Callouts & quotes from 37,061+ activist slides

"Breaking up large energy companies is not only possible, but it also unlocks significant value."

"レーザーテックは、正常に作動する極端紫外線マスク検査装置を完成できていない。主要な顧客はACTIS装置を買わなくなっており、以前に発注したものについても、受け入れを拒否あるいは延期している。"

"As a result of its scale and leading market position, BILL processes more than 1% of the US GDP"

"Our price target for New Pacific is C$0.37, representing over 90% downside from current levels."

"We calculated the organic growth CAGR from FY 2011 through FY 2015 as 0.05% - essentially zero."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"Re-cast Yahoo management and the board to have a clear focus on properly operating the business"

"BLI appears to have little knowledge of complex antibodies and can’t properly support customers"

"Lasertec's flagship ACTIS EUV product line is defective with a fatally flawed EUV light source."

"We estimate that during FY2016 through FY2018, TAL has overstated net income by at least 43.6%."

"Even on a combined basis, the Guangzhou entities show no evidence of the accounting TAL claims."

"We believe that a consequence of the above is that Quintis is actually buying its own revenues!"

"Macy's has an ability to pay down most of its debt and still maintain a $1 billion cash balance"

"Elect a blue-chip Board – to serve for the benefit of ALL shareholders, not for ONE shareholder"

"Establish an interim management team with experience in transitional and transformational roles"

"Elect a blue-chip Board – to serve for the benefit of ALL shareholders, not for ONE shareholder"

"We believe this is evidence that the fundamentals of core Aerospace Products have deteriorated."

"Splunk is a highly recurring business that works with more than 95 of the Fortune 100 companies"

"Parks and Consumer Products provide... An "Extra Window" for monetizing characters and story IP"

"Shareholders and investors should demand transparency from O’s management regarding its tenants"

"The old model was excessively promotional, which hurt the JCP brand and complicated the company"

"VRX’s share price has declined 94% from our average cost at announcement through March 14, 2017"

"And that control has become a barrier to accountability, strategic clarity, and value creation."

"Various methodologies imply a TIP REIT reference range of $25 – $30bn, or $35 – $42/share today"

"We believe Allonnia is a shell with almost no employees, as we detail elsewhere in this report."

"The Board has failed to install executive compensation practices that properly align incentives"

"In this case, it is unusual to see that PwC England and Singapore did not audit PBH's entities."

"Not surprisingly, AIG concluded that ILFC was a non-core asset and last year sold it to AerCap."

"We Believe Heska is Poorly Positioned, And Our Analysis Contradicts Heska’s Market Share Claims"

"Heska is being outspent almost 20-to-1 by IDEXX, the animal health diagnostic equipment leader."

"Nevro had supposedly found the holy grail: eliminating pain versus masking it with paresthesia."

"The PDN opportunity is commercially dead-on-arrival due to referral patterns with PDN patients."

"ウェブサイトの再設計により、視覚的なストーリーテリングと洗練されたレイアウトを通じて、日本のスキンケアの伝統と、感性と技術の両方に対するブランドのコミットメントをアピールすることができます。"

"In our opinion, Ströer's board of supervisors is oddly devoid of truly independent supervisors."

"As a result of the Fed's Zero Interest Rate Policy, there is a widespread need for safe income."

"The important benefit of iPrefs is they don't interfere with whatever Apple's business plan is."

"Unlike its pure media industry players, Disney generates ~70% of EBIT from Parks & Experiences."

"Disney’s Board Appears Far More Focused on Gamesmanship Than Substantive Shareholder Engagement"

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"Our attempts to pay through Alipay caught NQ in another lie. NQ has listed Alipay as a partner."

"In Spruce Point's opinion, converting most of the U.S. to Enhanced Markets is a very risky bet."

"We Believe Investors Underestimate Homes.com As A Viable, Well Capitalized Competitor To Zillow"

"We Believe Zillow Is Using Aggressive Accounting Methods To Boost Revenue, Margins And Earnings"

"Spruce Point believes Zillow shareholders would benefit from a major shakeup of Zillow’s Board."

"Standalone Phillips Midstream would be able to drive higher leverage to fund competitive growth"

"レーザーテックの極端紫外線装置があまりに不良で信頼性が低いために、主要な顧客であるTSMC、インテル、サムスンは極端紫外線マスクを検査するために水面下で“非極端紫外線”の検査法を代用している"

"レーザーテックの極端紫外線装置があまりに不良で信頼性が低いために、主要な顧客であるTSMC、インテル、サムスンは極端紫外線マスクを検査するために水面下で“非極端紫外線”の検査法を代用している"

"In 2023, the delta in EBIT dollars between Norfolk Southern and CSX was more than $1.6 billion."

"We believe improving managerial focus is key to improving FirstGroup’s operational performance."

"The market is pricing DOL beyond perfection – a valuation this lofty cannot be justified today."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"When we adjust for these factors, we see that Leidos is trading at 24x 2021E OCF vs. 16x peers."

"8. VYKAT XR is a flimsy IP ploy, repurposing an old generic into an inferior tablet formulation"

"The investment community has become agitated with Kao’s lack of growth despite brand potential:"

"CTC made two credit related accounting changes and realized an EPS benefit from the adjustments"