Callouts & quotes from 37,061+ activist slides

"Severe Disconnect Between Dr. Kleinfeld’s Rhetoric and the Reality of Business Performance"

"Severe Disconnect Between Dr. Kleinfeld’s Rhetoric and the Reality of Business Performance"

"HOW CAN MANAGEMENT CONTINUE TO ASSERT THE ADVANTAGES OF THIS STRUCTURE WITH THESE RESULTS?"

"A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)"

"Near-Identical Gifts from Neighboring IPs to Same Performers Suggest These PUs Are FU Bots"

"Directors who approve such tactics should be barred from serving on public company boards."

"Sunnova lists interest, a core operating expense and largest expense, below operating loss"

"Structure being pursued in TOB that should also be executed as part of the Standalone Plan"

"A minority IPO of McOpCo would have minimal execution risk and negligible frictional costs"

"In the U.S. where “End-to-End” has been in-place for 2 years, results remain mixed at best"

"Bloomin’s primary concepts have 145 years of operating history and cumulative brand equity"

"This consistent share price underperformance is the result of relentless execution issues."

"We are currently Chipotle's largest shareholder with a ~10% ownership stake in the company"

"Mondelez has the most attractive stable of sweet snack brands of any packaged food company"

"Chipotle has a number of other attractive attributes that help to mitigate investment risk"

"The acquisition of Celgene is the antithesis of Bristol-Myers’ “String of Pearls” strategy"

"While we understand management's math, we believe there is still risk to these assumptions"

"By moving to newer Cell Line processes, peers have seen cost of goods improvements of >35%"

"We believe this deal has too much risk. Shareholders should vote AGAINST this transaction."

"Delays in subsidy payments are resulting in FCV manufacturers being short working capital."

"The Economist ranks HK near the top of its list of emerging-markets at risk of overheating"

"We believe that now is an appropriate time for BHP to consider unifying the DLC structure."

"Oasis research indicates that as few as 6 brands account for the majority of sales of G11."

"Even though we have moved up in market cap, our core investments are getting less complex:"

"Are you satisfied with CP's performance over the last 5½ years of Fred Green's leadership?"

"FIA relies on an implicit government guarantee to access the capital markets at a low cost"

"We estimate the GSEs' FIA business will earn $51bn over the next 10 years as it winds down"

"We Believe HIMS Has No Real Product Differentiation While Massive Competitive Threats Loom"

"Opex/bbl, largely in Phillips 66’s control, is the highest among their core refining peers"

"FND's sales return allowance declined in 2023, thereby improving net sales by ~$6 million."

"Great Midwest Cheese has net eliminated three products from its specialty cheese offering."

"Only investment getting the CFO's oversight could indicate financial problems / challenges"

"GCP needs a truly independent Board that can mitigate any potential conflicts of interest."

"Spruce Point has a track record of calls in the technology hardware and services industry."

"While a leader in WAN optimization, growth has slowed for Riverbed and the broader market."

"Even Disney’s Last Twelve Months Financials Are Significantly Worse than Five Years Ago..."

"We expect Phillips 66 will continue to trade at the multiple of its lowest-valued segment."

"Gray Oak pipeline faced cost overruns of ~$700mm, demonstrating poor development execution"

"Phillips 66 has been a consistent underweight against both peer groups for nearly a decade"

"For years, ALL directors had overlooked numerous concerning conflicts among Board members."

"The Company's commitments regarding the separation of its TiO2 business were also not met."

"TWX does not provide any cost structure or profitability metrics for AOL's business units."

"We Believe TASK Is Not Being Transparent About Pressures With Facebook, Its Largest Client"

"Recruiting is the first commitment listed, emphasizing its importance within WFG's system."

"We don't track this number and do not believe it is relevant to the business or investors."

"Note, however, that Herbalife makes no mention of fast food competitors in its SEC filings"

"Herbalife has only three company operated distribution centers of 150k sq. ft or less each"

"John Pike and Geoff Sorbello share final take as shareholders vote on Phillips 66's future"

"Cosentino spent c. €33.5m (US$43m, assuming a conservative €1 = US$1.3) on PPE in FY 2014."

"Waterpik had a lot of cats and dogs, a lot of SKUs and a lot of potential liability issues"

"Our total Amazon revenue falls short of Kornit's $24.2M reported Amazon revenues for 2018."

"We expect Phillips 66 will continue to trade at the multiple of its lowest-valued segment."

"Phillips 66 has been a consistent underweight against both peer groups for nearly a decade"

"Note: This highest % In Real Assets Where MSCI Just Made The Expensive Burgiss Acquisition"

"UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption"

"FIA relied on an implicit government guarantee to access the capital markets at a low cost"

"We doubt the company can avoid an expensive debt restructuring in the next 12 - 18 months."

"半導体製造装置分野のトップ5社（ASML、アプライド マテリアルズ、ラムリサーチ、東京エレクトロン、KLA）と比較した場合、レーザーテックの棚卸資産高が正当なものとは到底思えない。"

"KLAは2015年〜2017年頃にアクティニック検査装置の開発を進めていた。しかし、開発を必要とする資源の投入と比較して、潜在的な市場規模が小さいとの判断により、一旦保留となった。"

"In fact, Porch does not provide one single and specific company which it competes against."