Callouts & quotes from 26,677+ activist slides

"Twist’s historical and recently exploding R&D costs make no sense and strain credibility for a commodity DNA manufacturing company and glorified CRO."

"Resolves fundamental structural issues impeding Rio Tinto and presents a path to +27% upside in the near term and further upside over the medium term"

"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*"

"If Bristol-Myers hits Wall Street analysts’ estimates, rather than the Company’s aggressive base case assumptions, the deal will be value destructive"

"If Bristol-Myers hits Wall Street analysts’ estimates, rather than the Company’s aggressive base case assumptions, the deal will be value destructive"

"The total proceeds in ~1,500 IPOs in the U.S. over the last decade was $386bn, which is less than potential capital requirements for recent proposals"

"The GSEs will build capital through the retention of their earnings. To achieve a 2.5% capital level, the GSEs require ~$180bn of cumulative earnings"

"HIMS has adopted the “Friendly PC” structure in order to bifurcate administrative business functions and the provision of medical care by physicians."

"LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)"

"Perlman was CEO of Ceridian during a period it was charged with manipulating earnings by improperly capitalizing $100m of software development costs."

"Saputo’s first strategic pillar is to strengthen its core business. We see a few reasons to be skeptical of its ability to execute on this objective."

"It could just be a pure coincidence, but we observe that shares pledged started to decline in the period of Monster's auditor change in January 2023."

"The purpose of this letter is to put forth our questions regarding Unizo Holdings’ (‘Unizo’) responses to recent tender offer bids for Unizo’s stock."

"If a creditor is not paid in cash or property upon emergence, it must receive future payments, the present value of which equals its bankruptcy claim"

"Amcor has traded at a premium multiple for a long time; with this deal, investors can purchase a premium packaging company at a Berry-like valuation."

"The five director nominees are aligned with all other Agrium owners and will work with Agrium's other directors to create value for all shareholders."

"LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)"

"Phillips 66's Wilmington refinery, which has been announced to be closed at YE 2025 is likely the least competitive refinery in the West Coast market"

"Management assured investors the Company would fulfill its promise to improve share price to ~$60 per share and create significant shareholder value."

"We believe there are improvement opportunities that are applicable across all Huntsman divisions, as well as opportunities that are segment-specific."

"It is estimated that with these adjustments to the SOTP values of the research analysts, TWX shares have an implied value as high as $22.01 - $26.97."

"What is the business purpose or necessity of paying commissions to 11 different upline distributors to make a $100 Retail Sale of commodity products?"

"Beware of any plan that makes exaggerated earnings claims, especially when there seems to be no real under-lying product sales or investment profits."

"Part of our business is entertainment. We entertain our distributors with opportunity, with dreams, stories, it's all a part of what this company is."

"As written and applied, the 70% Rule becomes a sword for Equinox to deny refunds, instead of a shield to protect distributors from inventory loading."

"Separating other businesses would release them from unjustified S&P Ratings overhang, and allow for greater focus from top management at S&P Ratings."

"A clearer story would unlock value by improving analyst and investor focus and free McGraw-Hill’s businesses to explore value-creation opportunities."

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

"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"

"CSTE's major revenue growth product, marketed as a collaboration with Lowe's, is not for sale according to Lowe's Customer Services and store checks."

"We maintain our Strong Sell rating on FMCN mainly because our concerns regarding the viability of FMCN's core LCD commercial location network remain."

"LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)"

"Phillips 66's Wilmington refinery, which has been announced to be closed at YE 2025 is likely the least competitive refinery in the West Coast market"

"Why does the CEO not explicitly tell investors what services he is providing that are above and beyond the normal scope of his duties to the Company?"

"There is at least one other skeptic of Content IQ out there questioning the rationale of the acquisition and the motivations of the people behind it."

"Spruce Point is alarmed by the fact that long-tenured senior executives of acquired businesses consistently leave Hill-Rom soon after being acquired."

"Japan’s Most Actively Traded Stock Is A Colossal Fraud And Ticking Time Bomb, Reminiscent of Olympus, Toshiba, And Other Infamous Accounting Scandals"

"It’s got great bones. With the right amount of capital and the right discipline, [Phillips 66] should be able to trade like a midstream company does."

"Why should management use one group of companies as the basis for setting its compensation while using a different group to assess their performance?"

"On the surface, the OP margin jump in FY 2015 is very impressive. However, the information we have makes this jump seem unlikely – if not impossible."

"We believe that these “loans” were actually ways of providing YDT a way to pay down fictitious ARs until cash could be raised from sales of NQ stock."

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

"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"

"Two discrete periods of plateauing growth, one of which we caught the IR claiming was due to seasonality despite prior periods showing no such effect"

"Empire State’s shares face meaningful cyclical and secular headwinds and could move substantially lower as the COVID-19 pandemic bares its full fury."

"Japan’s Most Actively Traded Stock Is A Colossal Fraud And Ticking Time Bomb, Reminiscent of Olympus, Toshiba, And Other Infamous Accounting Scandals"

"We believe this may be part of the reason why investors seem not to have noticed the disparity between CapEx announced and the amount actually spent."

"Rollins' valuation looks extremely expensive relative to the two largest and most comparable transactions of Rentokil / Terminix and EQT / Anticimex."

"We believe that Rollins' 12% global market share accounting for nearly 85% of the total global pest control market turnover appears extremely frothy."

"Is it correct that two representatives from Lightsource BP held a meeting with local residents in the house of a resident and ignored their requests?"

"“alart” value relabeled as “art value”, sent to b.applovin.com along with any detected “key” data ingested from 3P platforms including Shopify’s data"

"Samsung Biologics is a top tier global CDMO company, and SCT's deep trading discount provides an attractive entry valuation to own this premium stock"

"So Chinook’s claims—that (1) atrasentan has been studied in >5,100 patients and (2) that it showed an acceptable safety profile—are both distortions."

"In his current PGNY bio, we believe Holstein both exaggerates his role and leaves out his prior role at Medical Manager during the fraudulent scheme."

"Street estimates for ACMR's Chinese equipment peers call for continued 30%+ YoY revenue growth. If anything, this suggests potential upside for ACMR."

"Bunge made a noticeable shift in its discussion of interest income after the closing of Viterra by now referencing "funding strategies in Argentina"."

"The implied valuation range for Target Corp based on several methodologies outlined below is $27.5 – $32.5bn, or $38 – $45/share 12 months from today"

"Perhaps purely coincidental, REZI implemented multiple restructuring programs after buying First Alert despite the business performing ahead of plan."

"Given its market position and decades-long runway for sustained earnings growth, UMG’s current valuation represents a discount to its intrinsic value"

"Ginkgo reported $41MM of what appear to be “Biosecurity” cost of goods – suggesting a pitiful 6% gross margin on $44MM of 1H revenue for the segment."