Callouts & quotes from 37,061+ activist slides

"It is difficult to justify current super-premium multiple (36x FY2012 EPS estimates)"

"The top 16 oil frackers alone drilled a third of a trillion dollars' worth of holes."

"In 3 separate votes, 90+% of outside shareholders voted to declassify the Hess board"

"Buffalo Wild Wings senior management is taking the company down a path of no return."

"Only by excluding Warrick was management able to claim it “hit” its EBITDA/MT target"

"More importantly, relative to 2007 (prior peak), revenue is down and expenses are up"

"SamKoo Development has purchased several Kapiolani Boulevard parcels for $42 million"

"HHC continues to create value across its portfolio of core trophy real estate assets"

"We Question iRhythm’s Prospects For Continued High Growth And Improved Profitability"

"Executing on these will aid in restoring stakeholder trust and resetting the culture"

"Limited useful life means DBX will have to re-invest in these assets every 3-5 years"

"If GTT's rep productivity is truly “industry leading” why wouldn't they disclose it?"

"TICO has 3rd largest cross-shareholding portfolio as % of net assets in the TOPIX(2)"

"BNY Mellon went from a 2%+ margin surplus versus State Street to a 5% margin deficit"

"A bottoms-up analysis requires an assessment of three different categories of assets"

"We believe TMC is an old NMI story repackaged and regurgitated for new US investors."

"Spruce Point Believes WD-40 Is The Exact Opposite Of What A Good Business Looks Like"

"The amortization of its old business is greater than the acquired plus new business."

"Bristol-Myers is assuming an unprecedented rate of pipeline success in its base case"

"Bristol-Myers has significantly underperformed its peers during Caforio's leadership"

"The multiple sclerosis market is highly competitive with numerous approved therapies"

"CP’s efficiency & cost control dramatically lag its already best-in-class competitor"

"Spruce Point believes current sell-side analyst price targets are wildly optimistic."

"GCP had enviable products and was well positioned to succeed at the time of spinoff."

"GCP stock price has significantly underperformed since spinning off from W.R. Grace."

"GCP needs to invest in its pioneering product and differentiate it from competitors."

"FMCN really cannot find qualified directors with at least two degrees of separation?"

"These emerging brands are the next generation tenants in the class A mall portfolios"

"RINO has Fabricated FGD Customer Relationships and Significantly Overstated Revenue."

"Fortunately for us, however, is this dynamic appears to have finally run its course."

"Distributor Allowances are based on this fictitious representation of “Retail Sales”"

"Herbalife refers to these distributors as “Single-Level” (59% of total distributors)"

"Herbalife overstates a participant's likelihood of getting to the top of the pyramid"

"So, the total screens added together with both A1 and A2 are around 110,000 screens?"

"Almost no change in Q4 revenue and small inventory decline despite facility approval"

"This makes the vulnerability discovery process for an attacker significantly easier."

"CORRECTED FOR ERRORS, PHILLIPS 66 IS TRADING LIKE A PUREPLAY REFINER WITH NO PREMIUM"

"This would support the view that Mettler China may not be as profitable as it claims"

"年間整備費は装置ごとに300～400万ドルに上り、無償保証期間が切れてからサービス契約で年間600～700万ドルを取らなければいけなくて、顧客にとって不満の原因になる。"

"TSMCは世界最大の半導体装置メーカーで、半導体製造装置のどのメーカーからも信頼されるビッグ3の1社だということを考えると、これはレーザーテックにとって悩ましい事実だ。"

"Although the topline grew through acquisitions, economies of scale were not realized"

"At a 3.0x premium, "If Time Flows Back" stands out as being well above market price."

"BR has made some recent changes to its regulation section worth paying attention to."

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"Under realistic assumptions, the Company will miss its revenue and EBITDA forecasts."

"We believe this indicates that Rollins is struggling with its technology management."

"Despite ~70% of AP's COGS originating in Leasing, less than half were ever on lease."

"We do not discuss the individual business of tenants, so I wouldn't comment to that."

"Big Tech blocks or removes over a million apps each year for TOS privacy violations."

"The gap between W's stock price and consensus 2018 adj. EPS estimate is confounding."

"There are several ways through which management can attempt to unlock value in ACMR."

"CMG’s share price increased 65% in 2023 and has increased 9% year-to-date in 2024(1)"

"HHH’s share price increased 12% in 2023 and has decreased 9% year-to-date in 2024(1)"

"In 2020, Autodesk again committed to reaching growth + profit of 55% - 65% by FY2023"

"Phillips 66 Annual Report tells a different story about relative shareholder returns"

"Institutional investors should demand greater governance standards from Cintas Corp."

"Herbalife adds-back multiple items we believe are true ongoing costs to the business"

"HTZ's share price increased 40% in 2025 and has increased 3% year-to-date in 2026(1)"

"Therefore, Eurofins' deliberate choice to combine the two seems designed to confuse."

"Nevro is pushing stimulators onto patients who simply aren’t appropriate candidates."