Callouts & quotes from 790+ activist slides

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"TWX bondholders have reaped returns of 40% over the period (14% price appreciation plus interest) while shareholders have experienced an 8% decline in value."

"Improving the Company's capital allocation policies would unlock value and improve Sotheby's cost-return relationship, increasing long-term shareholder value"

"Amazon's CFO recently commented that the company saved $1 billion on travel in 2020, and while he expects travel to return, it will be at a much lower level."

"We certify that the information given in this Return (including 1 pages of Schedules) is true to the best of our knowledge and belief. — Annual Return (1998)"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"Fannie’s $5bn IPO is readily achievable given its scale and return profile. Freddie’s larger IPO will benefit from the learnings from Fannie’s capital raise"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"Fannie's $5bn IPO is readily achievable given its scale and return profile. Freddie's larger IPO will benefit from the learnings from Fannie's capital raise"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"Recent consumer spin-offs have generated significant total returns relative to the S&P 500. Many of these companies were struggling prior to the separations"

"The new and expanded event schedule across the parks can be a low-cost, high return driver of attendance, giving guests multiple reasons to visit Six Flags"

"After analyzing Monster's cash and investment accounts, we have difficulty explaining how Monster realized a higher return on investments in 2024 vs. 2023."

"Pershing Square exited our investment as prospective returns became more modest as the market more accurately priced ADP's prospects for continued success"

"For four years, from 2003 to 2006, the management fee stayed below 25% until both underwriting profitability and the surplus returned to healthier levels."

"Snapchat is not a fad. It is one stabilizing quarter from giving investors a 30% or more return -- more than you can see in any FANG stock in our opinion."

"In our view, BUR investors are effectively paying a roughly 9% fund expense ratio. We believe that return metrics excluding these expenses are misleading."

"We believe there is a big divergence between the consensus of analysts’ projections and the Company’s likeliness for a reduction in capital return plans."

"MH Education needs substantial capital support and institutional prioritization, yet it is among McGraw-Hill’s lowest returning investment opportunities."

"Monetization of non-core public equity stakes could provide $12bn of value that could be used for growth investments or return of capital to shareholders"

"Implement clear milestones for R&D projects and only focus on projects that will result in a positive risk adjusted return on invested capital over time."

"2014 was a year marked by strong returns continued value creation by our portfolio companies which we expect to be further enhanced by permanent capital"

"2014 was a year marked by strong returns continued value creation by our portfolio companies which we expect to be further enhanced by permanent capital"

"2014 was a year marked by strong returns continued value creation by our portfolio companies which we expect to be further enhanced by permanent capital"

"Juniper must be focused on delivering both an immediate large return of capital AND incorporating a consistent and ongoing dividend and buyback program"

"We asked a second quantum computing expert to repeat the experiment, asking him to add 2 + 3 to see how often IonQ’s computer returned 5 as the answer."

"It would take BEA shareholders 39 years to generate the same absolute return as an exit at 2.0x P/B today (assuming an equivalent ongoing TAR of 2.7%)"

"The disconnect between executive compensation and shareholder returns at Phillips 66 represents a profound governance failure that must be addressed."

"The disconnect between executive compensation and shareholder returns at Phillips 66 represents a profound governance failure that must be addressed."

"XPO conveniently ignores return on capital as a key metric to compensate management, and has defined its own flawed and aggressive financial metrics."

"Highly resilient and focused organization seamlessly navigated the impact of COVID-19 with no business disruption and recently returned to the office"

"The disconnect between executive compensation and shareholder returns at Phillips 66 represents a profound governance failure that must be addressed."

"Once the Company has committed to returning the majority of its free cash flow in dividends every year, the stock’s valuation should correct quickly"

"Icahn Enterprises, Icahn’s main holding company, has returned over 1,500% since 2000 when the company began to fully embrace the activist strategy."

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

"Strong portfolio gains and progress on strategic initiatives drove a PSH total shareholder return of 34% in 2025, 1.9x the return of the S&P 500(1)"

"Our ability to act quickly and decisively on key insights throughout the year resulted in the strongest annual returns in Pershing Square’s history"

"Novartis ex-manager describes a farce: we got "tricked" and machine doesn't work; "failed purchase" that he wanted to return — Novartis ex-manager."

"Management compensation should be restructured to incentivize returns on capital and per-share value rather than top-line growth or profit dollars"

"Under Fred Green’s stewardship, CP’s total return to shareholders (including dividends) has been negative 18% while peers generated strong returns"

"Teck doesn't have any debt coming due until 2030. Management says that once QB2 comes online, the free cash flow will be returned to shareholders."

"Juniper can and should go much further in its capital return strategy by adopting a $3.5B share repurchase program and a $0.125 quarterly dividend"

"Pershing Square’s returns have been substantially greater than those achieved by investing in the broad stock market indices over the same period."

"We believe that Target’s substantial negative returns to its shareholders are reflective of its operating underperformance compared with Wal-Mart"

"UMG shares have generated a total shareholder return of 58% (Net: 40%) from our average cost at announcement, vs. a 18% return for the S&P 500(2)"

"Just the dividend will return half the market cap or almost 10% per year... and that’s before you get to the additional shareholder returns part."

"Elliott argues that Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Elliott argues that Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Elliott argues that Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"PSTH returned $4 billion of capital to shareholders as we were unable to consummate a transaction that both met our criteria and was executable"

"If ADP returned to FY 2012 productivity levels in ES this would drive ~$65m–$90m of profit, or ~75bps – 110bps of margin opportunity for ES(2)"

"As it turns out, it appears the last priority of acquisitions became the top priority and REZI has levered up while failing to return capital."

"BEA shareholders have long suffered from poor returns as a result of an entrenched executive management team which has mismanaged the business"

"Multiple compression driven by growth deceleration, margin compression, and store repurchases that earn a return below BWLD's cost of capital"

"Even if ecoATM finally achieves its long overdue target of reaching profitability, it will likely remain an unattractive, low return business"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"changes in the value of its stake in Interactive Data Corporation results in a minimal (2%) change in Pearson's total return over the period."

"The 10 largest companies in the S&P 500 accounted for nearly 40% of total market capitalization and nearly 60% of total index returns in 2024"