Callouts & quotes from 26,677+ activist slides

"Organic sales growth over the last twelve months has constituted the Company's slowest LTM growth rate in over a decade, excluding the COVID-19 lockdowns"

"Solventum's corporate cost allocations were much larger than what either Covidien or GE HealthCare were allocated inside of their former parent companies"

"Today, BlackRock is both the absolute leader in passive investments and the undisputed champion in preaching the messianic role of corporate stewardship."

"We believe there is a big divergence between the consensus of analysts’ projections and the Company’s likeliness for a reduction in capital return plans."

"We believe that Darden's remaining real estate is worth $2.5 to $3 billion, and that separating the real estate could create ~$6 - $10 of value per share"

"Although there may be reasons for this, it does not indicate to us that the Company was generating much attention in the market it was trying to address."

"GoDaddy has transformed itself from a domains-only business into a one-stop shop whose solutions have become indispensable for micro and smallbusinesses."

"Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management"

"We believe the simplified transaction delivers a better-capitalized post-closing HHH that will be able to begin executing on its new strategy immediately"

"We believe the proposed transaction offers shareholders a highly compelling alternative to HHH’s limited strategic options as a standalone public company"

"Manhattan U.S. Attorney Preet Bharara alleged that Novartis was a "repeat offender" as the Company was already under a 2010 CIA over kickback allegations"

"We Believe Almost 75% of the VIAB board are not independent by a reasonable definition; ISS recommends a “substantial majority of a board be independent”"

"The Company’s share price has underperformed multiple related indices and the broader market since Mr. Anagnost was appointed permanent CEO in June 2017."

"For these reasons, we believe that the odds that non-Glenview shareholders support a combination of HMA and Community are increased by changing the Board"

"There are industry, economic, technical, policy, and regulatory reasons why PHA – and bioplastics overall – will not be nearly as large as DNMR purports."

"We believe that Darden's remaining real estate is worth $2.5 to $3 billion, and that separating the real estate could create ~$6 - $10 of value per share"

"We observe a worrisome rise in accounts past due by 90 days as of its last disclosure on Dec 31, 2016 prior to announcing the DigitalGlobe deal Feb 2017."

"SOFI's charge-off data seemingly contains a mathematical impossibility that strongly implies loans are being charged off outside SOFI's reported metrics."

"Observers agree: the large franchisee acquisitions of 2015 destroyed value by diluting ROIC and eliminating a highly valuable, high-margin royalty stream"

"Arconic cannot hide behind an old capital base. The Company has a recently refreshed capital stock that is younger than that utilized by most competitors"

"Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management"

"We believe Sotheby's weak performance can be tied back to poor corporate governance, irresponsible cost expenditures, and missed opportunities for growth"

"After a year, a higher proportion of patients in the Convergent arm (68%) compared to the control arm (50%) were totally free from any atrial arrhythmia."

"Warning: Oatly's expansion into other product categories, notably vegan ice cream, is being tested in a brutally competitive and promotional environment."

"We believe it is now at the point where painting itself as the “New Dropbox” towards content collaboration will fail, and require expensive acquisitions."

"Attributable free cash flow per share deducts the minority interest free cash flow pertaining to the 20% stake of McOpCo’s no longer owned by McDonald’s."

"In fact two peers, Colgate-Palmolive and Kimberly-Clark, have grown EPS at a much faster rate than P&G despite having more significant currency headwinds"

"Due to their U.S. focus and inventory write-downs taken during the recent recession, BRP's homebuilding peers' assets are likely marked near market value"

"There is extensive white space in the casual dining Italian space for Carrabba’s, a concept with 37 years of operating history, to grow into the clear #2"

"Bristol-Myers appointed several new, Company-friendly directors to appease an active shareholder, but we believe that management may have felt vulnerable"

"To combat persistent weakness in the U.S. economy, the Federal Reserve has reduced short-term rates to zero and enacted two rounds of quantitative easing"

"Unifying BHP's current DLC structure would remove a number of clear inefficiencies and create a platform for BHP to deliver optimal value to shareholders"

"In the decade to 2022, global revenue CAGR was 6.2%, and Kao has set Molton Brown a target CAGR to 2030 of 5.2% - a slowdown compared to the past decade."

