Callouts & quotes from 26,677+ activist slides

"Greenlight does not understand how debt securities that have to be partially equitized due to below plan operating performance can have a fair value of cost."

"The fact remains, however, that Christensen recruited millions of dollars' worth of investor money for Petters while a c-suite executive of Petters' company."

"Although LongHorn’s alcoholic drink offerings are consistent with its competitors, its promotion by the wait staff and menu presentation hinder alcohol sales"

"As a result, not only did Burford's cash receipts decline by -11.8% YoY, but Burford overstated its 2019 cash receipts by 14.5% by changing their definition."

"Standalone Speedway's valuation would open M&A as an accretive source of growth. Marathon's valuation multiple makes doing accretive acquisitions impossible."

"Commercial realtors currently show key CPI PG's office buildings in Prague with vacancy rates ~14.3%, 128% of the rate indicated in management's 1H23 report."

"To that end TCI Fund would like to propose adding the following topics to the agenda of the AGM, scheduled to be held on 19 April 2023, as discussion points:"

"We will operate a low-cost operating model in all that we do. In essence, we will continue to apply a low-margin operating mindset to a high-margin business."

"During the period of Pershing Square's rapid accumulation program, Allergan's stock price rose from an unaffected price of $116.63 to $142.00, a 22% increase"

"If Val-gan’s durable portfolio were valued similar to businesses that we believe to be comparable, then its resulting range of multiples could be as follows:"

"We believe our recommendations to Nestlé management, if taken together, would dramatically improve both the growth profile and earnings power of the company."

"One prominent EP with whom we spoke likened 3D contact maps to a high-definition picture whereas the Acutus map was like “watching a video clip in 4K or 8K.”"

"Acutus's PFA program, if successful, would be synergistically combined with the only mapping catheter capable of advanced diagnostics of complex arrhythmias."

"We are hard pressed to believe how it is possible that BOOT's customer is “pretty solid” as he says with no income growth after 8 years and record inflation."

"On March 9, 2022, Engine publicly disclosed its intention to not tender its shares for three fundamental reasons, detailed in our public letter to the Board:"

"We want Norfolk Southern to make all necessary investments to maintain best-in-class safety and satisfy all obligations pertaining to last year’s derailment."

"This is particularly concerning considering Mr. Shander had a retention agreement in place that called for payment for involuntary terminations without cause"

"Although LongHorn’s alcoholic drink offerings are consistent with its competitors, its promotion by the wait staff and menu presentation hinder alcohol sales"

"The Shareholder Slate owns more than 10x as many shares as the current Board combined and both Harry J. Wilson and Olivier Reza have already purchased shares"

"Businesses managed by superior operators that execute value-enhancing acquisitions and shareholder-focused capital allocation have substantial Platform Value"

"We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction."

"Based on a November 2021 disclosure by AMR that it had sold 1.9 million met tons to China, we estimate minimum China export sales for 2021 were $332 million."

"Macerich raised $1.23bn in equity at a ~7.0% cap rate, more than 25% of its market cap, representing the largest secondary stock offering by a REIT on record"

"Palliser's 3-Step Plan will enable Keisei to utilize the OLC stake for all stakeholders by closing the Value Gap and enhancing the Company's intrinsic value."

"Importantly, in the FDA Form 483 received in July 2024, the FDA observed that the Zio AT's sensitivity for AFib detection was 88.7%, breaching its threshold."

"Convergent will likely end up like AtriCure's other attempts at expanding the surgical ablation market: foiled by the relentless progress made in the EP lab."

"In the 2021 proxy season, BlackRock backed 46% of “Sustainability” proposals; 20% in 2022 and just 7% in 2023, in line with declining popularity of ESG funds"

"Spruce Point is concerned by 1) the selected peer group which does not include leasing companies, and 2) the metrics used to evaluate executive compensation."

"The Revised TOB is structured in a manner that favors certain TICO shareholders within the Toyota Group but disregards the interests of minority shareholders"

"Only when Pershing's ideas regarding transparency became public did Wall Street analysts begin deriving sum-of-the parts valuations in the mid $40s per share"

"Based on cumulative income inflation estimates, we adjust Moody's key leverage ratio, Tangible Common Equity to Tangible Managed Assets, from 36.7% to 29.4%."

