Callouts & quotes from 26,677+ activist slides

"Wall Street analysts overall expect TWC to continue its double-digit revenue growth in 2006, outstripping the growth rates of Comcast and Cablevision."

"Zoetis stock increased 35% including dividends from inception of our position to date, and increased 31% including dividends from inception to YE 2014"

"Furthermore, consistent with our view of weakening governance measures, we find that Director ownership has noticeably declined in the past few years."

"73% of respondents very or somewhat interested and, even more telling, 68% of those using self-preparation software very or somewhat likely to switch."

"Starbucks' global market share in specialist coffee shops is 15x larger than the #2 player and over 3.5x larger than the other top 10 players combined"

"We call on Burford to disclose the history of its fair value gains from appraisal rights claims, and the results of such claims relative to the marks."

"We believe that Treasury’s warrants could generate over $300 billion over time, providing a meaningful source of funds for other government priorities"

"Why did the Compensation Committee decide, out of thin air, that management should receive its full 50% revenue bonus despite missing on STIC Revenue?"

"レーザーテックが極端紫外線マスク検査の分野で築きあげてきた独占的な地位は、マスクをデブリから保護するための薄膜＝「ペリクル」を貼った極端紫外線マスクを検査できるということが、その基礎にある。しかし実際のところ、レーザーテック製の検査装置はペリクルを貼ったマスクを検査することにおいても、信頼性が低い。"

"But missing 12 cases of rejection out of 27 is an unmitigated failure, and reveals the inability – and risk – of using AlloSure to rule out rejection."

"Is the opportune time to realize maximum value for shareholders really when input costs are at an all time high due to specific and temporary reasons?"

"We believe Porch's business was falling apart in the second half of 2020 and it burned a massive $31.7m in the quarter leading up to the deal closing."

"Software companies with high gross margins and solid revenue growth can generate high incremental margins, which should drive margin expansion at BILL"

"Nidec's description of its “technological edge” reminds us of Nidec’s once uber-bullish statements on haptic, and the resulting disappointing reality."

"By removing the cash outflows from acquiring licensed copyrights from OCF and recording it under cash flows from investing, IQ’s OCF appears positive."

"Zoetis stock increased 35% including dividends from inception of our position to date, and increased 31% including dividends from inception to YE 2014"

"Spruce Point believes “Supply Path Optimization” is nothing more than the latest fancy buzz word to get investors excited about Magnite’s “potential”."

"FTAI retains title to the engine and, concurrent with the airframe sale, leases the engine to the airframe owner as part of a Perpetual Power Program."

"ROAD failed to make ENR's list of "The Top 100 Contractors by New Contracts" by not increasing its contract growth at the same rate as industry peers."

"A review of recent project tenders at the Oklahoma DOT reveals that Overland Corp. appears to consistently be underbid by the Cummins Construction Co."

"While this contribution margin analysis implies $230mm of incremental EBITDA, we believe the actual number will be somewhere between $100mm and $230mm"

"In this video, the user performs the following steps, which together provide behavioral evidence of fingerprinting and aggressive retargeting tactics:"

"SCT's share price reflects a substantial discount being applied to its listed holdings and zero value being ascribed to its standalone core businesses"

"Limited information on applicable investment framework and opportunities likely leads to market cautiousness when valuing the New Business Initiatives"

"All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned."

"REZI has a troubled history of organizational complexity, financial failure, and the recent split up announcement is likely to intensify its problems."

"PSH's discount to NAV narrowed by 4.5% from 33.2% in the beginning of 2023 to 28.7% at year end, and has narrowed further to 27.0% thus far in 2024(3)"

"5. Former employees we interviewed indicated a widespread awareness of and concern inside Ginkgo about its related-party/round-tripping business model"

"Boulder Brands, under Sacco's financial and accounting leadership, experienced similar financial strain leading up to its collapse as PBH faces today."

"Given Walmart is PBH's largest customer and the choice for the most cost-conscious customer, we believe there is significant pressure on PBH's prices."

