Callouts & quotes from 26,677+ activist slides

"For a company of P&G’s size, there will always be allocated costs. Trian’s goal is to minimize the amount of these costs by empowering GBUs to agree on allocations or find better alternatives"

"P&G’s performance has deteriorated, we believe partly due to the lack of an appropriate and consistent long-term strategy to address critical challenges – a direct responsibility of the Board"

"Failures in the bicycle market, notably WD-40 Bike Company LLC and WD-40 BIKE appear to be failures. After being touted by management, they are now no longer discussed or separately reported."

"Bristol-Myers management attributes ~$75 billion of value to Celgene’s marketed products and synergies, which implies that Bristol-Myers is paying ~$15 billion for Celgene’s pipeline products"

"We can identify that of the thirteen approved automotive companies, only six will produce vehicles this year. We expect total production from these six in 2018 to be less than 1,250 vehicles."

"With the above being said, based on our research, we believe refueling stations will likely continue to remain uneconomic and it will likely take a political directive to drive scale adoption"

"The HKD options market implies that the probability of a revaluation is extremely remote. We think a ~30% revaluation is likely, giving investors a ~44x payout on one-year 7.50 strike options"

"The Value Unlock Plan could lead to a release of up to c.US$13.9bn of franking credits by Year 5 through value-accretive discounted off-market buybacks for the benefit of all BHP shareholders"

"C3.ai promotes itself as a leading enterprise AI company, and it even has obtained “AI” as its ticker. However, Spruce Point observes that it is not a top 10 holding in any AI specialist ETF."

"We estimate that the GSEs’ minimum capital levels were nearly sufficient to withstand their losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans"

"Most sources suggest that average ANNUAL churn rates for enterprise SaaS companies are 5-7%. With HIMS likely over 50%, comparisons to enterprise SaaS are clearly not appropriate in our view."

"While the Company reported stellar results and a record EBITDA margin of 15.2%, the store manager says the sales were great but the store burned through cash and the bottom line wasn’t great."

"Only 11 months ago, management said it was “absolutely committed” to driving unit costs down in 2024. Today, management is guiding to a 7-8% increase, representing $1.7B of incremental costs."

"Recall: In Nov 2017 the SAIC charged Momo with of "Filing Corporate Information With the Intent To Conceal The Truth And Falsify" and three Directors abruptly resigned for "personal reasons"."

"We put together a political action committee inside our company. I am in Washington every quarter, if not more than that. I have a list of Senators and Congressman that I go in and see. . . ."

"As we detail in this report, Muddy Waters believes there is a strong possibility that STJ will need to recall its pacemakers, ICDs, and CRTs while it hardens security of the device ecosystem."

"CEO and Chairman Mark Lashier’s consolidation of power has harmed Phillips 66 (NYSE: PSX). Combining these two roles can weaken corporate oversight and goes against governance best practices."

"Applying peer target compensation levels of 55% in advisory(1) and more than the peer average of 40% in asset management, we believe Lazard has the potential to achieve +30% margins over time"

"「知りませんが、光源の問題ではないか、と疑いますね。光源の性能が悪いから顧客が新しい光源を要求したんじゃないでしょうか。光源だけは1000万ドルもかかると聞いたことがあります。したがって、レーザーテックとしては、光源を2、3回交換すれば4000万ドルの出費になります。つまり、新しい装置の値段とほぼ同じ金額です。要は、部品交換にはとてもお金がかかる。私はそこが怪しいと思っています」"

"In the near term, Porch has benefited from a large increase in existing home sales (as mortgage rates hit historic lows) and home remodeling activity picked up during the COVID-19 lock downs."

"The lack of clarity about which entities contribute what revenue and operating profits to each product group gives rise to our suspicions that Nidec manipulates its product group disclosures."

"By comparing the public filings of IQ and Wuhan DDMC (Xin’ai’s parent company) we conclude that the deferred revenue recorded by IQ is fraudulent and no non-cash contribution actually exists."

"BR has long touted its recurring revenue retention rate. However, we observe it last referenced this figure in its SEC filings in October 2020 and in an Investor Day slide from December 2020."

"The Aurora terminal in Palmer, a suburb of Dallas, is not as conveniently located relative to FedEx's Dallas-based regional sorting facility, but it's 20 miles away and a short trip off I-45."

"ROAD's story is followed by a roster of lower-tier brokers whom we believe have failed to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company."

"Through FY2026, Salesforce will have an additional $20 - $25 billion of cash to deploy on either value-accretive M&A or further capital return, beyond the $10 billion share repurchase program"

"Assuming 2009E recurring Cash NOI of $316mm, if NOI drops only 5% to 10% and O’s cap rate increases to 9.5% to 10.5%, Realty Income’s stock price could decline ~43% to ~60% from recent prices"

"We think this is a red herring and the real problem is weakening competitive positioning, diminished growth vectors, and growing accounting strains which can't simply be solved by a split-up."

