Callouts & quotes from 37,061+ activist slides

"Over the last 30 years, Fannie and Freddie have had a growing presence in the mortgage market"

"How is this type of communication appropriate? Don't they work for “Bailey Health”, not HIMS?"

"The Restrictive Stock Transfer Agreements HIMS Executes With AMG “Owners” Are On Shaky Ground"

"Spruce Point believes that FND investor expectations are wildly optimistic heading into 2025."

"Spruce Point believes that FND investor expectations are wildly optimistic heading into 2025."

"... But dramatically UNDERPERFORMS its Direct Peers on using its R&D to drive organic growth."

"We believe all Unizo shareholders deserve clear and comprehensive answers to these questions."

"Pure-play asset management companies trade at meaningfully higher multiples than State Street"

"More effective working capital management could unlock almost $2 bn to return to shareholders"

"As a result, investors effectively re-rated Rockwood by 48% to an 11x blended EBITDA multiple"

"Is the CEO of the fast-growing mid-sized ad agency in the USA Mr. Horowtiz of Movers+Shakers?"

"We question whether Mr. Ferrari can truly act independently given these strong interconnects."

"Even the average of the Board-approved Proxy Peer set is OUTSIDE of proxy advisor guidelines!"

"Huntsman Advanced Materials manufactures epoxy resins, curing agents, and epoxy formulations."

"People, Time and Sports Illustrated are #1, #3 and #4, respectively based on 2005 ad revenue."

"Peanut Butter is a leader in the 800-volt silicon carbide technology powering these vehicles."

"We believe this leads to a misunderstanding of the merits of owning Majorel relative to TASK."

"Top Distributors Earn More Because They Are Eligible To Receive Additional Recruiting Rewards"

"We sent a Pershing Square team member to Queens, NY and Omaha, NE to research nutrition clubs"

"Herbalife charges a 7% Shipping & Handling surcharge above ordinary Shipping & Handling costs"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Organic operating performance has begun to deteriorate led by Herbalife’s most mature markets"

"As a result, investors effectively re-rated Rockwood by 48% to an 11x blended EBITDA multiple"

"MedSec strongly suspects they were in many cases “bricked” – i.e., made to be non-functional."

"We Believe Only an Exaggerated Valuation Story For Intuit Can Justify the Current Stock Price"

"As a result, investors effectively re-rated Rockwood by 48% to an 11x blended EBITDA multiple"

"さらに驚異的なのはアップル（30%）、アルファベット（グーグル、29%）、メタ（フェースブック、37%）を超え、レーザーテックのEBITマージンはマイクロソフト（42%）と同水準にある。"

"レーザーテックの「システム信頼性」はかなり低くて到底不十分だ。信頼性は99.9%以上でなければいけない。さもなければ、不良なマスクが生産ラインに組み込まれた結果、チップの不良が発生する。"

"X8 ULTRAがフォトマスクする場合、何かの欠陥を発見すると、ソフトウェアのバックによって偶発的な問題が発生します。重大な欠陥を発見できないことがあります。また、解像度がとても悪いです"

"独立系の業界団体あるいは半導体コンソーシアムによる実用のケーススタディーはないようです。したがって、あえて買い替えるコストに匹敵するほどの付加価値があるかどうかを判断しようがありません。"

"Recent clinical literature paints a uniformly negative picture of AlloSure's clinical utility"

"Darden’s facilities are very impressive, but can management justify this excessive G&A spend?"

"Coming out of COVID, these companies experienced significant declines in 'Rule of 40' scores."

"Starboard's Plan Sells Yahoo At The Lows; Our Plan Unlocks Meaningful Upside for Shareholders"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Organic operating performance has begun to deteriorate led by Herbalife’s most mature markets"

"The gains and tax accrual TAL claims in its SEC filings do not appear in its SAIC financials."

"Net-net, Olam had only approximately S$60 million of truly free cash as of the end of FY2012."

"Ancora's slate and CEO candidate can turn around a standalone U.S. Steel in the public market"

"Taking all of this together: we expect Core's earnings to disappoint over the next few years."

"ADT should borrow at 3% and invest / re-invest in itself at ~14-21% returns as much as it can"

"This action is done intentionally when patients/customers are at their weakest point in life."

"We find that PGNY exaggerates the cost of multiple births to US employers resulting from IVF."

"Spruce Point’s fair value price target for PGNY’s stock is approximately $7 to $14 per share."

"Is the value creation worth the higher cost of short-term financing using the line of credit?"

"ADI (ex-Snap) exclusive brands organic revenue growth collapsed from 32% to 3% from Q2-Q3'25."

"I wouldn't be surprised if 50% to 60% of Ginkgo's revenue this year is that circular revenue."

"Ginkgo was worried and tried to downplay its similarity to Zymergen after its stock collapsed"

"Compensation targets should be aligned with or even higher than external targets – not lower!"

"TIME TO NIX MANAGEMENT / STRONG SELL OPINION / Prestige Consumer Healthcare, Inc. | NYSE: PBH"

"Pershing Square’s Claim That ADP’s Innovation Has Come Only Through Acquisitions Is Incorrect"

"The FTC findings confirm our long-held allegation that Herbalife operates as a pyramid scheme"

"The Company generated ~$40 billion in cumulative incremental free cash flow in 2021 and 2022."

"We believe the Company should seek to improve R&D and innovation to improve growth prospects."

"We therefore conclude that PDI was a straw buyer used to facilitate a markup of the property."

"The notion that insurers would allow such an aggressive first line treatment is preposterous."

"Insider-affiliated businesses seem to be consumers and providers of Ströer advertising space."

"There tends to be a high degree of ability to launch airports accompanied by airline support."

"C'est aussi une justification retentissante des avertissements que nous avons lancés en 2015."

"30% margins are not. And it is this assumption that drives the bulk of the DCF-derived value."