Callouts & quotes from 790+ activist slides

"In the decade ending 2012, HMA, under the direction and guidance of substantially all of the sitting Board, delivered <1% total shareholder value while investors in the Hospital Group and the S&P garnered an 39% and 99% total shareholder return, respectively"

"Campbell's incumbent Board of Directors ("Board") has overseen a series of strategic and operational blunders over many years that have driven extreme underperformance in Campbell shares (19% total shareholder return vs. 306% for S&P 500 over last 20 years)"

"Over the long term, margin is really not the best measure of our profitability due to that raw material volatility. We think a more appropriate measure of our progress is return on invested capital. — Laura Thompson, Former CFO, Goodyear’s 2016 Investor Day"

"“Hess has an interesting set of assets that have not yielded competitive shareholder returns over time. And they ought to. Working with the Board to refocus Hess in order to deliver returns to shareholders represents an exciting opportunity.” — Harvey Golub"

"The Board of Directors shall establish and publish a capital allocation plan (hereinafter, the “Plan”) by 31st December 2024 to facilitate a growth-oriented investment strategy and a balanced return to shareholders to enhance the Company’s corporate value."

"“Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500.” — 13D Monitor"

"Will the addition of the Pershing Square team, its investment expertise and hedging capabilities, along with a change in business strategy to a diversified holding company model deliver at least 150 bps of annual excess equity return for HHH shareholders?"

"We derive 59.8% from two figures. An expert in structuring renewable investments described the Tax Equity Partner's benefit to us as an ITC of 30% of project value and 14% in the form of depreciation, combined with a typical ~8% cash return. — Footnote 66"

""[T]he best way to improve the returns attainable by savers was to do what the Fed actually did: keep rates low...so that the economy could recover and more quickly reach the point of producing healthier investment returns." — Ben Bernanke, March 30, 2015"

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500. — 13D Monitor"

"Starboard's average return on a 13D filing is 28.9% (versus an average of 8.8% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.3% versus 13.1% for the S&P500. — 13D Monitor"

"At Phillips 66 (NYSE: PSX), the numbers don't lie. The company has dramatically underperformed its peers since 2019, and shareholders have missed out on substantial returns. Vote the GOLD proxy card today to support a better tomorrow with #Streamline66."

"Starboard’s average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"Starboard's average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"Quantumscape incubated at @khoslaventures with 5 time CEO and EIR Jagdeep Singh. Took patient 10yrs to deep technology, bold first product risk but can return the fund and make huge dent in EV consumer experience (2x range, 15min charge)! — Vinod Khosla"

"“..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern.” — Moody's March 2012"

"Starboard’s average return on a 13D filing is 22.3% (versus an average of 2.9% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 31.6% versus 1.5% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern. — Moody's March 2012"

"Twist used “shocking” discounts of 75% to lure customers aways from Danaher/IDT; “change in attitude” among customers toward Twist as they now return to Danaher, which allegedly used the phrase “Ponzi scheme” in internal discussions to describe Twist"

"We summarize the key findings of each chapter that follows, which lead us to conclude that the bull case – centered on a turnaround and return to growth – is misguided, and that Nevro faces existential risks which the market has failed to appreciate."

"If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M"

"Our approach to investing in franchise acquisitions is strategic and opportunistic...We have a rigorous, diligent review process. Only when the return metrics are attractive and we see long-term value creation opportunities do we consider a purchase"

"AS FELLOW PHILLIPS 66 SHAREHOLDERS, WE NEED YOUR HELP TO MAKE THIS VISION A REALITY – PLEASE SIGN AND RETURN THE GOLD CARD TO PUT OPTIMISTIC OPERATORS LIKE BRIAN ON THE BOARD AND CREATE A STRONGER, MORE VALUABLE PHILLIPS 66 FOR ALL OF ITS INVESTORS."

"AS FELLOW PHILLIPS 66 SHAREHOLDERS, WE NEED YOUR HELP TO MAKE THIS VISION A REALITY - PLEASE SIGN AND RETURN THE GOLD CARD TO PUT OPTIMISTIC OPERATORS LIKE BRIAN ON THE BOARD AND CREATE A STRONGER, MORE VALUABLE PHILLIPS 66 FOR ALL OF ITS INVESTORS."

"Removing the OLC Accounting Distortion will allow a clearer focus on areas for improvement, which drive a low PBR: Inefficient balance sheet / inadequate returns, Insufficient IR / communication efforts, General governance / structural shortcomings"

"Twist used “shocking” discounts of 75% to lure customers away from Danaher/IDT; “change in attitude” among customers toward Twist as they now return to Thermo, which allegedly used the phrase “Ponzi scheme” in internal discussions to describe Twist"

"Part 10. Customer rage: TransMedics business practices have antagonized the small world of transplant, past the point of no return – a short-tempered CEO; allegedly threatening centers who state that organs have been held hostage from ill patients."

