Callouts & quotes from 26,677+ activist slides

"Phillips not only loads more discounted crudes than peers, but also receives lower pricing on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC"

"Bermuda's never been part of the conversation. That is purely, and I don't say this from firsthand knowledge, but I'm throwing a dart, that's purely some type of tax evasion scheme."

"This flies in the face of the fact that the Company eliminated $111M of FY17 sales upon combining PetIQ with VIP. This would have represented just under half of PetIQ sales in FY17."

"Despite these aspects, the project has never been commercialized due to a variety of factors such as push back from community indigenous and environmental groups among other things."

"Dendrites develop gradually as a cell is repeatedly subjected to current. Experts indicate that cycling a cell with current just one time for a brief period shows basically nothing."

"We believe that IonQ’s only actual machine is a useless, experimental, error-ridden toy with far fewer qubits, similar to science projects one can use for free from its competitors."

"I mean, it just doesn’t add up; there’s no way they can use it; I don’t know what they’re going to do with it; there’s no way in hell they can use $15 million worth of compute time."

"They actually paid someone to do a deal with them, and Peter Chapman was saying that if you have to spend a lot of money to get a deal, that’s fine with me, I just want the signing."

"We recommend Autodesk target a minimum of 500bps reduction in sales and marketing spend as a percentage of revenue, which represents approximately $275 million of potential savings."

"While the clinical utility of RNA testing is recognized, our concern lies with Ambry's corporate practices, specifically the mandate for concurrent RNA and DNA testing in all cases."

"Spruce Point estimates that Evoqua’s run rate revenue for the quarter would have severely missed Street estimates by ~8%. In addition, Evoqua contributed a $49 million pre-tax loss."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Based on the request, the Company believes the focus of the inquiry concerns certain revenue recognition practices and the Company’s relationship with one of its fulfillment vendors"

"The frackers' Wall Street story demands that they keep spending in a desperate effort to grow or at least maintain reserves and production, even though that spending destroys value."

"Since 2014, the delta in operating underperformance is now ~1,500 bps as the core Expedited LTL OR has deteriorated ~825 bps and LTL peers have seen ORs improve ~675 bps on average."

"Management's public commentary suggests that (a) investors benefit from its conglomerate structure and (b) the Company has achieved its stated operating goals. Neither claim is true"

"Thin Noodle's IP traveled from China to Chile in minutes, which would be impossible for a real person (assuming he's not in orbit) and shows Thin Noodle is part of a FU Bot network."

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"This amount, astoundingly, is approximately 90.3% of Edgewater's cumulative Earnings Before Interest and Tax ("EBIT") and 172.3% of cumulative Net Income (excluding one-time items)."

"If you only listened to iRhythm, you might believe that the entire healthcare system and cardiologists support primary care physicians prescribing monitors to asymptomatic patients."

"We expect that the ability to perform PW ablation rapidly and safely via catheter will put the final nail in the coffin of minimally invasive surgical procedures such as Convergent."

"BK should benefit from the long-term global growth of financial assets, growing diversity of financial instruments, rising regulatory complexity and increasing cross-border activity"

"The impossibility of following this advice, which Walsh claims is part of Herbalife’s “core training,” reveals that failure in the Herbalife business opportunity is a fait accompli."

"Brian Coffman, Elliott nominee for Phillips 66's (NYSE: PSX) Board and former CEO of Motiva Enterprises, doesn't buy the argument that Phillips' refining assets are "old and tired.""

"At the current price of $78/share, we believe P&G’s stock has very limited downside as it trades at only 18.8x its current level of depressed earnings and has a dividend yield of 3%"

"And when we take a look at AGO's estimates of expected losses to be paid, not much has been reserved for the rest of the U.S. public finance portfolio once you back out Puerto Rico."

"Spruce Point's reservation about valuation appears to be mirrored in the current majority of recommendations from sell-side analysts with a "Neutral / Hold / Market Perform opinion."

"Spruce Point raises further concern that language seems to be carefully selected around the 3rd amendment as the prior language that included non-cancelable is no longer being used."

"Elliott has assembled a purpose-built slate of independent directors who collectively bring expertise and perspectives urgently needed to address the issues Phillips 66 faces today."

"We suspect that the Company may be treating its campus-related spending as, in part, a "black box" capex item into which it can funnel more capitalized costs under investors’ noses."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"With only 1,000 residential lots and 750+ commercial acres remaining, The Woodlands represents one of HHC's most mature and well-established MPCs. It is twice the size of Manhattan."

