Callouts & quotes from 619+ activist slides

"Altogether these data suggest that despite the increased number of HDC cells, extracellular histamine levels are likely normal in patients with narcolepsy."

"Despite foreign exchange revenue impact of approximately -10%¹ since inception, ZTS has increased 49% from when we purchased our first shares in July 2014²"

"“They aren’t happy with the fact that they do not see an improvement in living standards, despite the good economic statistics.” — Bloomberg July 1st, 2011"

"Despite stronger economic trends and better affordability ratios, Alberta's housing prices have underperformed Toronto and Vancouver since peaking in 2007"

"Despite committing to these targets repeatedly over the course of multiple years, the Company ultimately missed the midpoint of all of its FY2023 targets."

"Despite substantial business progress and a high-quality board & management team, the company's share price has underperformed since its spin-off from GGP"

"Norfolk Southern has averaged more than 4.3x the number of unplanned recrews relative to CSX, despite having >800 more train and engine service employees."

"In fact two peers, Colgate-Palmolive and Kimberly-Clark, have grown EPS at a much faster rate than P&G despite having more significant currency headwinds"

"Despite the estimated massive losses in Display, AOL appears solely focused on continuing to pursue its high-cost, value-destroying status quo strategy."

"The co-working operator rent24 is likely a related party of Vivion’s, and despite being one of its largest tenants in Germany, has never been disclosed."

"Phillips 66's (NYSE: PSX) CEOs reaped an eye-popping $140M from 2020-2024—despite ongoing stock and operating underperformance and missed cost targets."

"Despite poor organic revenue growth, management has seen healthy increases in its base salary. Why is management being rewarded while investors suffer?"

"Inadvertently revealed several red flags about the trials, while continuing to defend the drug despite an almost 100% discontinuation rate at the site."

"Edgewater's legacy directors represent a tired and broken Board that has failed to maximize shareholder value despite having over ten years to deliver"

"Despite the attractive cash flow characteristics of OUTR’s core Redbox and Coinstar operations, shareholders have NOTHING to show for their investment"

"Why did the Compensation Committee decide, out of thin air, that management should receive its full 50% revenue bonus despite missing on STIC Revenue?"

"Despite meaningful share price appreciation since our investment, SBUX still trades at a discount to its average valuation over the last several years"

"Two discrete periods of plateauing growth, one of which we caught the IR claiming was due to seasonality despite prior periods showing no such effect"

"Perhaps purely coincidental, REZI implemented multiple restructuring programs after buying First Alert despite the business performing ahead of plan."

"Despite the quality of BHP’s assets, BHP has underperformed a portfolio of comparable mineral and petroleum companies over a variety of time periods"

"Despite delivering the worst operating performance in the industry and (5.1%) TSR over his CEO tenure, Mr. Shaw has been paid more than $23 million."

"Despite having TWC within the portfolio of the Parent, other Turner networks (TCM and Boomerang) have not yet been able to reach full distribution."

"TWX, despite the full implementation of the Management Repurchase Plan, would continue to be overcapitalized with significant excess debt capacity."

"Starbucks shares are down 6% over the last three years. Including dividends, shareholders have earned a 0% total return, despite EPS growth of ~50%"

"Despite Patch's target of selling 80% of its ad slots to local advertisers, less than 20% of ad placements on Patch are filled by local businesses."

"Despite stability in the size of the investment team, total headcount grew by over 50% from 2012 to 2016 as PSH was launched and capital increased"

"Cognizant maintains operating margins below HCL and Wipro, despite those being structurally lower margin businesses (low-to-mid 30% gross margin)."

"Under Mr. Kestenbaum’s leadership, Stelco continuously outperformed U.S. Steel despite facing tariff headwinds and taking on major CapEx projects."

