Callouts & quotes from 26,677+ activist slides

"Since 2017, Stryker has provided reduced disclosures of its operational footprint. However, we observe it has grown total locations from 275 to 356, or by 30%, from 2017-2021."

"Spruce Point believes the ultimate evidence that Stryker is struggling is by observing that its 12 month trailing Operating and Free Cash Flow has not been growing for a year."

"Our view is clear: Stryker does not appear committed to advancing its technology infrastructure to deliver the organizational efficiencies and earnings leverage for investors."

"Lasertec customers who have recently visited Lasertec’s headquarters confirmed seeing highly unusual levels of inventory - "pretty scary...pretty weird" - and other red flags."

"The similarity between both the light source and particle contamination issues for Lasertec's DUV and EUV products suggests a fatally flawed and defective technology platform."

"After adjusting Olam's EBITDA to remove non-cash accounting gains, it is showing that Olam is currently leveraged at 9.3x gross debt to LTM EBITDA, and 1.6x interest coverage."

"As illustrated below, after normalizing for Leasing Gains on Sale, ~80% of AP’s EBITDA has been reclassed to the Investing section and seemingly is largely whole engine sales:"

"Fairfax determined that the Fair Value of its Quess stake as of March 31, 2018 was $1.1 billion, which resulted in a non-cash gain (and boost to Book Value) of $889.9 million."

"Our conclusion from this analysis is that BMC's assets are valuable and important, but that its future will be increasingly difficult if BMC remains with its existing strategy"

"Muddy Waters is short Chinook Therapeutics Inc (NASDAQ:KDNY) because we believe it is highly unlikely that atrasentan, its lead product candidate, will be approved by the FDA."

"In the papers and textbooks we reviewed, nephrologists appear to agree that serum-creatinine-based measurements of GFR become less accurate as chronic kidney disease advances."

"We believe that the fertility benefits marketplace is becoming increasingly commoditized and crowded, as credible, well-funded private players have achieved significant scale."

"ACMR and ACMS trade at starkly different valuations. In the Chinese stock market, the Shanghai-listed ACMS trades at 6.0x 2025E revenue, an 18% discount to the 7.3x median for"

"Why would any shareholder ever want to own stock in a company where the culture has a complete disregard for shareholder value creation, and no one is incentivized to perform?"

"TIP REIT will have better and cheaper access to the capital markets than any retailer. As such, Target will have a stable strategic and financial partner to fund future growth"

"We are troubled by the recent omission of intersegment revenue reporting without an explanation that we can identify and by the CFO's recent insistence it was "single digits"."

"We believe most of the top ten companies have sustainable competitive moats and long-term secular growth characteristics that will allow for continued high rates of EPS growth"

"We don't understand how the market can shrug off this poor execution when this is supposedly the biggest, and perhaps only, product development challenge Heska has ever faced."

"Juniper's selected peer group has a median dividend payout of 2.5% annually. We propose an annual dividend of $0.50 (~2.2% annual yield) with quarterly payouts beginning Q1'14"

"Looking carefully at the accounts, we see that in 2024, the amounts added to deferred revenue dropped below amounts recognized for the first time since being reported in 2021."

"The proposed exchange ratio currently values Capricorn at a 42% discount to its fair market value on an ex-dividend basis representing a value give-away of over US$200 million"

"Some of its 100-year-old products look familiar (though they no longer sell heroin) but you’re likely to recognize its current drugs only if you or a loved one suffers from..."

"We believe the outcome of these lawsuits could ultimately result in a significant reduction in advertising spending by buyer-agents and/or commissions paid to Zillow via Flex."

"BUR selectively sets the denominator in its returns calculations, allowing it to overstate IRRs and ROICs by understating historical expenses or ignoring future funding needs."

"Keeping Google Chrome Developer tools open, paste the first pcURL value that you copied, and browse to it. You will see activity in your Network tab of Google Developer Tools."

"Spruce Point has multiple concerns with management’s ability to execute on its grand ambitions of becoming an integrated producer of antimony and Tier 1 gold miner in the U.S."

