Callouts & quotes from 26,677+ activist slides

"The Permanent Injunction represents Herbalife’s agreement to engage in a “top to bottom” restructuring of its business model in the United States to “start complying with the law.”"

"ACMR recently disclosed a long-term revenue target of $1.5 billion for business outside China. Our reaction to such a lofty goal was a healthy mix of disappointment and excitement."

"Spruce Point believes there is no greater evidence of Weis’ financial struggles than the fact it has systematically stopped disclosing product level comparable store sales metrics."

"I'm just worried that I'm not seeing Ginkgo delivering on that; I can't tell if that is really playing out; I haven't seen the substance for their other partners or other projects."

"Recognizing IFRS reporting conventions can make comparisons difficult depending on the company reporting convention, we believe Heska provided inflated guidance on BiEssiA margins."

"We found several instances of curious changes in the shareholder makeup of some of Ströer’s subsidiaries. These oddities heighten our accounting related concerns about the company."

"The only public video company we could find that EBITDA margins equal to or greater than 50% is called China MediaExpress Holdings Inc. ("CCME"). However, CCME was a complete fraud"

"Putting it together: We started with Morgan Stanley’s base case DCF value of $192 per share and took it out of the clouds by adjusting various implausible assumptions in the model."

"The Company substantially improved its cost structure by reducing its footprint between 2006 and 2009. Manufacturing facilities and employee count have been reduced by roughly 40%."

"We spoke with a former Danimer employee who shared many of our beliefs of the Company. He told us Danimer is the same as it was years ago and continues to face the same challenges."

"We believe there is evidence that Danimer’s EBITDA margin projections are overly optimistic based on the margin profiles of both its self-selected peers and chemical/plastic peers."

"We see this as a net negative for Limbach, which we view as being a legacy contractor at its core and thus less structurally equipped to adapt to a technology-driven service model."

"We see this as a net negative for Limbach, which we view as being a legacy contractor at its core and thus less structurally equipped to adapt to a technology-driven service model."

"This anomaly strikes us as similar to seeing 10 subway trains pass by in an hour, with nine of them completely empty and one completely full. Real life just does not work this way."

"Spruce Point believes that the recent “inflection” to profitability is unsustainable, and that growth inevitably comes at the expense of PLUG shareholders through endless dilution."

"Trian estimates that the remainder of the business must grow operating earnings by ~17% to meet guidance; these same segments have seen operating earnings decline by 26% since 2011"

"This costly and defensive step was taken amidst an election contest, absent a comprehensive search and interview process and without providing shareholders any say in the decision."

"Unlike the incumbents, the proposed CEO and COO’s compensation structure will minimize salary, put the vast majority of compensation at risk and tie management’s payout to results."

"Mr. Fahmy would be a valuable addition to the board given his extensive safety, supply management, engineering, mechanical and precision scheduling experience in the rail industry."

"Below is an excerpt of the long list of restrictions – just a few things an Inspire patient must think twice about having, doing, or being anywhere near for the rest of their life."

"Ironically, rather than building a business that uses technology to smooth out the challenges of operating in the used car industry, we believe Carvana built one that amplified it."

"Sony's current corporate structure obscures the company's underlying asset value, giving investors the opportunity to buy Sony at a ~50% discount to our estimate of intrinsic value"

"Spruce Point conducted an interview with a former Lightspeed employee with 5+ years experience at the Company who also expressed that acquisitions didn't go as smoothly as planned."

"Despite being the assumed “acquirer,” PepsiCo’s stock price increased 4% over the one week period in March when rumors surfaced that Trian was looking to push for a Mondelez merger"

"We encourage them to study the leaderboard of Insys prosecutions, a close analogy to Harmony’s business model vis-a-vis the False Claims Act, Anti-Kickback Statute, and other laws."

"See the Open Corporates page below regarding MOXC’s dormant Malaysian subsidiary. Under “latest events” it shows the entity was incorporated in January 2019 with no activity since:"

"Our approach to transparency is to provide you with the information we would want if our positions were reversed, (i.e., if you were the portfolio manager and we were the investor)"

"We believe that with the passage of time Valeant’s share price will reflect the value of its franchises, its low-cost operating model, and its efficient capital allocation strategy"

"Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"The Permanent Injunction represents Herbalife’s agreement to engage in a “top to bottom” restructuring of its business model in the United States to “start complying with the law.”"

"The Permanent Injunction represents Herbalife’s agreement to engage in a “top to bottom” restructuring of its business model in the United States to “start complying with the law.”"

