Callouts & quotes from 26,677+ activist slides

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"The Access business has experienced significant declines in subscribers and revenue as users migrate to competitors' high-speed broadband and low-cost dial-up services."

"The implied value per TWX share represents a 35% - 54% premium to the current TWX stock price - implying aggregate incremental value of approximately $30 - $45 billion."

"Not surprisingly, the registrant organization for Pokermaster.com was changed from an undisclosed Momo VIE to Domains By Proxy, LLC post the release of the CCTV expose."

"In order to develop a deep, unbiased, understanding of the outlook for Momo's Live Video business, Spruce Point's consultant interviewed 18 agencies and 6 paying users."

"Peanut Butter was first or second in every category in the survey from Inverter Expertise to Customer Support to Technical Pipeline, and my favorite, Market Aggression."

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"PSH's long-term debt management strategy is to manage leverage over time by increasing NAV through strong performance and laddering its maturities through new issuances"

"We note that Mailchimp login page trends have lagged even the performance of Constant Contact, which is widely viewed as an incumbent leader now losing share to others,"

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"「トロフィーは誰も出入りしないキュービクルに置いてあります。当社としては騒いだりするような出来事ではありません。PRのためにニュースリリースを出しますが、社内では特に話題になっていません。ところで、今の時代においては、インテルは決して最先端な企業ではありません。したがって、インテルが賞をばらまいても、誰も……。全く価値のないものです」"

"Results for the high-grade oxide sample (LEACHMET 4) were even worse, achieving recoveries of 69.0% or less of the silver at lower temperatures and cyanide consumption."

"In Stryker's discussion of its valuation of Wright's assets, it doesn't draw attention to inventory and claims no material adjustments were made to the final valuation."

"As alluded to in the Glaucus report, the data is sourced by “independent consultant” Dr H S Anantha Padmanabha, who is also a biology and plantation consultant for TFS."

"Warning: When comparing Magnite's 2020 results with The Trade Desk (TTD) and PubMatic (PUBM), we see further evidence to suggest something abnormal happened to Magnite."

"Rollins Recently Settled With The SEC For “Improper Earnings Management” But We Find New And Significantly More Troubling Reasons Not To Trust Their Financial Reporting"

"However, the data shows that the problem may not be growing at all. In fact, even according to Rollins' own reporting, annual termite damage is flat / down in 10 years."

"Because of constraints in new public prison construction, private prison operators were able to capture 49% of the incremental growth in U.S. inmate populations in 2007"

"A Google search for anything related to portable oxygen concentrators will bring you to the top paid ads of 1st Class Medical who also owns LPT, The COPD, and SpryLyfe."

"We see approximately 55% – 80% downside risk ($24.50 to $55.85) per share to BG's share price and expect it to underperform the agribusiness industry and equity market."

"As we discuss in a later section, we think that related party “customers” like Kalo Ingredients are fronts for Ginkgo and its revenue is therefore an elaborate fiction."

"Allonnia financials buried at end of SPAC prospectus show $24.5MM of R&D expenses in 2019, simultaneous with Ginkgo booking $24.5MM of deferred revenue from the entity."

"The ex-executive elaborated that Ginkgo has “no real differentiating technology” on the back-end either, and little ability to scale fermentation and strain production."

"The Proposals include the following key elements: Recast the HMG Restructuring Plan to achieve a simpler, more efficient and more transparent holding company structure."

"Spruce Point is concerned that the anomalies and obfuscations which we observe in LHCG's filings may be the product of a weak financial function headed by an unfit CFO."

"花王の経営陣は、花王には国際的競争力のあるブランドや商品があることに気付いており、何をすべきか把握しているにもかかわらず、それをしないという決断をしています。経営陣には、真の潜在価値を発揮する意欲と戦略的展望が欠落しています。花王には世界トップレベルになり得るブランドがありますが、経営陣はそれに見合う水準にないと判断せざるを得ません。"

"Spruce Point believes the airlines could be the biggest threat to CLEAR as they have both the influence of the airports and the capital to donate the eGates to the TSA."

"We believe there is further reason to be suspicious of CLEAR's revenue quality. The Company gives inconsistent descriptions of the factors driving the revenue increase."

