Callouts & quotes from 26,677+ activist slides

"While ROAD's marketing of LSP indicates it owns all the assets at their locations and there is significant embedded value of aggregate reserves, there are reasons to question this claim."

"New Prison Realty did not fail because it was a REIT, it failed because: It had too much leverage; It had an overly aggressive development plan; Its tenant, OpCo, was also over-leveraged"

"We believe Lamb Weston should target approximately $500 million in total cost reductions, representing roughly $250 million of incremental savings beyond the currently announced program."

"Spruce Point believes Weis Markets, Inc. (NYSE: WMK), a struggling supermarket, is obfuscating its financial pressures with aggressive accounting changes, and vastly reduced disclosures."

"We overlay Viterra’s standalone metrics (pre-acquisition) which indicate that its working capital position was worse than Bunge’s and may have deteriorated even further post acquisition."

"Even if Astra were to meet its targets, however, those goals leave us underwhelmed - they still represent only half of the targeted lift capabilities of Astra's small launch competitors."

"In a real business earning revenue the old-fashioned way - sell a product or service to a customer who forks over cash - the rev rec policy doesn't typically run the length of the Iliad."

"the employee admitted that “it’s like Intrexon” – the mother of synthetic biology scams, which used the same model of round-tripping from related-party to create revenue out of thin air."

"I realized this shit doesn't work. I'm not beholden to a company. Whichever device I'm using now, if I think there's a better mousetrap I'm jumping to it. I don't have any brand loyalty."

"We think they should continue disclosing a Net Member Retention excluding the Amex auto renewals and the two- or three-month free memberships which we were told helps inflate the metric."

"Hughes is purportedly independent, and chairs the CPI PG board. He is also president of the audit and investment committees. Through his company, he has a 50/50 joint venture with Savic."

"In its inefficient conglomerate structure, we believe that Phillips will continue to trade near the multiple of its lowest-valued segments and at a discount to its sum-of-the-parts value"

"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."

"Hobson's experience representing energy industry clients in complex transactions, along with her corporate governance expertise, would make her a valuable addition to the Phillips Board."

"Elliott’s Streamline 66 plan could drive shares to $180 or higher—an increase of 75% or more—but it will take a Board of Directors willing and able to capture this significant potential."

"The annual election of directors reflects standard best practice in corporate governance, as evidenced by the fact that it has been adopted by nearly 90% of the companies in the S&P 500."

"Capital leases have the main effect of inflating EBITDA and Free Cash Flow, two key measures investors used to value USCR. More importantly, management's bonus is tied heavily to EBITDA."

"Sir Magdi recognises he was the man for a time when clinical governance was less tight and ethical positions still fluid. Would his pioneering be possible today? Definitely not, he says."

"The Company should provide investors with tangible evidence that projects such as these will be economically viable and provide a strong return on capital...within a reasonable timeframe"

"I've been using off-label GLP-1's in this space a little bit recently; lack of discussion among endocrinologists about the drug; only one out of 15 patient families inquired about Vykat."

"But here, in a way, you’ve got the worst of both worlds. You’ve got a drug that doesn’t seem to be very effective in controlling hyperphagia, and it has a risk of elevating blood sugars."

"As we will show, these documents confirm that Herbalife's commission-based compensation plan in China is essentially identical to the commission-based plans used in the rest of the world"

"Participants explained there are NO LIMITS on the number of levels in their downlines. Herbalife has no publicly disclosed policies that limit the number of levels in downlines in China."

"Statistical tricks and obfuscations such as artificially clustering trial sites after the fact to adjust p-values; incoherent, bespoke statistical methodologies meant to be impenetrable."

"Over 1/3rd of WFG agents responded that they received no monitoring or supervision during their business activities, which we believe can explain the lack of discipline among WFG agents."

"In conclusion, our analysis leads us to believe that WUBA is a fraud vehicle that primarily exists to enrich insiders and to raise money from US investors on the back of fake financials."

"To our surprise, a comprehensive LinkedIn SalesNavigator search for individuals working for Sinch who have job titles related to fraud, KYC or compliance resulted in only 20 individuals."

"Stunning photo of the aircraft in an out-of-ground-effect (OGE) hover, but this is not real flight test, this is an obvious stunt, centred around generating precisely this type of image."

"One More Wish is like most of the companies in Kim Rivers’ and Burnette’s network: A murky company without business website, any kind of description about what it does, and a weird name."

"Fettah Tamince, founder of Rixos, apparently personally coordinated a welcome by Epstein's masseuses. His private assistant wrote Epstein "Will take good care of the ladies, no worries.""

