Callouts & quotes from 26,677+ activist slides

"A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses"

"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"

"Our progress is partially reflected in 16% appreciation from March 31, 2016 through year end, but more significantly in the business progress and developments in the balance of the portfolio"

"Artificial Intelligence could not do any better. I asked ChatGPT for help and it said that it would be “challenging to provide an accurate forecast for Solvay’s earnings and EBITDA in 2028.”"

"The total quantifiable payments (not including Karimova’s expansive list of “consulting” services and “charitable” causes) made by Telia to Karimova fronts appears to exceed US $380 million."

"Public real estate has many advantages over private real estate including better alignment of interests, superior liquidity, higher quality assets and access to more investment alternatives"

"Each of our nominees is uniquely qualified to oversee and govern Office Depot and has the skill-set necessary to substantially improve the Company’s operating performance and enhance value."

"Box has an offering that is stickier than most SaaS products, but has not been as effective in converting Sales & Marketing dollars into bookings & revenue growth or sales rep productivity."

"To be clear, we do not believe that further integrating the supply chain is the right path for Dollar Tree, but it is clear that Dollar Tree has the systems in place to accommodate a multi-"

"DY'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."

"We ran a robust analysis of takeover deals in the semiconductor space in the last five years. We find that MPWR is trading at a current valuation above the median control premium valuation."

"Canadian Tire's business model is an interconnected web of risk held by Canadian Tire. The model is highly dependent on debt financing and is a much riskier than a traditional Dealer model."

"In order to continue growing its credit portfolio, CTC has increased its lending to higher risk and subprime borrowers. This is extremely risky at the current late stage in the credit cycle"

"Handing over such significant representation to one shareholder through several direct representatives during this critical time is not the answer - it is desperation and self-preservation."

"Is Phillips 66 (NYSE: PSX) sandbagging its Q1 results by working to lower Wall Street expectations? Or does management’s guidance indicate deeply disappointing results to be announced soon?"

"Note that in the above disclosure, FMCN is stating that the “LCD display network” contains cardboard posters. In other words, FMCN has valmorphanized cardboard into LCD. Who does that???!!!"

"As a percentage of equity market capitalization, HHH's proposed "all-in" fee ratio of 1.5% is ~120bps lower than BIP's total fee ratio and ~50bps lower than BEP's and BBU's total fee ratios"

"Over the last several years, Autodesk’s management team and the Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"In closing, this year's shareholder vote represents a once-in-a-generation opportunity to put the right people and the right strategy in place to drive a turnaround of this iconic railroad."

"Spruce Point has a track record of short calls that identified early financial and accounting anomalies in major S&P 500 industrial companies that preceded significant share price declines."

"In our view, Xylem's financial performance is abysmal and did not improve at all with Evoqua. In fact, we observe that volumes and organic orders have declined for two consecutive quarters."

"Spruce Point believes that its decision to expand this risk factor may reveal that Align already sees pricing pressure and customer losses as orthodontists begin to push back against Align."

"Despite the secular tailwinds in its businesses, Arconic is not projecting any growth outside of aero and auto. In fact, from 2016 to 2019 it plans to shrink – outside of EPS and Auto Sheet"

"Industry experts find it telling that GNYHA is aggressively selling shares despite its relatively stable financial position compared to other member owner hospitals currently selling shares"

"If AMR is over-reporting production, there is a strong possibility its revenues and coal inventories are overstated. Overstated inventories can also to overstated margins and profitability."

"We believe this poorly designed compensation package encourages the CEO to take excessive risks such as making acquisitions using significant leverage in the hope of reaching these targets."

"This contasts with the ANTA Prospectus description of Mr. Hong Yanqing as an independent third party; likewise, it suggests that the two Wus are Anta managers, not independent distributors."

"BlackRock’s pledge to exit investment in thermal coal is a contradicting (and Pharisaic) pledge, especially considering that 90% of BlackRock's equity assets are held in passive strategies."

"If the Revised TOB succeeds... it would represent a major setback for corporate governance, minority shareholder rights and fair M&A in Japan – with a damaging impact on the Japanese market"

"However, when comparing the duration of the remaining lease terms and current run-rate FFO, the dividend sustainability index now stands at its lowest levels since our dataset began in 2005"

"Approximately 40% of P&G’s sales are from fast growing emerging markets. In the HPC industry, only Colgate and Unilever have a materially more attractive emerging markets sales mix than P&G"

"In the case of a US-listed public company, the fraudulent books form the basis for the SEC financials. Therefore, fraudulent SAIC financials tell us that SEC financials are also fraudulent."