"While taking pricing up 20% in one go is tricky, 5% price increase backed by proper marketing would lift operating margins 3% for these SKUs based on our estimatations."

"The anticipation of a tax repatriation holiday allows companies to tell their shareholders that bringing the cash back too soon would be a 'waste of shareholder money.'"

"Not only are its key products in growth mode, but Bayer also has a favorable patent cliff, with nothing significant expiring for many years including Eylea and Xarelto."

"Again, none of the buyers had even heard of CCME, which is profound considering that three of the buyers purchase slots on intra-city bus operators VISN and Bus Online."

"The SRR contract that Red Cat won in November and preemptively announced without the Army’s permission is much smaller and less favorable than management has intimated."

"We believe Danimer's business is a closer comparison to traditional chemical and plastic companies than the waste businesses that the Company has selected as its peers."

"Surely even the most bullish investors must understand that the suspension of DWAC's S-1 registration statement likely eliminates the possibility of a DWAC-TMTG merger."

"In our experience, poor performing companies commonly blame weak operating performance on asset quality when it is, in fact, driven by an ineffective operating culture."

"Elliott has nominated seven highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions."

"Elliott has nominated seven highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions."

"Our concerns about Adj. EBITDA quality are amplified by the fact that management is heavily compensated on hitting seemingly arbitrary and inflated Adj. EBITDA targets."

"They absolutely would take it because it represents - even if it's a wash financially, it gets your numbers up, particularly if you're not already a high-volume center."

"Proposed CEO Jim Barber has a track record of growth and significant experience in operations, supply chain, strategic planning, employee relations and risk management."

"The Board and management's flawed response is costly: Norfolk Southern has reserved $1.1 billion in charges so far as a result of the 2023 derailment in East Palestine."

"I'm worried that [the satellite] will shake itself apart and create a giant cloud of debris that will last for 10-15 years and I'm not usually a big space junk worrier."

"In terms of profitability (or lack thereof), Carvana has historically made money selling used car loans at a premium while losing a tremendous amount selling used cars."

"At Sony's current share price the stock is trading at a 7% (12% normalized for semiconductor growth spending) unlevered free cash flow yield, based on this FCF guidance"

"Because cloud infrastructure can be rented from MSFT/AMZN/GOOG, we think having access to that infrastructure is not a critical differentiator for any streaming service"

"Stated that Vykat’s rep failed to explain why physicians couldn’t use generic diazoxide suspension instead, which is already used extensively for infant hyperinsulinism"

"Total shareholder returns have significantly underperformed large-cap snacks and beverages peers (along with the consumer staples index) over an extended period of time"

"The clear pattern of the drug’s toxicity, combined with extensive comorbidities in narcoleptics like obesity, diabetes, and cardiac issues, sets the stage for disaster."

"Patients posts on Facebook groups corroborate KOL’s concerns of flooding the spine with high frequency, indicating alarming and widespread problems with Nevro’s device."

"Increases alignment with shareholders (i) represents substantial incremental investment by management, and (ii) fees to investment manager reduced by approximately 8.5%"

"This apparently caught the attention of someone at Moxian, who finally filed the annual report due 10/31/2020 on 06/09/2021 - almost a month after this was made public."

"Given the lack of meaningful profitability or growth throughout this brand portfolio, the remaining goodwill of €257.5M on HelloFresh’s balance sheet appears excessive."

"There are several flaws of the DCF analysis. First, it's entirely dependent on assumption inputs. These inputs, such as growth, margins, and CapEx, are very subjective."

"RILY essentially paid ~$50 million to close the deal so that it could receive ~$50 million in fees on its income statement in what appears to be a circular transaction."

"SGH's baffling diversification strategy since mid-2018, after the WTO ruling became clear, is incapable of back-filling the loss of its subsidy-dependent profitability."

"This makes us think that adding a module is almost as expensive as adding another Pheno system, because the savings on the shared Computer and Screen are insignificant."

"The effective result of EH's conflicting claims is two different sets of beliefs between investors in the US and investors in China – neither of which is actually true."

"I’m telling you, the problem...started two years ago and they said that we cannot ship...they are not shipping because it’s a liability...it’s consuming all the margin."

"They found no evidence, indicating once again that its only purpose is finished goods storage and that the wrapping is not being removed for any testing or fine-tuning."