Callouts & quotes from 439+ activist slides

"“We think the frequency of HES's analyst meetings could be increased. How about biannual?” — Merrill Lynch (May 22, 2006). “The key question, in our view, going forward is whether Hess is starting to spread itself too thin via a growing project portfolio list.” — Goldman Sachs (April 26, 2006). “The aggressive upstream exploration story driven by John O'Connor is under pressure, as a run of dry holes is looming larger. With no completion target, the story has an uncertain future, costs are rising and prospects are pushed from this year to next.” — Deutsche Bank (April 26, 2006). “This company has not historically shown good capital discipline, delivering one of the highest F&D costs in the sector and one of the lower returns on capital.” — Bank of America (January 27, 2005). “Despite a new record quarterly oil price environment and sequentially much higher production levels, worldwide unit profitability rose only marginally ... because of continued heavy hedging loss (no surprise here) and a sharp increase of costs.” — Lehman Brothers (January 27, 2005). “Hess's long-term share performance has been hampered by an inability to show sustainable volume growth and value creation in the upstream...As a result, Hess's 10-year share price performance has been the weakest among the integrated oils.” — Merrill Lynch (October 21, 2004). “Following several years of missed targets, [Hess] has refrained from offering production guidance much beyond the current year. Whilst this plays to its benefit by avoiding the risk of over promising / under delivery, it also clouds the outlook over the coming years. HES's reluctance to commit to any long-term production objectives is understandable in the context of a poor track record where a succession of aggressive growth targets has been missed.” — Citigroup Smith Barney (October 11, 2004). “Hess needs to spend aggressively to arrest its imploding production profile. The risk is whether these capital investments will generate competitive returns, a concern to investors given the recent history of production and reserve disappointments...” — Merrill Lynch (April 29, 2004). “The question, in our view, is whether Hess is truly creating a culture that is focused on profitability first.” — Goldman Sachs (February 6, 2004)."

""To summarize, the key growth assets underperform, expectations are lowered, and a key investor fear – Hess's propensity to outspend cash flow – is stoked by an early upward revision to the 2012 budget." — Deutsche Bank (April 25, 2012); "Flowing through from the high capex and low growth, the company has the lowest yield and lowest dividend growth combination amongst major oils." — Deutsche Bank (July 27, 2011); "The company has continued to be a net issuer of equity...at a time when most of the other majors have been buying stock back... and has produced low return on capital employed for most of the present decade." — Bernstein (October 22, 2009); "The company's refining and marketing assets remain emphatically not for sale, despite the fact that redeploying downstream invested capital...to the much higher returning upstream would make solid business sense." — JP Morgan (September 17, 2009); "Hindsight: We can't believe you're back to more hedging." — Deutsche Bank (September 29, 2008); "Notwithstanding the romance of Leon Hess's development of the company from one oil delivery truck into a multi-billion dollar enterprise, by the early 2000's the company's reputation with investors was one of a struggling oil essentially run as if it were private." — Deutsche Bank (August 7, 2007); "Historic mistrust, with certain major potential shareholders reluctant to invest based on the issues faced in the past with a distinctly mixed record of shareholder value creation to say the least. Ultimately, John Hess is still in charge, and that provides a major link to the past. Hess has historically shown poor performance on operational metrics..." — Deutsche Bank (August 6, 2007); "The change in 2008 estimated EPS is due to our belief in the industry-wide cost pressures being sustained into next year and the company's inability to manage them quite as successfully as do the Majors." — Bank of America (April 26, 2007); "Continued exploration losses are value destructive." — Deutsche Bank (October 25, 2006); "It is important to highlight that the highest paid companies are also the best performers, with the arguable exception of Hess. He is a dynastic executive left in a business that resonates with family fortunes..." — Deutsche Bank (August 24, 2006)."

