Callouts & quotes from 26,677+ activist slides

"Using a linear Y-axis shows bulk of purported treatment effect occurred instantly, with no further separation vs. placebo during final 4-week stable dosing period"

"This is highly alarming – shareholders need to trust that management will provide equal access to sell-side analysts and that sell-side analysts will be unbiased."

"Fairfax effectively repo'ed these seven investments to remove the losses from its income statement, effectively giving the European runoff business away for free."

"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."

"We believe the Digital ID model would not be economically viable for CLEAR given it would potentially be on a per transaction basis vs. the annual membership fee."

"Our analysis reveals Inteliquent to be the single biggest enabler of scam and robocalls in the Western Hemisphere, with the business facing a regulatory scrutiny."

"Sinch seems to be set up to enable scam and Robocallers while making it harder for consumers to alert Sinch of the scam or robocalls being made on their networks."

"Discounted 2020’s rent by 58% due to evidence provided by historical google earth photos. We find it hard to believe a complete building was built within 34 days."

"Furthermore, we think Charlie's brother, METC CEO Randall Atkins, was aware of these charges as early as 2019 when Charlie's home was subject to a search warrant."

"Adjusted EBITDA ended up DECLINING at an ~11% CAGR between 2017 and 2020, resulting in a figure that was 50% BELOW the Company's initial 2018 Investor Day target."

"While Ferguson has expanded EBITDA margins over the last 5 years, Trian believes there is an opportunity to better leverage growth and improve margin flow through"

"However, as of Monday Night Football on September 29, 2025, Kalshi has enabled users to build their own parlays, a direct threat to DKNG's most lucrative segment."

"Despite meaningful share price appreciation since our investment, HLT continues to offer a compelling return profile given high levels of durable earnings growth"

"Spruce Point observes an alarming departure between revenue growth and inventory growth, which is often a harbinger of material margin compression in the future."

"WTRG has repeatedly set 2%-3% customer growth targets annually. However, based on recent results, we see that growth has come at the low end of its target range."

"We believe the time has come for material changes in leadership here as BOX remains in a “no-man’s land” for investors – not enough growth and not enough margin."

"If Solventum Can Restore Performance to Historical Levels, Trian Believes the Company’s Shares Could be Worth $140 by Year-End 2027 vs. its $69 Share Price Today"

"We believe there is a tremendous opportunity at Mellanox, but it will require substantial change, well beyond just the Company's recently announced 2018 targets."

"ADP’s total reported bookings suggest a ~7% CAGR since FY 2011. This is not heroic in light of industry tailwinds and an 8% CAGR increase in ADP’s sales force(1)"

"Any action to delay the 2018 Annual Meeting should and will be viewed as an entrenchment tactic by the current Board and should not be tolerated by shareholders."

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"Darden has been mismanaged for years and is now a conglomerate of restaurant concepts – the largest of which, Olive Garden, is in desperate need of a turnaround."

"Olive Garden is famous for its unlimited breadsticks, but poor execution around this signature item we believe both increased costs and hurt the guest experience"

"A real estate separation and an SRG spinoff would create substantial shareholder value while enabling Darden to maintain its investment grade rating and dividend"

"Mr. Davis has presided over the Company during many years of relative stock price under-performance, including the aforementioned 3-year and 5-year time periods."

"IPX claims that a furnace costs in the range of $2.7 - $5.0 million. However, IPX's import records suggest a furnace system is in the $369,000 to $405,000 range."

"Imagine you're trying to sell this battery to Apple. We want you to put it in your phone, but when you charge the phone, the battery is going to get 40% thicker."

"Marathon does not get credit for a more diversified business mix and instead trades at virtually the same multiple as merchant refiners Valero and HollyFrontier."

"Given the stock market’s discounted valuation of Target’s vast real estate holdings, shouldn’t the board be willing to investigate opportunities to create value?"