"Spruce Point has multiple concerns with management’s ability to execute on its grand ambitions of becoming an integrated producer of antimony and Tier 1 gold miner in the U.S."

"We observe that Nova's management did extremely well when having shareholders approve a new ESOP (employee option) scheme for up to 19m shares at the AGM on November 11, 2025."

"DuPont transferred >$5bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"DuPont transferred >$5bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"Nothing of substance has changed since January 2024 - when Norfolk Southern issued disappointing guidance - to justify the Board's revised outlook for the second half of 2024."

"First ~650 bps of OR improvement expected from removal of 450 locomotives and 35,000 cars, fuel consumption reduction and reduced purchases of services, rents, materials, etc."

"Based on the current cost structure for the Display business, even assuming 100% incremental margins, AOL's Display business would have to grow by over 95% just to break even."

"The coming years will be critical execution years to unlock value at Sony Semiconductors, creating the need for oversight by a dedicated management team and Board of Directors"

"Peripheral swelling is so extreme that numerous posts indicate their kids can no longer walk or put on their socks or shoes; others indicate periorbital edema around the eyes."

"We suspect the dataset was shifted to touch the 5.7% HbA1c cut-off to mask the large increase from baseline in pre-T2D, particularly at week 13, the end of double-blind study."

"Peripheral swelling is so extreme that numerous posts indicate their kids can no longer walk or put on their socks or shoes; others indicate periorbital edema around the eyes."

"There are extreme signs of embellishment of Lightspeed’s scale. In early March 2019, during the pre-IPO stage, the Company increased its offices from 9 to 14 in just one week."

"Despite spending an aggregate of $33bn from 2009 to 2012 – which was over 100% of operating cash flow – on capex, net acquisitions and restructuring, EPS has grown at just 5%."

"Structural problems require structural solutions: we believe superior shareholder value can be attained at PepsiCo by separating into standalone snacks and beverages companies"

"The simplistic – and since disproven – theory behind Wakix is that anti-histamines can cause drowsiness, so a drug that increases histamine levels should increase wakefulness."

"The Bioprojet/Harmony trials are not credible scientific studies, but rather dishonest attempts to manipulate trial design and data in order to achieve a predetermined outcome"

"With no revenues and a depleting cash balance of US$ 113 million (~$0.50 cash/share as of 9/30/2021), we are short TMC and believe that its stock is going significantly lower."

"Enterprise Value = Equity Value + Debt + Preferred Stock + Unfunded Pension + Non-Controlling Interest - Cash - Marketable Securities - NPV of Tax Shield - Equity Investments."

"More disturbingly, this property value has been hugely inflated. According to deed records, the property transaction price has gone up from $930,000 to $4.8M in merely a week."

"Stock analysts, current and prospective investors, and partnering companies, to ensure accountability, should be asking Archer for explicit answers to the following questions:"

"I'm speechless. How can a "an industry leading provider of independent and professional consulting services to the mining and energy industries worldwide" produce such drivel?"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет. Красотки!"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет. Красотки!"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет. Красотки!"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет. Красотки!"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет. Красотки!"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). They will be kind of bed do you have?"

"Brazil revenues represented 62% of the Company's total in 2018 and regression on SGH's historic financial performance shows that Brazil has been the key driver of its profits."

"These job postings indicate to us that Beijing Youlian Global Education is not just a related party, but perhaps an alter ego of GSX, and effectively one and the same company."

"DuPont transferred ~$7bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"Lasertec refuses to reveal how much of its revenue, orders, or backlog actually come from EUV, nor the trend – because, we think, the contribution is now likely close to zero."

"The similarity between both the light source and particle contamination issues for Lasertec’s DUV and EUV products suggests a fatally flawed and defective technology platform."

"Effectively, companies would take the A300 and not use their A150s anymore; that would be the idea. So, the value of the A150 that we have on hand wouldn’t be worth that much."

"As shown in the chart below, despite the recent increase in share price, GoDaddy is still valued at a large discount compared to peers and its own historical trading multiple."