Callouts & quotes from 37,061+ activist slides

"Aggressive margin expansion expectations even assuming $140m of cost synergies realized in 3 years"

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

"Materially underperform peers then go on to deny by pointing to last 6 months of stock performance"

"A board focused on shareholder returns would not allow undervaluation of this magnitude to persist"

"current Align customers could increase their cash flows by over 12% by printing aligners in-house."

"Combined Chairman and CEO positions should be a privilege enjoyed by sustained top performers only"

"Mall tenant CDS spreads have narrowed approximately 400 basis points from peak levels seen in 2009"

"Consumers are returning to malls as evidenced by positive mall traffic trends year-to-date in 2010"

"We are extremely motivated for reputational and economic reasons to create value for our investors"

"These issues strain the credibility of Skechers management and our confidence in reported figures."

"Oatly's vegan ice cream was recently bumped from the top five "featured" products on the homepage."

"Spruce Point has a track record of short calls with publicly traded companies in Montreal, Canada."

"TICO is the clear market leader globally and positioned in the highest value segment of the market"

"Increase McDonald's share price to $46-$50 per share (before considering any operational benefits)"

"The analysis demonstrates that the Brand McDonald's contributed approximately 78% of total EBITDA."

"It’s just a pretty little piece of ice in the water until you hit it and find out it’s an iceberg."

"The critical factor is not precedent. It is the value of the assets and their appeal to investors."

"Twist paid Agilent $22.5MM to settle the lawsuit – we’re going to guess right on the eve of trial."

"When people worked for a major company, they say who it is, and when they don't it's for a reason."

"Guidance implies ~$250mm of incremental excess expenses will be allocated into the "Other" segment"

"Successful restructuring precedents support a strategy of targeted, impactful headcount reductions"

"GDP grew 2.8% in Q3 and Federal Reserve Chairman Bernanke said the recession is “very likely over”"

"P&G management's public tone seems uncomfortably dismissive of the long-term opportunity & threat."

"This category-level analysis suggests that our 51.5% gross margin estimate for P&G is conservative"

"We believe P&G’s scale advantage should allow it to achieve our estimate of an 11% Core SG&A ratio"

"Given P&G's massive scale advantage, we believe P&G should at least approach Colgate's EBIT margin"

"Vast majority of the Company’s $2.2B in property inventory consists of long-lived land investments"

"KDDIとデータセクションの関係が次第に希薄になっていったことは、KDDIが9月から10月にかけてデータセクション株の保有比率を9.5%から3.7%へと引き下げた理由を説明するものと考えられます。"

"...but the Board has not shared in this pain as directors only own around 60k shares of OUTR stock"

"The value (in green) should not be the same—it should be unique to the user for each site visited."

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

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

"On average, Bristol-Myers is assuming each Celgene pipeline product launched will be a blockbuster"

"This is critically important because it means the deal is far riskier than management has implied!"

"Management’s base case implies significant risk for Bristol-Myers shareholders with minimal reward"

"Bristol-Myers stock was a strong performer as the Company executed its “String of Pearls” strategy"

"We understand how Bristol-Myers arrives at a greater than $20 billion valuation for cost synergies"

"Only 15% of total drugs highlighted in early 2017 by Celgene have been approved or remain on-track"

"On average, Bristol-Myers is assuming each Celgene pipeline product launched will be a blockbuster"

"There are questions around whether fedratinib adds any incremental value to existing MF treatments"

"Only 15% of total drugs highlighted in early 2017 by Celgene have been approved or remain on-track"

"We believe Bristol-Myers has the opportunity to significantly improve its manufacturing operations"

"We believe that Bristol-Myers' elevated R&D spending has not resulted in sufficient pipeline depth"

"The increase in net working capital was primarily driven by a $93.9 million increase in inventory."

"However, the GSEs’ guarantee business experienced extraordinary losses during the financial crisis"

"Lowe’s is also doubling down on efforts to build deeper relationships with PROs and DIY customers."

"Spruce Point believes that FND's discussion of gross profit drivers is weak and could be improved."

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

"At the consolidated level, Saputo does not disclose research and development ("R&D") expenditures."

"Capex significantly above consensus expectations with the peak misforecast in Deloitte's last year"

"Phillips 66's midstream business would be attractive to a buyer or as a standalone public company."

"Since 2000, Peter Huntsman has been CEO of the Company, and in 2018, he was also elected Chairman."

"The Company failed to deliver on Adjusted EBITDA commitments from three consecutive investor days."

"A Board riddled with conflicts failed to hold management accountable for years of missed promises."

"Huntsman continues to be perceived by investors as a lower-quality business relative to its peers."

"The Company repeatedly assured shareholders that $2.0 billion Adjusted EBITDA would be achievable."

"The Company made no progress towards its $2.0 billion Adjusted EBITDA target between 2014 and 2016"

"The Company failed to deliver on Adjusted EBITDA commitments from three consecutive investor days."

"Wall Street consensus estimates for Adjusted EBITDA margins are BELOW the Company’s targeted range"

"We believe both the Board’s and management’s ESG oversight have proven inadequate and ineffective."