Callouts & quotes from 26,677+ activist slides

"For us, the instrument probably works 10% of the time, maybe 20%, if we're lucky. When it's working 10% of the time, it's great, but the rest of the time, it's just immensely frustrating."

"We find evidence that around 2018 taxes peaked and have been in decline since. This could be the result of lower capital investment into the business, and depreciation of existing assets."

"Multiple industry executives in touch with Lasertec told us that the company's claims around the "new" ACTIS A300 and its purported High-NA capability are simply false and just vaporware."

"BMC's management projected +20% ESM license bookings growth when the year ended with -11%. This represents a profound failure to understand BMC's underlying business trends and challenges"

"Instead, the results we see are much more consistent with a confounding effect of atrasentan on the surrogate biomarkers used by the trial, which would not reflect any real renal benefit."

"Almost all of SONAR’s positive conclusions are based on or inflated by measurements of creatinine, apparently due to the expense and difficulty of using more accurate biomarkers at scale."

"Carvana can grow modestly in line with the industry while preserving unit economics, or aggressively ramp unit growth and destroy its recent profitability achievements. It cannot do both."

"We believe the combination of underspending on capital expenditures and R&D has benefited PBH’s historic cash flow but will result in increasing financial struggles as acquisitions stall."

"We believe sustained, long-term success in the HCM market requires great technology, deep domain expertise and world-class services. To win in today’s HCM market, you have to have it all…"

"Based on FY16 numbers, we calculated an average per farm CapEx spend of approximately RMB 107 million (see Table 3 below), suggesting that the dairy farm CapEx inflation increased in FY16"

"A former MPLN executive described MPLN's Payment Integrity unit as "years, years away" from industry leaders in Payment Integrity, directly contradicting MPLN's claims about the division."

"Zoetis launched its fecal analyzer product, the VETSCAN IMAGYST, in September 2020. Thus, based on its current launch timing, Heska will come to market over a year after a top competitor."

"We can't reconcile Heska's claim that Lacuna had “over 25” pathologists at the time of the acquisition, and by our count there are only 20 today, a mere five months after the transaction."

"A strategic review of the Security business and an evaluation of the spend and strategy around the Switching business are both appropriate and timely given the failures in these two areas"

"The purported momentum the CEO hypes on earnings calls is a mirage: massive market share losses, impending defections, and other signs of a sinking ship with the CEO backed “in a corner.”"

"Molton Brown has excellent brand equity and there is huge scope for margin improvement by expanding into less seasonal categories and reviewing its manufacturing and pricing architecture."

"Based on the City's assessor, Danimer's Kentucky facility remodel is only 10% complete. While there may be margin of error from the assessor's judgement, 10% is still far from completion."

"PHA biodegrades at less than 50% in soil after one year. What value does a biodegradable plastic have if its most favorable condition is when someone leaves trash on the side of the road?"

"The conversion price and resale rights are designed to allow institutions involved in the PIPE to buy stock at a steep discount and instantly flip it to retail investors for minimal risk."

"We believe compensation cooperation rules act as an artificial lift to commission rates and without them, commissions could compress over time to levels seen in other developed economies."

"Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates(2)."

"Despite acquiring five companies which generated a reported ~$140 million in aggregate total revenue between 2021 and 2024, Limbach ended 2024 with revenue ~$50 million below 2020 levels."

"Limbach previously provided very robust modeling guidance for investors in its investor presentations but ceased disclosing this information after its November 2023 investor presentation."

"This lack of transparency raises questions about the actual strategic or financial significance of these verticals and leaves investors unable to assess their contribution to performance."

"In our opinion, payors – the government and a few private ones – are defrauded out of $100,000 to $400,000 per case with NOP charges, under false pretenses, to improve surgeon lifestyles."

"Online chatter leads us to believe his affiliation with Stanford may have ended due to inflammatory statements on Twitter/X: “she’s a cunt,” referring to CNN reporter Christiane Amanpour."

"I do not see them having any market at all in lung anywhere in the United States or, for that matter, even worldwide compared to a much cheaper technology like 10-degrees Celsius storage."

"They're going to see significant market erosion, especially with liver being their major source of income. Liver is absolutely going to have competition from XVIVO and from LifePort 100%."

"Based on public import records, we find irrefutable evidence that M.I.T Solutions, a questionable distributor in Thailand has been shipping products back to Leidos SD&A’s US headquarters."

"Not good at all!!! We have been in the hospital since Friday!!! Retained fluid all over especially his lungs with potential heart failure. Stopping Vykat aka diazoxide choline for good!!!"

