Callouts & quotes from 26,677+ activist slides

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

"Therefore, we believe that neither of management’s stated reasons for its overwhelming revenue contraction offer a robust justification for its lackluster performance."

"On our pandemic adjusted sales numbers, and assuming a generous 3x sales multiple, we could realistically see Forescout shares 50%-60% lower than your $33 offer price."

"If all aspects of our value creation plan are implemented by the company, and if Alibaba continues to recover, we believe that Yahoo’s shares may trade over $100/share"

"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?"

"We believe Macy’s has an opportunity to create massive value for the benefit of all shareholders by strategically monetizing its highly valuable real estate portfolio."

"Similar to other balancing changes made in Olam’s audited reports, we do not see how this could be a simple reclassification because there is no apparent relationship."

"FTAI’s Aerospace Products EBITDA margins are inflated because hundreds of millions of cash costs are incurred by the Leasing segment rather than in Aerospace Products."

"We have found one instance in which it is almost certain that DLO fraudulently changed its accounts in order to disguise the facts of a particular set of transactions."

"Pulse take-rate is accelerating, reaching 39% of internal gross adds in the June quarter, compared to 35% in the prior quarter and 19% in the June quarter of last year"

"BMC's reported operating margin is higher than its closest peer CA, however, expensing all of BMC's R&D and stock-based compensation presents a less flattering reality"

"SCT has sufficient capacity to raise low-cost debt of KRW 2-3tr to redeploy for growth asset investing and/or shareholder returns while lowering WACC and improving RoE"

"Performance improved under his strategy of shedding non-core businesses, centralizing planning and allocation, and modernizing systems, but many core problems remained"

"The math is genius and vaporous: invest $1 in a related-party and recycle it as $1 of “sales” – which gets marked up to $166 given its price to sales multiple of 166X."

"Ginkgo's only "innovation" is blowing hundreds of millions to outfit its "Foundry" with fermenters and liquid handling machines from the same vendors as everyone else."

"The URL on the Kalo jobs page is further evidence that Kalo is simply a front that is controlled and run by Ginkgo, as it points to Ginkgo’s applicant tracking system."

"Recall that Verint's adoption of ASC 606 was a $51.5M benefit to net income in FY19. The recent increase in Non-GAAP Net Income does not reflect organic profit growth."

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

"We believe the megacaps that we own are trading at compelling valuations relative to the overall market in light of their superior business quality and growth profiles"

"Heska's rich 9x revenue multiple is being applied to all revenues. However, three segments that comprise nearly half of the Company's revenues are clearly not growing."

"The key takeaway is that CLEAR is dependent upon the TSA, and the TSA is devising its own improved solution which it can favor at the expense of CLEAR and its members."

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

"The company's operating profit margin decline is primarily the result of comparatively weaker performance in the highly cyclical Cabinets and Windows/Doors segments..."

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

"What should investors make of management constantly contradicting, revising, and sometimes outright denying clearly recorded definitive claims they've previously made?"

"In our opinion, the rents paid by Vivion's related party hotel management companies are artificially high and non-economic, even based on pre-pandemic business levels."

"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."

"We observe that Zillow’s recent Audit Report now shows more scrutiny of the Premier Agent program, with a specific reference to testing revenue recorded by management."

"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."

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

"This structure raises serious concerns about Limbach's deal discipline and suggests management may be prioritizing deal volume or optics over long-term value creation."

"TransMedics is therefore, we believe, extremely reckless, as the off-label use occurs by its own device technicians, known as OCS Specialists – who hospitals must use."

"In contrast, we have taken a considerably more conservative approach valuing the business based on private market multiples that we understand are 3x to 4x TTM EBITDA."

"Spruce Point received a short, yet impactful anonymous email warning about Leidos, notably issues at its recently acquired Security, Detection and Automation business."

"There appears to be clear evidence linking L3/Leidos' Thailand distributor, M.I.T Solutions, to an individual named Mr. Anek Jongsathien and the companies of MMP Corp."

"Since the October 29th presentation, Pershing Square has met or held calls with several of the largest REIT investors and received valuable feedback regarding TIP REIT"

"PepsiCo’s advertising spend as a % of net sales has declined considerably in recent years and is well below peers, even with the significant brand reinvestment in 2012"

"Where will the Director's minimum be for year end 2019? How should other shareholders feel if a member of the Board only wants to own the bare minimum number of shares"

"The ads focused on growing awareness and significance of BNY Investment Management and Servicing business, and coined a tagline of “Investments Company for the World.”"

"The timing and scale of any such rebate may be difficult to predict and may cause fluctuations in our quarterly and annual revenues, gross profit and operating profit."

"Spruce Point reiterates that it prefers Perion's audit chair have no prior business dealings with the CEO (soon to be Director) to ensure objectivity and independence."

"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"

"This structure raises serious concerns about Limbach's deal discipline and suggests management may be prioritizing deal volume or optics over long-term value creation."

"According to the notice, Inteliquent is responsible for roughly 45% of the total amount of Amazon, Apple, and government imposter robocalls measured by the task force."

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

"He lists the above as one of his projects while at CoreCard. Note the client, Global Teleservices Pvt. Ltd. We have evidence that this is another related party to INS."

"We are short FFAI because we think the company is, and always has been, a house of cards, built on a foundation of lies from the founder and Co-CEO Jia Yueting (“YT”)."

"We reached out to the review sellers, masquerading us as interested customers and asked for their service to buy “about 100 5-star reviews per month” for our business."

"In accordance with the ACCOR WATCH (Working Against Child Trafficking) guidelines and Egyptian law, we are unable to accommodate reservations for unaccompanied minors."

"The SEC seemed particularly confused as to how CTO could report increasing “cash flow”, while also having their GAAP metric for cash flow going in the wrong direction."

"We are deeply concerned that GSX is using off the radar means to recruit personnel that is essentially just tasked with creating fake student accounts and enrollments."

"Multiple engineers indicated that the tools only work a bit more than half the time, with 60-65% uptime, angering both Intel and TSMC, as we detail in a later section."

"the latter even laughing at the quality of the Lasertec's EUV tool and ceasing new purchases in 2021, calling it "just unacceptable" with a "problematic light source.""

"Remember, if we build that tool and there's not a market for it, there's no other application for it. It can only be used for one thing, which is to inspect EUV masks."

"KLA will “become the favorite” and have a “super advantage” over Lasertec due to the CHIPS Act; Lasertec will be in “trouble because the CHIPS Act is for US suppliers”"

"Put simply, we are all in, and we intend for Pershing Square Holdco’s investment in HHH to be a permanent holding. In other words, we intend to hold HHH stock forever."

"RUN is constantly building PV Systems. There is a matching cost to revenue, or a matching cost to systems, problem. RUN does not match the costs to their system flow."

"we are concerned by the Company's low research and development expense as we believe Genius will have to continue reinvesting in new technology to remain competitive."

"More unexplained revisions to key financial statement metrics in Q2 2020 to Cost of Sales and SG&A cast doubt on GFL's transparency and financial reporting practices."

"In fact, nowhere do we see Generac listed among “Top Rated”, “Best Seller” or “Trending” among our searches at leading U.S. retailers including Home Depot and Lowe’s."