Callouts & quotes from 26,677+ activist slides

"Of the two histamine receptor antagonists that were recalled, one was terfenadine which is now infamous as the poster child for fatal QT prolongation."

"A reported ICSR of cardiac arrest in a young (49-year-old) female patient is notable given the reports of sudden death in the OSA development program."

"They’re going to run out of narcoleptic patients. They’re just not seeing that many patients...It’s very difficult...we got all the low-hanging fruit."

"It would take BEA shareholders 39 years to generate the same absolute return as an exit at 2.0x P/B today (assuming an equivalent ongoing TAR of 2.7%)"

"So, you're saying that the clock speed is so slow that it actually can't even finish a calculation. Like you could be sitting there for days or years?"

"The only value we see in this company is its publicly traded Nevada shell, and believe there is severe downside risk for MOXC shares in the near term."

"Considering the $5M development costs, this would reflect a property value close to $6M, which is significantly lower than the $20.3M price IIPR paid."

"We found many articles mentioning Joby’s flight demonstration, however, Archer does not appear anywhere in the news, because they were not even there."

"It seems to us that adopting any expensive rapid diagnostic equipment makes no sense, if transportation of the blood sample to the lab takes 16 hours."

"Unfortunately, Enfusion ceased disclosure of the proportion of new client signings from established managers replacing competitor or internal systems."

"The company has offered no credible explanation why the preference is not applied to profits earned during the period from January 2012 to July 2012."

"Management expects this $300mm cost reduction program and continued operating leverage to increase operating margins from 25% in 2014 to ~34% by 2017"

"The disconnect between executive compensation and shareholder returns at Phillips 66 represents a profound governance failure that must be addressed."

"The disconnect between executive compensation and shareholder returns at Phillips 66 represents a profound governance failure that must be addressed."

"As of January 20, 2017, QSR’s share price including dividends has increased 214% (3.14x) from our average cost since it merged with Justice Holdings*"

"CP reached its four-year targets, including a 65% Operating Ratio, in just two years given the rapid pace of the Company's operational transformation"

"Fast forward to today, Amazon has dropped the price by an additional 20% to $47.99. Ecobee's lowest price model, the ecobee3 lite retails at $149.99."

"We believe Jeffrey Jolcover is related to Scott Jolcover.(1,2) Jeffrey Jolcover pleaded guilty to securities fraud and was scrutinized by the FTC.(3)"

"However, our research finds significant skepticism among former Procept sales reps and current Aquablation users regarding both of those assumptions."

"CP reached its four-year targets, including a 65% Operating Ratio, in just two years given the rapid pace of the company's operational transformation"

"URI case cited improper accounting for customer relationships, while we observe XPO consistently stretching out assumptions for customer relationship"

"XPO conveniently ignores return on capital as a key metric to compensate management, and has defined its own flawed and aggressive financial metrics."

"This implies that Lusheng has an extremely efficient computer system (given that it processes so much money and so many payments with a small staff)."

"It is the responsibility of management and the Board of Directors (the “Board”) to drive improved consolidated financial results across all of Yahoo."

"JANA's required multiple of over 12x for Retail is unsupportable relative to all publicly traded distribution companies and all equity research views"

"Müller: Yes, I can attest to that in every respect. I think that in any case we answered most of the questions, it feels like five to ten times over."

"PHILLIPS’ REFINING KIT IS COMPARABLE TO PEERS MARATHON AND VALERO – UNDERPERFORMANCE IS PRIMARILY DRIVEN BY POOR OPERATIONS, RATHER THAN WORSE ASSETS"

"Spruce Point identified revenue recognition anomalies in contract assets leading up to the resignation of the Chief Accounting Officer in March 2024."

"Reduced underwriting standards appear to drive accelerated written premiums, benefiting ERIE while leaving the Exchange to bear the resulting losses."

"Enhanced technology offerings, on the front-end and back-end, would drive improvements in ADP’s competitive position, long-term growth and efficiency"

"Most importantly, and what the stock market is forgetting, is that Snapchat is a bridge to Generation Z...and that cannot fit into a financial model."

"Highly resilient and focused organization seamlessly navigated the impact of COVID-19 with no business disruption and recently returned to the office"

"Based on our calculation of Adjusted Net Income, management would have been below the threshold of $690m required to receive a bonus under CTC's STIP"

"Darden’s employee base is its greatest asset – we plan on improving the focus and culture of the organization to empower the people and drive success"

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"Even if VW commits to QS at that point, 5-year lead times for production roadmaps imply a QS revenue ramp between 2030-2040 - if the science is real."

"If the AI market continues to grow at its current pace, Nebius is well-positioned to capitalize, with a stock price potentially reaching $50 or more."

"For the life of me, I don't understand why those attributes in combination would cause anyone to want to get into an active mode of analyzing a sale."

"HHH will implement best-in-class governance provisions to ensure that it represents a compelling investment opportunity for public float shareholders"

"Post-transaction, HHH will become a diversified holding company that pursues the acquisition of controlling interests in public and private companies"

"Pershing Square has an extensive track record of working closely with portfolio companies on value creation initiatives and business transformations."

"The 10Q referenced its 11-qubit computer, while the 10K appears to bend over backwards to avoid any mention of qubit counts at all, whether 11 or 32."

"Rodney's deep experience in every facet of oil & gas and significant industry public board experience will be a meaningful addition to the Hess Board"

"Instead of Buying Over-priced Shares in Their Structurally Challenged Assets, They Could Have Remodeled Their Company to Better Withstand the Future."

"BlackBerry's Radar could be compelling evidence that the company can use its mobile, embedded systems and security knowhow to grow in new industries."

"We believe the surge in viewership of the Yellowstone drama series has served as a tailwind for BOOT's sales, a phenomenon that looks to have peaked."

"Darden’s employee base is its greatest asset – we plan on improving the focus and culture of the organization to empower the people and drive success"

"A major consulting firm that evaluated BWLD at Marcato's request identified several areas for potential margin improvement equivalent to 275 – 600bps"

"PCC had better margins when it was the same size as EPS is today; EPS actually has greater Net Property, Plant and Equipment than Precision Castparts"

"This was the proposal that initiated Alcoa's apparent cat and mouse game of what we believe was a disingenuous effort to improve corporate governance"

"Moving to a market-rate shareback on its purchases made through Premier would increase Acurity income by close to 30%, and total GNYHA income by 20%."

"We believe Valeant can earn ~$28 to ~$39 per share in 2020, if management is able to continue its historically successful capital allocation strategy"

"Keisei should have a capital allocation framework properly dimensioned to assess the best use of its available capital for the future of the Company."

"Warning: Oatly’s expansion into other product categories, notably yogurt, is also being tested in a brutally competitive and promotional environment."

"Notably, there is no online-offline discount that generates positive revenue YoY growth in both offline Peiyou and sequential growth in online Peiyou"

"Increasing the share of smart logistics within Automation Systems portfolio would enable TICO to play in higher value-added segments and unlock value"

"Furthermore, the average annual revenue growth rate of hardware has been approximately 1.3% from 2019-23 (including COVID19 price increases and M&A)."

"While Zebra has done a good job expanding services and software gross margin to 53.7%, the margin profile is materially below the 73.2% peer average."

"To meet its projected 61.4% YoY growth in 1Q21 after such poor numbers in January and February, SKLZ would need 3.6 million downloads in March alone."

"Elliott believes a board composed of truly independent directors is the most efficient and effective way to improve governance and performance at TIM"