Callouts & quotes from 3,960+ activist slides

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"We believe that ADP’s retention is better than peers in SMB, but is well below peers in Enterprise"

"We believe the market is significantly undervaluing News Corp's valuable collection of businesses."

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"We believe P&G’s scale advantage should allow it to achieve our estimate of an 11% Core SG&A ratio"

"Given P&G's massive scale advantage, we believe P&G should at least approach Colgate's EBIT margin"

"We believe Bristol-Myers has the opportunity to significantly improve its manufacturing operations"

"We believe that Bristol-Myers' elevated R&D spending has not resulted in sufficient pipeline depth"

"Spruce Point believes that FND's discussion of gross profit drivers is weak and could be improved."

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"We believe both the Board’s and management’s ESG oversight have proven inadequate and ineffective."

"We believe the Tantan acquisition was likely done to cover up slowing growth that started in Q2'17"

"Credible competition is emerging from Motorola where we believe it is winning more deals from Axon"

"We believe Perion is unlikely to win the global partner award if it didn't make the regional list."

"We believe the market is significantly undervaluing News Corp’s valuable collection of businesses."

"3. We believe that Ginkgo is concealing the true extent of its dependence on related-party revenue"

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"We believe that Nevro’s business model hinges on unsustainable kickbacks to high-volume implanters"

"We believe that Nevro’s business model hinges on unsustainable kickbacks to high-volume implanters"

"We believe that Nevro’s business model hinges on unsustainable kickbacks to high-volume implanters"

"We believe that Nevro’s business model hinges on unsustainable kickbacks to high-volume implanters"

"We believe that Nevro’s business model hinges on unsustainable kickbacks to high-volume implanters"

"If former Chairman and CEO does not believe in this Board and management, why should shareholders?"

"Marcato Believes Board Change Would Drive Management Accountability and Maximize Shareholder Value"

"We believe the market is significantly undervaluing News Corp’s valuable collection of businesses."

"Spruce Point Believes U.S. Concrete (Nasdaq: USCR) Is A "Strong Sell" With 60% - 90% Downside Risk"

"We believe new leadership and an improved strategy are necessary to move Norfolk Southern forward."

"We believe there are multiple signs that Leidos is mitigating Operating Cash Flow (OCF) pressures."

"If PepsiCo does not pursue a Mondelez transaction, we believe it must separate snacks / beverages."

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"We believe a significant portion of FFAI’s financing has been either fake or seriously misleading."

"We believe that only 10% of Lowe’s revenues face a high risk of competition from online retailers"

"We believe the current financial situation at the Exchange is similar to the 2000 to 2002 period."

"We believe that a strong push into Europe by Dexcom would be expensive and yield limited returns."

"We believe the combination will deliver sizable benefits and accelerate management’s growth plans"

"Spruce Point believes that Tempus has a $250 million cookie jar to embellish its Adjusted EBITDA."

"We believe TheFork is a highly strategic asset in a category with significant recent M&A activity"

"We believe investors should be worried when companies reduce business and financial transparency."

"As a result, we believe it will take even longer for it to realize the full benefit of lower oil."

"We Believe HIMS Operates On Shaky Ground In Relation To Corporate Practice of Medicine Provisions"

"We believe there is an opportunity to increase revenues in APAC through tiered product offerings."

"We believe State Street is structurally better positioned to leverage comp expense than Blackrock"

"We believe a glaring lack of focus, alignment, and accountability pervades Disney's board culture"

"We believe a glaring lack of focus, alignment, and accountability pervades Disney's board culture"

"We believe Intuit is one of the most overvalued large technology companies in the public markets."

"As a best practice, we believe that UEC should have made a similar disclosure in its SEC filings."

"Spruce Point believes Stryker is wildly overpaying for Vocera at a $3.1 billion dollar valuation."

"We believe investors are being misguided by Magnite’s growth prospects, and see 25%-50% downside."

"We Believe PGNY’s Differentiation Fades As Its Competitive Landscape Becomes Increasingly Crowded"

"We Believe REZI’s $2.0bn+ Spent On Acquisitions Are Troubled And Mask Underlying Financial Issues"

"We believe investors should adjust downward Ströer's reported EBITDA as shown in the table below."

"We believe DuPont's recent share performance reflects the market's desire for Trian's involvement"

"We believe the Sandell Plan strengthens the ability of FirstGroup to meet its pension obligations"

"We believe Bristol-Myers may have an opportunity to embark upon a similar margin improvement plan"

"Even so, the P/E is just 7x on what we and management believe to be cyclically depressed results."

"Bear Stearns believe his [Icahn's] positions have strong logic — Raymond Lee Katz (Bear Stearns)."

"In our opinion, we do not believe the market is accurately evaluating XPO's diluted share count."

"We Believe Autodesk’s FY2026 Guidance Does Not Make Sense in Light of the 9% Workforce Reduction"

"We believe separating the Digital Real Estate Assets will unlock substantial value at News Corp."

"We believe Fluor has materially reduced its risk profile and positioned the business for success"