Callouts & quotes from 26,677+ activist slides

"Importantly, analysts appear to anticipate steady growth through the near-to-medium term, despite the challenges which Dexcom appears set to face from mid-FY19 through FY20."

"Ultimately, this was not an expansion or extension of the AstraZeneca and Tempus agreement, but rather a reduction in AstraZeneca's future spend under the original contract."

"Regardless of which board shareholders choose, the Community Proposal will be put to a shareholder vote so all holders of record may decide the merits of selling the company"

"New stores look nothing like the images BOOT has shown investors. In fact, we see no consideration given to uniform branding and styles which could cause customer confusion."

"Opposing the Veritas transaction is not something we are doing lightly. We feel compelled to do so, in this particular case, because of the egregiousness of this transaction"

"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."

"Maxar is already pushing out its deleveraging process, as illustrated with subtle revisions to a key chart it used to sell investors on its ability to rapidly pay down debt."

"If there is one simple way of showing what a mess NMC's financials could be, it is the failure to disclose over $350 million of operating lease commitments prior to H1 2019."

"TAL needs to stop playing games with its disclosures and clearly tell investors what respective Peiyou online and offline enrollments and ASPs were FY2017-FY2019 by quarter."

"We are seeking to liberate TIM from a new controlling shareholder who is using its 18% economic stake in TIM to benefit Vivendi at the expense of TIM's minority shareholders"

"Vivendi has had issues with management... and appointed conflicted directors... who focused on Vivendi's interest over TIM... and as a consequence has destroyed value in TIM"

"The fact that 91% of HASI's dividends are admittedly Returns of Capital (versus ordinary income) shows the stark difference between Distributable Earnings and cash receipts."

"JP Morgan is targeting significant net cost reductions in its Corporate & Investment Banking division between now and 2017 (versus significant expense growth for BNY Mellon)"

"Celgene's marketed products will mostly be in run-off by 2028, such that Bristol-Myers management ascribes no terminal value to the marketed products in their DCF valuation."

"After normalizing the capital structure between standalone and combined Bristol-Myers, we show that standalone Bristol-Myers will generate higher earnings per share by 2023."

"Despite surging growth and inflation, Economy X’s monetary policy mirrors that of the United States with a near-zero interest-rate policy and large amounts of money printing"

"Because the Basic Law requires the HKMA to back its Monetary Base 100% with international reserves, printing money could severely limit the HKMA’s future revaluation options"

"Compare the track record, background and experience of Fred Green and the current Board... with the track record of Hunter Harrison and the potential contribution of the NMC"

"HHC’s future developments will likely create substantially more value than recent developments because they will occur in more mature, higher density MPCs with higher rents."

"The two greatest days of DuPont share price outperformance since 2009 were i) the release of Trian’s White Paper in 2014 and ii) the day Trian’s stake became public in 2013."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION."

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"TWC could potentially maintain its investment grade rating with a target leverage ratio of up to 4.75x debt/OIBDA; at 4.75x - 6.0x TWC would be likely rated Ba1/BB+ or lower"

"We believe DV made confusing statements about its international exposure. The international percentage was not of total revenue, but of the Direct (now Measurement) segment."

"Spruce Point participated in the WFG recruiting process to get a better perspective. The recruiter made a strong point to mention WFG was not a pyramid or MLM several times."

"McGraw-Hill's segments exhibit distinct financial and qualitative characteristics with different end market, growth, margin, capital intensity, ROIC and regulatory profiles."

"At DuPont’s 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change."

"Samsung Electronics lags far behind its global peers in terms of board composition - as regards independence, the relevant experience of current board members and diversity:"

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"Sixteen entities tied to China (18%) vs. (twenty in the U.S. (34%) and twelve to Switzerland (5%) illustrates the relative organizational complexity level to external sales."

"The two greatest days of DuPont share price outperformance since 2009 were i) the release of Trian’s White Paper in 2014 and ii) the day Trian’s stake became public in 2013."

"The 2016 figures reveal aspects of AKG's aggressive mining. Not only was 26.2% more ore extracted without delivering the gold, but it also removed 16.5% less waste material."