""We, therefore, encourage you to support the changes sought by our fellow shareholders at Elliott Management. We intend to support Elliott's proposed proxy slate because it serves the long-term interests of the Company and its owners." — First Pacific Advisors, February 6, 2017; "Independent members of this board, who own less than 0.1% of outstanding shares, continue to disregard the overwhelming publicly expressed desire for leadership change from the company's largest long-term owners, including Orbis." — Adam Karr, Orbis Investment Management, March 3, 2017; "Lion Point believes that Elliott's plan for value creation can reverse the past and set new Arconic on a better path to creating shareholder value." — Lion Point Capital, February 16, 2017; "It's a CEO problem—there has been no value created." — Sarat Sethi, Douglas Lane & Associates, February 30, 2017; "We also acknowledge activism could create an opportunity to highlight value that is even higher at $40 (and in the range of the activist target) to account for significant margin expansion from current levels, premised on a market P/E of 17x and earnings of $2.37." — Morgan Stanley, February 1, 2017; "In our view, a new CEO is an important positive catalyst to more expeditiously improve the company's operations and increase its margins while rationalizing capital expenditures / M&A opportunities." — Wolfe Research, February 6, 2017; "Elliott has a good case. Investor returns under Chief Executive Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor. Investors have seen their stock lose well over half its value under Kleinfeld." — Reuters, February 1, 2017; "Saving Klaus from Paul Singer is top priority for its management. Drain the swamp. Let Elliott Management's recommendations prevail. Too many good people are getting hurt throughout this Company." — Glass Door, March 17, 2017; "If I were an Arconic shareholder, I would be voting the "blue card" to bring the dissidents to power." — Pittsburgh Tribune, March 13, 2017"

""HES has been what we call a 'value trap' for some time." — Societe Generale (January 30, 2013). "In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess." — Deutsche Bank (January 30, 2013). "The simple fact is the market doesn't trust Hess to run its business well, and thus places a discount on everything the company controls." — Morningstar (January 29, 2013). "This is the most undermanaged major oil company in the world." — Jim Cramer, CNBC Faber Report (January 29, 2013). "And so, one of the problems is the board is stuffed with incredibly long-serving members, none of whom seem to have any experience outside the company running an oil company, so there's a real lack of oil industry depth here. And coincidentally, they also happen to have very strong financial connections with the Hess family, helping to run the charitable board, helping to run the estate of the founders." — Reuters Breakingviews (January 29, 2013). "Hess' board has consistently failed its shareholders and has never brought management to task, ever... In light of the company's poor performance the last decade, this is clearly a board that gives John Hess what he wants, rather than doing what is good for shareholders." — Morningstar (January 29, 2013). "The stock price reflects concern about ballooning capital costs, chronic lack of free cash flow, a high oil price breakeven, and recent difficulty executing against guidance and expectations." — Deutsche Bank (October 17, 2012). "We think the market will largely adopt a wait and see approach and not give any free passes to management until clear path towards their cash flow targets and execution capability is evidenced... From a valuation perspective, we think the stock is relatively cheap as a result of the company's less-than-stellar historical performance record and perceived execution risk." — Barclays (July 26, 2012)."

"Since the ascent of Vincent Bollore to the Chairmanship of Vivendi, the company's strategy has evolved, with Vivendi taking significant but non-controlling stakes in a number of companies - including Telecom Italia (23.94% stakes), Mediaset (28.8% stakes), Ubisoft (26.6% stakes) and Fnac Darty (11.27% stakes) - seeking to penetrate the boards and influence the direction of these companies. Vincent Bollore's strategy has recently faced higher obstacles due to government interests or other large shareholder blocks which opposed Vivendi's moves (e.g. Telecom Italia). Governance risks faced by minority investors at each of these companies will be centered on the alignment of interests with Vincent Bollore. With Vincent Bollore typically seeking board representation by accruing a sizable stake, but one which does not trigger a requirement for a mandatory bid, a bid premium may not be forthcoming. Vincent Bollore effectively controls Vivendi despite holding only 20% of the shares. This influence comes courtesy of a double voting rights provision and the placement of key Bollore allies in senior leadership roles at Vivendi. His interests may dominate board decisions, all the more so that the audit and pay committees lack full independence. This is particularly concerning in light of the apparent poor track record of Vivendi with regards to ethical behaviour; which include allegations of corruption, editorial interference, related party transactions involving other entities of the empire and executive misconduct. This may indicate that the board's functions to effectively oversee and control management decisions in the interests of the investors' base are indeed hindered. — MSCI ESG Research LLC, June 21, 2018"

""The problem with AST SpaceMobile is the structural dynamics of their spacecraft – the way they intend to build a giant phased array antenna is really poorly thought out...their knowledge of structural dynamics is so positively infantile; I don't know how they got as far as they did. I think their approach to making a giant antenna just won't work. I think even if you could talk directly to a handset from space, they wouldn't be able to do it." — Physicist and Former Senior Engineer, NASA’s Jet Propulsion Laboratory; "The size of the antenna is terrifying...there’s only a handful of entities that have deployed a foldable thing in space that big and they’re NASA and intelligence entities...it’s an extremely difficult thing to do and it’s also more or less impossible to accurately test on the ground." — Former Director of Engineering at SpaceX, led team of 150 engineers across multiple disciplines; "Some of the preliminary engineering that I’ve seen did not have the same tolerances I would expect in a zero gravity deployment space environment and the number of single point failures in the articulation on deployment; all of those factors...talking about risk to the company, you’re betting everything on that one demonstration...all of that is riding on a hundred different opportunities for the phased array to not deploy." — Former Director of Supply Chain for leading defense prime who reviewed engineering designs for the phased arrays of BW3 and BlueBird-1"

