Callouts & quotes from 26,677+ activist slides

"In contrast to Schlanger's and Anevski's statements, national averages improved (often dramatically) in 4 of 5 metrics, while PGNY performance deteriorated in 4 of 5 metrics."

"MGPI's valuation is rich and its financial condition is fragile with no cash and significant leverage on earnings and EBITDA expectations that are likely to sorely disappoint"

"While the non-restricted portion of this cash should be included in liquidity, it should be adjusted by the 15.5% cash repatriation tax enforced by the Tax Cuts and Jobs Act."

"Target a minimum of 15% ROIC on growth opportunities (20% ROE for Sotheby's Financial Services) and allocate capital to initiatives that provide an appropriate rate of return"

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"Pershing Square exited our position in Hilton earlier this year as we expect prospective returns are unlikely to meet our high return threshold given current valuation levels"

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Eurofins Scientific SE."

"One KOL after another labeled Nevro a “one-trick pony” and pointed to the influx of paresthesia-free waveforms from key competitors as eliminating Nevro’s sole selling point."

"Beyond “fixing” the business, there are several additional levers which can create significant shareholder value at Wendy’s. We have not included any of these in our analysis"

"Given the mountain of red flags that encompass nearly every aspect of this proposed merger, we believe DWAC will never file an S-4 and if it does, it will never go effective."

"We do not believe the GSEs can earn an adequate return on capital to attract sustainable private investment at a 4% capital requirement unless g-fees are raised substantially"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"After deconsolidating what isn't BUR's, unbooking their non-cash realizations, and undoing the reliance on a select four cases, BUR H1 2019 cash ROICs actually turn negative."

"Adding back gross profit on operating leaseback arrangements has a dramatic effect on reported profitability and is entirely responsible for the “inflection” to profitability"

"Adding back gross profit on operating leaseback arrangements has a dramatic effect on reported profitability and is entirely responsible for the "inflection" to profitability"

"Timken includes commoditized steel makers in its peer group even after years of arguing to the market that Timken’s Steel business has nothing in common with those producers."

"I heard that the Washington Post is working on a report because there is some concern that companies are giving kickbacks to some surgeons or hospitals for using the machine."

"Despite significant business progress and record land sales, HHC’s share price underperformed in 2018 (like homebuilders) as the market focused on potential housing headwinds"

"We note the Vykat group has 1,056 members (as of 8/15) – a tiny number relative to the 20K/15K in the two key ones and a key indicator of VYKAT’s “buzz” in the PWS community."

"The ex-employee suggested obfuscation of diabetes risk through the omission of key markers for insulin resistance, such as A1C, which were collected but missing in the papers"

"He indicated he did not observe a hyperphagia improvement in patients, and that parental hyperphagia assessments were in conflict and thus unreliable as the primary endpoint."

"Oasis believes that with a forward-thinking Board, a clear strategic vision, and aligned incentives, Kao can be a global leader in the Cosmetics and Health & Beauty industry."

"In our experience, we have never seen a company that can grow indefinitely at such a high rate of 30%+. In addition, its terminal multiple materially expanded from 4x to 14x."

"GSK, I have been monitoring that product for a while, and it has very similar problems, and really, the last I hear from colleagues is that it has been terminated completely."

"FIGS management has made bold claims about international expansion that are inconsistent with the record of other high growth retailers and minimize international challenges."

"Spruce Point believes that Oatly is not practicing what it preaches about being a “good company” and doing the right thing for society before the pursuit of reckless profits."

"A former industry executive opines on FND's recent struggles and challenges, including shrinking advantage vs. the home improvement centers and ability to achieve 500 stores."

"Moxian CN Samoa is the entity that supposedly holds all of MOXC’s “IP” - according to the Registry of the Samoan Ministry of Commerce, Industry, and Labour, it doesn't exist."

"The Richter real estate structure appears severely cash-constrained. Holding illiquid assets while facing liquidity demands during a margin call creates a dangerous mismatch."

