Callouts & quotes from 930+ activist slides

"PPG outperformed the peer median by 4,700 basis points and the S&P 500 by 13,700 basis points during Chuck Bunch's tenure as CEO"

"Welltower's 2026 proxy reveals a compensation peer group that appears designed to justify, rather than evaluate, executive pay."

"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?"

"BILL’s ‘Rule of 40’ Score has been stagnant for 3 years as revenue growth has slowed and margins remain well below peer levels"

"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)"

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

"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"

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

"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"

"Publishing's initial leverage at 4.0x total debt/OIBDA would be greater than the leverage levels of most of the peer group."

"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"

"Consistent with prior years, UNP continues to deliver worst-in-class safety metrics, nearly 2x worse than the peer average"

"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"

"Based on our analysis, we find that Monster's audit fees are suspiciously low and nearly 50% below the peer group average."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Against what we believe is a fully objective list of peer companies, Dr. Kleinfeld demonstrates profound underperformance"

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

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

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"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"

"The lower figure in the peer-reviewed manuscript is more favorable to Soleno, suggesting that they manipulated the data."

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

"Each of these multiples is still lower than the multiple of Xerox's industry leading peer HP Inc., which trades at 8.1x"

"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."

"P&G's organic sales growth has deteriorated over time... And has significantly underperformed the peer group since 2011"

"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"

"The CEOs chronicled in The Outsiders produced returns of over 20x the S&P 500 and over 7x their respective peer groups"

"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."

"Canadian Tire's shipping fees are the worst among its competitors as CTC is the only peer not to offer free shipping."

"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."

"On all key metrics, we believe the Independent Peer Group is far more appropriate than AOL's own inflated peer group."

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