"I’ll be using GLP-1’s before I would be using this...from my experience with GLP-1’s to date, I’m quite hopeful...the HQ-CT score came down...I’m more encouraged by that than by the DCCR."

"The new dataset contains both HbA1c and fasting glucose charts, but it appears someone forgot to alter the fasting glucose one - which suggests to us that the HbA1c data is a fabrication."

"Trial investigator #7 stated that Vykat makes no sense versus cheap, generic diazoxide suspension, with which he and other endocrinologists already have experience using “for many years.”"

"75% discontinuation rate – "they stop within a month or two"; "weakest of all the drugs out there"; third or fourth line treatment; suspects whatever little effect it has is just placebo."

"If the alleged conduct occurred, the respective private actor's services could have been used to facilitate, enable, conceal, or profit from the aforementioned conduct that IHL prohibits."

"The address Beijing City Haidian District, Northwest Wangdong Rd No.10, East District Building 7 is called Beyondsoft Building (博彦科技大厦), and it appears to us it is a three-floor building."

"Trian encourages management teams and boards to operate as if wearing "bifocals," with a watchful eye on the near-term but always maintaining a primary focus on maximizing long-term value"

"We pride ourselves on not being dogmatic; a core Trian principle is to be a good listener, to consider both sides of an issue and support the best ideas regardless of where they originate"

"We seriously question whether these individuals have made decisions with the best interests of DSP in mind as they were handsomely profiting from their ownership of CEVA stock and options"

"Starboard believes Mr. Taffe’s extensive experience as a senior executive and Board member at leading semiconductor companies will enable him to provide invaluable oversight to the Board."

"Although the Company initially made some progress towards these targets in 2022, during 2023, GoDaddy has fallen well off the pace on almost every metric it presented at the Investor Day."

"HSIC's Animal Health business is a fueled by 680 global field sales consultants that have achieved over 70% veterinarian penetration and 20%-35% market share in key pet markets globally."

"How is it possible that Nuvei could not accurately account for dividend payments by subsidiaries to non-controlling interests? In addition, there are unusual revisions to lease payments."

"We believe this repeated behavior is the outcome of broader and more systemic problems, including a poor corporate culture that appears to reward loyalty to the founder over performance."

"With 59% of the $1.3 trillion in REIT equity market capitalization in non-traditional asset classes, the public markets offer a superior venue to own a diversified real estate portfolio."

"We Believe WTRG’s $4.3 Billion Dollar Levered Acquisition of Peoples Natural Gas Was Done In Desperation, Has Financial Reporting Anomalies, And Is Already Being Evaluated For Impairment"

"Spruce Point observes many signs of financial stress in Generac’s financial statements. Gross margins are declining, inventory turns are decreasing and earnings quality is deteriorating."

"AMT exhibits a casual attitude toward its investments, seemingly feeling investments are justified because they are made at lower price to EBITDA multiples than its EV / EBITDA multiple."

"While Carvana could perhaps achieve levels of compensation efficiency comparable to CarMax, achieving per-unit compensation costs 30-60% lower than CarMax would be extremely challenging."

"Led unprecedented effort to monetize 6,500 patents in industry defining transaction. Patents were sold for $4.5 billion to a consortium including Ericsson, Apple, RIM, Microsoft and EMC."

"CCI offers shareholders attractive risk-adjusted returns, with steady and predictable secular growth, an inexpensive valuation, strong downside protection, and increasing capital returns"

"Management has adjusted its definition of adjusted EBITDA on an almost quarterly basis. Rarely do we see management teams make such frequent adjustments to proprietary financial metrics."

"We believe the restaurant General Managers are the most important individuals in a casual dining company – they should have a compensation structure that promotes an ownership mentality."

"Bob Evans, as a pure-play family-dining restaurant company subsequent to the separation of BEF Foods, with an entirely remodeled store base, could be an attractive acquisition candidate."

"We express our concerns over the Titan Project's commercialization potential given sustained weak demand for Titanium Dioxide (TiO2) and Zircon as illustrated by Tronox's recent results."

"Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates(2)"

"All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right."

"Other than third-party transaction costs, HHH will not incur any additional fees or compensation expenses beyond the 1.5% fee by entering into the Services Agreement with Pershing Square"

"Ancora believes the reconstituted Board will be well-suited to support management through this critical period and position the combined company for long-term shareholder value creation."

"AN ORDINANCE REZONING APPROXIMATELY 9.88 ACRES IN SECTION 21, TOWNSHIP 7 SOUTH, RANGE 4 WEST LOCATED, EAST OF CARRABELLE, FROM A-2 FORESTRY AGRICULTURE TO R-1A SINGLE FAMILY SUBDIVISION."