Callouts & quotes from 26,677+ activist slides

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

"Stryker preliminarily revalued its inventory to $39 million, with a final inventory valuation of $25 million (421% more than the final reported value)."

"Stryker preliminarily revalued its inventory to $39 million, with a final inventory valuation of $25 million (421% more than the final reported value)."

"Fake capital expenditure press releases are a trick we see often in corporate frauds, to create the illusion of customer demand, expansion, and growth."

"Olam has a knack for generating publicity for new agreements, while it avoids informing investors and analysts when the agreements fail to materialize."

"Private equity is changing the landscape. They are buying companies, and way overpaying for them, and will sell them to another PE firm or a strategic."

"We Believe FTAI Is Selling Whole Engines and Telling Investors it Sold Three Modules. This Helps FTAI Sell Investors on an Aerospace Aftermarket Story."

"We believe this is the latest accounting lever Fairfax will pull in Q4 2023 and note the stock trades lower than the price Fairfax paid for the buyout."

"In our view, inserting a straw buyer likely enables BEKE a convenient mechanism to fake cash that is a byproduct of significantly overstating revenues."

"CXW provides services under management contracts to all three federal agencies, 19 state agencies, the District of Columbia and multiple local agencies"

"The collection of Shopify event data is critical to the success of the e-commerce launch because these behavioral actions inform APP’s ad auction bids."

"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."

"The Croatti family's stake, which is worth today around $568 million, would have been worth close to $1.84 billion, a staggering ~$1.3 billion mistake."

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

"Despite poor organic revenue growth, management has seen healthy increases in its base salary. Why is management being rewarded while investors suffer?"

"Amcor Flexibles Soliera S.R.L in Modena, is directly in an Italian lockdown zone.(1) The entity generates €15m and €0.5m of sales and profits annually."

"I estimate households have about $7 trillion in exposure to short-term interest rates, so a 1% change in rates adds about $70 billion to annual income."

"It shouldn't be surprising that Japan and Europe, which have worse fiscal situations than we do, have implemented even more aggressive monetary policy."

"PSH's discount to NAV narrowed by 7.1% from 31.2% in the beginning of 2025 to 24.1% at year end, and has narrowed slightly to 23.3% thus far in 2026(3)"

"Ownership of Aerojet’s stock by long-term fundamental owners has been on the decline, while passive index buyers chasing ETF flows appear to be adding."

"Juniper must be focused on delivering both an immediate large return of capital AND incorporating a consistent and ongoing dividend and buyback program"

"However, Eurofins Scientific SE's annual accounts available from the Luxembourg registry show €89.235 million of "shares in affiliated undertakings...""

"Two lines are HF and conventional stimulation, showing no meaningful difference at various intervals up to a year, on several endpoints measuring pain."

"The impossibility of Ströer’s claimed 2014 overall organic growth rate of 11.4% is laid bare by the inconsistency in a single paragraph of its 2014 AR."

"Even with the broader macro challenges faced by the Cosmetics industry in 2024, derma-cosmetics remains a growing... and highly profitable bright spot."

"NewMed's recommended offer represents a US$242 million discount to ERCE's independent assessment of Capricorn's current cash-weighted fair market value"

"Successful negotiation of modernized fiscal terms in Egypt could generate ~50% upside to today's fair market value of Capricorn's Western Desert assets"

"Shareholders Now Have A Unique Opportunity To Vote For A Highly-Qualified Slate Of Alternate Directors And Chart A New Strategic Course For The Company"

"RSUs not being captured by Zillow’s Diluted Share Count; We Believe They Should Since The Current Share Price Is Greater Than The Grant Date Fair Value"

"BUR has a tendency to avoid recording impairments when they are near-certain or, in some cases, total losses, which results in inflated IRRs and ROICs."

"Our research shows that Inspire’s management exaggerates its TAM by at least 50x in order to sell investors a growth story they must know is fictional."

"This shift provides a powerful tailwind to Sony's profit growth, as Sony captures ~60-100% more gross profit dollars per unit in a download transaction"

"Inadvertently revealed several red flags about the trials, while continuing to defend the drug despite an almost 100% discontinuation rate at the site."

"Of the 15 start forms submitted, only 3 have been approved with 6 outright denials and 4 with a soft denial, for a roughly 3:1 denial to approval ratio"

"The adverse events table in the Phase 3 double-blind study manuscript never even uses the word diabetes, burying and conflated it with “hyperglycemia.”"

"The blue error bars on Soleno’s HbA1c chart are the key to understanding the clear evidence of T2D risk – which is obfuscated by the green line (mean)."

"The mean HbA1c line is moved upward, thereby moving the population into pre-diabetic range (HbA1c > 5.7%). We added a red line to show pre-T2D cut off."

"I don't think that you're going to see many payers covering that right now. I don't see it. And I can tell you that Anthem Elevance is not one of them."

"I do remember looking at one of the — I think it was an investor deck...where they were talking about why this works. And I was like, "That's rubbish.""

"He then laughed and wondered out loud if Bioprojet were “like FTX” or “intentionally doing criminal stuff” or “just basically naïve and being idiotic.”"

"In light of our findings that >17% of revenues are to Microsoft, a U.S. company, it’s remarkable that MPWR reports pre-tax losses from U.S. operations."

"While a dual share class structure benefits the controlling family, it is not in the best interest of all shareholders and overall corporate governance"

"We asked a second quantum computing expert to repeat the experiment, asking him to add 2 + 3 to see how often IonQ’s computer returned 5 as the answer."

"Herbalife has previously said collecting such information in an organized way would be unduly burdensome and costly, and would violate customer privacy"

"It appears to us that this Strategic Partnership was intended mainly to create the illusion that MOXC’s online advertising business generated revenues."

"While incompetence may explain some errors, the pattern consistently obscures data unfavorable to management. This raises questions about transparency."

"We should use Enterprise Value because business KPIs relate to the business operations. Enterprise Value captures the value of the business operations."

"QTT’s claim that it has no trading relationship with Shanghai Jusou is strange given what we see on Jusou’s website and Dianguan’s website as of today."

"This makes QTT's total loyalty program expenses (user acquisition expense + user engagement expense) $701.8 million, or 100.2% of SEC reported revenue."

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

"It appears that Alimac purchased an empty piece of land for $1M and constructed a warehouse. The warehouse and the land was later sold to IIPR for $5M."

"Due to the dire financial state of the tenant, we allocate 20% discount to 2020 rent under the good case scenario and 100% under the bad case scenario."

"Four rooms, four girls and four adults. One adult one girl in each room. Do you have spa? Can you organise a pick up of all the guests? What about spa?"

"It appears to us that GSX's investee (Beijing Youlian) and disposed entity (Baijia Yuntu) continue to have its employees work in GSX's building/office."

"While Disney’s growth investments and M&A have contributed to total revenue growth of 41% between FY 2018-22, EPS has declined 50% over the same period"

"KLA will quickly replace Lasertec in the key inspection use cases in the mask shop at Intel, TSMC, and other customers; will also create price pressure"

"Fake capital expenditure press releases are a trick we see often in corporate frauds, to create the illusion of customer demand, expansion, and growth."

"We observed almost no activity, except for an occasional machine being delivered, as it serves only as a storage facility for finished goods inventory."

"THIRD POINT, ONE OF NESTLÉ'S LARGEST INVESTORS, OFFERS THIS ROADMAP TO ENSURE NESTLÉ MAINTAINS ITS COMPETITIVE POSITION AND ACHIEVES LONG-TERM SUCCESS"

"Agilent's share price including dividends increased 12% from our average cost at inception to December 31, 2019, and decreased 2% year-to-date in 2020"