""I was seen by this clinic several times, a different person each time, and only on the last visit did I get to see the lauded Dr. [redacted]. He stormed into the room, introduced himself, and told me, without hearing a word from me, what he had determined I needed to do next, which was another procedure. When I told him I was not interested at this point in that procedure, and tried to discuss what I had come to talk about, which was concerns about contraindication with the medicine he had prescribed, he raised his voice and began telling me about how his way is the only way that works, and all my other doctors are incompetent. The longer I tried to get back to what I needed to speak with him about, the nastier/louder he got, until he was literally standing in front of me, yelling at me. In the end, he yelled he wouldn't treat me any more, and yelled from down the hall for me to leave. He absolutely did not care about anything I had to say. Please beware of this clinic and this man." — Patient review, 11/11/2019; "I felt he was trying to SELL me a spinal stimulator, rather than explain what it is. He blatantly lied about the size of battery and the pain level associated with it."- Patient review 6/26/2018; "Dr. [redacted] is the greatest doctor in the world, and if you don't believe it just ask him. His explanations are poor, doesn't seem to want to listen to the patient." — Patient review 11/1/17"

""I realized there was a large gap between the products we were developing, the products we were marketing and the products we were selling." — Former Lightspeed Employee #2; "So SEOshop, when it moved to the North American market for initial testing, it became very clear that the needs of North American retailers are very different than European retailers in the ecommerce space. There was a lot of work to integrate and adapt features to make sure it was ready for the North American merchants that they have. To be fully transparent, it was a rocky start." — Former Lightspeed Employee #2; "Regarding acquisitions, there were ones that once under the hood, I would say there was a lot more work than was estimated. In terms of actual functionality and meeting the needs of the market, there were expectations that were poorly set, meaning the delivery time to bring back to market was much longer and more difficult. They are very particular about what products are going to be brought to market. There have been ones that were completely stalled weeks before a launch because they were just not up to par with what the experience needed to be." — Former Lightspeed Employee #2"

""Super political. Constant lies from management. Lots of random layoffs. Stagnant product line. Unappreciated employees. Glass ceiling once you've been there a few years." — March 15, 2014; "Too many processes force low value work. Lots of management changes & re-organizations. Unrealistically aggressive program timelines without sufficient resources causes unnecessary stress and sets teams up for failure. Too many programs planned for available resources." — Feb 4, 2014; "Constant exodus of highly skilled engineering talent due to poor management. Major issues with management include: lack of honesty, poor decision making, constant reorganizations and layoffs, and absence of career growth for skilled engineers with proven track records. I also find iRobot to be a high anxiety workplace.." — Sept 28, 2013; "Constant misinformation and lies coming from the Engineering management team (C3 and Hiten S.). Numerous, highly talented, engineers quitting. Constant layoffs, moves and reorganizations. Product line is stagnant." — Nov 16, 2013"

""[T]he last minute exercise of the first right of refusal to buy a big block of franchise stores in 2015 ...is a perfect example of how misguided your incentive compensation structure is and how poor strategic planning can lead to poor capital allocation decisions" — Howard Penney, Hedgeye, 10/17/16; "[T]he most recent acquisition (38 units in the 3Q15) has weighed on earnings and came with a rich multiple, adjusting for the foregone royalties" — John Glass, Morgan Stanley, 7/25/16; "[R]eturn metrics suffered from the company's FY15 decision to acquire a large number of franchisees...[which] resulted in lower operating margins and financial returns as incremental capital was deployed to eliminate a high margin royalty revenue stream" — John Zolidis, Buckingham, 7/26/16; "Acquiring franchise stores increases business risk...Why in a slowing sales[,] lower return environment would the parent company want even greater exposure to the volatility in the business?" — Howard Penney, Hedgeye, 6/13/16"

