Callouts & quotes from 26,677+ activist slides

"Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive"

"We independently verified that IonQ's 11-qubit quantum computer, accessible through Amazon Web Services, is a farce that can't even properly add 1 + 1."

"We independently verified that IonQ’s 11-qubit quantum computer, accessible through Amazon Web Services, is a farce that can’t even properly add 1 + 1."

"The difficulty of going to 100 or 500 or thousands of qubits, it doesn't scale linearly. It's not just twice as hard to do 1000 qubits compared to 500."

"In other words, IonQ spent $414K with its two largest customers, who then turned around and “purchased” $164K of quantum computing access and services."

"36% incremental margins are not acceptable and not fully explained by the agency transition. We believe Autodesk should target 55% incremental margins."

"As a result, the industry would need to invest an incremental $200 billion to build the capacity to displace anticipated HDD exabyte shipments in 2027."

"We have nominated four director nominees to the 10-person Board, thereby seeking minority representation on the Board on behalf of common shareholders."

"First, the Board must work with Darden’s management team to unify the strategic plan going forward while completing the CEO search as soon as possible."

"Spruce Point favors shorting a no-edge commodity company at cyclical and unsustainable highs, especially one with strong evidence to suggest foul play."

"Spruce Point has a track record of prescient calls in the consumer and retail sector and has typically found warning signs around inventory accounting."

"The other appointed members of the private Ding family ANTA (Fujian) Shoes Industry sales offices are family members, ANTA company “veterans”, or both."

"Our proposal is not intended to be a vote of no-confidence in CEO Larry Fink, but simply aims to address the lack of independent oversight by the Board"

"As of today(3), BlackRock is still a leading shareholder of thermal coal companies Glencore Plc, Thungela Resources Ltd, Exxaro, Peabody and Whitehaven"

"BlackRock's destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans."

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"In fact, GTT adjusted the value of every single line item from the original PPA. Incredibly, GTT revalued 6 of the 9 ‘asset’ line items by 40% or more."

"This approach is often taken in situations where individuals, entities, or both are attempting to conceal information, particularly acts of wrongdoing."

"Consolidating the forklift business would enable bottom-line impact, through sourcing optimization, R&D streamlining and other operational improvements"

"Zebra now mentions China’s Chainway as a competitor and the expert we consulted also referenced them as an emerging competitor worth keeping an eye on."

"A publicly traded McOpCo would increase financial transparency and would allow investors to appropriately value McDonald’s on a sum-of-the-parts basis."

"This is NOT a solicitation of authority to vote your proxy. Land & Buildings is not asking for your proxy card and will not accept proxy cards if sent."

"It’s one of those companies that’s always been a question mark for me. I didn’t get it. It went against everything that I learned in my science career."

"We advise focusing this above-the-line effort in key financial capitals in the world: New York, London, Shanghai, Hong Kong, Chicago and San Francisco."

"Rio's 29-year-old DLC structure has outlived its use and is no longer fit-for-purpose - causing Plc to underperform and inhibit Rio's shareholder value"

"Based on our extensive investigation over the past three years, we believe Herbalife operates the largest and best-managed pyramid scheme in the world."

"Only a radical redesign of Herbalife's compensation system could remedy serious and ongoing violations of consumer protection laws and securities laws."

"GE' s industrial balance sheet supported GE Capital's credit rating and therefore precluded GE Industrial from utilizing an efficient capital structure"

"To be explicitly clear, Norfolk Southern's OR was ~780 bps worse than CSX's rail-only OR in FY2023. In 1Q24, the OR differential ballooned to ~900 bps."

"Instead of yet another half measure, we believe Tripadvisor should be formally exploring a sale of the entire company, in one or multiple transactions."

"It’s very evident from our primary research that PB Blaster is intensely competing for shelf and advertising space with WD-40 at very low price points."

