Callouts & quotes from 26,677+ activist slides

"As a result, any programmer or Merlin @ Home device can communicate with any Cardiac Device, and once the communication protocol is understood, generally any device can be impersonated."

"Spruce Point observes that MSCI is capitalizing a greater amount of software development costs, which are conveniently added back to Adjusted EBITDA and passed-off as non-cash expenses."

"Either financial supplies revenue is in decline (making it a bad business) or it remains larger than investors expect (meaning there is even more revenue not deserving an 11x multiple)."

"Clearly Mettler has inconsistencies regarding the CEO’s role as Head of Process Analytics from 1999 – 2007 when his employment agreement and the proxy statement show he started in 2001."

"We estimate that Mettler's Adj. Diluted EPS is $1.90 - $2.23 (8.3% - 9.8%) overstated due to aggressive capitalization policies and failures to recognize inventory obsolescence charges."

"DuPont’s inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"The GSEs’ fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury"

"Based on our wide-ranging conversations with transplant physicians, as well as an exhaustive review of the clinical literature, the answer to both of the above questions is clearly, No."

"The report shows that IQ’s average mobile DAUs were only 126.2 million during the first 10 days of the 2020 Chinese Lunar New Year, versus 180 million average mobile DAUs claimed by IQ."

"If they were indeed never made aware of the (4) “Illustrative Guidance,” by how much more might have the prospective buyers revised their offers downwards had this guide been disclosed?"

"There needs to be a new board of directors selected to pick the next CEO; this new board needs sufficient experience in the important areas of media, technology, digital, mobile and OTT"

"Again, we are left to wonder whether Vitek’s investment objectives in Dubai did not involve the servicing of very special customers including those with hot flows of questionable money."

"JC may be German but they certainly did not have the implied capital, institutional investor reach, or any form of verifiable track record prior to marketing the TFS investment in 2010."

"Should these directors not receive a majority of the votes cast at the Annual Meeting, we believe it would clearly be inappropriate for such directors to continue to serve on the Board."

"During the peak of the real estate and credit bubbles, Realty Income’s assets more than doubled from $1.4bn to $3.1bn as the company became a financing source for LBOs and corporate M&A"

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

"As Meta did with Zynga, Meta could change its TOS, its code, or both, and APP would be embargoed from its key (albeit improperly obtained) user data as well as ad revenue from Meta ads."

"In contrast to PGNY management's comments, we calculate increasing new member acquisition costs, whether based on total lives added during a fiscal year or only during a selling season."

"I think for soybean and corn trading, it's going to be challenging. It's not that Bunge plus Viterra will be 1+1=two. 1+one would be 1.5, to be very honest, because there were overlaps."

"Given its market cap, TIP REIT will be owned by S&P 500 index funds, large cap funds, real estate index funds, yield-oriented investors, and investors seeking inflation-protected assets"

"We believe that REZI's pre-tax income in the YTD 2025 period is inflated by 8-12% as a result of overly aggressive assumptions about the average customer life from the Snap transaction."

"Synlogic indicates they “used $13.6MM of the pre-paid research and development expenses” in 2020, which we are almost certain was booked by Ginkgo as non-cash non-related-party revenue."

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

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

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

"It has been Elliott’s experience that issues presented as insurmountable facts by leadership teams that are biased towards the status quo become non-issues when fresh eyes drive change."

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

"Spruce Point is concerned that significant parallels exist between the misconduct described by the Audit Committee ten years ago and business practices which we observe at Verint today."

"Given Verint's prioritization of management and sales over internal investment in R&D, employee reviews which suggest internal conflict and declining workplace morale do not surprise us"

"Omnia isn’t impacting the market by letting them capture market share. Doctors use everyone. They’re not loyal. The only loyal ones are ones being paid a lot of money to put in devices."

"Think for a moment of the cash portion of Apple's market capitalization as non-productive inventory that's accumulating at an increasing rate. Now consider the cost of that 'inventory'."

