Callouts & quotes from 26,677+ activist slides

"In limited circumstances, we are willing to waive certain of the above criteria if there are sufficient mitigating factors, and the position is sized appropriately."

"Archer is a start-up company led by an inexperienced individual who has publicly demonstrated he appears to not fully understand the road to FAA Type Certification."

"The slow-down in the housing market is not the only flaw in GSHD's growth narrative. As franchises proliferate, they start competing for the same referral partners."

"The collapse of the JV plan after nearly five years of announcements and extensions was a major strategic setback, halting Ceres’ primary route to the China market."

"Pershing Square will profit if the trading price of Herbalife common stock declines and will lose money if the trading price of common stock of Herbalife increases."

"Trustpilot is profiting from the chaos by charging businesses to “protect” their profiles, turning it into a “shady ecosystem” where authenticity is “non-existent.”"

"As shown in the side by side images above, the only noticeable difference between the two buses is the logo in the front. Everything else is substantially the same."

"After our email investigation we are more concerned that the past reported cases could hint at a more systemic risk at the company as opposed to isolated instances."

"Юр. лицо наших гостиниц под брендом ibis и ibis budget – ООО «Чосон», зарегистрировано в РФ, в отношении персональных данных действует в рамках законодательства РФ."

"Regarding your inquiry, kindly note that according to our hotel policy, each guests must be at least 18 years old to complete the check-in process and stay at the p"

"As can be seen above, $32.5 million in intangible assets were added in 2024 and a significant portion of that is being added back to AFFO over the next three years."

"PSoC business grew from less than $50 million to approximately $400 million in 6 years and division profitability went from a net loss to greater than 20% annually."

"We estimate 40%–55% long-term potential downside risk to RELY’s shares and expect it to underperform the financial services industry and the broader equity market."

"Spruce Point observes that Remitly now obscures the number of countries it can send and receive currencies from and also doesn't disclose the number of currencies."

"Following a 51% decline the day of Valeant’s March 15th investor call, Pershing Square took immediate action to stabilize the company and to protect our investment"

"Adjusting management's and Craig-Hallum's long-term guidance for realistic expectations paints a completely different picture for Genius' future financial profile."

"A 1% quarterly move in NOI currently represents about $800K. Therefore, classification of immaterial expenses may give HTA the ability to achieve the desired SPNOI"

"Investors and research analysts have been calling for changes for years, but Southwest's management and Board have pressed forward with incrementalism and inaction"

"Spruce Point believes that its dividend policy is flawed because of WTRG's large growth capital expenditure ("capex") requirements and commitments to acquisitions."

"The effect of the Poison Pill was to severely limit shareholder influence over Board composition and entrench the Board by increasing its effective voting control."

"Box has issued a new long-term revenue target almost every year since its IPO, and to date, has missed every single long-term revenue target it has ever published."

"The tower market in Indian is in the worst shape in years. The market peaked in late 2010 / early 2011 and since then the market for tower companies has collapsed."

"As much as Carvana bulls wants you to believe that it’s a high-flying, asset-light, highly-scalable “fintech” business, make no mistake: this is a used car dealer."

"Given the continuing evidence of a grossly mismanaged company, we see no option than for the Chairman of the Board and the Lead Independent Director to be removed."

"Management claims that second-tenant and third-tenant economics will drive higher yields, but actual results demonstrate that low-return projects remain low-return"

"The growth and stability of the Company’s cash flows handily exceeds the companies below in our view, and yet CCI currently trades with among the lowest PEG ratios"

"ERIE appears significantly overvalued, with its current price-to-earnings (P/E) ratio at approximately 46x on our 2025E EPS, far surpassing the peer group average."

"While ADP would report 3.7% total client growth under this scenario, client mix-adjusted revenue would be flat (before sell-in, price, pays-per-control, mix, etc.)"

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"Cashpooling: The Company maintains a current account with BV Inversiones, S.L. to manage the group's treasury. These debts accrue market interest based on Euribor."