"Reviews for Swift-Finance Ltd on Trustpilot show the typical markers of a financial scam, by users giving it 5 stars with unprecise everything-is-always-perfect-with-them rhetoric."

"All three of the electric buses above are the same, aside from the different decals of the EV Star. But the prices are much different, since GreenPower buys the Eurise and marks it"

"One option is to try to protect powerful people at the company from accountability, ignore our concerns, and hide behind legal language with craftily written human rights policies."

"When combined with the negligible net income produced with realistic margin expectations for SMART Brazil (and SGH as a whole), the Company goes cash flow negative as soon as 2Q20."

"To further capitalize on this transformational opportunity, we believe the company should permanently suspend its $3 billion annual dividend and redirect this capital entirely into"

"If we scroll one page further down, we can see on page 1216 that MCY had a total of 929 homeowner (HO-3) policies in force in Altadena (91001) which was impacted by the Eaton fire."

"In our view, organizations that use D-Wave's quantum offering for classical optimization are paying a steep premium for the quantum "brand," not differentiated quantum performance."

"Lasertec's EUV tool is so defective, unreliable, and lacking in throughput that TSMC, Intel, and Samsung have all quietly substituted non-EUV alternatives for inspecting EUV masks."

"Lasertec EUV light source ignites tin and splashes it everywhere, creating puddles of tin splatter, debris, and contamination; debris mitigation approaches don't work; "no way out""

"The 18.4% OSB growth vs the 13.1% growth for DKNG points to evidence that Kalshi siphoned off volume from DKNG during March Madness, NBA playoffs, MLB, Tennis, and now CFB and NFL."

"Palliser's Value Optimisation Plan published on 27 October outlines a clear path to unlock up to 400 pence per share in total value for Capricorn shareholders over the medium term."

"Spruce Point has a strong track record of exposing highly promoted technology disruptors before the sell-side and investors could figure out the business has inflected negatively."

"FIGS recently made an unusual practice of eliminating its written 2022 Gross margin guidance in its press release, while on the conference call claiming to maintain it in H2 2022."

"In fact, the average market capitalization of Office Depot's peers used for the purpose of determining compensation is 11.5 times larger than Office Depot's market capitalization."

"Spruce Point has assembled a preponderance of evidence to suggest that ABML’s management and Board should not be trusted. The range of past activities runs the gamut of red flags."

"To achieve management’s high-end EBITDA margin target on a GPU of $3,000, Carvana would have to maintain SG&A (ex-advertising) less than 1/3 that of CarMax. How plausible is this?"

"Adapting the Nintendo library for smartphones could profoundly alter the complexion of the "attention share" currently occupied by Facebook, WhatsApp, and mobile games developers."

"The RTC Plan calls for a balanced approach to capital allocation that maintains robust growth investment above peer levels and accelerates the dividend to $8.00+ per share in 2023"

"Since the spinoff from GGP in November 2010 and from our average cost basis prior to the position being made public, The Howard Hughes Corporation's share price has increased 296%"

"Central Corridor, Atlantic Basin / Europe and US Gulf Coast assets are fundamentally attractive and should drive equivalent profitability with peers on a constant accounting basis"

"Solventum trades at a lower multiple than each of its subsidiary peer groups, and it even trades at a discount to 3M, of which Solventum was historically the best performing part."

"If we assume that MPWR's inventory metrics should be in line with industry peers, and that $245 - $265m of revenue is overstated, it implies ~$93m of inventory is also overstated."

"Some of the biggest companies in the industry don't offer gross margin guidance, which makes MPWR's ability to offer such precise guidance, that it rarely misses, very remarkable."

"ADP’s poor sales force productivity is inconsistent with the Company’s long-standing goal of driving bookings growth from both additional sales reps and productivity per sales rep"

"Although Canadian Tire may appear cheap compared to retailers on a P/E and EBITDA multiple basis, this is the incorrect way to value Canadian Tire given its unique business model."

"Improvements to Six Flags parks should be clearly visible next year as capex is spent on high ROI projects and new technology is leveraged to directly enhance the guest experience"

"Jury is out if “premiumization” is correct strategy, but what is clear that the optimal version of this strategy was not in place this year – SIX has a low bar to exceed next year"

"In the Interim Award, the ICDR granted certain of Glenmark’s “First-Phase” Claims, denied Napo’s “First-Phase” Counterclaims, and issued certain declaratory and injunctive relief."

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."