Callouts & quotes from 37,061+ activist slides

"June Quarter surprise – dramatic change in attachment rate"

"DigitalGlobe Has Never Met Commercial Revenue Expectations"

"1) We Believe Tripadvisor Should Explore a Sale of TheFork"

"Avantor's Issues Are Widespread and Largely Self-Inflicted"

"Valeant’s Platform Value is a function of several factors:"

"Separation would realize up to €7 billion in hidden value."

"Essentially, gene synthesis was never meant to make money."

"Imagine 16 people with their own [liquid handling] robots."

"Headcount disproportionate to that of comparable companies"

"Headcount disproportionate to that of comparable companies"

"REIT CDS spreads have meaningfully compressed year-to-date"

"There are clear signs that PwC’s audits of NQ were sloppy."

"We believe investment is still attractive at current price"

"Economy X has recovered strongly from the global recession"

"Curél and freeplus both have significant runway for growth"

"Friction costs immaterial in the context of value creation"

"Recurring revenue, Predictable growth, High free cash flow"

"FND ceased providing commentary on product category trends"

"The Board has consistently lowered the bar for management."

"No market exists for refinancing GGP's ~$15bn of CMBS debt"

"While in bankruptcy, Amerco’s stock price appreciated 456%"

"To dismiss the appeal and maintains the original judgment."

"Organic Revenue Growth Has Been Below Target and Weakening"

"Reactive actions seemingly designed to prevent real change"

"Nevertheless, AOL has struggled to monetize this position."

"Herbalife bundles its products with a business opportunity"

"Niteworks Sells for a 48% Discount to Adjusted SRP on eBay"

"Formula 1 Sells for a 34% Discount to Adjusted SRP on eBay"

"Herbalife bundles its products with a business opportunity"

"CP's share price increased 40% including dividends in 2014"

"Organic Revenue Growth Has Been Below Target and Weakening"

"Gallons Offset As % of Gallons Paying Clean Advantage 0.7%"

"Interest expense absorbs only 5.8% of Peer EBIT on average"

"Nkran does not contain the gold AKG and investors expected"

"In reality, Mr. Khan is merely a $100 million sock puppet."

"棚卸資産高の構成比は、仕掛品と原材料および貯蔵品で100%、完成品は0%だと主張するレーザーテック。矛盾が明らかだ。"

"驚くことにレーザーテックは、全世界の半導体製造装置分野、そのうち上場している企業の中で、最も棚卸資産が膨大な会社だ。"

"レーザーテックの装置が使われているのはペリクル検査ができる唯一のものだからだが、じつはできない。「嘘をついたのです」"

"KLAはレーザーテックのアクティニック装置の競合品を実用化するために十二分の能力がある。「それはまちがいないです。」"

"「ひとつの芸当しかできない子馬同然」のレーザーテックは、新規競合の台頭によって、「現状を維持できなくなるでしょう」。"

"2005-2013: Capex increased ~225% and ROC decreased by ~45%"

"2005-2013: Capex increased ~225% and ROC decreased by ~45%"

"2005-2013: Capex increased ~225% and ROC decreased by ~45%"

"And Reconciling Everything Back into the Accounting System"

"We think investors need to weigh three possible scenarios:"

"The Board’s apparent answer was to go bigger, not smaller."

"But it all boils down to “execution, execution, execution”"

"Permanent Capital Now Represents >1/3 of our Investor Base"

"CP's share price increased 40% including dividends in 2014"

"However, the FY2011 number is too large for us to explain."

"Leasing Equipment capex is a significant cost (see below)."

"Hype aside, let’s look at where Core actually makes money."

"We believe all of these issues are temporary / correctable"

"BEKE Inflated its New Home Sales GTV by 125% in 2Q-3Q 2021"

"Are the budgets wrong or are the compensation plans wrong?"

"Equate directly calls out and compares itself to Dramamine"

"Pershing Square has no experience in the Technology sector"

"At best, “Discount Customers” comprise 25% of total volume"

"AerCap is now the largest independent lessor in the world."

"We believe there is substantial upside potential at Pfizer"