Callouts & quotes from 26,677+ activist slides

"Once the depth of the issues is understood the Trustpilot website is bound to see less visibility on Google, which will be the final nail in the coffin for a business that we see doomed to fail."

"Because the properties sold to Vivion seemingly constituted ~89% of the total sales value, it is reasonable to assume that Aroundtown realized a significant gain relative to its acquisition cost"

"I work a lot with the boots on the ground at Lasertec, and they complain about having to maintain their light sources, and they kind of wish that Ushio was maintaining more of the light sources."

"Note ONP’s use of plastic sheeting – ONP’s workshops are full of steam, which condenses and falls onto the paper. There is basic equipment that ONP could purchase to eliminate the steam problem."

"Spruce Point estimates that for the first time since coming public, Remitly's transaction margin, or the difference of revenue per send volume and transaction expense per send volume, declined."

"We note that many companies require disclosure of past bankruptcies as part of their code of ethics given its materiality in assessing the business acumen of a corporate officer. FIGS does not."

"According to local media, as reported by the Comstock Residents Association, convicted securities fraudster Jeffery Jolcover is an officer of DWC Resources, a Company owned by John V. Winfield."

"If Firstleap collected tuition of roughly 15,000 Rmb from each of the 25,265 students enrolled, that means it received prepayments of 379 million Rmb, or about $58 million, from those students."

"While we acknowledge Procept discloses this IP risk in its SEC filings, we believe it is relatively uncommon for a medical device company and, more importantly, warrants a discounted valuation."

"Zoetis' share price has increased 44% (including dividends) from the inception of our position in July 2014, and 28% from our average cost basis prior to the position being made public, to date"

"Largest component of Jacob's compensation is tied to a non-standard metric that imparts no measure of economic value creation. Even worse, XPO won't provide the exact detail of the calculation."

"Consequently, despite billions in capital investment and shareholder dilution, the US-listed miner percentage share of network hashrate has remained stuck in the low-mid 20s during this period."

"Given recent press suggesting a Verizon towers sale could be imminent (including a potential announcement in the next 30-60 days), we felt compelled to reach out to fellow shareholders publicly"

"REITs operating across a wide range of real estate subsectors are currently levered at 6.1x net debt / forward EBITDA on average, with generally higher business cyclicality than CCI in our view"

"Curiously, it's biggest capital priority is buying land and real estate. As we will show, its recent real estate purchases was at a significant premium, and is not even close to being utilized."

"Our belief is that the true-up were a "kick-back" or reversal of the Royalty and License Fee collected from dealers in order to compensate them for slowing business and increased wage expenses."

"Darden's stock price has materially underperformed both the broader equity markets, its Proxy Peer Group and its closest direct competitors over the last 1-, 3-, and 5-year measurement periods."

"Although many additional opportunities are difficult to quantify, we have clearly identified at least $215 - $326 of annual EBITDA improvement that can be implemented to drive shareholder value"

"Opportunity of ~70 basis points of margin improvement based on redesigning Goodyear’s brand strategy. Achieving this improvement would equate to a 26% increase in Goodyear’s current stock price"

"The real reason FMCN counted 30,500 cardboard posters in the LCD network is that Muddy Waters caught the company with its pants down, and management is now trying to lie its way out of trouble."

"Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips’ 2019 “AdvantEdge66” cost-cutting initiative"

"As a whole, we view a Mosten victory at this trial to be a “Sword of Damocles” that will hang over Manulife’s entire insurance business as Mosten ramps up its fundraising after a trial victory."

"Target currently owns approximately 213 million square feet of retail square footage (1), more than any other publicly traded retail real estate company in the U.S. today based on our estimates"

"I must say I was kind of appalled by this prospectus that IonQ put out...the kind of stuff they're putting out there is just a no-no for a research paper, you would get killed if you said that."

"IonQ’s CEO appears to be misrepresenting his MIT educational credentials, while promoting a narrative that he’s a child prodigy who began programming at the MIT Artificial Laboratory at age 16."

"A new (as of Q3 2023) CYA disclosure warns investors that GAAP income covers only 27% of the dividend (below), seemingly telegraphing BXMT's recognition of the unsustainability of its dividend."

"However, this claim of a scientific breakthrough is Ambry's own characterization, based on their internal data and not an independent, peer-reviewed publication at the time of the announcement."

"The Board cannot be trusted to right the ship given its historic disregard for sound governance and inability to address long-term underperformance or fix its culture that lacks accountability."

