Callouts & quotes from 26,677+ activist slides

"Insiders have unloaded hundreds of millions of dollars in stock, but the selling has been most aggressive in the past two quarters after “optically” good results."

"Sell-side estimates are now imputing FY23 growth of 40% for C3.ai customers outside of the Baker Hughes JV. Prior to the 3rd amendment, the imputed growth was 18%"

"At the current levels of g-fees and a historical level of credit losses, we estimate the GSEs' guarantee business alone could generate long-term earnings of $16bn"

"There is a growing risk to Floor & Decor from Donald Trump’s presidential re-election campaign and some prediction models estimate he has a 66% chance of winning."

"Elliott plans to vote against members of Sumitomo Realty’s senior management at the 2025 AGM absent further corporate-governance and value-enhancement initiatives"

"Spruce Point is incredulous when it comes to Saputo’s 2022 Promise and claims that “Business Ethics and Transparency” carry the lowest weight towards ESG matters."

"We are concerned that the Board may have chosen to keep Mr. Poling employed through 2019 in order to allow for him additional time to vest his 2019 equity awards."

"Marathon could see over 60% upside at the average peer refining and retail EBITDA multiples, and 45% upside even at the lowest peer refining and retail multiples."

"Considering the size and complexity of XOM relative to FMCN, it is almost laughable that an “independent” director is diluting public shareholders to this extent."

"Wall Street consensus estimates for FY 2016 had declined 32% by the time the Company decided to host another Investor Day in March 2016 to reset financial targets"

"We are concerned about the costs incurred to maintain an in-house aviation team partly devoted to personal travel for the CEO and other key members of management."

"Undisclosed entities provide the opportunity for the legal management of the Company to extract benefits for themselves or hide the true nature of the operations."

"Spruce Point believes that Momo's cost of revenues will increase to match competitors at 50%-70%. This equates to a potential 40%-50% increase in cost of revenues"

"WFG agents surveyed exhibited more violations of Ontario's Insurance Act and more instances of breaking industry best practices, than the other agencies surveyed."

"Google and social media present significant challenges for WFG as it competes against GFI, particularly given the numerous red flags about WFG circulating online."

"Herbalife makes this claim in an attempt to convince the public and regulators that the opportunity for Retail Profits is greater than that for Recruiting Rewards"

"In some markets, and contrary to Herbalife’s definition of a “Customer,” distributors can use sales to downline distributors to meet the Ten Retail Customers Rule"

"MH Financial's lack of clear fit with S&P Ratings and its own complex asset mix obfuscate its value and in particular conceal the value of the S&P Index business."

"We remain convinced that Treasury’s net worth sweep will ultimately be reversed and the GSEs’ future share prices will be a large multiple of their current prices"

"Therefore, we conclude either it never recorded VIEVU's contingent consideration, or it abruptly wrote it down to zero by year end which would signal its failure."

"Based on our analysis of the Celgene pipeline, we believe that Bristol-Myers' projections are extremely optimistic, especially given the most recent developments."

"Adjusting 2012 estimates for management's 25% margin target and ~$46mm of interest expense(1), Lazard's EPS would be ~$2.50, a valuation less than 10x earnings(2)"

"We conservatively estimate that SBUX should be able to generate SSS growth of at least 3% in the U.S., with 5% achievable even if Frappuccino continues to decline"

"Average household net worth consists primarily of equity in the home. This equity, as a proportion of household net worth, increases as household income decreases"

"The GSEs are credit insurance companies, and therefore insurance regulatory concepts are more relevant than bank standards in determining GSE capital requirements"

"As a $2,000/oz. price is ~60% higher than recent market prices and one which has NEVER been attained. Comparable mining companies appear to be ultra-conservative."

"Despite not divesting of the business until Q4, management takes credit for higher sales growth by excluding the low-growth / no-growth business for the full year"

"レーザーテックでは2023年1月〜3月の四半期以来の収入増のほとんどは繰延収入（前受金）の減少に該当する。それまでは繰延収入が継続的に伸びていた。その項目が減少に転じ、数四半期にわたって下がりつづけるのは初めてのこと。収入増の380億円（2億4500万ドル）の金額は繰延収入の440億円（2億8300万円）のそれに酷似する。"

"A Red Lobster Separation is irreversible and value could be permanently impaired – a shareholder discussion must occur before any sale or spin-off of Red Lobster."