"Like NRP, I think it’s going to be a huge game-changer. And you see some of this initial data that’s coming out even from Europe, and you’re like, “Why are we not doing this?” NRP is going to probably be standard. There’s going to be no real utility in using an OCS in comparison to other cheaper, more widely available, and more preferable from a business-to-business standpoint—it’s a no-brainer. [...] For livers, probably in the next six months [...] I think we’ll probably stop using it. It’s gotten to that point [...] the market has shifted...the clinicians who have been very, very concerned about the poor business practices and misalignment of incentives with TransMedics, that there are now going to be other technologies...it’s very promising that there’s going to be a different option, not only from the actual product standpoint but just from a business standpoint, I would switch right away. — Veteran transplant administrator/executive in a senior role at Massachusetts General Hospital"

""We are concerned that the accounting errors were either a function of pressure from the top, or a lack of oversight. If that is the case, and the audit committee does not do its job properly we end up with a company with weak leadership, likely to continue with poor or overly optimistic judgement. If, on the other hand, there is more to come and we see a change in leadership at PPG it could be a good thing, depending on who fills the role. It is no secret that PPG/Akzo deal broke down because of a dramatic clash of character between the Chairman of Akzo and the CEO of PPG – both sides blame each other. With the right change at PPG and with the Chairman of Akzo now gone, the deal (which makes a lot of strategic sense for both) may come back on the table. The issue would be finding a credible successor for Mr. McGarry...Reengagement with Akzo, coincident with a popular change in leadership might be very positive for PPG, but for now we remain negative." — Graham Copley-SSR, 5/13/18"

"“We are only using TransMedics for DCD organs. Donors from cardiac death as opposed to donors from brain death. We’re not really convinced that the donors from brain death, the organs get a lot of benefit from being on a TransMedics device because often the ones that you’d like to put on are those that are very poor quality and, the thing is, if you put them on a machine, you’re not going to make a poor-quality organ into a good-quality organ. So, if the organ is poor quality because it’s fatty because the donor was obese or was scarred from drinking, you’re not going to reverse those changes by putting it on a machine… with a marginal organ that’s, let’s say, fatty or scarred, that’s a chronic injury over many, many years. You’re not going to reverse that by putting it on a pump. So, it’s not as beneficial in my mind for those organs.” — Transplant surgeon and transplant program director at a leading Northeast academic center"

"“If I’m TransMedics, I’m hitting up the surgeons because they’re going to surgery in the middle of the night. These poor surgeons are stuck, like okay, do I either continue to not sleep like I have in the last decade? Or do I have this solution where I can have somewhat of a lifestyle. It sounds to me like he’s probably preying on the transplant surgeons. That’s what I think. I don’t think it’s the administration. I think it’s going to the surgeon and then using the surgeon to bully the administration; “we’re going to do this.” ... “Well, it’s going to improve the outcomes, and we’re going to be able to do more of it, and we’re going to have less turnover, etc., etc., etc. In my experience, the administrators, they don’t know what’s going on half the time. So, I think they’re probably getting bullied by the surgeons.” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive"

"“We look at some of [these small cell deals] and we're looking at them and saying, boy, we either were getting some completely wrong or this is going to end up poorly for some folks.” — CEO Dan Caruso, August 2017; “A lot of the [small cell] deals that we've looked at don't – they're not justified by that first tenant...not all of the deals that we've looked at have been such where we were confident that there was a good investment, where whether it was the commercial terms of the first tenant and the lack of confidence we had and the durability of that, just based on the rights or whether it was just the fundamental economics that they were looking for, or it was our knowledge of the likelihood of getting a second, third or fourth tenant based on the competitive dynamics and who's already working with whom within that market.” — CFO Matt Steinfort, November 2017"

""Phillips 66 Earnings Miss Strains Refiner Snarled In Proxy Fight" — Bloomberg News, April 25, 2025. "-$0.90 vs cons -$0.73...EBITDA missed by 9%. Commentary notes 1Q results reflect one of their largest spring turnarounds with the bulk now behind them. Still, not the type of results that inspire confidence in this operating team giving ongoing proxy fight launched by one of its shareholders." — Wells Fargo, April 25, 2025. "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance. On one hand, the earnings miss and poor refining and RD operations were disappointing and could lead to lower share prices. On the other hand, the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares." — Scotiabank, April 25, 2025."

