Callouts & quotes from 37,061+ activist slides

"Why did the Board accept growth + profit – the “hallmark” of value – declining so much?"

"Shareholders deserve answers and a Board that will protect their interests at all times"

"Performance compensation increased 10% in FY2020 despite organic revenue growth of 1.3%"

"MGPI's foray into branded liquor products is at best a way out-of-the-money call option"

"Accordingly, we find no evidence that this transaction was ever disclosed to investors."

"Management appears to have no problem leading the sell-side on, even if not explicitly."

"We believe Pfizer is a great American business that plays an important role in society."

"The Company spent nearly $70 billion on M&A at an implied ~3.3x “peak” revenue multiple"

"EPS growth has averaged 10% over the past six years versus 7% over the pre-COVID period"

"We believe high Street growth expectations are setting up investors for disappointment."

"Eurofins' internal audit function, which is based in Poland, leaves much to be desired."

"Kao owns strong BRANDS but is focused on creating KAO FANS rather than brand loyalists."

"More often than not, a substantial dividend increase at best puts a floor under a stock"

"We think a meaningful recovery in housing starts could happen in the next several years"

"We believe Dow Jones is meaningfully undervalued inside of News Corp’s portfolio today."

"As shown infra, they also visited the site and confirmed there had been no development."

"Lack of trust in third-party procurement surgeons is an insurmountable barrier in heart"

"To date, TransMedics and XVIVO have no device even in trials for kidney that I know of."

"DuPont has grown capacity in commoditized markets where demand dynamics are unfavorable"

"Without an employee-led focus on safety, all other corporate functions are in jeopardy."

"How can the Board justify continuing to lose over $500 million in its Display business?"

"We believe Dow Jones is meaningfully undervalued inside of News Corp’s portfolio today."

"We use a conservative multiple range of 10-12x EBIT for Sony’s gaming segment valuation"

"Streaming to drive continued acceleration in total revenue for each of the big 3 labels"

"A winning sprint at the finish line is suspicious, raising concern of data fabrication."

"Patients with PWS are more susceptible to heart failure, edema, and oxygen desaturation"

"As such, we believe its cash collection cycle is at least a month longer then depicted."

"It did peak maybe like a year ago or so, but now I think it's tapered off a little bit."

"In 2008, investors could have purchased Valeant's shares at ~0.3x 2016 Consensus EPS(1)"

"Valeant’s durable business has few peers among publicly traded pharmaceutical companies"

"Claim that VRX “stuffed the channel” and falsely recognized revenue is verifiably false"

"But like the other deals, the Nissan collaboration was all talk and no tangible result."

"In addition, we strongly believe that PLTK’s shares were indirectly pledged by Mr. Shi."

"Since the IPO on the London Stock Exchange in May 2013, Platform stock has increased 1%"

"In other words, the net profit GSX reported to the SEC in 2018 was overstated by 74.6%!"

"The content of these posts and allegations are pretty detailed and look credible to us."

"“Yeah. Over six hundred. About six hundred and fifty. We own everything.” — Louis Hsieh"

"Fortune Magazine called this practice "backdoor options filtered through a subsidiary"."

"It is time for TIM, in the words of its new CEO, to become a "normal company" — New CEO"

"we're not concerned about the level of risk in the portfolio — Canadian Tire Management"

""not in the purview of shareholders, or unduly constraining on the company" — BlackRock"

""surprised to the upside on the strength of the portion pack (K-cup) sales." — GMCR CFO"

"Investors always ask us “where’s the free cash”? Under Dr. Kleinfeld it’s still missing"

"Amcor to buy Berry Global in $8.4 billion deal to create packaging powerhouse — Reuters"

"“The Company’s advertising costs are de minimis” — HLF Letter to the SEC, November 2004"

"2Q19 Preview: All Doom, But No Gloom? Plenty of Canaries in Search of a Coal Mine — JPM"

"Activist Investor Ancora to Launch Proxy Fight at Forward Air — The Wall Street Journal"

"「しかし、大分割り引いた金額だったでしょう。レーザーテックにとって、対象の装置の開発は大した利益率にはなっていないでしょう」 — KLAで極端紫外線マスク検査を担当した元幹部"

"“applications are endless, and has a huge potential” — Nidec management (Q1 2015 Call)."

"customers are furious because they need to maintain another KLA tool as a backup on P2."

"At nearly $75 a pop, this bourbon will have to prove it's worth the price tag. — Review"

"It is true that we have too many businesses — President Yoshihiro Hasebe, February 2023"

"「10億ドルに近い投資です。私が知っているかぎり、順調に進んでいます。もちろん、実現します。でたらめじゃないですよ。ウォール街の期待に応えようとしています」 — KLA関係者"

"“The Man Behind the Mess at Israel’s Mega Supermarkets,” Haaretz, 8 July 2015 — Haaretz"

"the aircraft will not be flown for credit toward FAA type certification — Aviation Week"

"“wasn't good enough for us” — Jonathan Wagner, Joby Lead on Powertrain and Electronics."

"The second engine arrived at Sorena Turbine for repairs — Ashkan Ahmadi (LinkedIn Post)"

"NOMD stock has declined 21% from our average cost announcement date to April 21, 2016*"

"We call on Nuvei to explain how Smart2Pay experienced such dramatic margin improvement"

"Accounting for lower sales expectations highlights the lofty multiples paid by Pfizer."