Callouts & quotes from 26,677+ activist slides

"Assuming $150,000 of Net Working Capital on average per Waldenbooks store, we believe there is $90mm of total Net Working Capital trapped in the Mall segment"

"We believe it is reasonable to adjust 1H 2017 net income down by approximately £5 million or 69% to account for likely aggressive capitalization of expenses."

"We believe that Bunge has not been fully transparent about poorly timed and large capital bets on plant-based foods and processed meats that it made in 2022."

"PBH's poor working capital management is a clear outlier versus its peers. This raises significant concerns regarding the financial health of PBH's business."

"Nielsen tracks an ~65%-70% of distribution. Recent Nielsen data contradicts management's comments about stable pricing and gaining share versus private label"

"Per PBH's January 2020 investor presentation, we find mixed results over the past 3 years since the Company removed its market share disclosure from the 10K."

"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."

"Cintas credit facility size has tripled from $300m (pre G&K) to now $1.0 billion, despite the size of sales only growing ~40% and accounts receivable by 67%."

"How is it possible that Amcor cannot correctly account for Bemis’ revenue? In addition, we observe that Amcor is now increasing EBIT contribution from Bemis."

"Improving the Company's capital allocation policies would unlock value and improve Sotheby's cost-return relationship, increasing long-term shareholder value"

"Another former Nevro executive implied Grossman is already checked out and “very busy on a lot of other things” with “other people who are running the ship.”"

"Spruce Point believes it will be critical for CLEAR's business to have the TSA lift the legal definition of the traveler document checker (i.e. TSA officer)."

"Once a profitable mid-teens margin business, margins have been falling since 2020 and the past three year average operating margin is now just single digits."

"if a superior transaction at fair value is not available within a short and defined time-frame, then we urge the Board to pursue our Value Optimisation Plan."

"Intrinsic value of $49/share reflects strong industry fundamentals and potential for both organic (investment) and inorganic (M&A) growth for PropCo and OpCo"

"Housing starts are currently at ~25% of peak levels achieved in 2006 and have been below the long-term trend of sustainable housing demand for nearly 4 years"

"In effect, the GSEs took advantage of the government's implied backing to enter a new, high-risk business that was not consistent with their original mission"

"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"

"We believe management loses credibility when tossing out outlandish numbers such as $20 billion of revenue per year while falling wildly short of its target."

"BN’s valuation of ~15x earnings is a significant discount to intrinsic value and comparable U.S. peers, despite similar cash flow profile (e.g., KKR and APO)"

"As a result, backlog coverage, or the share of guidance supported by next-12-month backlog, has fallen from over 60% as recently as 2023 to just 48% in 2025."

"If Nova simply traded closer to peers in the range of 15x – 24x of its resources, its share price would have approximately 45% - 60% downside risk potential."

"Often, when you hear that you have a career procurement surgeon, you know that there’s probably something shady in their past, and that’s just the way it is."

"We believe last month’s Lehigh Valley accident was preventable and represents an indictment of Norfolk Southern’s current operations, management and culture."

"Should Dollarama’s struggles become more pronounced – or should the economic cycle turn for the worse – this debt overhang could loom large over the business"

"The lack of entertainment sector expertise among Sony's sell-side analysts may explain the wide skew in valuation methodologies, multiples, and target prices"

"Thus, the flimsy foundation upon which VYKAT’s efficacy rests is a worsening of hyperphagia, as assessed by HQ-CT scores, in the placebo group over 16 weeks."

"The scattered posts indicating a benefit tend to lack detail vs. those stating failure, among other clear signs of placebo effect given caregiver desperation"

"these specialists are going to be asked for their opinion in public fora...And a couple of these comments are going to torpedo the launch program for Soleno."

"The risks are real and significant, and probably underplayed to some degree, and the benefit is mild at best...I am a little bit surprised about the approval"

"In 2016, Vend’s founder stepped aside from the CEO role and made a claim that it could grow from $20 to $100 million in sales in the next two to three years."

"In every pharmaceutical company I've ever been associated with, the commercial team is never under the same leadership guidance as field reimbursement, ever."

"Does Taubman also believe that "patience" is needed when it comes to its pattern of reductions of development yields, delayed stabilizations and impairments?"

"The recent acquisition of Fonterra's Chilean business is an instructive benchmark for what a profitable Latin American dairy business is currently valued at."

"FTAI's 2023 Module pricing is cited above. Former employees and industry experts we spoke with believe most modules swaps will be for LPTs, followed by fans."

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

"Zoetis has agreed to share confidential company information with Pershing Square, improving our ability to help the company create value for all shareholders"

"In the screenshots below, you can see a partial list of the sanctions imposed upon Moxian Shenzhen, Moyi Shenzhen, and Moxian Shanghai by the PRC government:"

"All of this leads to one unavoidable conclusion: Ceres has almost no royalty-bearing SOFC volume coming from Doosan, and the near-term outlook is still poor."

"This data is well-explained by something we found in dark net forums: an anonymous, illegal fake review provider openly advertises with reviews for BankFive."

"GreenPower imports vehicles to its Porterville warehouse in substantially complete condition and installs only the seats and in some cases a wheelchair ramp."

"Papa’s scientific and industry background, shareholder orientation, history of commercial excellence, and strong ethics make him the ideal leader for Valeant"

"Order brushing firms give 5-star reviews and create fake student profiles. The ratio of students that are actually online during classes is terrifyingly low."

"“Fab 4A” from the exterior simply looks like a gymnasium, as it was previously a Toshiba training facility vs. being equipped for R&D or as a production fab."

"Our tally of payments Telia made to suspect counterparties in Azerbaijan in often commercially questionable transactions is SEK 9.1 billion (US$1.1 billion)."

"More than anything, HBOP’s plant struck us as the late 20th century factory equivalent of a Potemkin village in that it is more for show than for production."

"Taken together, these facts make it impossible for NNOX to have tested its working prototype anywhere, much less Hadassah Hospital, before 510(k) submission."

"Sampo's underperformance has not been driven by operational missteps; rather, sentiment in Sampo has degraded: IF P&C + Mandatum have de-rated ~8x vs. peers"

"The RUN Partnership Flips are designed to allow RUN to monetize multiple tax benefits of owning PV Systems even though RUN does not have any taxable income."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Third Point had limited confidence that Campbell’s incumbent Board (after years of abysmal oversight) would conduct a proper and thoughtful strategic review"

"FIGS' days inventory outstanding (DIOs) are high on an absolute basis compared with its DTC peers, and also grew above industry average over the prior year."

"The Company would like investors to think these are somehow not equity. Call it what you want, but they convert into equity, and can ultimately be dilutive."

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"Now everyone has to see for him- or herself: is Ströer tea cloudy or clear today at the end of the day? I hope that you can help a little with your replies."

"We believe ERIE's share price has benefited from multiple index inclusion catalysts and the belief that its increasing financial performance is sustainable."

"The CEO of Phillips 66 (NYSE: PSX) is talking down the value of his own company’s shares, saying they are fully valued despite 10 years of underperformance."

"Guidance vs. Peers: In the past 4 quarters, MPWR's quarterly sales guidance has been within 2% of its midpoint and its gross margin guidance range is 0.70%."