""Phillips 66 Earnings Miss Strains Refiner Snarled In Proxy Fight" — Bloomberg News, April 25, 2025. "-$0.90 vs cons -$0.73...EBITDA missed by %. Commentary notes 1Q results reflect one of their largest spring turnarounds with the bulk now behind them. Still, not the type of results that inspire confidence in this operating team giving ongoing proxy fight launched by one of its shareholders." — Wells Fargo, April 25, 2025. "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance. On one hand, the earnings miss and poor refining and RD operations were disappointing and could lead to lower share prices. On the other hand, the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares." — Scotiabank, April 25, 2025."

""I feel that Skechers' problem is chaotic pricing. There's the online, agents, self-operated stores, affiliates, so there are many price differences." — Distributor; "I think there are two deficiencies in Skechers. One is that they don't refresh the styles very often. The other is channel conflict: there are a lot of agents in each region, and the competition is intense." — Distributor; "First, they are constantly holding promotions... Sometimes we want to order 10,000 pieces, but the company can send only 5,000. We are always begging for supply." — Distributor; "I feel that Skechers is not very good at stocking. Each store should have more SKUs." — Affiliate; "I feel the quality of Skechers products is poor, especially the shoes. There isn't a lot of variety, and the success rate of their new products is not high." — Affiliate"

"At our 2017 annual Cowen Health Care Conference, most polled physicians (60%) indicated that ozanimod’s profile appears differentiated but not necessarily a ‘game changer’ in ulcerative colitis. — Cowen, February 2019; Ozanimod for MS was always a tough sell based on the entrenchment of Tecfidera and Gilenya. The high-profile delay at the FDA based on a poorly characterized metabolite won’t help … — BTIG, December 2018; …we expect most potential users of the drug will see this issue as a curious safety issue and another reason to ignore the drug. — BTIG, December 2018; Our point of contention for ozanimod has generally been the ‘lymphocytic rebound’ effect that has been an overhang for the entire S1P class within multiple sclerosis. — Raymond James, December 2018"

"“With the power to couple arbitrary pairs of qubits, comes the responsibility to ensure that qubit couplings are properly calibrated and can perform accurate gate operations. Therefore, the duty cycle of an ion-trap QC interchanges operational periods and rounds of recalibration...In more mature QC systems with improved coupling quality, more subtle faults will complicate fault detection...Testing (N2) qubit couplings, now already at a quarter of the ion-trap QC duty cycle, is going to consume a larger fraction of time as QC systems scale up....Brute-force diagnosis that checks qubit couplings one at a time scales poorly...” — Detecting Qubit-coupling Faults in Ion-trap Quantum Computers (IonQ staff paper)"

"I think we'll probably stop using it...the idea that their device is the premier and one and only best device that is on the market and that can be used to save human life is not true simply because the market has shifted...the clinicians who have been very, very concerned about the poor business practices and misalignment of incentives with TransMedics, that there are now going to be other technologies that are coming up that actually...it's very promising that there's going to be a different option, not only from the actual product standpoint but just from a business standpoint, I would switch right away. — Veteran transplant administrator at Massachusetts General Hospital"

"Still, the company believes there may be some opportunity to experiment with other price points if done right... Further, while it's Oops $2 and $3 price point experiment did not work, Dollar Tree believes this was more of a function of poor implementation as opposed to it being a flawed concept. — UBS, December 14, 2018; We are tired of hearing the same trite fixes (remodels, operational procedures, inventory balancing) and think investors should be as well...We are simply going to advocate for activist involvement and will work on a list of specific actions with our best estimates around what can be done. — Bernstein – September 4, 2018"

"With the power to couple arbitrary pairs of qubits, comes the responsibility to ensure that qubit couplings are properly calibrated and can perform accurate gate operations. Therefore, the duty cycle of an ion-trap QC interchanges operational periods and rounds of recalibration...In more mature QC systems with improved coupling quality, more subtle faults will complicate fault detection...Testing (N2) qubit couplings, now already at a quarter of the ion-trap QC duty cycle, is going to consume a larger fraction of time as QC systems scale up....Brute-force diagnosis that checks qubit couplings one at a time scales poorly..."