"Regarding your request, kindly note that our hotel cannot accommodate minors on their own. Guests under the age of 18 must be accompanied by legally responsible adults during their stay."

"Their main role, again, appears to be to tell everyone that things are fine, until a real crisis emerges at which point they will pile-on credit downgrades at the least opportune moment."

"We question the setup, as it only gives GSX the ability to employ “cookie-jar” accounting and shift unwanted expenses to the subsidiary where they can be hidden from public shareholders."

"Structuring the acquisition of new frequencies or spectrum as a loan as opposed to an outright purchase and opting to leave their counterparty undisclosed is unusual and appears suspect."

"However, during our 90-minute visit, there was shockingly little activity. There was only one truck lazily idling with a full bed. (It was clear to us that the truck there was for show.)"

"Marathon’s prior Management and Board continued pointing towards the loss of integration benefits, which was quickly disproven, through thoughtful structuring and commercial engagement."

"If the courts rule against Genius, the Company's inability to provide exclusive data content, especially from its most valuable league partnership, would be detrimental to its business."

"Given the issues we have identified with founders Hasson and Spear and the deleterious impact they have had on FIGS' culture, we believe FIGS has succeeded, to date, in spite of itself."

"Given her vastly more limited work experience compared with previous CFO Lawrence, we believe the appointment of Daniella Turenshine represents a material downgrade in CFO capabilities."

"Dollar Tree has failed to execute on the turnaround of Family Dollar and the chain continues to languish, with flat-to-negative same-store sales growth and continued margin compression."

"XPO is increasing its amortization period assumptions, which lowers expenses and boosts earnings, while at the same time reducing disclosures when its Chief Accounting Officer resigned."

"We believe a majority of Monolithic's end markets are tied to cyclical industries, with the exception perhaps of communications, which MPWR has been diversifying away from, and storage."

"Comparisons to ADP’s competitors are most appropriate at the revenue and gross margin levels given the higher operating expense levels of ADP’s sub-scale and rapidly growing competitors"

"Importantly, note that Medtronic's React 71 – its newest and, per doctors with whom we've spoken, most popular neurovascular aspiration catheter – is not yet captured in the IQVIA data."

"We find it striking that Penumbra’s apparent unit sales growth in the neurovascular aspirator vertical has been negative even as the mechanical thrombectomy market grows at a brisk rate"

"We find it striking that Penumbra's apparent unit sales growth in the neurovascular aspirator vertical has been negative even as the mechanical thrombectomy market grows at a brisk rate"

"Importantly, note that Medtronic's React 71 – its newest and, per doctors with whom we've spoken, most popular neurovascular aspiration catheter – is not yet captured in the IQVIA data."

"Marathon’s prior Management and Board continued pointing towards the loss of integration benefits, which was quickly disproven, through thoughtful structuring and commercial engagement."

"The proposed transaction is the result of an improper and fraudulently concealed “crown jewel” lock-up buried in the JV agreements that Xerox and Fuji entered into at least 17 years ago"

"Leverage partner network (without the SG&A expense) to target SMB's that want a Single Point of Contact (SPOC) for setting up their office environment and PC companies looking to bundle"

"We find it concerning that management would make such a weakly supported claim, and that it wasn't even planning on discussing the change in maturity estimate until questioned about it."

"We believe that 3% SSS is conservative - it is in-line with better-performing peers, and 3 years of 3% SSS would just get Olive Garden's AUV back to the $4.8 million of a few years ago."

"Quantumscape projects a hockey stick revenue ramp in 4 years, reaching $3.2B and $6.4B by 2027/2028 with $808MM and $1.6B in EBITDA, respectively – approaching Google and Apple margins."

"In our view, Target’s more limited food offering partially explains why Target’s same-store-sales growth rate has been considerably weaker than Wal-Mart’s in every quarter since Q4 2007"

"On its October 26th conference call, Valeant management answered many important questions and disproved alleged accounting fraud, but did not adequately answer three important questions"

"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors."

"At best, we suspect IonQ concocted a shell for SPAC photo ops to conceal the device’s crudeness, as it suddenly appeared on their site right before the deal was announced in March 2021."

"Recognition of reality, and the accountability that comes with it at a public company, seem to be precisely what Hess's Management and Board are doing everything in their power to avoid"

"Recognition of reality, and the accountability that comes with it at a public company, seem to be precisely what Hess’s Management and Board are doing everything in their power to avoid"

"Recognition of reality, and the accountability that comes with it at a public company, seem to be precisely what Hess's Management and Board are doing everything in their power to avoid"