Callouts & quotes from 37,061+ activist slides

"~$180-280MM EBITDA opportunity from closing merchandise gross margin delta to comps by 50%."

"Autodesk has not taken sufficient action to drive higher profitability as growth has slowed"

"During the 2010s, Fluor had a concerning track record of cost overruns on lump sum projects"

"Excluding the market value of its stake in NuScale, Fluor is trading at just 3x CY27 EBITDA"

"BXMT's least bad alternative seems to be modifying the loans by extending their maturities."

"Both Solidigm and Pure use unrealistic assumptions that materially benefit their solutions."

"Even without an acquisition and proper execution Citron expects a double out of Blackberry."

"To Be Viewed in Combination With Starboard Investor Presentation Filed on February 28, 2022"

"We believe Darden employs numerous policies that add cost but deliver no value to customers"

"Optimism on natural gas is pretty unpopular these days. Even the perma-bulls have given up."

"Spruce Point believes analysts are overly promoting Xylem’s troubled acquisition of Evoqua."

"Why can't Maxar at least give the same level of disclosure Loral provided on gross margins?"

"How can Arconic ask its employees to cut costs when its top executives work on Park Avenue?"

"In June 2001, investors could have purchased Jarden’s shares at ~0.4x 2016 Consensus EPS(1)"

"Such discrepancies, particularly in cash balances, are indicators of manipulation or fraud."

"Spruce Point likes shorting commodity businesses and has a track record of prescient calls."

"This leads us to believe that AMR is over-stating net income by under-reporting DTA losses."

"At $15 per share, PF GGP would trade at a 6.6% cap rate, in line with comparable mall REITs"

"It is clear the only purpose of the sale process was to avoid a vote at the Annual Meeting."

"Improving FCF conversion will dramatically enable the Company to de-lever the balance sheet"

"Furthermore, the same contact person is the administrator for both companies: Xue Chunrong."

"We believe large scale and global CROs will disproportionately benefit from industry growth"

"As Dropbox matures, we believe investors will increasingly focus on cash flow over revenue."

"We have long believed that Level 3 fair valuations are a license to print non-cash profits."

"The Revised TOB very substantially undervalues TICO and is fraught with governance failings"

"We struggle to understand how or why Zebra is a top holding in this ETF given our findings."

"The magnitude of the overstatement is 2% which is the difference between growth vs. decline"

"CVS's store foot print is suffering with SSS at the store front down since the end of 2012."

"On average, something like 15% to 20% of the genes had to have that done, not single genes."

"No Secret Playbook: better results come down to Management's intent and capacity to EXECUTE"

"Franking credits are locked up at Rio Tinto until their value is released through dividends"

"Casino's consolidated financials are meaningless to understand the cash flow to the parent."

"It is likely that Casino's OCF includes proceeds from the sales of properties to Mercialys."

"KDDIは、データセクションにプロジェクト遂行能力がないと判断し、Hewlett Packard Enterpriseと直接契約を結んだことでデータセクションを排除したとみられます。"

"We believe a standalone Bristol-Myers is better positioned to create value for shareholders"

"Celgene generates a significant portion of its revenue from small molecule hematology drugs"

"This is a massive bet on Celgene’s pipeline made with just two weeks of full due diligence!"

"We believe that numerous initiatives exist for Bristol-Myers to further improve its margins"

"The complexity of the biologics manufacturing process is a key driver of cost of goods sold"

"This sort of showcase display was common during our work with Chinese reverse merger frauds"

"Consequently, unlike many currency boards, the HKD system can be quickly and easily amended"

"A wider trading band could be introduced to provide greater flexibility in a volatile world"

"The March 2012 HK Chief Executive election increases the chances of a near-term revaluation"

"Pershing believes the best way to think about Pro Forma McDonald's is as a growing annuity."

"We can find only six SaaS companies that hold inventory, and Samsara holds the most by far."

"CP's low profitability and poor asset utilization result in low returns on invested capital"

"With CFO David Barter also having resigned, half of the executives have left since Aug 2021"

"Banks have decreased their share of outstanding mortgages since the S&L crisis in the 1980s"

"Starboard has a long history of positive and constructive engagement with public companies."

"The divergence in experiences between GCP and its closest peers is difficult to understand."

"Marathon could realize further upside by bringing fuel performance in line with Couche-Tard"

"Our goal is to work with other members of the Board and focus on the following initiatives:"

"We believe Huntsman has attempted the same tactics intended to disenfranchise shareholders."

"Management has historically referred to Celanese, Dow, and Eastman as its main comparables."

"In general, components are lower margin products, while systems are higher margin products."

"Most industry observers believe that this reorganization should have occurred much earlier."

"We summarize our findings that lead us to believe that DV's premium multiple will contract:"

"Herbalife's Niteworks (L-Arginine Supplement) is Nearly 3x the Price of Comparable Products"

"The probability of a new distributor getting to these levels is statistically insignificant"

"Significant value can be unlocked when large companies separate businesses to create focus."