Callouts & quotes from 37,061+ activist slides

"one of the great unprosecuted frauds of Canadian business history — Spruce Point Capital Management"

"PETITION TO CONFIRM ARBITRATION AWARD — United States District Court for the District of New Jersey"

""We're doing a very small amount of appraisal work in the Three Forks..." — Greg Hill, January 2013"

"“Abusive Franchisor That Is A House of Cards” — Fuzzy Panda Research (regarding Xponential Fitness)"

"These guys don't know how to build plants yet. — One source familiar with DNMR's plant construction"

""We're doing a very small amount of appraisal work in the Three Forks..." — Greg Hill, January 2013"

"We have learned that employees find Arconic’s headquarters location both insulting and demoralizing"

"“we unfortunately cannot accept the notice in its current form.” — Jon Feldman, Goodmans LLP lawyer"

"WE THINK OF THE WAGON AS OUR PERSONAL HEDGE AGAINST SUPPLY CHAIN DISRUPTIONS... — Cartoon character"

"We prefer to kick up a fuss just to make sure we've exceeded all possibilities. — Ströer Management"

"I never search my health symptoms anymore. It always seems to lead to barbecue. — Cartoon character"

"No, it’s all air because you want to get the organs back quickly. — Transplant surgeon, Utah center"

"One subject in Study 3 experienced a serious adverse reaction of diabetic ketoacidosis. — FDA Label"

""We estimate that we have more than 80% of the program completed as measured in users." — 2018 10-K"

"Only 5 out of 16 analyst that publish price targets have the equivalent of a “Buy” rating on HSIC."

"However, it is possible that takeout is cannibalizing core sales—and could undermine profitability"

"HLF stock declined ~26% from the closing price on the day of the FTC announcement through year-end"

"The lower EBITDA stems from the high licensing fees Sportradar has to pay to professional leagues."

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"The president of Pika's Puerto Rician distributor Dynamic Solar was arrested in a kickback scheme."

"Box has an uncompetitive workforce location strategy and has been slow to address this opportunity"

"Support levels skewed by dual-class structure which provided Class B stock with 10 votes per share"

"We have nominated a slate of highly-qualified and experienced nominees to help create value at Box"

"We applaud Morgan Stanley for being the most realistic analyst on the Street in reviewing Carvana."

"We see a potential gain of 65% or more to Phillips 66’s stock price from the “Streamline 66” plan."

"We see a potential gain of 65% or more to Phillips 66's stock price from the "Streamline 66" plan."

"It does not appear Tessera has been actively pursuing broad based licensing opportunities for DOC."

"Time is of the essence to re-invigorate Tessera’s licensing activities to drive profitable growth."

"The sheer scale of TRE's claims regarding its Lincang City, Yunnan transaction contradict reality."

"This increase in costs explains greater than 70% of Yahoo's Core Business Adjusted EBITDA decline."

"PHILLIPS 66 LEADERSHIP IS WILLING TO UNDERMINE ITS OWN STOCK PRICE IN PURSUIT OF SELF-PRESERVATION"

"We believe that ADP’s retention is better than peers in SMB, but is well below peers in Enterprise"

"That is why we think it is imperative that four new, independent directors are added to the Board."

"Manufacturers that represent over 56% of global PC shipments don't sell printers on their websites"

"See the Appendix for further instances of Mercury wiping references to Supermicro from its website"

"WE ARE SEEKING YOUR SUPPORT TO REPLACE 4 DIRECTORS, INCLUDING 3 OF 5 REPRESENTATIVES OF CARL ICAHN"

"Brinker found that a focused operating company performed far better than a restaurant conglomerate"

"For example, Hillstone/Houston’s does a fabulous job of offering great variety with a limited menu"

"This minimizes Darden's cash flow requirements while still improving and revitalizing store image."

"Since Trian's February 15th bid, the shareholder base has changed to more opportunistic investors:"

"Goodyear manages 376 SKUs in the U.S., ~2x the number of SKUs that Michelin and Bridgestone manage"

"We believe the market is significantly undervaluing News Corp's valuable collection of businesses."

"it's one thing to show it on the research level and another thing to show that it can be scalable."

"pretty much everybody in the field is skeptical: "it's a lot of bullshit and in sort of a bubble.""

"Culture of Coziness Undermines Credibility of Board to Select Nominees; External Nominees Required"

"Sapan Could be Part of the Solution to Viacom's Creative and Digital 10 Year Paucity Of Innovation"

"Valeant does not add back stock-based compensation, depreciation, or ordinary-course legal expense"

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"

"In your view, does the actions of BP, in this example, match the rhetoric of BP on sustainability?"

"AcQMap increases the success rate of ablation procedures and improves their safety and efficiency."

"Spruce Point observes that long-term deferred revenue is in rapid decline and headed towards zero."

"Until our engagement, the Board embraced industry-worst corporate governance practices, including:"

"Expertise in regulatory, compliance, financial and operating issues facing the healthcare industry"

"Management significantly reduced sales guidance for new stores from $4M to $3M+ in just two years."

"The Company has historically made reference to Celanese, Dow, and Eastman as its main comparables."

"Brinker found that a focused operating company performed far better than a restaurant conglomerate"

"For example, Hillstone/Houston’s does a fabulous job of offering great variety with a limited menu"

"If that’s all there was, then CONSOL would be roughly fairly valued at today’s price. But, wait..."

"The CEO responded by asking: "Do you drive a Tesla?" I said that I did. He responded "Thought so.""