Callouts & quotes from 3,960+ activist slides

"Return to double digit revenue growth seems optimistic. Even analysts don't believe Zillow's 45% Adj. EBITDA target"

"We believe that FirstGroup US should trade at a premium to Laidlaw's historical valuation of ~5x - ~7x in 2005-2006"

"So why does the Board believe AOL should be compared to the world's largest companies for purposes of compensation?"

"Trian believes a merger with Mondelez and a separation of all of PepsiCo’s beverages business is the right strategy"

"Are investors really supposed to believe that the value of this empty warehouse more than quadrupled within a week?"

"We believe GSX is the worst among its peers and generates a massive amount of volume from fake student enrollments."

"We Believe ABML Failed To Disclose Riedel Research If It Was Paid Via The Company — Spruce Point Capital Management"

"So, I've never been a huge believer in scaling things that aren't profitable. — Kevin Wilson, Q3 2020 Earnings Call"

"Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning."

"Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning."

"We believe that Chipotle is currently one of the most compelling and authentic large-scale food brands in the U.S."

"We believe material changes are needed, and we remain committed to seeking such change at the 2018 Annual Meeting."

"We believe the unfortunate but inescapable reality is that performance at athenahealth is not going to get better."

"We believe the construction market was historically marked by aggressive competition and undisciplined risk taking"

"We believe the construction market was historically marked by aggressive competition and undisciplined risk taking"

"After reading our report and reviewing Oatly’s corporate credo, we believe you will form a very different opinion."

"We believe that Chipotle is currently one of the most compelling and authentic large-scale food brands in the U.S."

"We believe C3 is poised to reset expectations as sales fail to materialize, losses balloon, and dilution increases"

"We believe these observations are useful context as we evaluate TASK's business claims and financial presentation."

"We believe WFG's MLM model is fraught with risk, which we believe has not been properly communicated to investors."

"We believe the construction market was historically marked by aggressive competition and undisciplined risk taking"

"We believe the construction market was historically marked by aggressive competition and undisciplined risk taking"

"One takeaway we believe is that the sales cycle is much longer than management has suggested at two to five years."

"We believe this discrepancy illustrates that FTAI is categorizing revenue from whole engine sales as module sales."

"We believe that Chipotle is currently one of the most compelling and authentic large-scale food brands in the U.S."

"Ignore REZI's Non-GAAP results; cash flow never lies and we believe it is the ultimate arbiter of REZI's failures."

"Spruce Point believes CLEAR is not positioned from a technology standpoint to address either of these pain points."

"We believe that Chipotle is currently one of the most compelling and authentic large-scale food brands in the U.S."

"We believe that Chipotle is currently one of the most compelling and authentic large-scale food brands in the U.S."

"We continue to believe that a reformed Fannie and Freddie is the only viable solution for mortgage finance reform"

"Spruce Point believes that WTRG’s growing dependence on short-term debt is a sign of its rising financial stress."

"We believe Procept exaggerates its addressable market to increase its appeal to investors enamored by large TAMs."

"Without their “celebrity endorsement” and star power, we believe QS would trade at a fraction its $15B valuation."

"Elliott believes in the value of ACAS and is committed to helping the Company realize full value for shareholders"

"We are unsure how deep the rot at NMC goes, but we do not believe that its insiders or financials can be trusted."

"We believe that under any reasonable set of conditions, the representations made by management do not make sense."

"We continue to believe that a reformed Fannie and Freddie is the only viable solution for mortgage finance reform"

"About 30% is GOs or General Obligation bonds. These are generally believed to be the best positioned of the debt."

"We believe Samsara's stock price has rallied recently largely due to the perception that it is an AI beneficiary."

"Spruce Point believes Saputo is struggling to grow its branded sales given significant private label discounting."

"Why We Believe There Is 35% - 45% Downside Risk To DV’s Share Price And IAS Is A Better Long Play On The Industry"

"Historically, we do not believe snacks has helped beverages grow internationally nor has beverages helped snacks."

"We believe this suggest a high likelihood that Mettler’s EBITDA margins are overstated and cannot be relied upon."

"We believe that BEKE intentionally creates inconsistencies such as these to misrepresent its actual store counts."

"We believe this compromises the objectivity of Piper's stock price and rating and believe it should be suspended."

"We believe that Alberto Ibargüen and Patricia Mitchell have limited relevant industry and operational experience."

"We believe the vast majority consists of low-quality hoop houses that a prone to infestations and weather damage."

"Accelerate claims 75% faster AST results; we believe the actual time difference is less than 40% for a modern lab"

"We continue to believe that a reformed Fannie and Freddie is the only viable solution for mortgage finance reform"

"We continue to believe that a reformed Fannie and Freddie is the only viable solution for mortgage finance reform"

"Nuvei didn't disclose any material restructuring charges that would lead us to believe it cut significant labor."

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"We believe this supports our concerns that AVY’s Free Cash Flow is overstated and cannot be taken at face value."

"We believe that WTRG implicitly recognizes that its ability to pay its dividend is dependent on outside capital."

"Despite an adverse Supreme Court ruling in June, we believe Fannie and Freddie remain valuable perpetual options"

"We believe achieving 10%+ ROIC is overly optimistic given Retail's declining margins and increasing competition."

"As we shall detail, we believe that the UMD Q-Lab deal is a sham to manufacture bookings growth out of thin air."

"Spruce Point does not believe the market appreciates how quickly competitors are growing at Boot Barn's expense."

"We believe Huntsman is trying to fool its shareholders, operating expense ratio is not the same as profitability"

"We believe that Bigo’s corrupted origin story and grossly overstated revenues make it YY’s most rotten business."