Callouts & quotes from 26,677+ activist slides

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"Autodesk produced meaningful margin improvement from FY2018 – FY2021, with adjusted operating margins expanding from (5%) in FY2018 to nearly 30% in FY2021"

"BXMT has been "extending and pretending" by modifying troubled loans that are already otherwise in default – extending maturities and allowing them to PIK."

"We believe management’s refusal to acknowledge ongoing costs is intentional, and it masks the fact that EHTH is a fundamentally value destructive business."

"This decision limited both the overall scale and the strategic upside of the partnership for Tempus, despite the extended timeline and repeated amendments."

"Huntsman committed to monetizing its Venator stake for over $1.0 billion, but ultimately received ONLY $140 million after conducting a “fire sale” in 2020."

"We believe the Red Lobster transaction highlights the incumbent Board members' attitudes towards shareholders and their inability to create value at Darden"

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"Van Houtte’s operating expenses (which include Selling and Operating Expense and General and Administrative Expenses) ran at approximately 40% of net sales"

"To be clear, we do not dispute that DigitalGlobe can continue to make one-off archive deals, but we think some sort of major industry adoption is unlikely."

"We estimate that the option to switch to in-house printing presents the average Diamond Plus Align customer with a $400K per year cost savings opportunity."

"Not a single one of the 143 companies of similar size and industry as Alcoa defaulted or filed for bankruptcy protection during the global financial crisis"

"An investment in Valeant shares on the day Mike Pearson became CEO has appreciated to ~45x its initial value in seven years including dividend reinvestment"

"Thus, we believe the audio livestreaming and China-PRC revenues are essentially the same and should be predominantly, if not substantially all, from Hello."

"Clicking on this leads to a webmail portal, which we suspect is for Yundong – we urge regulators to move quickly to obtain email and data from this server."

"We are exercising caution around the industry's recent acceleration of the direct selling or door-to-door sales channels through independent sales dealers."

"We speculate that the real purpose of the restructured off take agreement was to avoid Noble taking a massive impairment charge when it disposed of PT ALH."

"ELLIOTT RELEASES THIRD-PARTY SURVEY RESULTS FINDING THAT PHILLIPS 66 SHAREHOLDERS RANK THE COMPANY LAST IN OPERATIONS, CEO EFFECTIVENESS AND VALUE CREATION"

"“Factory of the Future” is just “a story for Wall Street”; “unnecessary and won’t change their costs; will just “add a bunch of new costs and redundancies”"

"DNA Script, number one, and Molecular Assemblies, I think, are probably two of the frontrunners I'd watch for on the DNA synthesis and gene synthesis side."

"We generally short frauds, and are always amazed at how such companies seem to be a magnet for investors, underwriters, and others with similar tendencies."

"This is the first time in 2U’s public history where the costs to generate an FCE are rising. This is evidence of increased competition to advertise online."

"The encryption AV 7.0 uses is pointless because it includes the key with the data it is encrypting, which is akin to leaving the key hanging out of a safe."

"HK has built a USD $77bn foreign currency fiscal reserve, or $294bn (~126% of trailing GDP) including the funds backing the currency board and other assets"

"Essentially the scheme transfers the pressure of a run out of the local currency away from the exchange rate onto the banking system and thus to borrowers."

"Led operational and cultural transformations at two underperforming railroads, including one in Canada. Drove unprecedented performance, far ahead of peers"

"Best executive in railroad industry; led operational and cultural transformation of both Illinois Central and Canadian National into best-in-class railways"

"Best executive in railroad industry; led operational and cultural transformation of both Illinois Central and Canadian National into best-in-class railways"

"Tegus conducted an interview with a former employee who commented about the oddity of C3 not being well known for AI solutions after 12 years in existence."

"We believe investors should be concerned when former employees note that “safety is in jeopardy”, suggesting insourcing may not improve HIMS’ risk profile."

"FND's median employee wage has grown faster then peers. We're not sure what the CFO meant when he said they were not playing catch-up with associate wages."

