Callouts & quotes from 26,677+ activist slides

"“Cynical” and has “hesitancy” about Vykat due to known dangers of diazoxide; “problems with the study trial design”; small size of trial; “have to be cautious”"

"We observe that LSPD changed audit partners from Mr. Popliger, an expert in technology, to Mr. Simcoe who specializes in Entertainment, Media & Communications."

"This should be a concern for Danimer investors as new management could change direction from prior management, including a review of all existing partnerships."

"However much assets a company has left after paying off its liabilities all belong to the equity holders. Therefore, Liabilities plus Equity must equal Assets."

"According to State Deed Tax formula, Deed Tax = Purchase Price * 0.0033, this would reflect a purchase price of $392,000, far less than the $3M IIPR disclosed."

"Archer has overplayed the Defense opportunity and, given their limited team, is actively diversifying into another sector at a cost to their original pursuits."

"Signs that this is not an AI company are everywhere. 96% of INOD's workforce is overseas and its average employee generates less than $20k of revenue annually."

"So, who are these “new” institutional investors? Based on FFAI’s history, we would not be surprised if YT and other insiders were ultimately behind this round."

"Let us put it this way; we think this administration will ship YT back to China before it allows YT to ship Chinese EVs to the US without paying heavy tariffs."

"Хотел бы уточнить о возможности размещения четырех детей из ДНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-16 лет."

"Хотел бы уточнить о возможности размещения четырех детей из ДНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-16 лет."

"Хотел бы уточнить о возможности размещения четырех детей из ДНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-16 лет."

"Хотел бы уточнить о возможности размещения четырех детей из ДНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-16 лет."

"Do you accept Russian credit cards? Additionaly, do you have some beautiful local masseuses at your spa? Is it possible to book private sessions at our number?"

"The credit reports we obtained for GSX's 7 main operating entities show that GSX has apparently been overstating its net profit by an astounding 74.6% in 2018!"

"While GSX has been touting its impressive growth speed, we have uncovered that GSX in reality lags behind significantly in traffic data and market recognition."

"Coincident with our concerns about financial reporting quality, we observe that Enfusion also made changes to its language around revenue recognition policies."

"Lasertec’s lack of production reliability makes it a non-starter for widespread use inside wafer fabs and radically shrinks its TAM – total addressable market."

"We believe that Lasertec’s “Innovation Park” is a fraud and that key claims about any R&D or production activity, as well as its construction status, are false"

"Ferguson's US business has organically outgrown the market by an average of 300-400bps while delivering improving operating margins and increasing ROIC to ~23%"

"Spruce Point believes two key sell-side assumptions are flawed. First, JP Morgan's claim that 70% of handle comes from the NFL is inconsistent with state data."

"DSP's stock price has dramatically underperformed the broader equity markets and the S&P Information Technology Index over the last three and five year periods"

"Given the differences in equipment and processes, we find it inconceivable that ONP's gross margin could compare so favorably to those of the industry leaders."

"Unilever set bolder margin target and is making faster progress to achieve it... while also delivering and targeting stronger organic sales growth than Nestlé"

"The Vets First Corporation transaction is a tax-free event for U.S. tax purposes and is expected to realize $100M of operating income synergies by year three."

"If Nuvei traded closer to peer multiples at 6x – 9x and 15x – 20x 2022E sales and EBITDA, its share price would be 40% – 60% lower ($39.00 - $58.00 per share)"

"Here are emails with Vantage’s Sparman communicating with James Merrill who received six years of incarceration followed by three years of supervised release."

"EDU: I've wrote down your general information. When the teacher in charge of the franchises comes back, I'll let him know. He'll give you a call if necessary."

"The reality of business in China – particularly retail business – is that competition is far more deleterious to margins than most foreign investors perceive."

"FIGS likes to frame their competitors as still offering commoditized, shapeless, uncolorful cotton scrubs, but we believe that simply is not the case anymore."

