Callouts & quotes from 26,677+ activist slides

"Publishing, with an investment grade rating, could deliver a dividend of approximately $170 million per annum, reflecting an initial dividend yield of 2.0%."

"Exhibit 3.38 provides a summary of the credit of Publishing with leverage of 6.0x total debt/OIBDA (which assumes a non-investment grade rating of Ba1/BB+)."

"Spruce Point believes that Momo has a demonstrated track record of monetizing and hyping product applications only to see interest levels plateau over time."

"These targets are fast approaching their due dates, and they defy not only PeptiDream’s own track record, but also industry success rates and our forecasts."

"IUL's are a type of permanent life insurance that offer both a death benefit and a cash value component whose performance is linked to a stock market index."

"McGraw-Hill's business segments lack clear commercial or cost synergies. In particular, MH Education and Info. & Media enjoy no benefits from the structure."

"Wolfe Clinic recognized complications in 1 in 28 per injection. His conclusion that Syfovre should immediately get a warning label or get paused altogether."

"Not one of Lowe’s customer service representatives we spoke to were able to locate Caesarstone’s Transform™ product! (Or any Caesarstone product whatsoever)"

"Shareholders should be appalled that management (enabled by a sleepy Compensation Committee) are reaping bonuses for a failed deal and an accounting change."

"Kornit’s current valuation multiples are stretched to all-time highs on the misplaced belief that its recent financial performance in 2018 can be sustained."

"Spruce Point repeatedly finds that companies that modify goodwill testing procedures do so ahead of revealing broader troubles and issues with the business."

"Spruce Point finds additional evidence that either MSCI exaggerated historical claims about its ESG and Climate business or has a weakening market position."

"MSCI trades at the highest valuation among its financial services peer group despite clear evidence of business and financial challenges facing the Company."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"In 2021, Pisach executed a second same-day flip (that did not involve CPI PG). This further indicates that CPI PG’s deal with Pisach was highly problematic."

"Green Dot has a checkered past that strikes us as unbefitting of a company such as Intuit and presents real business risks for both Intuit and its customers"

"We expect that China will grow nearly twice as fast as Starbucks' overall earnings and represent an increasingly larger percentage of the company's earnings"

"Fannie’s $5bn IPO is readily achievable given its scale and return profile. Freddie’s larger IPO will benefit from the learnings from Fannie’s capital raise"

"An operation along the west rim is expanding, likely intended to remove weight (and therefore stress) to prevent another large or even catastrophic failure."

"The Nkran extension was also quietly dropped. The deposit was supposed to be mined in Q1 2017, then pushed to H1 2017, and later dropped from the mine plan."

"If management and the Board are left unchecked, shareholders will not have an opportunity to have their voices formally heard on the Red Lobster Separation."

"To the contrary, we believe this analysis is critical for shareholders to fully review as part of any constructive discussion about the proposed separation."

"This is unacceptable. By making the above statement, while simultaneously ignoring serious interest, you are sending potentially destructive mixed messages."

"We believe this is a major input into the growth story. According to industry experts, the value of a customer lead may be closer to $14 - $15 or 40% lower."

"When we asked about New Pacific he came back with what sounded like an unsolicited offer to help pass or block the contract between New Pacific and COMIBOL."

"Therefore, if Parkland wants to be valued like a pure play fuel and convenience retailer, it should simply become a pure play fuel and convenience retailer."

"We do not believe executives should earn any TSR-related performance share units (“PSUs”) unless Parkland’s relative TSR is at or above the 50th percentile."

"The outcome of the ballot on Item 6 is also a test on the coherence and integrity of the Asset Management industry, which is BlackRock's leading shareholder"

"Despite the CEO claiming in late 2018 and in 2021 that the story would change dramatically for Stryker’s spine business, the numbers tell a different story."

"Why would Stryker waste its time and shareholder capital on an acquisition of a legacy product that is experiencing an accelerated rate of patient injuries?"

"Spruce Point has caught Magnite clearly exaggerating its SPO efforts, first calling 2019 a period of “acceleration” and then backtracking to call it “slow”."

"FTAI has wide latitude to estimate residual values, giving it the benefit of potentially moving equipment to Inventory with artificially low carrying values"

"The bullet points below catalog the various discrepancies. Note that 2019 numbers remain consistent, confirming that these are apples-to-apples comparisons."

"The double duty being pulled at Branch no. 56 is not a single incident. We also found Branch No. 36 and another Deyou store share a same registered address."

"SCT's share price performance does not reflect core business growth. Intrinsic value has doubled but the share price is down 18% since the merger with Cheil"

"It is curious as to why such a small company would arouse the attention of a multi-billion dollar market capitalization advertising powerhouse such as FMCN."

"The ACMR valuation makes no sense, and valuing ACMR’s stake at ACMS current trading levels would imply an ACMR share price of $73, representing 318% upside."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"Genomatica illustrates how Ginkgo injects cash into related-party “customers,” with Ginkgo investors like Viking, Casdin, and others playing a central role."

"It is highly unlikely a well-run Midstream SpinCo requires ~3x the G&A as peer operators (1.7% management guided G&A / TEV vs. 0.6% peer average G&A / TEV)."

"Why should investors buy into the cloud growth strategy if insiders won’t? Recent trades by CEO Bodner suggest that he thinks the stock is getting frothy..."

"The FTC settlement requires a “top to bottom” restructuring of HLF’s business model to “dismantle the alleged deception” and “start complying with the law”."

"We also presented a bear case that highlighted several large headwinds that athena would have to contend with that led to a DCF value of just $14 per share."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"We find few reasons for a vet to use Heska other than price, and even Heska management struggles to explain how it will compete with the industry's leaders."

"Heska is trading at a material premium to some of the most innovative diagnostic equipment companies despite having a margin profile closer to distributors."

"BP had previously - in the case R (Galloway) v. Durham County Council - unlawfully sought authorization for a 76 MW plant while claiming it was below 50 MW."

"BKD must act now with 1) major initiatives complete, 2) IRS REIT moratorium lifted and 3) average HC REIT forward cash flow multiple trading at 7.4x premium"

"Morgan Stanley’s Inpatient forecast assumes athena launches a new revenue cycle management service in 2017 that will reach $2.5 billion of revenues by 2030."

"Assuming a 7x Forward EBITDA multiple, even if the recovery is protracted or prolonged, we believe we will earn an attractive IRR at the current share price"

"The Percentage of Disney Films That Are Sequels, Prequels, Spin-Offs or Remakes Has Dramatically Increased – Suggesting a Creative Engine That is Sputtering"

"Given that Disney's plan for ESPN involves products that have yet to be launched, we see two potential paths for ESPN that Disney should evaluate in detail:"

"Contrary to DWAC's perpetually future intentions, we believe it has never had any reasonable hope of filing an S-4 that the SEC would allow to go effective."

"Vivion appears to take pains to conceal its relationship with rent24. We suspect that rent24 could be used to artificially inflate rent receipts in Germany."

"Fannie's $5bn IPO is readily achievable given its scale and return profile. Freddie's larger IPO will benefit from the learnings from Fannie's capital raise"

"The Model 3 is profitable. I didn't think it was gonna happen this way, but the Model 3 is profitable. Over 30%. No electric car is getting 30% net, nobody,"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"Truck and vehicle growth are averaging just 1.9% over the last three years, falling short of the Company's target of mid to high single digit organic growth"

"Clear path to remove share price discount by separating the Steel business to allow the market to independently value Timken's Bearings and Steel businesses"

"We attribute Timken's significant outperformance since the public announcement of our proposal to shareholder anticipation of a separation of the businesses"