Callouts & quotes from 26,677+ activist slides

"Whether or not the rate / volatility environment ever returns to historical levels, the new regulatory world requires BNY Mellon to reconsider many aspects of the Company:"

"By voting for Trian's two nominees, Nelson Peltz and Jay Rasulo, you can help restore the Board's focus, alignment and accountability and help Restore the Magic at Disney."

"We believe GY's excess real estate is worth ~ $370m today, and potentially much more as real estate markets recover and the Company makes progress on its development plans"

"AGO still has $12.6 billion of exposure, of which $3.4 billion is “below investment grade” including significant subprime exposure, but only $100 million of loss reserves."

"Based on our many conversations with Bristol-Myers management, we believe management is assuming ~$18 billion revenue contribution from Celgene's pipeline products in 2028"

"Kao's Consumer Products sales have yet to return to pre-COVID levels. Peers have grown their consumer goods revenues by over 10% on a quarterly basis over the same period."

"We believe investors have lost sight of Samsara’s failed attempts to expand beyond its narrow fleet applications since the efforts were abandoned before the Company’s IPO."

"We see at least 45%-75% downside in Samsara shares, and that doesn't factor in the growing risk that its China supplier Quectel is blacklisted and causes major disruption."

"If COGS are overstated in this way, then profits and sales must also be greatly overstated – over the preceding three quarters, possibly by hundreds of millions of dollars"

"Since the net worth sweep took effect, the GSEs have paid $148bn of dividends to Treasury, which is $124bn more than they were required to pay under the original agreement"

"In 2004, after LIN restated its financials for lease accounting (among other things) it specifically increased future minimum lease payments to include executed contracts."

"Management has spent $1.6B on M&A since the financial crisis to grow operating cash flow from $519M to $557M in ten years, for an operating cash flow CAGR of less than 1%."

"There are frequent calls to regulate and restrict energy drinks due to health concerns. Some countries have recently cracked down on energy drinks in relation to children."

"As a result of its controlled ownership, MPC property development is much less exposed to the boom / bust cyclicality of stand-alone, smaller-scale real estate development"

"HHC’s MPCs are superbly located large-scale communities, acquired by HHC decades after hundreds of millions of dollars of capital was invested to establish the communities"

"We think the likelihood of an Aurora microreactor emerging as a preferred option to drive the volumes needed for sustained learning and cost reduction is exceedingly slim."

"Based on an industry accepted measure, we find SMCI's cash conversion has been worsening in the past few years and is well above management's "target" range of 85-90 days."

"We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged"

"Huntsman not only has the worst ESG rating among Primary Peers, but is also unique in being the only company among its Primary Peers to receive a recent ratings downgrade."

"We conclude that the real green technology at XL is duping investors into throwing money at this company through a collection of exaggerations, half-truths, and mistruths."

"Our consultant interviewed 18 mobile gamblers, 11 of whom gambled on Pokermaster. Players considered the app one of, if not the most, popular poker gambling apps in China."

"We've even uncovered multiple FTC complaints via FOIA requests that have been submitted by former WFG recruits who detail how they were pressured to buy a policy from WFG."

"Petitioner is therefore requesting that the FDA withdraw approval of Wakix (pitolisant) and undertake additional remedies, as detailed infra (Section A: Action Requested)."

"Between 2006 and 2009, Herbalife possibly disciplined about 10, but fewer than 25, distributors for violating the 70% Rule (fewer than 1 out of every 100,000 distributors)"

"Note that "Level 0" items are a thinner, ¾" thick product. No contractors recommended buying Quartz this thin as it was much more prone to cracking from impacts or weight."

"While these efforts may be less exciting than announcing Uma, Upwork's mindful AI, this foundational work is critical to the Company's future success and needs to be done."

"Intuit generates $1.2 billion of revenue from fundamentally less attractive sources that we believe should be valued at a multiple dramatically lower than the current 11x."

"Should investors interpret accelerated executive turnover and heavy insider selling as a signal that management is preparing to re-set investor expectations for the worse?"

"Should investors interpret accelerated executive turnover and heavy insider selling as a signal that management is preparing to re-set investor expectations for the worse?"

"We believe that the strategic rationale for the Red Lobster Separation provided by the Company in its recently filed investor presentation is incomplete and highly flawed."

