Callouts & quotes from 773+ activist slides

"The reality is that 9 out of 10 of P&G’s independent directors have seen the Company underperform peers since they were appointed."

"The inconsistency between these two peer sets raises questions as to how the Board selects peers and whether they are appropriate."

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

"Since Shirley Singleton became CEO in January 2002, Edgewater has massively underperformed its North American IT Consulting peers"

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

"TWC, after adjusting for the unique footprint of Cablevision, is in line with peers with regard to growth in digital subscribers."

"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"

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

"We believe Tempus is overvalued relative to both hype and momentum-oriented AI companies, along with medical diagnostic peers."

"How does Mettler achieve consolidated EBITDA margins higher than Lab peers, when 50% of its business is in lower margin areas?"

"In fact, Bunge's R&D spending and margin pales in comparison to peers that disclose spending and has been contracting sharply."

"Valuing Kratos at a discount to peers on EBITDA, free cash flow, and book value we estimate 40%-70% downside ($3.15-$6.30/sh)"

"This stark difference in fee structures suggests ERIE's approach is less favorable to policyholders compared with its peers."

"Dropbox's stock based compensation expense per employee is significantly higher than technology peers average and median SBC"

"Our pro forma analysis illustrates that Stryker has the second highest SG&A margin among peers at 36.1% - 37.1% of revenues."

"AAP has failed to capitalize on these tailwinds to generate the outperformance of its closest peers, O'Reilly and AutoZone."

"On an absolute basis, Phillips 66 is still by far the highest-cost major refiner with 2024 opex/bbl ~$1.60 above core peers"

"IT IS CLEAR WHY PHILLIPS DESIGNED A TSR METHODOLOGY THAT EFFECTIVELY EXCLUDES THE PERFORMANCE OF ITS CORE PEERS VLO AND MPC"

"IT IS CLEAR WHY PHILLIPS DESIGNED A TSR METHODOLOGY THAT EFFECTIVELY EXCLUDES THE PERFORMANCE OF ITS CORE PEERS VLO AND MPC"

"Strategic objectives represent 40% of the short-term incentive compensation for our executive officers versus peers at 11%."

"On an absolute basis, Phillips 66 is still by far the highest-cost major refiner with 2024 opex/bbl ~$1.60 above core 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"

"Geographic span of a major, yet Hess is a fraction in size: Market cap is under 1/11th the average of majors in its 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"

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

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

"We believe there are specific initiatives that Bristol-Myers can undertake to bring R&D spending more in-line with peers"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"We believe Generac’s peers are claiming more eyeballs and likes on social media based on followers and ad interactions."

"Valeant's disciplined focus on lower-risk, higher-return R&D projects has led to an R&D ratio that is lower than peers'"

"Since joining the board in December 2015, Telecom Italia has dramatically underperformed its peers and broader indices."

"And it trades at a massive premium to its oilfield service peers – more than twice the multiple of prior peak earnings."

"PHILLIPS 66'S EXISTING MIDSTREAM BUSINESS ALREADY HAS HIGHER COSTS THAN ITS PUBLIC PEERS, DUE TO ITS BLOATED STRUCTURE"

"Total shareholder returns have significantly underperformed snacks and beverages peers over an extended period of time"

"21 REIT CEOs have consistently underperformed their proxy peers, yet their executive compensation was rarely adjusted."

"U.S. Dollar Store peers historically close 0.8% of stores annually, yet Dollarama has not reported any recent closures"

"Unlike its two better-performing peers, Crown Castle does not report its own ROIC metric to the investment community."

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

"Hess's inability to operate a rig program comparable to peers of its size results in $2.5 billion of forgone value..."

"Hess's inability to operate a rig program comparable to peers of its size results in $2.5 billion of forgone value..."

"Certain peers of TWX, including lower rated credits, easily accessed the public debt markets during the fall of 2002."

"While Amcor has been underspending on capex, all of its closest peers are increasing or maintaining capital spending."

"Interest in Dropbox, as measured by Google Trends, is declining whereas interest in its peers is stable and growing."

"Shares of Norfolk Southern have outperformed CSX and the median of Class I Railroad peers since the unaffected date."

"BEA China has recorded weak results, in particular in its ROE and ROA, which are well below the average of its peers"

"Monolithic's Days Inventory Outstanding (DIO) consistently rises. For key industry peers, DIO has been more stable."

"In Materials to Shareholders, Hess Uses Misleading Chart That Ignores Relevant Peers and Hides Impact of Oil Prices"

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"Southwest’s dated commercial strategy has resulted in the worst unit revenue performance among its peers since 2018"

"P&G has used the “tax rate” argument to adjust Heinz EPS figures downwards so that they look unfavorable vs. peers."

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

"As a result of the consistent misexecution, Splunk's operational performance is significantly worse than its peers."