Callouts & quotes from 26,677+ activist slides

"We engaged a former CIA behavioral analyst and polygrapher to analyze Ströer’s written response and the transcript of the call. He found numerous indicia of deception."

"Pershing Square exited our investment after prospective returns became more modest following a total shareholder return of 73% in the 19 months that we owned Starbucks"

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

"Significant share price underperformance driven by declining same-store sales and recent store repurchases that earn a return below Buffalo Wild Wings' cost of capital"

"We believe international franchising could add ~$50-80+ per share in value over time, which would accrete significantly from additional capital allocation efficiencies"

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"Public real estate companies have access to multiple financing options unavailable to private real estate companies, including public equity and public unsecured debt."

"The Ghanaian investment appears to be overvalued particularly when compared to their discounted cash flow model valuation and the unjustified increased purchase price."

"It remains unclear how Procept accounts for costs associated with system rentals, and we suspect such activity may be contributing to recent increases in gross margin."

"Tessera's current strategy of developing and selling products in Digital Optics creates a clear conflict as customers for Digital Optics may also be licensing targets."

"When asked about long-term EBITDA margin potential, we observe that Dycom's former Chairman & CEO's response has become less specific and increasingly vague over time."

"ADP does a real good job of trying to look at ways to maximize margins, but you do it on a cadence that perhaps isn't at a pace that we are going to try to accelerate."

"In our opinion, the implied EBITDA multiple of ~20x (based on the purchase price of C$985m and LTM EBITDA ~C$50m) is evidence Canadian Tire over paid for a lousy asset"

"If achieved, the $14 billion 2025E mid-cycle EBITDA target translates to $9 billion of free cash flow, which at a 10% free cash flow yield implies a >$205 share price."

"Olive Garden has proven it can overcome much more severe problems than it is facing now – it is time to give Olive Garden the leadership it needs to succeed once again"

"A 10-year, $10 million agreement by IPX to fund research at the Titanium Additive Manufacturing Center has not been disclosed or discussed in IPX’s securities filings."

"Between the July 2025 Quarterly report for FY 2025 and the FY 2025 Annual Report, total acres, owned acres, and acres subject to long-term lease were modestly revised."

"Burford's 2019 financials use reclassification, redefinition to inflate cash receipts, operating profit, and to otherwise present a misleading picture of the business."

"The fact that DZTD Wealth and DZSQ inherited this fairly real P2P lending business from BJ SYX matters because it further shows how blatantly made up CIFS's books are."

"Consequently, if employees work one fewer day on average at the office and companies adopt hoteling of office space, demand for office could drop 20% as leases expire."

"Rather than use the same prototype for each test, the QS fine print shows a mishmash of cell types, sizes, temperatures, and charge rates – or omits key info entirely."

"Dendrites are one of the biggest obstacles in making solid state lithium metal batteries, preventing progress for >50 years. QS claims to have a breakthrough solution."

"To get to a 32.1% increase, it seems the weighting system must have heavily skewed towards the upside while setting the weighting of any downside factors to near zero."

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

"Autodesk committed to generating $2.4 billion of FCF in FY2023 and double digit FCF growth from FY2023 through FY2026, implying a minimum of $3.2 billion in FY2026 FCF"

"McDonald's' supply chain is both dependent on a stable climate while also significantly contributing to the very GHGs that drive impacts, furthering its own precarity."

"The Ford/Blackberry partnership is well known, but Chen would not have responded "likely" if he did not believe BBRY was on the cusp of a transformative change in QNX."

"Elanco has failed to achieve any of its margin targets in the timeframe set forth at its IPO, at the announcement of the Bayer acquisition or at the 2020 Investor Day."

"Olive Garden has proven it can overcome much more severe problems than it is facing now – it is time to give Olive Garden the leadership it needs to succeed once again"

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"The Company's underperformance relative to its peers and the broader market with respect to total stockholder return is evident over nearly every relevant time period."

"AMR’s discounted multiple reflects our belief it has a lower quality asset base and our concerns around the accuracy of the financial reporting which we’ve documented."

"Given the progress made so far with the executive search firm and the strong pipeline of candidates, we are confident a full-time CEO will be hired within eight weeks."

"What is the point in overcoming the conflict of interest by asking a third party to vote the shares using BlackRock’s (weak) policies on the Lead Independent Director?"

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

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

"Re-energizing TICO's mid-tech forklift offering is a strategic move to defend market share in growing markets, amid rising pressure in APAC and EMEA from low-cost OEMs"

"Twist is slow, sub-scale, can’t meet order timelines; “always been slower” than competitors; need “a really long time” to deliver; giving orders to competitors instead"

"Oligos are much more of a commodity. Oligos are just very short gene fragments. They are easy to make, they're cheap, and they're much more of a commodity than a gene."

"Ever Alpha L.P. struck us as a bizarre entity, with no website or other details we could locate, except for an SEC filing stating it’s domiciled in the Cayman Islands."

"Unified Rio Tinto can crystallise c.US$4bn in latent franking credit value for shareholders with an enhanced capital return through a one-time franked special dividend"

"P&G's TSR of 24% since David Taylor took over as CEO is 2% higher than the peer average, but he took over after a one-year period where P&G underperformed peers by 31%"

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

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

"This can lead to major understatements when the market value of a property is well above its original cost, and often occurs when the property in question is very old."

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

"Improving Norfolk Southern's worst-in-class Trip Plan Compliance, which currently stands at just 76.5% for the Merchandise vertical, is among his immediate priorities."

"As of the time and date of this report, Muddy Waters (defined below) is short the securities of, or derivatives linked to, Applovin Corporation (the “Covered Issuer”)."

"Ballard's partner Broad Ocean had previously announced a similar investment plan in Wuhan and that has now been cancelled and replaced by Shenzhen Centre Power Tech Co"

"Fareva received a Virginia air violation in January 2023 and an EPA civil enforcement order in 2021 for numerous violations related to the handling of hazardous waste."

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

"Disney's overall ROIC significantly underperforms its self-selected “media industry” peers despite generating 70% of its operating income from its Experiences business"

"The least believable account balance above is advances for inventory. The advances for inventory are far too many times the raw material balance to be taken seriously."

"The creation of SeparateCos would provide divisional management with freedom of strategic movement to pursue growth initiatives for the sole benefit of the SeparateCo."

"Notably, Axon has reported a material weakness in its U.K. subsidiary post acquisition, which should be alarming given it was a small acquisition of just $3.3 million."

"Search activity on Google Trends is down materially over the past four years, suggesting either (or both) an oversaturated market or lost mindshare among US consumers."

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

"SGHC has a history of material weaknesses and recently changed its auditor from BDO to Deloitte in 2025. The Company claims to have remediated its material weaknesses."

"The GSEs' balance sheets do not reflect the ~$32bn in annual net revenue they will receive from g-fees on their existing ~$7 trillion of outstanding single-family MBS."

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