"Tenant demands upon releasing are increasing -- the amount of capital required to release the same property is now 69% of year 1 rent vs. 0% in 2014 and 2015"

"Lastly, there is limited alternative use for movie theater real estate, so releasing to a new tenant will be challenging without significant capital outlays."

"An ex-manufacturing employee indicated that Twist’s so-called “robots” are the same liquid handlers that everyone else uses, widely-sold by numerous vendors."

"We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction."

"So, with the future lacking legal recoveries, derivative loss reversals and advanced refunding income, pre-provision pre-tax income looks likely to collapse."

"The weights come from the Bills of Lading, which need to be correct because shippers need to manage weight distribution to mitigate risk of accidents at sea."

"If the GSEs are conservatively capitalized, avoid subprime and Alt-A loans, and exit the FIA business, they will not require an explicit government guarantee"

"When comparing FND and LIN's IPO prospectus claims, we see an uncanny resemblance. LIN's strategy ultimately failed, and it spiraled into bankruptcy in 2008."

"The dismal performance becomes even more bleak by excluding the COVID-19 benefit experienced in 2021. Absent 2021, comparable store sales averaged just 2.5%."

"Beginning in Q4 FY 10, Amdocs' cash position was inflated by up to $200-250M in Q4 of each fiscal year, only to fall by a similar amount in the following Q1."

"During its time as a Public Company: GGP paid ~$4bn in dividends; GGP refinanced or paid down ~$32bn of debt; Until Q1'09, GGP never defaulted on a mortgage."

"TWX bondholders have reaped returns of 40% over the period (14% price appreciation plus interest) while shareholders have experienced an 8% decline in value."

"These cost reductions are not embedded in the financial projections for each SeparateCo and could result in additional value per TWX shares of $1.06 - $1.19."

"XL's timeline for execution on a broader EV platform remains vague, even as OEM-made EVs are set to hit the market, almost certainly with superior economics."

"Momo failed to notify investors that the SAIC charged its operating VIE with "Filing corporate information with the intent to conceal the truth and falsify"."

"We are thirty-two year old company. I think that's incredibly important for a multi-level marketing sales company. Longevity is an indication of credibility."

"A full product portfolio across all price tiers has enabled Samsung Electronics to successfully defend overall market leadership with improving profitability"

"As a result, Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group, despite a growing franchise and a net cash balance sheet."

"The sudden loss of the Lowe’s business, one of the Company’s largest architectural customers, casts a shadow on this management team’s basic execution skills"

"MSCI quickly marked down total RCA clients from 2,000 to 1,600 but claimed that it had a high retention rate and that revenue should be considered recurring."

"We strongly encourage you to vote on the Gold Card for Elliott's outstanding slate of director nominees and for the governance enhancements we have proposed."

"Spruce Point is concerned by the large line item called “eliminations and corporate” with more than $1.1 billion of revenues and 57% of gross assets removed."

"The Treasury has earned an 11.6% IRR from the $301bn of dividends received from the GSEs, ~$25bn more than what was owed under the original 10% dividend rate"

"The existing PSPAs should be modified to act as a government backstop, providing the same benefits as an explicit guarantee without the negative consequences"

"In the 2021 proxy season, BlackRock backed 46% of “Sustainability” proposals; 20% in 2022 and just 7% in 2023, in line with declining popularity of ESG funds"

"The below is the SAIC record for Minqing showing Yang Zhang’s wife as the controlling shareholder, having incorporated it just two weeks before the transfer:"

"Why is all of this significant? Because the revenue recognition policy now allows TFS to recognise sales to the unit trust before contracts are entered into!"

"Valuing ROAD's shares in-line with industry peers and its long-term average multiple suggest 35%-50% long-term potential downside risk ($46 – $60 per share)."

"We believe ADT's margins will continue to expand over time, as they have done steadily over the past 5 years, driving EBITDA growth in excess of the top-line"