"If one-off projects can consistently translate into stable and recurring managed services revenue streams, why is region-specific sales growth so volatile?"

"Management does not commit to conducting M&A, but instead says that it has “optionality to execute M&A,” and says that it may have to assume debt to do so."

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"The market fails to account for Saputo’s U.K. Pension plan obligation, which is highly sensitive to inflation and assumes 2.9% inflation vs. 10.1% reality."

"Spruce Point takes issue with how Monster is reporting its Tour Water brand sales as it could potentially be a lever to inflate energy drink organic sales."

"After analyzing Monster's cash and investment accounts, we have difficulty explaining how Monster realized a higher return on investments in 2024 vs. 2023."

"To us, providing a hypothetical but potentially inaccurate trading intention, upon each communication of opinion about a security, doesn't make much sense."

"Disney's chronic succession problems have created a leadership void; seemingly one of the worst succession records in U.S. large-cap public company history"

"Disney's chronic succession problems have created a leadership void; seemingly one of the worst succession records in U.S. large-cap public company history"

"Disney cannot credibly blame Bob Chapek for the Company's problems given the fact Mr. Iger has been CEO or Executive Chair since 2005 for all but 11 months"

"Netflix continues to raise the bar in streaming profitability due to their relentless focus on driving engagement within a defined operating margin target."

"Huntsman committed to monetizing its Venator stake for over $1.0 billion, but ultimately received ONLY $140 million after conducting a “fire sale” in 2020."

"In 2003, TWX management elected to remove AOL from the corporate moniker, a telling symbol of the diminished emphasis and expectations placed on the asset."

"The table in Herbalife’s disclosure of distributor earnings only includes “Active” Sales Leaders. Inactive Sales Leaders and Non-Sales Leaders are excluded"

"In conducting the portfolio review, a key question should be: if you were to start from scratch today, would you construct McGraw-Hill in its current form?"

"Despite the Company’s claims of being an attractive investment proposition, Elliott’s conversations with midstream investors suggest the complete opposite."

"We typically find that excessive compensation, frequent shareholder dilution, and minimal insider alignment to be hallmarks indicative of stock promotions."

"Investors Should Be Alarmed That Perion's CEO And Audit Chair Both Worked At Lumenis, Which Was Under SEC Investigation And Charged With Inflating Revenues"

"The demotions, which are likely due to poor underlying geology or significant pre-stripping costs demonstrate wide-ranging problems across the Obotan area."

"IR担当は心底申し訳なさそうにこういった。「IRとしてFab 4Aの案内ビデオがほしいと上に働きかけています。しかし、なかなかつくってもらえない。先日、スイスの投資家がFab 4Aを見る目的で、わざわざ日本まで飛んできました。現場を見られないうえに、ビデオさえ観せてもらえないことに相当不満をもったようでした」"

"However, as demand slowed following the pull-forward during the pandemic, BILL’s core revenue growth decelerated and has now slowed into the low-mid teens."

"The changes to DFRL's CY2016 financials added Rmb 129 million (~US $19.7 million) to its assets and Rmb 131 million (~US $19.7 million) to its liabilities."

"To avoid "pissing off the company," one analyst, defendant Laura Martin, wrote that she "would NOT lower numbers on AOL, even though they can't make them.""

"FTAI generates about ~$2m in GAAP revenue per module sold, compared to the sticker price a customer would pay for an off-the-rack module (~$700k - ~$1.5m)."

"Former DLO executives from the pre- and post-IPO periods stated that in 2020, management was looking for volume, seemingly without regard to profitability."

"Odyssey and Brit Transactions Are, In Substance, Financing Transactions That Allow Fairfax to Boost Book Value by $429.1 Million and $115.4 Million in 2021"

"Because of Lianjia’s claims of an extensive national network, we believe Sanhe Langhang’s examples indicate a systemic inflation of store and agent counts."

"Here is what earnings might look like in 2023, the first year with QB2 online. At the current forward curve of around $4.50 copper, earnings almost double."