"Numerous industry articles on ion-traps describe the cornucopia of optical components as a key reason one can't “take these systems out of the lab for real use.”"

"Compensation paid by John Hess’s family estate for serving as executor(1): $8 million directly to Board members $3 million directly to Lead Independent Directors"

"Since Martin Franklin joined Jarden in 2001, the company has achieved success as a consumer products platform, generating a ~33x total shareholder return to-date"

"We believe Autodesk, Inc. ("Autodesk" or the "Company") is an attractive business with sustainable competitive advantages and a long runway for continued growth."

"This convoluted structure, involving related parties and non-cash consideration, raises serious questions about the authenticity of reported revenue and backlog."

"Despite the significant nature of these announcements, the company has held no public conference calls and has allowed for no public question and answer sessions"

"BOOT is currently trading above its 5-year average valuation multiple which includes the abnormal valuation increase from COVID-19 that likely won't be repeated."

"We believe the expanded TAM is an attempt by management to attach itself to the latest AI craze and give the market the perception they are a high-growth company"

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"Darden has been mismanaged for years and is now a conglomerate of restaurant concepts – the largest of which, Olive Garden, is in desperate need of a turnaround."

"Olive Garden is famous for its unlimited breadsticks, but poor execution around this signature item we believe both increased costs and hurt the guest experience"

"A real estate separation and an SRG spinoff would create substantial shareholder value while enabling Darden to maintain its investment grade rating and dividend"

"There is a lag between when drilling stops and volumes fall because partially drilled and completed wells will continue to come online for the next couple years."

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"Orange Juice’s gifting pattern shifted into that of an FU Bot in June 2020, presenting additional evidence that YY is using FU Bots extensively on its platforms."

"We believe the costs associated with several elements of the iRhythm solution, as well as potential substitutes, have declined and are likely to decline further."

"Just a few months later, the Company completed a highly dilutive equity issuance of 11.96 million shares (~19% of the Company’s share count) at $12.10 per share."

"We observe that some positive sentiment quotes from Walgreens’ Senior Manager about Zebra’s product and its outcomes were removed from the revised press release."

"While Zebra claims it is “seeing opportunities” across other verticals beyond retail and apparel, it has not highlighted any recent RFID big wins on its website."

"Zebra's leverage is rising as it has made expensive bets on acquisitions which we will demonstrate are of low quality and are failing to meet lofty expectations."

"He emphasized that the discount was essential to sticking with Twist, and that “even with a 50% discount, we wouldn’t buy it” – “we would not buy DNA from them.”"

"“the error rate is really, really high and that makes [the oligos] not useful” and is “way more expensive because they probably have to built it multiple times.”"

"Less than 2 weeks apart, Management showed two different methodologies to showcase the best version of "operating leverage" and "margin improvement" to investors"

"Given that Vitek is constantly issuing himself CPI PG shares and then having CPI PG buy them back at a premium, the whole exercise strikes us as slightly absurd."

"Since Mr. Goldberg was appointed CEO on July 1, 2022, Tripadvisor's stock price has declined by nearly 50%, underperforming the broader market by more than 100%."

"Most bond insurers, including the leaders, MBIA and AMBAC, crashed. Once they suffered ratings downgrades they couldn't write new business and went into run-off."

"For a brand with such incredible quality products and content, the retail experience often seems to fall short of what consumers have come to expect from SENSAI."

"Samsara has capitalized on accounting distortions, in part related to its hardware cost amortization policy, to create the appearance of improving profitability."

"While Samsara has historically disclosed that "98%+ of revenue is "subscription", about a quarter of that is essentially installment sales of commodity hardware."

"The average household’s net worth consists primarily of home equity. Home equity, as a proportion of household net worth, increases as household income decreases"

"On Sept. 7, 2008, Treasury committed to invest up to $100bn of senior preferred stock in each of the GSEs. In 2009, Treasury raised its commitment to $200bn each"