"We believe there are three obvious and credible ways for Bristol-Myers shareholders to lose significant value if the Celgene acquisition is consummated"

"The GSEs’ subprime and Alt-A investments amounted to ~6 times the minimum capital requirements of the FIA business at the onset of the financial crisis"

"Phillips 66's (NYSE: PSX) CEOs reaped an eye-popping $140M from 2020-2024—despite ongoing stock and operating underperformance and missed cost targets."

"Stores opened in YTD 2024 were in zip codes with ~6% lower average median household incomes than in 2023 and ~10% lower than the stores opened in 2022."

"While we recognize these values to be estimates, the order of magnitude relative to previous cost assumptions from 2022 and our own estimates are high."

"Sizable Selling: One stock sale alone worth $14M (note that whoever filled out the document made an error in this column – reads $1.4M instead of $14M)"

"We find it telling that Amdocs’ largest customer no longer has sufficient conviction in the Company to maintain its previous levels of share ownership."

"Saputo's second strategic pillar is to accelerate product innovation. We see a few reasons to be skeptical of its ability to execute on this objective."

"We have nominated four director nominees to the 10-person Board, thereby seeking minority representation on the Board on behalf of common shareholders."

"We have nominated four director nominees to the 10-person Board, thereby seeking minority representation on the Board on behalf of common shareholders."

"Analysts' estimates of the value of Filmed Entertainment is generally in line with the fully-distributed enterprise valuation of $15.0 - $16.5 billion."

"There is not a single dose of skepticism expressed with a "Sell" recommendation amongst the analyst community when it comes to Momo’s 12 month outlook."

"From 2004–2009, Latino market Volume Points as a % of total Americas Volume Points more than doubled, while the ‘Core’ U.S. market appeared to stagnate"

"In addition, Herbalife's products are typically sold at a 50% discount to SRP, whereas many of its competitors sell their products at a 30–40% discount"

"Since 2007, Michael Johnson has sold ~$140mm of HLF stock. These sales were discretionary. His shortest dated options were not set to expire until 2013"

"Allegations and controversy surrounding Axon influencing police chiefs and decision makers create uncomfortable headline risks to the investment story."

"Cush would bring deep experience to Southwest’s effort to build upon the Company’s core cultural strengths while evolving and modernizing the strategy."

"Phillips 66's misleading claims of success on its 2022 targets echo the Board's and previous CEO's failure to hit the AdvantEdge66 cost savings target."

"This is an outright “green fraud” that has brought FleetCor to their Philidor moment and should lead to the immediate resignation of CEO Ronald Clarke."

"Starbucks plans to nearly double its units in China over the four years, and estimates that China will ultimately surpass the size of the U.S. business"

"Why does Mettler claim Olivier was the Head of Process Analytics from 1999 when its own filings and employment agreement clearly show it was from 2001?"

"This bolsters our concerns that either they are wildly underspending to develop and maintain their technology assets, or that their sales are inflated."

"PERI’s revenue per average employee has compounded at nearly 30% since 2019. This is a remarkable achievement that should draw skepticism and scrutiny."

"レーザーテック製の装置を整備する苦悩は、現役・元のフィールド・サービス・エンジニアのリンクトインのプロフィールに窺える：「極端紫外線の光学系における透過率の低下に関わる難易度の高い問題の解決に努めた。」「整備上の複雑な課題」「既存の装置の問題」「システム故障」「フォトマスク関連装置・工程の問題解決」。"

"None of these committee members appear to have backgrounds as REIT executives, real estate investors, or specialists in UPREIT compensation structures."

"We believe BR will be in violation of its Leverage Ratio covenant at 3.5x but has avoided tripping it through an aggressive cost capitalization policy."

"By retiring Yahoo's stake, YJ Shares would go from Yen 500 to Yen 770 overnight Softbank's 43% stake would immediately jump in value from $9.5B to $15B"

"As of today(3), BlackRock is still a leading shareholder of thermal coal companies Glencore Plc, Thungela Resources Ltd, Exxaro, Peabody and Whitehaven"