"In effect he's threatening that Puerto Rico could become a precedent for the future bankruptcies of insolvent State governments. But he might be right. And that might be very bad for AGO..."

"While the Board tasked management with considering a range of strategic alternatives, it appears that management never seriously considered alternatives outside of an acquisition of Celgene"

"Despite all the hype in China over announced hydrogen fuel cell development zones, we can only find two that are producing vehicles and actual investment is less than 1% of announced plans."

"We believe that after giving effect to the unification and US petroleum demerger steps of the Value Unlock Plan, core BHP’s tier-1 assets could be clearly and properly valued by the market."

"Revenue commitments from Baker Hughes were reduced by $40m for FY23 as disclosed in C3's 2Q'22 10-Q filed on December 2, 2021, yet we believe revenue estimates do not reflect this revision."

"Taxpayers’ economic ownership of the GSEs is greater than Treasury’s 79.9% common stock warrants because the government is also entitled to significant tax revenue from their future profits"

"HIMS often touts itself as the beneficiary of young, digital native adults' preference for online buying and lack of health insurance. However, the data doesn't seem to support such claims."

"This gives us further confidence that there is a connection between the otherwise-inexplicable growth of its European asset base and the observed growth in its unamortized software account."

"Monster's days payable has increased over the past few years. According to a former employee, Monster had difficulty paying retailers and invoices would go unpaid for upwards of six months."

"HHC is structured as a C-Corp and has historically benefited from NOLs, but will likely become a limited tax payer in the next 1 to 2 years. HHC’s business strategy is highly tax efficient."

"We do not know why FMCN sold it at such a below market price, but there are signs that the bargain sale may have to do with enabling FMCN management to engage in a self-dealing transaction."

"Based on SMCI's disclosures, we estimate its Q1 interest expense should have been $2.3 million vs. the $4.0 million cash interest expenses reported at the bottom of its cash flow statement."

"AOL should maintain an investment grade rating with leverage of $4.8 billion, representing 2.5x 2005E OIBDA and 2.8x 2005E OIBDAR, based on both its expected cash flows and perceived risks."

"DV is dependent on large customers to increase spending while pricing races to the bottom. Customer spending growth is slowing, and its ability to grow among smaller accounts is challenged."

"The data also exhibits troubling irregularities, leading Petitioner to question the validity of the published safety information as well as the integrity of Soleno’s submissions to the FDA."

"MSCI appears to be making greater use of capitalized development costs that are added to the balance sheet, amortized to the income statement and conveniently ignored as non-cash add-backs."

"BlackRock’s pledge to exit investment in thermal coal is a contradicting (and Pharisaic) pledge, especially considering that 90% of BlackRock's equity assets are held in passive strategies."

"There is a discrepancy between timing disclosures of when TMJ Solutions (DBA: TMJ Concepts) is to have closed. Stryker claimed TMJ closed in Q1 2021, but the Company's website says Q2 2021."

"Lasertec’s inventory charade is not only brazen but hiding in plain sight – it claims that 100% of its $1.1 billion in inventory is raw materials and work-in-process with 0% finished goods."

"The June 30, 2010 financials show that instead of the increase Olam recorded on its Group-level accounts, CFM’s net book value of PP&E decreased in the first six months of Olam’s ownership."

"Spruce Point has a track record of short calls that identified early financial and accounting anomalies in major S&P 500 industrial companies that preceded significant share price declines."

"Incredible Opportunity to Invest in High-Quality Companies at Incredibly Attractive Pro Forma FCF Multiples with Significant Upside Opportunity from Improving Growth + Profitability Metrics"

"Given its long-term lease arrangement and its land-only structure, TIP REIT’s risk profile will be similar to that of a long-term, senior secured, highly-rated, and inflation-protected bond"

"The fancy pictures and videos of “robots” on Ginkgo’s website and investor materials are easily apparent as liquid handling machines from Hamilton and others, as one can tell by zooming in."

"Over the last several years, Autodesk’s management team and the Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"MGPI tells investors that it will be able to transform itself into a purveyor of premium spirits. To date, it has introduced three brands, but Spruce Point sees limited traction or success."

"The bulls aspirational hopes are that MGPI will successfully transition from a commodity ingredient producer to a fully branded spirits company, and achieve a significantly higher multiple."

"We are not convinced by the Company's explanations provided so far for spinning out Mobis's module manufacturing and after-sales parts businesses and combining them with a logistics company"