"As a result of the Board’s numerous failures, Engine has reached the conclusion that Parkland is unlikely to reach its full potential as a public company and should consider a sale."

"Upon announcement of the Fox deal, a new compensation package for Mr. Iger provided him a total compensation opportunity more than 2.5x the median of Disney’s General Industry Peers"

"Elliott has assembled a purpose-built slate of independent directors who collectively bring expertise and perspectives urgently needed to address the issues Phillips 66 faces today."

"We believe the Company should develop a plan to transition the remaining non-core employees in Basel to lower-cost locations, including potentially centralizing R&D in The Woodlands"

"The Company despite the reaffirmation of its ratings and despite achieving its target in the 2nd quarter of 2004, continued to pursue debt reduction as its sole financial objective."

"PeptiDream also obfuscates by refusing to set goals for the business. In the past, the Company would set development goals, but discontinued this practice because it never met them."

"The nice thing is that we don't have to make a bet on which auto manufacturer will win in the race for electric vehicles. We just own Peanut Butter and gain significant EV exposure."

"What company’s goal is to recruit as many inexperienced sales-people as possible (on full commission with limited oversight) without regard for the ultimate demand for its products?"

"In order to receive Production Bonuses, GET Team / Millionaire Team / President’s Team members (collectively, “TAB Team”) must generate a minimum amount of Personal Volume per month"

"Elliott has assembled a purpose-built slate of independent directors who collectively bring expertise and perspectives urgently needed to address the issues Phillips 66 faces today."

"In Q2'22 even the CFO said there was no target for margin expansion and yet margins are +880bps since. Management should provide enhanced disclosure to explain how this is possible."

"MSCI already appears to have made a key retraction of a claim on its website referencing RCA as the industry's only global real-time database of commercial real estate transactions."

"Lowe’s currently trades at a P/E multiple of 15x, which is cheap on an absolute basis and a 23% discount to Home Depot despite our views for materially higher prospective EPS growth"

"On December 11, 2020, CPI PG bought the Metrogate House in a same-day property flip that appears to have been a "layering" and "integration" transaction typical of money laundering."

"Intuit has among the lowest CFO margins and highest SBC per employee. Importantly, Intuit has the worst revenue visibility (by far), a reason SaaS companies trade at rich multiples."

"Fannie and Freddie’s failure during the GFC was exacerbated by two initiatives not core to their original charter – the FIA business, and their guarantee of subprime and Alt-A loans"

"ACTISは2019年に発売されて以来、レーザーテックの売上高の約40%（5130億円→33億ドル@$1=¥155）を占めたことになる。しかし、インテルの実際の購入価格は上記の4000万ドルよりも安いと思われる。また、出荷台数は販売初期に集中したので、現在はACTISが売上高に占める比率は10%〜20%あるいは以下だと、スコーピオン・キャピタルは推定している。"

"The Board must accept that significant changes are desperately needed. This would include changes in management, changes in Board composition, and changes in strategy and execution."

"The SPAC deal was announced July 31, 2020 with great optimism and promotion, but it wasn't until October 14, 2020 that investors would learn just how distressed Porch had been......"

"Despite Nidec hyping product lines by pointing to secular trends and presenting hockey stick growth in presentations, these businesses are still subject to significant fluctuations."

"Spruce Point believes that BR management has destroyed tremendous value from its highly promoted wealth platform that would “Redefine Wealth Management Technology In North America”."

"The idea that autonomous trucks will be, as Urmson described, “minimal new hardware components in there” and “roughly in line with what it costs to buy a truck today” is just false."

"While BLI calls the chambers “NanoPens” and uses words like “Nanofluidics” and “Optofluidics” to make them sound magical, they’re just a miniaturized version of plastic well plates."

"Both of these K2M Group executives worked previously at InPhonic, Inc. (Nasdaq: INPC), which had an accounting scandal and issued a non-reliance opinion on its financial statements."

"When fraud is committed through proxy interest holders in China, we have found it is common for the physical locations of the proxy to be in or near those of the controlling parent."

"The wholesale investor completely failed to settle the 380ha plot recognised in FY 2010, managing to raise only a nominal amount from its prospectus as evidenced in the next figure."

"We believe pursuing the JVs that we outline in this presentation will create significant value for all of Macy’s shareholders AND actually improve the capital structure of the OpCo."

"We question the wisdom of such large investments in a region that experiences an intense rainy season, chronic flooding, and suffers from an underdeveloped system of infrastructure."