"By placing paramount importance on the GM position, and providing effective training led by true operators, Darden succeeded in the past and can succeed once again"

"It appears Darden’s strategy was simply to add menu items rather than working hard to develop a reasonably-sized menu and guest experience that satisfies customers"

"When we reported the details to the stock market regulator, we didn't report the number of vehicles we quoted you. The number we reported is times two, or doubled."

"We do not see signs of significant improvement to this structure or indications that it would be a significant contributor to justify the claimed €53 million gain."

"We believe that Valeant's track record of value-creating acquisitions is a sustainable competitive advantage that should be reflected in the company's market value"

"At its current $480 million market capitalization, investors have an extraordinary opportunity to ride that wave of growth at an incredibly attractive entry point."

"If the McDonald's Board does not immediately improve on ESG, we believe it could cause the Company and its shareholders serious harm over the next five to 10 years"

"We believe AstraZeneca structured the $35M payment through Tempus so it would count toward its existing contract obligation, reducing its total commitment by $35M."

"By placing paramount importance on the GM position, and providing effective training led by true operators, Darden succeeded in the past and can succeed once again"

"It appears Darden’s strategy was simply to add menu items rather than working hard to develop a reasonably-sized menu and guest experience that satisfies customers"

"Investors and research analysts have been calling for changes for years, but Southwest’s management and Board have pressed forward with incrementalism and inaction"

"Management says that EPS can increase margins by 400 bps in 3-to-5 years. Given the volume leverage in this business, this is an extraordinarily undemanding target"

"The CEO's annual incentives did not rise or fall in line with annual financial performance, reflecting a potential misalignment in the short-term incentive design."

"During Dr. Kleinfeld’s tenure as an executive at Siemens, from 2001 through 2007, Siemens made approximately $1.4 billion in bribes to foreign government officials"

"Something appears incredibly wrong with AMR's cash interest expense, reported annually as a "supplemental disclosure" at the bottom of the Statement of Cash Flows."

"After adjusting the top three coal companies cash flows for tax refunds and DTA expense, we see that AMR's operating cash flow margin is significantly below peers."

"In limited circumstances, we are willing to waive certain of the above criteria if there are sufficient mitigating factors, and the position is sized appropriately"

"iRhythm has been preparing investors for the take-off of its UK business for almost eight years. As of 2023, revenue had flat-lined due to a lack of reimbursement."

"The suggestion that we should use a spot price that has an 8% free float and trades A$10,000 a day as a fair representation of the market value is, at best, naive."

"Despite superficial improvements since the June announcement, the Revised TOB continues to violate many of the core principles of the METI Guidelines and TSE Rules"

"Given McDonald's exclusivity requirements for franchisees, the only opportunity for franchisees to materially increase their wealth is to own more McDonald's units"

"As a result, we adjust down HASI's reported interest income to between $80.5 million and $84.1 million in 2020 and between $86.8 million and $99.0 million in 2021."

"Twist’s only disruption was wrecking the entire industry’s economics and devastating its cash flow in the process, like a suicide bomber blowing off its own limbs."

"Twist 'scares the living heck out of anyone in the clinical space' who would be 'scared to death' of being 'censured by the FDA' for using an 'inconsistent panel.'"

"Strategy: Run like a series of smaller connected companies to be faster moving, more locally adept, and more fit to compete in today’s rapidly changing environment"

"AS THESE COMPANIES SHOWED, WITH THE RIGHT LEADERSHIP AND STRATEGY, PHILLIPS 66 CAN CHANGE THE NARRATIVE - NO MATTER WHAT CURRENT MANAGEMENT WOULD HAVE YOU BELIEVE."

"We believe the above strategy, clearly articulated to shareholders and properly executed, would create SIGNIFICANT shareholder value in a very short period of time"

"Looking carefully today vs. the last financial crisis, we see that WD-40 is materially more exposed to international markets today (63%) vs. the last crisis (52%)."

"In addition, of the fourteen significant products highlighted in early 2017, most have either been terminated, delayed or have had expectations materially lowered."