Callouts & quotes from 26,677+ activist slides

"It is rare – even among the frauds, promotes, and detritus that we short – to see losses and cash flow characteristics as dreadful as Ginkgo’s, much less driving a $23B valuation."

"We believe Autodesk must improve its compensation practices, address its flawed budgeting process, and move to best-in-class standards for operations, compensation, and governance"

"Did the stock run up starting in Jan 2014 because investors assumed that the initial post-acquisition sales growth was mostly organic? Are investors making the same mistake today?"

"Zero interest rate policy is combining with new liquidity requirements to make commercial deposits unattractive, leading banks to abandon their core purpose of accepting deposits."

"Juniper has an incredible opportunity to deliver long-overdue value to shareholders through the three-pronged plan, which we believe can lead to a stock price of $35-$40 per share"

"If Nevro continues to do sloppy lead placement and try to switch to classic low frequency stimulation, they're going to run into all sorts of problems and unintended consequences."

"It is unclear how Kao can look at Ms. Lagodny's career history and claim that she “lacks experience” or would be unable to “make effective decisions on complex management issues”."

"The street estimates the direct overlap to be $1.2 billion of sales, which leaves a cushion to the $1.6 billion that Bayer has agreed to divest if necessary to satisfy regulators."

"Danimer has already found one former executive that lied on his resume. Why has Mr. Van Trump's biography been altered to remove his "post graduate work" at MIT and Georgia State?"

"However, even if the Display and Search businesses were included together, we estimate that combined business would still be losing almost $300 million on revenue of $931 million."

"None of the members of senior management have sufficient experience in the design, construction, operation, financing and large-scale manufacturing of phased-array LEO satellites."

"There's only two problems: 1) Starship has encountered repeated setbacks and delays, and 2) SpaceX is a competitor which has no real incentive to be all that cooperative with AST."

"Stated he was already wondering if Vykat could be substituted with generic diazoxide suspension, and stated he is “very familiar” with using generic formulations off-label instead"

"they got a statistician who did all this remarkable testing and, oh, we came up with something...so I think they played with the data until they finally got something that worked."

"Oasis is aware of external factors that have negatively impacted performance, however, each of these factors are within the control of Kao management and raise critical questions."

"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."

"Today, we will present a Revised Transaction that addresses Target’s concerns, incorporates feedback from the investment community, and creates great value for Target shareholders"

"Spruce Point believes financial sell-side estimates are too high for Broadridge, and assume there has been no slowdown in business from recent changes in the economic environment."

"The claim for judicial review is allowed. (2) The planning permission (reference DM/22/01769/FPA) granted by the Council on 13th July 2023 for a solar farm at Burnhope is quashed."

"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%"

"To tell them to stop funding the manufacturing of vehicles in China, and to support Buy America compliant vehicles to create energy efficiency and clean energy jobs in California."

"At ~6,500 lbs, Midnight is believed to be one of the largest eVTOL aircraft to complete transition, which is critical to being able to carry commercially viable passenger payloads"

"This requirement for secrecy is why, while the agreement was reached on April 29, 2020, the actual claim transfer notice was not filed for almost 2 years, i.e., February 17, 2022."

"In Ceres Power's history, there's been a consistent pattern: the company repeatedly trumpets new partnerships and agreements that ultimately yield nothing of commercial substance."

"We think this reversal of valuation declines is notable because the ENMT disclosures also indicate that such valuations were based primarily on the company’s internal assessments."

"Given Lasertec's inspection tool lacks High NA capability, as detailed in an earlier section, KLA's patient entry into the market with High NA technology is an existential threat."

"Over 80% of the segment goes to low rolling resistance tires, which are more energy-efficient tires used for electric vehicles, and should drive above-GDP growth in this business."

"While not calling this an error, it certainly caught our attention that the Company made this change which had the effect of reducing operating cash flow by $3.5 million in 2022."

"2019 was a productive year for PSH with NAV appreciation of 58.1% and a total share return of 51.2%. Despite strong performance, PSH's discount to NAV widened from 25.2% to 28.9%"

"Based on information presented in a Tegus interview by a Strategy Director at Sportradar, they did not feel the price the NFL was asking for its rights was “economically viable.”"