"Before everybody got lost in the clouds, athena was grouped with other financial and transaction processing companies. These are good businesses, but they don't merit triple digit P/Es."

"After adjusting HLF’s reported data to fully account for realistic retail-related profits and all recruiting-related rewards, we believe ~92% of participants’ income is from recruiting."

"When Disney launched its streaming strategy, we believe it made many decisions to maximize distribution quickly that run counter to the core tenets of running a successful DTC platform."

"Spruce Point finds many of the same individuals have remained at Danimer during a messy period involving contentious litigation with the former CEO, and allegations of securities fraud."

"The GSEs’ fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury"

"We traded WhatsApp messages and spoke with the middleman, who offered right away to facilitate a dual liver and kidney transplant, and asked us to send the patient immediately to India."

"Their transportation charge has gone up because TransMedics has their transportation network, and their prices are higher than what we pay for our own planes that we contract privately."

"The specialist detailed tasks that strike us as the practice of medicine – after a week of training: "all these drugs you have to put on...you have to put on the blood...and sample it.""

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"Between a rock and a hard place: Does management continue to erode Dollarama's value proposition with price increases, or keep prices steady and hope for traffic contraction to reverse?"

"There are countless examples of ETFs being launched to track small slices of the investment universe, which foreshadowed a sharp and sudden decline in the value of the underlying shares"

"SandRidge's own analysis (even at the December 5, 2017 Strip of ~$52/$3.00), which adds risk-weighted unproved reserves to proved reserves, shows a PV-10 value as high as $57 per share."

"Moreover, the investigator's comments cast grave doubt on the validity of the withdrawal study, which showed an abrupt spike in HQ-CT scores in the placebo group for such a "slow drug.""

"Given its market cap, TIP REIT will be owned by S&P 500 index funds, large cap funds, real estate index funds, yield-oriented investors, and investors seeking inflation-protected assets"

"From a blog on the internet claiming to be a deposition in the trial of 310 Waste, a deponent referred to Pat Dovigi, Andy DeFrancesco and Romeo DiBattista as “part of organized crime”."

"Spruce Point has a negative view of large public companies creating “venture” arms as we view it as a stray from core competencies and a signal of R&D maturity and strained core growth."

"The growth in these types of workarounds (system violations, at present) strongly suggests that the current allocation system is not optimized to efficiently match organs with a patient"

"ZJK reports that it puts a considerable amount of investment in its subsidiaries every year. It’s possible some of that investment comes back in related party sales as “round tripping”."

"In QTT's response, they point to sample size and methodology as problems with our approach, but in doing so they inadvertently admit their platform's complete lack of technical prowess."

"Arconic continually boasts about innovation that is "industry-wide;" for which little incremental benefit (vs. peers) accrues to Arconic, and which Arconic struggles to actually deliver"

"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."

"We look forward to collaborating with Southwest to restore accountability and best-in-class financial performance for the benefit of the Company's employees, customers and shareholders."

"Joby's partnership is anchored by contracts with a total potential value of $163 million. Unlike notional contract ceilings, Joby's engagement has translated into concrete deliverables."

"We believe the timeline of these events is not a coincidence and simply the company had to find a way to pay back the debt facility, having to pay it back in full in the next 10 months."

"Looking at EH’s unaudited quarterly earnings reports, we noticed in Q2 2020, a new liability line-item worth RMB 40 million appears as “mandatorily redeemable non-controlling interest.”"

"Lasertec is secretive - typical of frauds - failing to provide basic disclosures typical of ASML, KLA, and others such as the number of tools sold by EUV vs. DUV, ASP's, or segment mix."

"I can tell you right off the bat...they haven’t taken any impairments against their balance sheet, so they’re probably over-valuing their inventory far greater than it’s actually worth."

"For an inspection tool, replacement of components (e.g. electrodes) every week is not an option. Maintenance time of 5-10% represents a serious problem for the entire tool availability."