Callouts & quotes from 930+ activist slides

"Logic would suggest that Momo's rate will come down to match peers over time"

"ATTRACTIVE EARNINGS STREAM IN-LINE WITH HIGHLY VALUED PUBLIC MIDSTREAM PEERS"

"PepsiCo EBIT margin before advertising expense is well below the peer group"

"Kao Captures Less Upswing and More Downswing of the Asian Market than Peers"

"Vertiv has significantly underperformed its peers over the last two years."

"The Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers."

"Autodesk spends more than 1,000bps more than peers on operating expenses."

"These combined investments pale in comparison to what peers are spending."

"GCP is significantly higher than best-in-class Sika and other close peers"

"A peer analysis below shows AMR is an outlier at almost 3x the industry."

"The Company's valuation multiple versus peers has also FAILED to improve"

"The Company's valuation multiple versus peers has also FAILED to improve"

"Compared to its peers, Bayer is less exposed to future pricing pressure."

"IF P&C’s qualities merit a premium multiple vs. publically listed peers"

"McDonald's has the lowest CDP Climate Change score out of all its peers"

"The peer group has an average revenue close to 2.5x the revenue of DND."

"Direct Peers have all grown operating margins while GCP's have declined"

"Direct Peers have all grown operating margins while GCP's have declined"

"Deckers has underperformed its proxy peers by 31% over the last 3 years"

"Deckers has underperformed its proxy peers by 85% over the last 5 years"

"We believe BILL has best-in-class gross margins, ahead of peer median."

"Target of growth + margin of only 42% vs. current peer average of ~50%"

"Salesforce can continue closing the gap to peers on S&M efficiency"

"GCP has lagged peers every year since spinning off from W.R. Grace"

"Salesforce can continue closing the gap to peers on S&M efficiency"

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Target falls short vs. refining peers that are offering ~100% FCF"

"Target falls short vs. refining peers that are offering ~100% FCF"

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Target falls short vs. refining peers that are offering ~100% FCF"

"Salesforce should, at a minimum, be in-line with the peer median"

"Bristol-Myers profitability significantly lags that of its peers"

"Recent results have been significantly worse than peer railroads"

"Salesforce should, at a minimum, be in-line with the peer median"

"Of Keisei's six peers, five have split the Chair and CEO roles."

"Viacom's Recent Financial Results lag their peers significantly"

"Yet, MGNI trades at a lofty 13.6x forward sales vs. 8.0x peers."

"Target is currently trading near the midpoint of its peer group"

"2016 peer median = Arconic’s assets should produce $18 billion"

"Bottom quartile among peers in returning cash to shareholders"

"Huntsman's margin deficit versus peers has WORSENED over time"

"Huntsman's margin deficit versus peers has WORSENED over time"

"Huntsman's margin deficit versus peers has WORSENED over time"

"Huntsman’s margin deficit versus peers has WORSENED over time"

"Huntsman's margin deficit versus peers has WORSENED over time"

"Dividend growth over last 5 years has outpaced that of peers"

"Hess has lowest exposure to N.A. gas of any independent peer"

"Dillard's Shares Underperformed Peers By 200% From 2000-2007"

"Peers have successfully refranchised in a number of markets"

"Peers have successfully refranchised in a number of markets"

"BILL’s ‘Rule of 40’ score is less than half of peer levels."

"ACMR Trades at a Massive Discount to U.S. and Chinese Peers"

"HMC Discount vs. peers: (26%) Kia Discount vs. peers: (73%)"

"Interest expense absorbs only 5.8% of Peer EBIT on average"

"PepsiCo EPS growth has materially trailed peers since 2006"

"Post Elliott’s involvement, outperformed peers by ~150%"

"GoDaddy has 3-5x more customers than its public peers"

"Sensai is tiny compared to peers, it has room to grow"