"This appears to be the extent of Skymoons' technical capabilities – if this company is actually worth more than RMB 2 billion, then the world is much richer than we thought."

"That's where we expect Aurora to trade, and where we believe it will as the limits on autonomous trucking become clear and the air comes out of the tires of autonomous hype."

"I think it still needs further development. Many things could be improved. In the current stage, I definitely don't think it will replace the traditional hybridoma approach."

"IQVIA is the largest CRO, they are in the business of acquiring and merging with companies, so Berkeley Lights is not someone we really want to invest in or partner up with."

"Peloton justifies this by saying the app is a lead gen source yet the company admits that less than 10% of digital subscribers end up purchasing a connected fitness product."

"The teacher recruitment ad below shows Shujia marketing itself as GZ 1-1 and still as part of TAL, or specifically as “Aizhikang” and under the “Haoweilai” (TAL) brand flag."

"We are suspicious of management’s wording in the above extract, where Dalton Gooding alludes that the current board were not made aware of the Galderma contract termination."

"Major oil companies who do much of this work in-house rely on Core for analysis of their most complex reservoirs, where Core has earned a reputation for being best in class."

"Analysts were so convinced that at year-end 2014, after oil prices had already been cut in half, they still projected that Core could maintain earnings through the downturn."

"Over two-thirds of this segment’s revenue comes from products rather than services, which makes Production Enhancement a typical commodity-price-sensitive oilfield business."

"This Deyou store registered in the location of a missing Lianjia store appears to be pulling double duty – doubling up as a Lianjia store and being counted as a Deyou store."

"TIP REIT stock can be valued as two entities: (1) an Inflation-Protected Secured Bond that is nearly identical to TIPS and (2) a Land Developer with a stable growth platform"

"Spruce Point believes that much of REZI's dysfunction in financial and operations results from its lingering issues with implementing an Enterprise Resource Planning system."

"A Capital IQ search for healthcare companies globally >$100MM revenue and >$500MM market cap yielded about 500 results – and only 2 companies with margins worse than Ginkgo."

"there was real pressure to produce, to do work in the Ginkgo foundry to produce revenue in their foundry that would have no real value for [key related party name redacted]."

"Thus, we can say with confidence that management issued an inaccurate measure of amortization expense, potentially to misguide investors to optically deliver better results."

"We believe that when SOFI restates this borrowing, it will also restate ~$1 billion of previously reported EBITDA; and, its capital ratios will be restated materially lower."

"Why didn't management provide updates on admissions growth at Almost Family for two straight quarters? Why does it continue to refrain from discussing year-over-year growth?"

"He added that Nevro’s recent Omnia launch, which essentially repudiates the high frequency message it’s pushed for a decade, renders the company as “hypocrites” and “liars.”"

"Using a similar standard, Kao external directors whose most senior role is running a local subsidiary of a multinational with less than 1,000 employees would be unqualified."

"When asked on the April earnings call about athena having to cut its already negative-margin pricing structure for this new offering, Jonathan Bush was his ever-candid self."

"A recent sampling of real estate prices around the country shows that the median asking price of Wendy’s restaurant real estate (land and building) is nearly $1.4mm per unit"

"Assuming $160mm of cost savings and a valuation multiple of 10x – 10.5x EBITDA, Wendy’s would be worth $49 - $52 per share, a return of 75% - 85% percent from current levels"

"It's hard to keep up with all the hyperbole, so let's take each of these claims in turn. The idea that “other services” will now be interested in the SRR is just ridiculous."

"Vitek extinguished debts in the tens of millions of euro his proxy-owed entity owed to CPI PG. He then possibly extracted even more cash by selling a receivable back to CPI!"

"By having IP addresses, timestamps, and user identifiers, we were able to perform data analysis and bot detection across a number of classes on both Genshuixue and Gaotu100."

"Ex-employees told us he is unlicensed to practice medicine in the US, yet seems to do exactly that, along with other dubious conduct alleged by customers, that we’ll get to."

"TransMedics has been reported to hold its device hostage, withholding access to lifesaving technology unless hospitals agree to utilize TransMedics aviation's costly planes."