"The Company has been deficient in linking executive pay to corporate performance, as indicated by the ‘D’ grade received by the Company in Glass Lewis' pay-for-performance model. Shareholders should be concerned with this disconnect. A properly structured pay program should motivate executives to drive corporate performance, thus aligning executive and long-term shareholder interests. In this case, as indicated by the poor grade, the Company has not implemented such a program. In our view, shareholders should be concerned with the compensation committee's failure in this area. — Glass Lewis, 2016 Alcoa Proxy Paper"

""They don't want you to come up with ideas, they want you to implement ideas that management bought from consultants." — Glass Door, November 3, 2015; "Don't rely on individuals that have titles to tell you what is really going on in the work environment. Talk to the people that live it daily." — Glass Door, February 2, 2017; "Less management more workers." — Glass Door, January 30, 2017; "Make changes specific to the plants instead of the company as a whole." — Glass Door, February 7, 2017; "Management is the problem. Great workers just poorly managed." — Glass Door, February 14, 2017"

"What incremental data Intuit does provide shows (1) decreasing penetration of the payroll offering (using the imperfect data Intuit provides), (2) essentially no growth in average employees per payroll customer, suggesting poor mid-market penetration, (3) average payments volume per customer of just $20K, again highlighting Intuit's micro-business customer base, (4) YoY growth rates that are significantly lower than revenue growth rates, suggesting heavy reliance on price increases that may not be sustainable, and (5) declining growth rates over time, particularly in FY 2023."

""Sinch has a poor reputation in the VOIP wholesale sector. They tend to ignore reports about fraudulent or criminal behavior by their customers, choosing instead to sell large quantities of numbers for profit. Even popular apps like TextNow rely on Sinch numbers, which scammers sometimes exploit." — Reddit r/ScamNumbers user. "In my experience, Sinch's customer support regarding fraud reports—whether submitted via email or web forms—has been disappointing. Neither Sinch nor its wholesalers offer consumers updates on cases filed through their webforms." — Scammer.Info poster."

""It is necessary to have a number of measures supporting smaller ESG rating providers to enable them to continue their activities, or to enter the market after the date of application of this Regulation." — Council Mandate. "Competition among ESG rating providers and an environment in which small ESG rating providers can enter the market are key, as concentration among providers can result in higher prices, barriers to entry, lower competition, reduced innovation, less geographical diversity in providers and poor coverage of smaller issuers." — European Parliament Proposal."

"“It’s really hard to get a procurement surgeon. One surgeon that I was talking with said they actually got an organ with not enough aorta to transplant into the patient. So, there wasn’t enough aorta for the poor patient to get the heart, but they rejected the organ. I’ve heard repeatedly that the people that they’ve hired to do the procurements are the surgeons that nobody wants to hire to be a transplant surgeon. These are not the crème de la crème that would be working at Mayo Clinic. These are people who need jobs.” — Former executive in a key reimbursement role"

""Some of Vistaprint's key foundational basics either have not progressed rapidly enough or have deteriorated while Visatprint focused on evolving it customer value proposition" — Cimpress 8-K. "Our customer experience is not good enough: it suffers from bugs...lacks personalization..and our mobile experience is poor" — Cimpress 8-K. "Even the customers that I was serving and I give two example that you know about Kornit's biggest customer, which is Cimpress and Amazon actually were – they are big customers of HP Indigo" — Ronen Samuel Intro Call June 4, 2018."

""We believe that the market is giving a sizable discount to the value of its cash and investment assets which account for 44% of the current market cap due to poor capital management." — JPMorgan, June 15, 2015; "With the newly created incentive to pay out more of it earnings through dividends, all investors in SEOC [newco] would benefit." — Credit Suisse, January 12, 2015; "If Samsung Group were to restructure into a holding company, our case studies show it would be likely to have positive share price implications." — Deutsche Bank, November 3, 2014"

"“it’s like a horse pill”; “they’re going to chew it”; “I was concerned because the fourth most common cause of death...is choking...they can’t swallow...their choking reflex is poor...it’s a problem...I saw that...they would chew, those that I witnessed...concerns with that big pill....make sure your child doesn’t choke...after I saw the size of that pill and said, oh my God, they’re never going to swallow this...I guess if you chew it, you swallow it in smaller pieces.” — Trial investigator and physician; one of the leading KOL’s in the PWS field"

"“it’s like a horse pill”; “they’re going to chew it”; “I was concerned because the fourth most common cause of death...is choking...they can’t swallow...their suck reflex is poor...their choking reflex is poor...it’s a problem,,,they would chew,”; “that’s a problem [for Soleno]...this drug has been around since 1976...it’s not a new drug...it’s a new formulation”; “you got a big pill...it might get stuck in the upper part of the esophagus...I’m concerned about choking, particularly younger patients...” — Trial investigator #1"

"There have been some OK acquisitions, but very little consistency from management, and the execution has been poor. But there has been pressure to continue to pursue M&A to grow the company for shareholders, and to increase comp. There was also major pressure to hit quarterly numbers – and I felt it. We originally had longer-term financial planning – around three to five years. That was eventually reduced to fiscal year targets, and now to monthly targets under [new CEO John] Groetelaars. — Former Employee, Hill-Rom"