"“true” organic sales growth is far lower than management’s reported figure, which excludes more than half of its locations (and its worst-performing)."

"“true” organic sales growth is far lower than management’s reported figure, which excludes more than half of its locations (and its worst-performing)."

"But what we saw was a company that used a website to partially automate a still very paper and labor intensive back-office billing collection process."

"Why did Heska stop calculating Monthly CSV just when the metric missed expectations and started to decline, in part since international is a low $669?"

"Even if we total every possible employee at the time, including all pathologists, we still only get to 28 employees, less than half the number listed."

"One person described it “as if I am being branded” “at least 2-3 times per week” which he appears to blame for sudden-onset leg paralysis and 3 falls."

"Spruce Point frequently finds that when companies reprioritize Risk Factors, there is a signaling effect that investors should pay close attention to."

"The press release from the recent Amex partnership renewal struck out a previously enthusiastic endorsement of the relationship by CLEAR’s management."

"The Board insists on measuring performance from THE ONLY date in which ROVI has outperformed peers, following a one-day decline of 43% in ROVI’s stock"

"The only way a correction takes place is to have household formation exceed new construction by a significant amount for a significant period of time."

"Given this Board’s track record, we find it disappointing that it rejected adding Nelson and Jay as Directors outright without even meeting with them."

"The fact that he left Red Cat to help found a new company is further confirmation that his resignation is a vote of no-confidence in Red Cat's future."

"Spruce Point believes Danimer's current share price is unsustainable, and a result of hype around ESG businesses and unrealistic financial assumptions"

"Unlike banks, the GSEs face low credit risk, do not take interest rate or liquidity risk, and do not guarantee jumbo and alternative mortgage products"

"We believe that Treasury's warrants could generate over $300 billion over time, providing a meaningful source of funds for other government priorities"

"If TSLA demand is because of backlog, then why is the year over year declines for these brands accelerating every month in an economy that is booming?"

"Elliott's John Pike and Geoff Sorbello provide their final analysis as shareholders vote to secure a stronger, more prosperous future for Phillips 66."

"Phillips 66 has been a perennial underperformer – weighed down by operational missteps, a flawed conglomerate structure and poor corporate governance."

"PSH’s discount to NAV widened by 1.6% from 29.6% in the beginning of 2024 to 31.2% at year end, but has narrowed slightly to 30.2% thus far in 2025(3)"

"Investors should be concerned that USCR’s liquidity is rapidly deteriorating and worse today than pre-financial crisis which sent USCR into bankruptcy"

"Early investors in USCR’s emergence from bankruptcy have all bailed and don’t appear to have bought into the Company’s growth by acquisition strategy."

"Why is it that DuPont recognizes the need to upgrade the Board but refuses to allow a large stockholder with a strong track record into the Boardroom?"

"Why is it that DuPont recognizes the need to upgrade the Board but refuses to allow a large stockholder with a strong track record into the Boardroom?"

"After all of this, the device that is to be permanently implanted in your body until you die is covered by a ‘limited’ warranty for three whole years."

"Despite meaningful share price appreciation since our investment, SBUX still trades at a discount to its average valuation over the last several years"

"We estimate that the true number of shares outstanding is only 42.8% of what BOL reports. BOL’s shares present a unique corporate structure arbitrage."

"Leidos promotes $400m of expected sales for L3Harris (well short of the $1.0bn it claimed it could achieve alone in 2017 and $700m it claimed in 2003."

"DEXA “LBM” dataset suggests to us that DCCR linearly increases fluid retention over time, with no signs of plateau = 7.3 kg/16 lbs of fluid in 3 years"

"DEXA “LBM” dataset suggests to us that DCCR linearly increases fluid retention over time, with no signs of plateau = 7.3 kg/16 lbs of fluid in 3 years"

"Snacks business, if standalone, would be one of the most attractive consumer companies in the world (leading market shares, strong margins and growth)"