"I would prefer the $1 of Cost Synergy because it flows entirely to EBITDA. By contrast, the $1 of Revenue Synergy will likely incur COGS, so less than $1 will flow to EBITDA."

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"INS’s note in its 10-K also states that Flexopt subsequently entered into a processing agreement with CoreCard (remember, INS owns CoreCard), for an unspecified dollar value."

"If we look at our bad case scenario, which in our opinion is more realistic due to the worsening economic environment, we are looking at a 49% decrease in 2020 rental income."

"Despite significant share price volatility since the 2016 US elections, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"According to our calculations, as discussed in Appendix A, since GSHD went public in 2018, the failure rate for signed first-year franchisees has increased from 56% to 67.4%."

"We think that without these contracts handed out via political favors, IONQ would never have been able to accelerate past its competitors in terms of traction with investors."

"When the company went public as SMART Global Holdings in 2017, continued growth and opportunity in the Brazilian memory business was pitched as the investment thesis for SGH."

"Under 3G management, Heinz expanded global gross margins by ~600 bps and Europe gross margins by ~1,100 bps in just two years without a material additional capital investment"

"White Diamond’s New Findings will prove why AXDX’s Pheno system is unlikely to realize the revenue the street is expecting. The issues we have found have been missed by most."

"EHang Guangzhou, which holds most of EH’s assets and operations, has 95% of its equity frozen by a Chinese court as part of an ongoing lawsuit filed by one of EH’s creditors."

"Spruce Point has a track record of producing critical and thought-provoking research related to highly promoted public companies in the Canadian gaming and technology space."

"We are troubled by extremely low staffing levels, particularly at senior levels and during 2020, a year when the Company grew nearly 140% and posted $263 million in revenue."

"We believe this is additional evidence of financial control concerns at GFL, or at worst management cherry-picking more flattering figures to sell the WCA deal to investors."

"“Dongfang Trading Co. Ltd in the most recent two years almost doesn't have any revenue,” the aforementioned tax bureau insider informed me, “It's just like a shell company.”"

"What did CEO Jagdfeld know before entering into a second 10B5-1 program as dealer growth stopped, margins subsequently collapsed, and working capital and liquidity worsened?"

"Is Carvana’s business model really so radically different that it can take out more than half of all SG&A (ex-advertising) from the standard used auto dealer cost structure?"

"Does the recent reduction in Ally’s financial commitment to Carvana suggest that its new auto finance team is applying greater scrutiny to its relationship with the Company?"

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Spruce Point believes the $200m is an identical last ditch effort seen at Sears, JCPenney and Circuit City, before things go really bad and each retailer fell into distress."

"Greenlight believes that Allied wants to legislate its own regulatory treatment, where it gets the best benefits of being a RIC or an SBIC on a line item by line item basis."

"We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers"

"We estimate the opportunity to improve EBITDA through implementing procurement and supply chain discipline and improving execution around food waste is $75 million, or more."

"A key feature of the largest frauds is often the backing of a famous investor or corporate partner, in this case VW - "the smart money" - that lends credibility to the scam."

"LLZO is a challenging material to work with. It's a little difficult to synthesize, and it can be difficult to get good interface transport of lithium across the boundaries."

"Because CPI PG apparently under-reports vacancies and tenant turnover in these top markets, it stands to reason that such misrepresentation is endemic in CPI PG's portfolio."

"In 2008, Target’s net write-offs as a % of average receivables increased to 9.3% from 5.9% the year prior. This compares to 5.7% for Target’s credit card competitors in 2008"

"The “World’s Most Powerful Quantum Computer” Is A Hoax With Staged Nikola-Style Photos – An Absurd VC Pump With A Recent Lock-Up Expiration Takes SPAC Abuses To New Extremes"

"IonQ’s trapped-ion technology is doomed by “pernicious” error rates, a key performance metric and fatal flaw in contrast to misleading benchmarks that portray errors as low."

"Although the purported UMD Q-Lab already appears to be IonQ’s key source of revenue and bookings, he indicated the lab remains in the planning stages and is not operational."