"We observe capex figures don't reconcile to PP&E footnotes. Quarterly and semiannual supplemental capex figures don't reconcile. Operating cash revisions made"

"Mr. Vassalluzzo's managerial and industry knowledge, as well as his extensive service on public company boards, make him an excellent candidate for the Board."

"Box then began to realize significant, and sustained, gross margin degradation while repeatedly pointing to “one-time”, “temporary”, and “investment” impacts."

"This questionable and perhaps unsustainable source of income is now responsible for a greater share of profit than it ever has been since Carvana went public."

"We model 27% upside to CCI's recent share price through a change in capital allocation, and potential for over 60% upside in 15 months plus dividends received"

"Muddy Waters estimates that Mr. Müller and Mr. Ströer made a profit of more than 20 million euros when they sold freeXmedia via Media Ventures to the company."

"We believe ADP’s Employer Services segment, its largest business and currently ~2/3 of profit, is materially underperforming its competitors and its potential"

"Incremental volumes will come at very high incremental margins and require minimal capital investment due to significant excess capacity on UNP’s rail network"

"The actions of Mellanox’s non-executive directors suggest the opposite – that Mellanox’s stock grants are really just a way of boosting director compensation."

"HH's struggling performance may come as a surprise to analysts and investors as management has insisted across calls that the acquisition is going as planned."

"Because by doing this preferred equity arrangement you’re taking as much cash off the table as you can, while still saying you still own the assets long term."

""Currency headwinds" and "declines in revenues" only account for 22% of the offsets — the full "cost savings" were in reality offset by ~$556M of "cost creep""

"Management are urged to take three immediate steps to stem the ongoing tide of value destruction at Keisei and establish the conditions for lasting change...."

"We are asking Goodyear’s Board to: Engage with Elliott on Board enhancement; Begin process of monetizing retail platform; Form an Operational Review Committee"

"In the few years since, QS claims to have solved scientific problems that have stumped others for a century – a spurt that makes Liz Holmes look like a sloth."

"We have listened carefully to Marathon's stated reasons for remaining integrated, devoted substantial resources to evaluating them, and respectfully disagree."

"Error rates are so high that computations break down completely after about 40 gates, rendering the computer useless; regular computers have millions of gates"

"Combining Forces With Alibaba Pictures Could Give Paramount a Unique Story for Filmmakers Over the Next 20 Years on How Their Films will get Promoted in China"

"In reality, HDDs have reigned supreme in the data center because their high capacity and low cost make them a perfect fit for massive amounts of bulk storage."

"It would be highly concerning if capital from his stock sales were used to inject further capital into Pathos's recent Series D capital raise of $365 million."

"Spruce Point adjusts the Company’s capital structure for Restricted Stock Units, interest payable on outstanding debt, and the book value of the SB Tempus JV."

"Three CFOs within the past five years; Three heads of technology within the past five years; Switched head of sales four times over within the past five years"

"A superior plan exists for shareholders. Houghton Mifflin should execute a Dutch tender offer between $21 and $22 per share for 19% of its shares outstanding."

"Largest group of federal spending packages in U.S. history aimed at K-12 spending. The last of the ESSER funds are required to be obligated by September 2024."

"For many months we believe Xylem side-stepped any discussion or reference of the $90 million required to achieve the $140 million of estimated cost synergies."

"The answer isn't surprising: Current development economics don't cover the company's cost of capital, so the discounted cash flow spits out a negative number."

"Arconic generates far fewer sales from its assets than peers despite a recently refreshed capital stock that is younger than that utilized by its competitors."

"Not only does management eschew responsibility for the Company's poor performance, it shockingly insists that Arconic's performance has in fact been excellent"

"We believe YY's 2010 buyout of Bigo for $1.45 billion in cash and stock was a scheme to bilk investors by buying another fraudulent company from the chairman."

"From 2011-2015, ROC has declined as the Company executed $34.2 million of acquisitions, while the CEO and CTO enriched themselves at the shareholders' expense"