concerns about the diligence process and motivations for the acquisition of Celgene."

"Under the network shutdown scenario, the company would breach their 4.0x bank loan covenant in 3Q16."

"The valuation has been substantially and mainly based upon the information supplied to us by Lianeo."

"Dayans were detained in Israel in November 2020 for suspected tax evasion connected to these events."

"If this is a failed mining venture involving CFO Man, then we believe UEC investors deserve to know."

"レーザーテックの高開口発表は、急速に進化していく次世代の極端紫外線リソグラフィに置いて行かれないように、自社ではその関連の技術が完成していないにもかかわらず、早急に用意した見せかけの製品だったようだ。"

"彼としては稼働率を85%〜90%に近づけたいと思っていましたが、現実は60%〜65%に留まっていることに納得できなかったのです。彼は稼働率を向上させるようにプレッシャーをかけましたが、限界がありました"

"TSMCはレーザーテック製の旧来のX8型の深紫外線装置を多くても10しか持っていない。後継型のX9については、評価するための実証版を1台のみ持っている。それも、KLAの深紫外線と比較して生産性が劣る。"

"It appears management is either confused regarding Darden’s covenants or is misleading shareholders."

"Porch Has The Lowest Revenue (And Is The Only Cash Incinerating Company) 10 Years Into Its Existence"

"Si tú engañas gente y los metes adentro, entonces serás un éxito porque eso es lo que hay que hacer."

"The bottom line is that we see no way to get close to the three million users that management cites."

"Both strategies equated growth with value creation, until the cycle proved otherwise for Alexandria."

"The machine is a non-starter for antibody discovery since it doesn't work well for functional assays"

"IQVIA has not seen any of its large pharma users of BLI have any particular success with the machine"

"Declining growth started in 2018 and continued into 2019. Management no longer talks about bed bugs."

"After normalizing for Leasing gain on sale, ~80% of Aerospace Product's Adj. EBITDA is gain on sale."

"Faced with this dissonance, analysts needed an explanation. And the one they came up with was wrong."

"We believe Mr. Albertazzi has the potential to replicate his success in EMEA throughout the Company."

"This suggests that Snap's earnings may have been inflated by under-reserving for obsolete inventory."

"Ginkgo Bioworks is a colossal scam, a Frankenstein mash-up of the worst frauds of the last 20 years."

"The individual described a long-standing personal relationship between principals at both companies."

"I saw a lot of stuff, but I have a limited view. I believe that this was being done far more widely."

"Principal Office listed as Ginkgo’s corporate headquarters: 27 DRYDOCK AVE, 8TH FLR BOSTON, MA 02210"

"Despite changing its peer group, PBH did not disclose change in performance as it did in prior years"

"If scheduled promptly, the Special Meeting could realistically take place before the end of October."

"We see approximately 60% - 70% downside risk in MGPI's share price to a range of $16 - $21 per share"

"Free cash flow is much higher than net income due to a mismatch between D&A and capital expenditures"

"We view Heska primarily as a distributor, despite management's attempts to position itself otherwise"

"The amount of mercury disposed was caused by the large quantity of product returned from a customer."

"Transaction costs and dis-synergies could result in potential value destruction of over $500 million"

"CFO Appears To Have Misrepresented His Qualifications, While A Weak Board Instills Little Confidence"

"Dr. Martin appears to have shifted acquisition costs to Eurofins to subsidize his real estate costs."

"ブラジルは世界第4位の化粧品市場ですが、その人口構成に起因して、世界中の国と比べても肌や髪の種類が多様性に富んでいます。そのため大衆向けサンケア市場としては、非常に興味深い市場となる可能性があります。"

"消費者の変容する需要に対応しながらその膨大な成長機会を十分に活かし、花王がFMCG業界のリーダーとなるべく変革を先導していくことができるよう、花王の経営陣ならびに取締役会の構成を改善することを求めます"

"Dell's Go-Private transaction exposes the disingenuous nature of the cash hoarding rationalizations."