"Heska deleted the list of suppliers in its 2020 10-K despite our belief it had virtually zero change in its dependence on these external companies"

"Despite stability in the size of the investment team, total headcount grew by over 50% from 2012 to 2016 as PSH was launched and capital increased"

"Despite stability in the size of the investment team, total headcount grew by over 50% from 2012 to 2016 as PSH was launched and capital increased"

"Monster has historically concentrated the CFO, CAO and COO role with Mr. Schlosberg despite separation of duties being a good corporate practice."

"DESPITE A LITANY OF MISSED PROMISES, THE BOARD HAS INEXPLICABLY CHOSEN TO GENEROUSLY COMPENSATE MANAGEMENT AND REWARD THEM FOR FAILED PERFORMANCE"

"After years of underperformance, Splunk is now trading far below peer multiples, despite strong top-line growth and an enviable market position."

"Despite a long history of focusing shareholders on non-GAAP financial metrics, the Board conveniently reverts to GAAP in their SG&A comparison."

"Despite the growth opportunities and its #1 share in Japan and Asia, Fuji Xerox is on pace to report two consecutive years of revenue declines"

"Management received 132% of their target bonus in 2017, despite P&G losing market share and generating EPS growth in the bottom 1/3rd of peers"

"Despite the headline saying “Fortune 500 companies” seven logos are now U.S. government related entities, and Swift is a European Cooperative."

"Current and prospective investors are ascribing a near record multiple to GLOB's share price, despite evidence that organic growth is slowing."

"Despite McDonald's strong real estate assets, number one QSR market position and leading brand, McDonald's trades at a discount to its peers."

"When adjusted for PEO pass-throughs, ADP substantially trails its competitor group in efficiency, despite ADP’s significant scale advantages"

"Lowe’s continues to trade at a significantly discounted P/E multiple relative to Home Depot despite materially higher prospective EPS growth"

"Despite repeated, bullish commentary from management on fedratinib, Wall Street analysts have overwhelmingly lower expectations for the drug"

"DESPITE HAVING A LEADING CONSUMER BRAND AND COMPETITIVE SCALE, GOODYEAR’S CONSUMER RETAIL BUSINESS HAS FAILED TO PARTICIPATE IN SHARE GAINS"

"Despite its portfolio of attractive land development and profitable Canadian operations, BRP trades at a substantial discount to U.S. peers"

"The 16% minority stake, despite TWC's relatively large capitalization, creates insufficient float for investors seeking to build positions."

"It is perplexing that both growth and margins can be down so much – despite better end markets and significant reinvestment opportunities."

"Despite issuing equity, VRX shares appreciated 47% in the six months following press reports announcing Valeant’s agreement to acquire B&L"

"Surprisingly, Huntsman’s polyurethanes business seems to have more volatile pricing than BASF, despite having greater downstream exposure."

"Despite issuing equity, VRX shares appreciated 47% in the six months following press reports announcing Valeant’s agreement to acquire B&L"

"However, despite the arguable imprecision, our rough estimate of approximately $5 billion is less than half the size of FIGS' stated TAM."

"Despite unsuccessful outcomes in the courts, we believe Fannie and Freddie remain valuable perpetual options on exit from conservatorship"

"The Company continues to highlight 370bps of operating margin improvement despite it driving only $1 million of gross profit improvement!"

"Despite significant operational progress throughout the year creating the “New Valeant,” share price performance continues to disappoint"

"Despite significant operational progress throughout the year creating the “New Valeant,” share price performance continues to disappoint"

"Kao’s allergy to growth which management exhibited within initiatives and targets (despite the ambition to sustain “Global Sharp Top”1)."

"In fact, we see recent evidence of strain leading up to the auditor change with commissions falling in 2022 despite revenues increasing."

"Publishing, despite its strong presence in print, lags the industry in its online presence given an inconsistent TWX corporate strategy."

"Mettler trades at a handsome premium, despite its opaque and complicated structure, poor disclosures, and aggressive accounting choices."

"Despite significant operational progress throughout the year creating the “New Valeant,” share price performance continues to disappoint"