"“Oh, God...I don't know how much success they're going to have with insurance covering these medications”; “I think one person told me about the news of the release of the FDA approval...but that's really about it”; “I would probably wait and see at this point...obviously, if they already have a baseline, poorly controlled diabetes, it probably wouldn't be the best idea. I would be willing to try it, but with hesitancy.” — Endocrinologist at Massachusetts General Hospital"

""They now are charging people on a daily basis. So if you think about where the money is in the pyramid, and there's more people at the bottom of the pyramid, especially in some of these developing markets, a lot of poor, lower middle class people. They're creating the opportunity for them to have that access to the Herbalife experience. That's what's driving very strong growth in these markets." — CFO Rich Goudis, Herbalife Bank of America Consumer Conference, 9/12/2009"

"With retail, you can't be half pregnant. You either commit to it or you don't. Firestone has really invested to expand their retail footprint and even the amount of advertising to drive traffic. Goodyear hasn't really committed. — Former VP at Goodyear; These are mostly auto service centers that happen to sell tires. As an industry participant, the stores are doing the brand no favors poor service levels, general appearance. — Former C-Suite Executive at Competitor"

"It’s time to open up the windows at Arconic. When you speak with a shareholder at Arconic they are fed up. When you speak with a former employee of Arconic, they are saddened by the Company’s performance and fearful for their pension. A decade of poor returns and unfulfilled promises has left all stakeholders weary. Let’s welcome accountability at Arconic and take our place as a top performer in an attractive industry. — Patrice E. Merrin, Nominee for New Arconic"

""US telehealth revenues, will jump from $174.5 million last year to $707.9 million in 2017," and "the United States leads telehealth growth worldwide, and has 75% of the world's telehealth patients" — IHS, Feb 2013. "The World Market for Telehealth has yet to reach its tipping point. Poor implementation, low reimbursement levels, and lack of physician support are some of the barriers that have held telehealth penetration at a slow rate." — IHS, Dec 2013."

""We expect sales to be down by about 15," said one distributor that sells about $45m in electronic components annually. "This year the consumer products market is very poor. Huawei's orders are down, and that directly affects my customers and indirectly drags down our sales. ZTE's orders are also down. . . A lot of our customers sell to the U.S. The 2018 backlog is pretty intense, so this year's sales will drop." — China Market Distributor"

"We consider the poor functioning of the Board, and the lack of proper oversight to the point of not even acknowledging “Greenwashing” as a specific risk category, particularly alarming: this is especially true when considering that the “Greenwashing” risk has been arguably increased by the numerous statements around ESG personally made over the years by CEO and Chair Mr. Fink, which are inconsistent with BlackRock actual practices"

"We consider the poor functioning of the Board, and the lack of proper oversight to the point of not even acknowledging “Greenwashing” as a specific risk category, particularly alarming: this is especially true when considering that the “Greenwashing” risk has been arguably increased by the numerous statements around ESG personally made over the years by CEO and Chair Mr. Fink, which are inconsistent with BlackRock actual practices"

"CEO Fayer’s businesses have each come under scrutiny. His current biography says he founded Pivotal Payments (now Nuvei) in 2003. However, it doesn’t talk about the fact that his Company PaySystems was still operating in 2004. PaySystems ended poorly with consumers putting up websites such as PaySystemsFraud.com. Even today, industry reviews claim that Nuvei is nothing more than a continuation of Pivotal’s old shady practices."

"“Jean-Charles Schwartz discovered the histamine 3 receptor, and he discovered a molecule to target it, and then built a company around it. He had no idea what he was doing, no idea what he was doing. He has no idea how to commercialize pharmaceuticals. We were more surprised about how they did the trials. It was really poor. We’re lucky to have FDA approval. Put it that way.” — Ex-senior employee in a medical liaison role"

"2025: "Drilling briefly resumed at Stibium in October; however, deteriorating weather conditions required the rig to be shut down for the winter." — Nova Minerals. 2023: "An initial limited scout drilling program... was started at the Train prospect and paused early due to poor weather." — Nova Minerals. 2018: "Overburden conditions and late season weather prohibited further work this season." — Nova Minerals."

