Callouts & quotes from 619+ activist slides

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Box’s revenue growth rate continues to decline despite repeated promises from management regarding a reacceleration of revenue growth."

"More items on the menu contribute to additional labor costs and food waste. Despite this, Olive Garden gets low menu variety scores..."

"More items on the menu contribute to additional labor costs and food waste. Despite this, Olive Garden gets low menu variety scores..."

"Edgewater is significantly less profitable on a per employee basis than its peers, despite generating better gross profit per employee"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"96% of issued US patents were acquired from third parties, while only 4% were developed internally, despite massive spending in R&D."

"Despite almost unanimous bullishness among analysts, the average sell-side price target is currently 16% below current price levels."

"Despite ONP’s response, our thesis that ONP is a fraud remains unchanged, and we reiterate our “Strong Sell” rating on ONP’s shares."

"Despite multiple years of deteriorating operating results and share price underperformance, CEO compensation has increased each year"

"Despite the inhospitable terrain, Nova has surprisingly only referenced challenges three times in eight years of recent exploration."

"XPO giving itself 100% credit for something, despite only owning 86.25% and adds these items to EBITDA when they should be deducted"

"Despite a surging economy and 3.4% unemployment, the Chief Executive of Hong Kong has a lower approval rating than President Obama"

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"Despite generating higher sales per square foot than OfficeMax, Office Depot’s operating margins are less than half of OfficeMax."

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"Despite having come to market only recently, FLAWLESS products are already experiencing pricing pressure from fierce competition."

"Despite positive progress, Platform trades at discount to its publicly-traded segment peers and private market transaction values"

"The reluctance, despite Soleno’s over-the-top bombardment of patients and prescribers, indicates significant challenges for Vykat"

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"Despite positive progress, Platform trades at discount to its publicly-traded segment peers and private market transaction values"

"Furthermore, despite a significantly larger revenue base, management’s visibility into the business has been severely impaired."

"Despite having a Clawback Policy, Rollins has made no reference to enforcing it against the former CFO or any other executives."

"Despite years of claiming that mass production capabilities are imminent, Red Cat’s manufacturing capacity is likely undersized"

"Up to four-fold change in plasma levels at 90% confidence interval in poor CYP2D6 metabolizers despite only testing 3 patients"

"Nine consecutive quarters of double-digit EPS growth, every quarter since Seifi became CEO, despite significant f/x headwinds"

"Despite being more than twice the size of the 2nd biggest peer and ~7x the peer average, Darden is among the least efficient."

"Nine consecutive quarters of double-digit EPS growth, every quarter since Seifi became CEO, despite significant f/x headwinds"

"Despite this fact, GSX's stock has been outperforming its major competitors by a large margin. There is clearly a disconnect."

"Really! "Generally" assumed margins will go up despite the fact they've consistently gone down since the acquisition closed."

"Despite a widespread bullish tone among analysts, the average sell-side price target offers little upside to current levels."

"WSP trades at the highest valuation among its global peer group despite clear evidence of business and financial challenges."

"Box will stay in Silicon Valley, CEO Aaron Levie says, despite 'absolutely insane' costs — Headline from public news article"

"Importantly, we note that Carvana makes no mention of Garcia II’s background despite his status as controlling shareholder."

"Investors continue to ascribe an irrational valuation to Mercury despite its below average growth and poor cash conversion."

"Despite this disparity in metrics, SNAP short interest is 21% of float compared to 4.7% for Twitter and 1.2% for Facebook."

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Despite being a C-Corp and lacking the tax advantages of a REIT, PF McDonald’s has several superior credit characteristics"

"Despite rhetoric about "moving faster and with a greater sense of speed and urgency", new targets imply business as usual"

"BILL trades as a significant discount to peers despite peer level growth and significant opportunity for margin expansion"

""Purported synergies involving RBA's and IAA's yards appear minimal, despite assertions to the contrary." — Luxor Capital"

"In 3 of the last 5 years, John Hess has ranked in the Top 25 Highest Paid CEOs... despite underperforming peers by (55%)"

"Despite its tenant exposure, Realty income has outperformed the U.S. real estate index (1) by ~35% since January 1, 2008"

"Spruce Point warns that despite the CEO's bullish tone around Off Grid, we believe the deal has been a failure to date."

"Display revenue has declined despite approximately $900 million of acquisitions and investments to grow this business."

"Nuvei just removed China as a key location despite boasting of the importance in growing globally with its customers."

"SNAP is now trading at its largest-ever discount to social media peers despite generating the fastest revenue growth."

"Despite his credibility in leading TIM and impressive early performance, Vivendi is working hard against TIM new CEO"

"Top executives paid almost $50m over past 3 years despite 70%+ underperformance of SE share price versus comparables"

"ADP's adjusted gross margins(1) are significantly lower than competitors despite ADP's significant scale advantages"

"Globant has the highest valuation amongst its two closest peers (Luxoft and EPAM) despite a weaker business profile"

"2013 Constant Currency EPS Growth, Normalized For Tax, is Below Peers and Long-Term Guidance (Despite 2012 Reset)"

"Despite weak operating performance, robust multiple expansion drove significant share price appreciation in 2015"

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