"“...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders.” — Hess Presentation to Shareholders March 2013"

""We'll find the right way to deploy our shareholders' capital because in the end that's why we're all here, [is] to make sure that our shareholders get a fair risk and return from the money we deploy for them" — CEO Gus Kelly, Q2 2014 Earnings Call"

"We estimate that within the five year period ending June 2022, in addition to the continuation of the current 50% dividend payout ratio, the Value Unlock Plan could result in: a total of c.US$33bn being returned to shareholders via share buybacks"

"Stop lowering the bar with targets such as negative free cash flow and a return on invested capital well below the Company’s estimated cost of capital – unconscionable targets that the Compensation Committee has approved the last two fiscal years"

"Stop lowering the bar with targets such as negative free cash flow and a return on invested capital well below the Company's estimated cost of capital - unconscionable targets that the Compensation Committee has approved the last two fiscal years"

"“Longitudinal mean fasting glucose (FG) and HbA1c increased slightly over the initial 6-9 months but stabilized or returned to near-baseline levels upon continued DCCR dosing (Figure 1 and Figure 2)” — Gevers, Miller et al (May 16, 2024 poster)."

"Longitudinal mean fasting glucose (FG) and HbA1c increased slightly over the initial 6-9 months but stabilized or returned to near-baseline levels upon continued DCCR dosing (Figure 1 and Figure 2). — May 16, 2024 poster by Gevers, Miller et al"

"Phillips 66’s (NYSE: PSX) CEOs reaped an eye-popping $140M from 2020-2024—despite ongoing stock and operating underperformance and missed cost targets. Why are shareholders footing the bill for big CEO paydays in the face of lackluster returns?"

"SCT's capital allocation framework and the strategic rationale behind it are vague and confusing. None of the free cash flow generated by the operating businesses is returned to shareholders causing many to ignore the value of those businesses"

"According to Disney, “over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.” — The Walt Disney Company"

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500."

"Hess has an interesting set of assets that have not yielded competitive shareholder returns over time. And they ought to. Working with the Board to refocus Hess in order to deliver returns to shareholders represents an exciting opportunity."

"A WFG agent by the name of (b)(6) tricked me into investing $65,000 cash and told me it would be an investment for my future. He tried to sell me life insurance. He has not returned my money and is now disappeared. This was my life savings."

"Corporate-owned properties can change hands in the low-6 percent range, while franchisee-occupied restaurants will trade at first-year returns approximately 150 basis points higher. — Marcus & Millichap’s First Half 2014 Net-Leased Outlook"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

"We believe the new BDC (ACAP) will have inferior returns relative to peers because it has lower asset yields and a higher cost structure. As a result we believe this investment will continue to trade at a deep discount to its book value"

"Adopt an improved equity compensation and incentive scheme based on clear and transparent KPIs that are disclosed to investors (e.g. ROE, ROIC, operating profit, operating profit margin, debt to EBITDA and/or total shareholder return)"

"As a general long-term guideline, we expect to retain roughly half of our free cash flow... to support the growth of our business... and return the other half to our shareholders through share repurchases and dividends. — FY 2015 20-F"

"Note: Mettler does not disclose interest income in its consolidated results, making it difficult to sanity check returns on cash. The last time it disclosed interest income was in 1998, right before current auditor PwC took control(1)"

"Note: Mettler does not disclose interest income in its consolidated results, making it difficult to sanity check returns on cash. The last time it disclosed interest income was in 1998, right before current auditor PwC took control(1)"

"Disney's supposed "progress" appears elusive - the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company's "transformation" began in February 2023."

"Disney’s supposed “progress” appears elusive – the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company’s “transformation” began in February 2023."

"They were worried people would go, 'wait a minute, now your just placing the robots, in return for cases.' So you're wiping out the million dollar price tag and your getting cases off it. It's a way to fool the numbers a little bit."

"Recall that ROAD highlighted its “High Return on Capital” in 2018, only to cease discussing this metric. Based on our analysis, and using ROAD's historical definition, we find that its ROCE has markedly declined since coming public."

"High ROI on buyback implies that there ought to be space in capital allocation for buybacks given the high return, and ultimately that is just acquiring great assets like SEC and Samsung Biologics for shareholders at a big discount"

"..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern."

"If the disease itself does not dissipate for another 18 months - regardless of when retail, transportation, and other sectors begin to normal - will people really be willing to return to the orthodontist for an elective procedure?"

"Edgewater's stock price has significantly underperformed a peer group comprised of twenty-eight publicly-traded North American-based IT Consulting companies both in terms of total shareholder return and other key operating metrics"

"Given the growing body of scientific evidence and increased public concern for energy drinks, artificial intelligence models that we asked about Monster's health returned answers that slanted towards more negatives than positives."

"Seventeen acquisitions since Jacobs took control of XPO, $6.1 billion of capital deployed, and it has generated $73m of cumulative adjusted free cash flow = a failed business strategy yielding a 1.2% return on capital investment."

"Returning capital to shareholders remains a hallmark of DuPont. From 2009 to date, we returned more than $9 billion to shareholders through dividends, an increase of 12% during this period. — October 2014 Letter to Shareholders"