"We believe our asymmetric hedging strategy is a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance"

"Astra's strategy has locked itself into pursuit of unproven demand for frequent launches of a rocket that is too small and incapable of competing with the improving economics of re-usability."

"The demerger unlocks the value of existing and newly formed (previously Mobis’s stake in HMC) treasury shares and allows for the consolidation of key HMC affiliates under Hyundai Motor Holdco"

"We believe Meta’s current share price underappreciates the company’s long-term upside potential from AI and represents a deeply discounted valuation for one of the world’s greatest businesses"

"So, it was a big scam. The way that they manipulated the data was criminal. I would say that the bigger names in neuromodulation who weren't getting paid by them, think of Nevro with disgust."

"The Medtronic regional manager stated that Nevro “lost all of that revenue” from their launch and that “all of [the doctors they poached] are done with Nevro. They won’t even listen to them.”"

"A former Nevro sales rep stated the company is “not on the up and up,” and will “invariably be audited by Medicare,” describing how patients are pressured, manipulated, or lied into implants."

"Earnings estimates have followed the same path. It’s noteworthy that in 2009, when the stock was less than $50, analysts thought the company would be earning more than $3.00 per share by now."

"These numbers are beyond belief when compared to the $35 million to $40 million in digital advertising annual revenue that AMCN generates at Beijing Capital Airport for the following reasons:"

"When asked about contracts for the new greenfield capacity, Danimer CEO stated it's only around 10% and that most of the demand is based on forecasts and not actual agreements with customers."

"The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential"

"Our research has uncovered significant concerns with Nova's independent consulting geologist who is a "Competent Person" and "Qualified Person" for U.S. SEC and Australian reporting purposes."

"The technicians tend to be inexperienced and incompetent, not to mention unlicensed to practice medicine, and allegedly receive only one week of training before being handed organs to manage."

"Equity holders, however, have literally nothing to celebrate. They receive no return during the contract period – and what remains afterward amounts to little more than residual option value."

"ISS recommended shareholders vote against three incumbent AOL Board members, including James Stengel, who is Chair of AOL’s Compensation Committee and one of the directors we are challenging."

"Dollarama management has characterized the benefit from debit cards as being roughly a doubling in average purchase size. If true, this benefit would be visible in year-over-year sales comps."

"Soleno has no meaningful intellectual property for Vykat XR as its core composition-of-matter patent for diazoxide choline expires in Dec 2026 – and thus any acquisition scenario is a mirage."

"with no alternative etiology provided in this report and with the assumption that a patient of this age is relatively healthy, the event of hepatitis is assessed as possibly related to WAKIX."

"Fifteen days after the first dose of pitolisant (4.5mg – a fraction of the labeled dose of 35.6mg), a 62-year old female patient was hospitalized with a “life-threatening” pulmonary embolism."

"The trial showed no difference between the pitolisant group and placebo in ESS, nor secondary endpoints like reduction in cataplexy, quality of life, or maintenance of wakefulness test (MWT)."

"When IonQ says that UMD and Duke are its key “customers” of compute resources, it’s admitting that its largest customer is itself – i.e., its co-founders and their own academic organizations."

"They basically say, we would like to make an investment, and we expect you to spend that investment on Ginkgo's services. They don't explicitly say 100%, but I imagine they expect most of it."

"USCR's newly appointed engagement partner at Ernst & Young recently came under administrative disciplinary action for not being current with his continuing professional education requirements"

"We were able to find seven companies in RILY’s loan book as of the end of Q3 and every single one of them had significant red flags about their ability to repay the loans they took from RILY."

"We were able to find a Skymint store, which is a brand operated by Green Peak Industries, at 3315 Coolidge Road. However, the location was still under construction and not open to the public."

"Whether there is any corruption in these activities is irrelevant. The key point is that SMART Brazil’s profits were reliant on government hand-outs and so their strategy focused on lobbying."

"Goldrone itself published an official notice on their website, shedding more light on the contract with EOS, and confirming that Goldrone is indeed the single counterpart to this transaction."

"Lasertec has a $23B (¥3,630B) market cap and is the most actively traded stock in Japan, trading ~$2B a day despite ranking only 64th in market capitalization – a sign of extreme speculation."

"The details that Marvell provided suggest that Lasertec is desperate to offload bloated EUV inventory: "they made a multitude of offers to try to get us to basically purchase more equipment.""

"We are troubled that the paper is conceptual and written in the future tense as only a vision - in contrast to the press release days later that represents the High NA system as here and now."

"The details that Marvell provided suggest that Lasertec is desperate to offload bloated EUV inventory: "they made a multitude of offers to try to get us to basically purchase more equipment.""

"The details that Marvell provided suggest that Lasertec is desperate to offload bloated EUV inventory: “they made a multitude of offers to try to get us to basically purchase more equipment.”"