"It appears that HTA is starting to de-emphasis SPNOI growth. Looking carefully at its key intro slide, we find it just removed the historical average 3.1% SPNOI growth reference."

"Given our concerns about the efficacy of AVY's constant restructuring, we find it concerning that it has multiple undisclosed corporate facilities that are not listed in the 10-K"

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"Mr. Austrian knew the Company needed a superior executive with strong retail and BSD experience, yet the search committee on which he sat chose him to be CEO after only 6 months."

"We believe that Ms. Conrad's extensive leadership experience at Intel, as well as her marketing and business development background, would make her a valuable asset to the Board."

"Translation: “We do subprime loan origination just like everyone else – we’ll just be more profitable on it.” Why? (Maybe if a closely-associated party is willing to help out...)"

"Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure"

"It’s no surprise to Spruce Point that XPO recently walked back its free cash flow guidance for 2019E to $650m ( vs. Consensus est. of $884m and implying virtually no YoY growth)."

"If proper change is made, Tessera has the opportunity to refocus its business and take advantage of a large market and growing demand for IP expertise and licensing capabilities."

"We often see spins lead to step-change improvements in performance, but Solventum’s performance has taken a considerable step backwards relative to how it performed as part of 3M"

"Recent favorable market trends (ACA) and corporate events (Dealer Services spinoff plus leverage) have driven satisfactory overall results for ADP, but these tailwinds are fading"

"Canadian Tire stores are often nearby many of its major competitors. Various big box retailers (Walmart, Costco, Home Depot, Loews) have stores in close proximity to CTC banners."

"Greenlight thinks that when the subordinated debt can be purchased at a discount, then the remaining subordinated debt should be marked to the same level and the equity impaired."

"If our value creation initiatives are successfully implemented, our analysis indicates that Darden could be worth $67 - $86 per share, BEFORE traffic improvements at Olive Garden"

"We believe by following best practices and focusing on superb execution, Darden can become a lean restaurant operator, outperforming the peer group average of 30.7% labor expense"

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"Among tier-1 brands, there is generally a strong connection between brand awareness and price, but Goodyear tires appear underpriced relative to their level of customer awareness"

"IPX has evolved from giving very specific guidance on assumed scrap prices, to a wide range, to no range at all. IPX previously said that scrap pricing was a material assumption."

"IPX may be signaling that previous partnerships and customer engagements are no longer relevant to is current situation by vastly curtailing discussion in the recent 20-F report."

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"We believe Ailirui is a sham counterparty because a) its SAIC financials show that it is a tiny company that could not conceivably have received such a loan (hint: zero revenue)."

"Should the independent committee accept our offer, investors will greatly benefit by having reasonable transparency into a process that is critical to protecting their interests."

"We are taking this extraordinary action because we cannot risk that the current Board may seek to further manipulate Depomed's bylaws to prevent a lawful special meeting request."

"The $60 million increase in liabilities immediately translates to an immediate pre-tax loss of approximately $60 million for every $100 million of deposits into the Carrier Fund."

"Given the lags, we speculate whether manual processing may be occurring in the background by human beings, similar to Theranos allegedly using third-party blood testing machines."

"Besides the CEO Peter Chapman and CFO, no other C-level officers are even listed, underscoring the small size of the executive team and the pivotal role that Monroe and Kim play."

"At this year’s Annual Meeting, shareholders can send the McDonald’s Board a message and hold it accountable to end inhumane animal treatment in its supply chain once and for all."

"Adjusting for the very real impacts of the capitalized software costs and the TRA liability, PowerSchool’s adjusted Net Leverage Ratio increases from 3.2x to an astonishing 5.8x."

"If our value creation initiatives are successfully implemented, our analysis indicates that Darden could be worth $67 - $86 per share, BEFORE traffic improvements at Olive Garden"

"We believe by following best practices and focusing on superb execution, Darden can become a lean restaurant operator, outperforming the peer group average of 30.7% labor expense"