"Spruce Point is concerned that Samsara no longer provides basic key performance information such as total subscribers or the number of connected devices."

"Samsara checked another box on the “believing your own hype” play card when it launched an internal venture capital fund, Samsara Ventures, in June 2023."

"As shown below, while NVDA is up 1,937% since February 2019, cosmetics-maker e.l.f. Beauty (ELF) has that number beat with an even bigger gain of 2,639%!"

"The use of college brand ambassadors lays bare the true strategy of HIMS to sell ED pills to an audience for whom such products are likely discretionary."

"As we highlighted on a previous slide, FND’s 10-K recently acknowledged that distributors are competitors but has never mentioned MS International (MSI)."

"LCOEs now range from ~$90 / MWh for a NOAK 50 MWe with investment tax credit (ITC) benefit to a whopping $230 / MWh for a FOAK 15 MWe without ITC benefit"

"Marathon can be efficiently separated into three appropriately capitalized independent entities, well-positioned to succeed in their respective segments."

"On the surface, FMCN's acquisition of CGEN is a shocking display of corporate ineptitude that destroyed $198.4 million in shareholder value in 11 months."

"Prior to Elliott's expression of initial interest in the Company, Riverbed has severely underperformed the NASDAQ by nearly 70% as well as its peer group"

"Mr. Iger has sold $1bn of Disney stock (nearly all his holdings); today, he owns just 0.01% of the outstanding shares and has limited "skin in the game"."

"However, TWX magazines are not among the fastest growing titles in terms of advertising pages or advertising revenue growth as shown in the tables below:"

"Spruce Point Consistently Warns To Avoid Investing In Companies That Are Opaque And Don't Provide Enough Information To Thoroughly Evaluate The Business."

"We go through phases in new marketplaces where recruiting is the initial phase of our business and then retailing comes in to function at the base of it."

"MH Education needs substantial capital support and institutional prioritization, yet it is among McGraw-Hill’s lowest returning investment opportunities."

"These facts call into question what is its real “stand-alone” value as claimed by Axon for revenue recognition purposes, when its utility is constrained."

"Trian believes that Lazard's strong free cash flow and limited need for capital investment should allow the company to decrease its share count each year"

"How did accounts receivable just disappear without explanation? If they were written-off, is that evidence of phantom revenue booked but not collectable?"

"Fannie and Freddie meet all the NYSE listing requirements today and could re-list on the NYSE before exiting conservatorship, subject to approval by FHFA"

"In other words, AlloSure misses the overwhelming majority of subclinical rejection episodes, and that’s ignoring the false positives in that 3.9% number."

"In other words, the appeal upholding the revocation was tossed, but the original revocation of the Alcira mining concessions was never actually reversed."

"YDT has been cranking out $35 million in billings without having had many, if any, visitors to its office in the two years it has purportedly been there."

"GoDaddy has transformed itself from a domains-only business into a one-stop shop whose solutions have become indispensable for micro and smallbusinesses."

"The 7 March 2024 Capital Market Day was widely regarded as a debacle, something we have not witnessed in 30+ years of experience in the financial markets"

"It’s unclear how much of this years nearly $1 billion product development budget at Yahoo went towards launching Livetext but it was clearly unsuccessful"

"After assessing the numerous red flags and contradictions claimed by TAL, we conclude that TAL's purported transfer and requisition of GZ 1-1 was a sham."

"We believe that to an extent Olam Management might be using desired income and cash balances as inputs into its financial statements rather than outputs."

"Two giants in the lawn care industry have also figured out that a natural product to bundle is pest control services, with a specific focus on mosquitos."