"On net, this adds 6-14 hours vs. direct OTR transport, and depending on arrival times and customer schedules, things can get pushed out a further 12 hours to the next day."

"Even in the midst of one of the strongest bull markets on record, favoring technology companies, FSCT shares appreciated little since the Company went public in late 2017."

"The struggles in Spine correspond with the segment reporting change, whereby Spine is put into a larger bucket, potentially masking its declining performance (next slide)."

"In 3 of the last 4 quarters, the conversion was 26-30% - indicating that 70% of reported net income is just accrual estimates and assumptions in a spreadsheet versus cash."

"TAL purports that it purchased this 36% block for a total of $32.7 million, at a fair value of $103.7 million, which generated a valuation gain of $25.2 million in FY2017."

"The CFO's recent track record of value creation is highly suspect. Since 2006, he's been involved in numerous advertising platform companies, none of which have succeeded."

"There is evidence that ROAD's contract mix is both getting worse and on average taking longer to complete, which could indicate that it is stuck with underperforming jobs."

"We have the ability to consummate the transaction on an accelerated basis and are prepared to enter into a confidentiality agreement and commence our due diligence review."

"These companies are crawling along the bottom, trading at very small multiples of prior peak earnings, because that capital spending is not poised to recover anytime soon."

"To assess the authenticity of BEKE's reported GTV and associated commission revenues, we wrote a program to collect the publicly available booking data on BEKE's platform."

"In this city alone, site visits and field work indicate that BEKE overstated the store count by 59% by keeping branch SAIC registrations current while not actually stores."

"If private prisons can capture just 25% of the incremental growth in the U.S. inmate population, CXW should achieve >98% occupancy in its Owned & Managed business by 2012."

"PGNY's largest customer in 2018 accounted for 24% of revenue, meaning the Company would require over 30% revenue growth just to replace revenue from its hypothetical loss."

"TIP REIT has many of the same features of Treasury Inflation Protected Securities (TIPS). However, TIP REIT has the added benefit of a growth platform and no “Phantom tax”"

"One, the Honeywell obligation, second, just these two business units being together, created some weird kind of blended financials that were hard to wrap your arms around."

"We noted our belief earlier that the agreement ensures Ginkgo’s control over Allonnia’s day to day operation, while allowing it to continue the charade that it’s separate."

"After the famed “Foundry,” the second part of Ginkgo’s magic and IP is it what it calls its “Codebase,” the actual substance of which is once again cloaked behind the hype"

"As larger customers continue to grow their share of PBH's revenue, it may become more difficult for PBH to offset the pricing pressure by raising other customers' pricing."

"Why should investors include it as a component of liquidity when management won't even represent it as a component of restricted cash, to say nothing of unrestricted cash?"

"While Pershing Square believes Chipotle remains a great business with a long growth runway, the wide range of potential future outcomes led us to sell our remaining shares"

"Based on Wilson's comments, Element AIM is expected to contribute $24-$27 million in revenue in 2022. Given the history of delays and obfuscation, we are highly skeptical."

"One of Nevro’s biggest implanters had about 300 Nevro devices implanted and he didn’t know that they were all failing because the reps were fielding all the patient calls."

"It has been clear for some time that PwC will never issue an unqualified audit opinion. NQ’s statement that PwC has requested a broader audit scope is a misrepresentation."

"This report first analyzes the pillars of the investment case for Ströer by closely analyzing its financial performance, and dissecting how it reports the numbers it does."

"The majority of ROVI’s limited “growth” in “core” product revenue is due to subscriber growth at ROVI’s customers, not ROVI acquiring new customers or selling new products"

"Engaged Capital's work with other portfolio companies has resulted in the successful implementation of 77 value creation initiatives in the last two and a half years alone"

"Our Value Optimisation Plan is designed to unlock Capricorn's intrinsic value of 315 pence per share in the near term and a further 85 pence per share over the medium term"

"We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged"

"Ultimately, the lack of recognition for HHH’s portfolio and accomplishments by the market led to our decision in August 2024 to evaluate potential transaction alternatives"

"Q1'25 marked the lowest gross margin quarter for Limbach's ODR segment since Q1'23. The margin decline raises concerns over the sustainability of Limbach's margin profile."