"Although many additional opportunities are difficult to quantify, we have clearly identified at least $215 - $326 of annual EBITDA improvement that can be implemented to drive shareholder value"

"According to a former high level Xylem executive we interviewed, digital sales are dilutive to margins. Yet, Xylem’s CFO suggested recently that a higher digital mix would bring higher margins."

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."

"Furthermore, we expect a substantial re-rating lower in the share price once investors critically analyze the findings of our research and determine that MAXR’s “earnings” are accounting magic."

"Most analysts value Pioneer through shorthand methods like a multiple of EBITDAX. We think the proper valuation is a long-term discounted cash flow of the resource opportunity. So we built one."

"SOFI is a financial engineering treadmill. Its reported EBITDA of $1,054 million is inflated by approximately $950 million through manipulated charge-off rates that feed into Fair Value models."

"Regardless of their recent claims of success, the Company is nowhere near meeting its 2022/23 Analyst Day Targets, repeating the failure of Phillips’ 2019 “AdvantEdge66” cost-cutting initiative"

"Of note, on its recent Q2 2025 earnings call, management noted that its outperformance versus expectations is largely being driven by the legacy LTCM market rather than new products or markets."

"In addition, there are two Luxembourg-listed debt instruments arranged by Channel Finance and secured by NMC Healthcare. As seen in the prospectus, this debt is expressly for reverse factoring:"

"Warning: "Be Honest" and "Don't Be Evil"....right? Since at least 2019, Oatly has tried to shape the narrative that there's a national oat milk shortage, and this should be viewed as a success."

"We are unsure what benefit Noble would have received by abetting what seems to be questionable accounting treatment by PT Atlas; but, little about this series of transactions seems above board."

"There are two implications. First, why on earth has BUR constantly talked about Realized Gains, if not to confuse investors and cause them to misunderstand the extent of BUR's Fair Value Gains?"

"RFID could be a ~$200 million business that was growing double digits for Zebra in the past few years. Zebra has pivoted its talk from being a leader in "RFID solutions" to just "RFID readers"."

"Within asset management, JP Morgan is delivering strong actual margins for shareholders, as opposed to adjusted, "pro-forma" illustrative margins that do not ultimately create shareholder value"

"Positive sales momentum has culminated in rising consensus revenue estimates for mall-based retailers. Wall Street is now forecasting 2.6% and 3.5% revenue growth in 2010 and 2011, respectively"

"As you can see, the table in the 10-Q does not match the conference call. There is no reasonable explanation as to how the numbers could move like this between the conference call and the 10-Q."

"Selling into the dollar store channel presents significant challenges for WD-40. We found house and generic lubricant brands at Family Dollar and Dollar General at approximately 33% - 60% less."

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals relative to the S&P 500 in the five years following the completion of each respective acquisition."

"In order to build an appropriate appreciation for Ballard's China HDM opportunity we engaged a China based research firm to perform key site visits and deeply diligence Synergy and Broad Ocean."

"Ballard’s sells-side supporters, all based in the US and likely challenged in staying on top of a quickly evolving and complex Chinese market dynamics, see nearly 47% upside to $5.60 per share."

"We also believe it's vital that the Company not be allowed to unilaterally appoint a new Board member without shareholder input, which would only serve to further the entrenchment of the Board."

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."

"PF McDonald's operating metrics are much closer to a typical Real Estate C-Corporation or a high branded intellectual property business such as PepsiCo or Coca-Cola than they are a typical QSR."

"Because ELF's imported inventory values should have remained roughly constant, if we start reconciling inventory from Q3 FY24, which we'll assume is not overstated, we see a hole quickly build."

"If Amdocs is artificially manipulating its balance sheet to avoid PFIC status, it is not unthinkable that this action could be viewed by the IRS as a form of tax evasion on behalf of investors."

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."

"We believe that GCP can improve its EBIT margin by ~600 bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years."

"We believe that Mr. Kiefaber’s substantive experience from serving in a variety of senior executive positions as well as his industry specific knowledge makes him a valuable asset to the Board."

"Now is the time for Marathon's Board to take action and Remake Marathon by unlocking the value trapped in the current structure and realizing the full potential of three world-class businesses."

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"DuPont’s inability to deliver on Kullman’s agenda suggests that she needs more help to overcome the 100+ years of history and the inertia that comes with that; Trian can be Kullman’s best ally."