"Spruce Point finds evidence that BR management abused shareholders with its booking of approximately $42 million of Closed Sales tied to the UBS contract in 2019."

"PubMed suggests BLI has zero traction or impact in academic research or real-world commercial drug discovery – strange, for a supposedly game-changing technology."

"Do not think of it as a box that you push a button and something happens; that's not what it is... And I think that's the rub. It's not an easy-to-use technology."

"We remain convinced that Treasury’s net worth sweep will ultimately be reversed and the GSEs’ future share prices will be a large multiple of their current prices"

"Given the breadth of our financial reporting and accounting concerns, we believe it is time for Stryker to seek a new auditor with fresh eyes to review its books."

"Spruce Point has a strong record of success unearthing previously-unidentified financial strain among companies reporting irregular or inconsistent capex figures."

"The proposed nominees possess the healthcare services expertise, executive experience, and government litigation experience required to create a new, improved HMA"

"Fairfax Used Off-Balance Sheet Debt and a New JV to Create an Illusory $117.1 Million Gain While Avoiding Recognizing Losses on Associates it Stuffed into the JV."

"CXW has credit-worthy tenants, requires limited maintenance capex, and enjoys excellent competitive dynamics – all features of a high quality real estate business"

"Regardless of what the stock market does over the next 52 weeks, investors will be forced to reconcile Wayfair’s deteriorating unit economics and lofty valuation."

"Nomad has shifted its focus back to its core offerings; shift will take time to fully impact the Company’s financial performance but early results are encouraging"

"We believe drastic action is needed NOW because we fear that failing to replace Jeff Jacobson as CEO could inevitably result in the loss of our entire investment."

"Given the materiality of the Transaction, Pershing thought it would be beneficial to share the idea publicly with Target stakeholders and the investment community"

"ADP has delivered positive returns in each of the last five years, outperforming Pershing Square, L.P. and the S&P by 117% and 48%, respectively, over that period"

"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."

"It is clearly not a one-off situation in Aurora. We also find another instance of Cintas doing inspection work without either a permit, or a contractor’s license."

"Combined with buybacks funded by the ongoing generation of excess capital, we believe that AerCap can grow its EPS by around 10% annually over the next few years."

"The potential for bias and patient manipulation is self-evident as the primary endpoint was based on a patient questionnaire called a “Visual Analog Scale” (VAS)."

"They think Omnia's going to be a big thing. I just don't see it. Grossman even said on the earnings call that non-high frequency is utilized only 15% of the time."

"Average household net worth consists primarily of equity in the home. This equity, as a proportion of household net worth, increases as household income decreases"

"An index of web traffic growth between Homes.com and Zillow highlights the rapid internet traffic market share gains Homes.com has experienced over the last year."

"Phillips does not provide historical indicator data from the defined mid-cycle period ('12-'19) or sufficient disclosure for investors to calculate it themselves."

"More than half of last fiscal year’s BEF Foods volume was generated from the high margin, fast-growing and strategically important refrigerated side dish category"

"Conservative assumption: 3% attrition, approximately $275M in savings, ensures sufficient capacity to handle disruptions and continue to provide reliable service."

"Selling cheap imitations of more expensive brands has turned Dollarama into one of Canada's most successful retailers, earning it big bucks and plenty of lawsuits"

"Unfortunately, Newell’s recent operating and financial performance have fallen well below both the expectations set by the Board and the Company’s true potential."

"Leidos ceased explaining what drove the increase in deferred revenues in the past two 10-Qs, and changed its explanation for the increase in unbilled receivables."

"It looks like a substantial percentage of patients became diabetic or pre-diabetic. It almost seems like the mechanism of action of this drug is induced diabetes."

"We also use LSPD’s $200 per month ARPU claim to back into an estimate of unique customers. We calculate 26,664 which is close to the 27,200 estimate in Method #1."

"Something appears to be very wrong. LSPD made an unusual financial statement showing negative cash spent for acquisitions in the three months ended Sept 30, 2020."

"FDA review incorrectly infers QT safety margins, stating they are based upon "steady state Cmax" when they are actually based on plasma levels after a single dose"