"“I understand it’s not a human, but it’s an organ that’s going to go into a live human. It just blows my mind that they’re hiring people who are not qualified to be doing the stuff that they’re doing... they’re scrambling and can’t do it... these poor people are just stressed beyond words and have had a week of training.” — Organ procurement technician at a high-volume Northwest academic transplant center"

"Fun place, poor leadership, male dominated... There's a mold- white men and young women. Lacks diversity in tight and leadership. Unsupportive over the pandemic in various ways... Advice to Management: Rob and the leadership team lack empathy and diversity - which is oh so needed especially during a pandemic. Get on board mentality or else. — Glassdoor Review (January 14, 2022)"

"Fun place, poor leadership, male dominated... There’s a mold- white men and young women. Lacks diversity in tight and leadership. Unsupportive over the pandemic in various ways... Advice to Management: Rob and the leadership team lack empathy and diversity - which is oh so needed especially during a pandemic. Get on board mentality or else. — Glassdoor (January 14, 2022)"

"Spruce Point believes that IoT is an old technology that has suffered from adoption headwinds and poor profitability. Recall that even C3.ai was C3.IoT before its business model pivot. We find a common theme among technology stock promoters: they typically rely heavily on targeting retail investors to sell their story of large profits and riches from buying the stock."

"The previous study covered MAUDE data through 2021. Our review from 2018 to the present shows Aquablation has resulted in 24 deaths since FDA approval. Moreover, FDA adverse event data suggests Procept's transfer of manufacturing operations to a new location in Q3 2023 resulted in above-trend equipment malfunctions, suggesting poor execution at patients' expense."

"Simply put we lost focus. We lost focus strategically. We had too many initiatives that made the company unnecessarily complex... We lost focus within our products and brands... Lastly we lost focus in process and execution... And finally we didn't have a culture of accountability which led to poor execution. — Campbell Board member & interim CEO Keith McLoughlin"

""Retail GM declined 120 bp, with CTR down 100bp, reflecting a lower true-up benefit related to margin sharing and negative shipment mix." — Patricia Baker, Scotiabank, August 8, 2018; "GM% was down 120 bps, primarily at CTR. -50 bps was driven by a negative swing in dealer profit sharing and another ~50 bps from poor sales mix" — Mark Petrie, CIBC, August 8, 2018"

"The cumulative impact of these announcements helped send shares from ~$1.50 to over $7 in the span of a couple weeks, driven by what we view as misplaced AI excitement, poor retail investor understanding of the true cash impact of PCF deals, and aggressive short covering from investors positioned for Lumen's death rather than the extension of a sudden lifeline."

"During the fourth quarter of 2020, changes in mine plans and the determination that certain mineral reserves previously forecasted to be mined were no longer considered economic due to poor geologic conditions reduced forecasted cash flows for one Met and one CAPP - Thermal asset group to amounts below those required for full recoverability. — AMR 10-K, p. 106"

"PepsiCo is undoubtedly one of the world's great consumer franchises, whose leading scale and iconic brands have propelled it to over 100 years of exceptional performance. Yet, the Company's strategic and financial challenges have recently led to poor operational results, sharp stock-price underperformance and a meaningfully discounted valuation."

"The poor economics of this business, in our opinion, fuel SOFI's need to issue equity. While there could be strategic value to the Student Loan business, given its direct economic costs, we believe that SOFI's principal reason for originating at these levels is to meet targets for management bonuses through manipulating their Fair Values."

"Twist has no value proposition beyond price and is a bottom-tier vendor with a poor reputation, viewed as inferior to even Chinese vendors, due to escalating manufacturing delays, product limitations, a lack of sample purity and quality control, and other problems that have shut it out of pharma, clinical work, and anything FDA-related."

"Documents from a class action shareholder lawsuit against Lumenis Ltd. allege that its predecessor ESC Medical Systems (where CEO Gerstel was VP Operations/COO) was, "a company fraught with problems, among other things poor product reliability, physician lawsuits, increasing inventories, and poor collections of accounts receivables.""

"Amazon, the most dominant retailer in the world, lists Califia Farms Oat Milk as its “Best Seller”. We believe Oatly has a poor product placement on the website and is being pushed farther down on search results according to our recent tracking. We observe that Oatly’s price per fluid ounce is $0.30 cents, or 3x Pacific Oat milk."

"Arconic cannot blame poor performance on the disastrous Firth Rixson acquisition. From 2013-2016, the Company invested over $3 billion in capital apart from the Firth Rixson deal. But merely generated an incremental $109 million of Net Operating Profit After Tax (NOPAT) for a Return on Incremental Invested Capital of only 3.4%"