Callouts & quotes from 26,677+ activist slides

"We highly doubt that an improper undisclosed transaction of this nature would be accompanied by a proper reassignment of loans and other liabilities."

"Why did the adoption of ASC 606 have such a significant positive impact on Verint, whose accounting should be extremely similar to NICE’s accounting?"

"Herbalife can only pay its distributors compensation at the current levels if 80% or more of the Company’s sales fit into one of the above categories"

"The only way I know to change that doctor's practice paradigm is bribing. It works. You give a doctor some money and they will say whatever you want."

"The potential for Müller and Dirk Ströer to have made unjustified profits contributes to our belief that the entire digital strategy lacks substance."

"Investors are concerned over management's slow response to poor performance & missed targets, leading to doubts about leadership's execution ability."

"In our view, with resignation of Fortress Directors, BKD Board is deficient in both real estate experience and independent shareholder representation"

"The thing about bubble stocks is that the best reason to own them is that they are going up. When they stop going up, there is no reason to own them."

"We estimate that the probability of making $178,000 per year, the average income suggested by Herbalife’s published testimonials, is about 1-in-5000."

"Two of Zillow's founding members hold 59% of the voting power which allows them to exercise authority over institutional investors and Board members."

"Her association with the serious troubles at NewPower and Qwest should make Limbach investors question her fitness to identify protentional problems."

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

"In a revealing moment, he stated TransMedics is not even really a medical device company: “instead of selling devices, we started selling a service.”"

"For both financial and operational reasons, we believe the Company should pay back as much of the bonds as possible (see slide 42 for details of why)"

"Immediate reinvestment of hedging gains allowed us to increase our exposure to high-quality businesses we understood well at deeply discounted prices"

"We intend to shortly submit an emergency Citizen Petition asking the FDA to request Soleno to conduct a voluntary recall of VYKAT XR from the market."

"Both DCCR and GH are independently diabetogenic, and the combination therapy poses a significant and underappreciated metabolic risk in PWS patients."

"people may just say, let's try this other medication, just the regular diazoxide, which is not an ideal drug. Let me put it that way. We know that..."

"Spruce Point calculates a higher pro forma enterprise valuation when factoring in Lightspeed's recent deals and the August 2021 equity capital raise."

"The #1 recipient of payments from Harmony is Haramandeep Singh, who we believe to one of their highest volume prescribers and most prolific speakers."

"Taubman has underperformed its Class A Mall Peers by 20%, 24% and 56% over the past 1-, 3- and 5-year periods through the unaffected share price date"

"The plaintiffs argued that the defendants breached their fiduciary duties, gained unjust enrichment, and wasted corporate assets, among other claims."

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

"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"

"Herbalife can only pay its distributors compensation at the current levels if 80% or more of the Company’s sales fit into one of the above categories"

"A company has positive earnings and positive cash flow just went bankrupt. What can cause this to happen? We'll leave this one as food for thought :)"

"QTT went to great lengths to attempt to justify the acquisition of Dianguan. In our opinion, this section of QTT's response is entirely disingenuous."

"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*"

"Would the $4.63 billion aviation initiative fund a $500 million purchase of 100 eVTOLs? Given the huge masterplan shown below, it is highly doubtful."

"We estimate that the probability of making $178,000 per year, the average income suggested by Herbalife’s published testimonials, is about 1-in-5000."

"Therefore, GreenPower can't receive any federal funding, like from the FTA. None of GreenPower's buses have ever been purchased with federal funding."

"Please note that, as per our hotel policy, guests who are under 18 years of age are not allowed to check in without their parents or legal guardians."

"Nunes chooses not to disclose his directorships of these three trade bodies on his LinkedIn page, nor are they mentioned on his bio on SGH’s website."

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

"Enfusion has made multiple revisions to its “Strength in numbers” claims on its website. Notably, it omitted reporting of users, funds and retention."

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

"Lasertec’s accounting scheme bears similarities to Olympus and Toshiba, as we shall explain, with a looming impairment that will exceed the former’s."

"The most likely overstatements of assets in order of likelihood are accounts receivable, cash, inventory, investments, or intangible or other assets."

"At that moment, we came to understand the only purpose that the so-called fab serves: as a storage facility for overflowing finished goods inventory."

"The Transaction Would Enable HHH to Leverage Pershing Square’s Deal Sourcing and Execution Capabilities in the Private and Controlled Company Markets"

"Perhaps Mr. Wang is just not versed in the transaction, or perhaps the inconsistency is a sign of a deeper problem with the accounting for the loan."

"Based on our proprietary Vets First Choice algorithm, we believe Vets First Choice is onboarding +80 vet practices per week to their online pharmacy"

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"We believe that the dividend declaration was made to preempt a report from Muddy Waters that EDU knew would be damning to the Company's credibility."

"We estimate 40% - 50% downside risk ($110 - $132 per share) as Generac’s financial situation deteriorates and lofty analyst expectations are missed."

"AMT’s compensation structure goes a long way toward explaining why it is destroying value through poor quality and risky international acquisitions."

"Increased operating margins from negative 32% to analyst expectations of 20% in a little over a year and sold the company for a significant premium."

"Because TRE has $2.1 billion in debt outstanding, which we believe exceeds the potential recovery, we value its equity at less than $1.00 per share."

"If incentives can be used by a company with a flawed business model to offset substandard operations, we think it is time to rethink the incentives."

"AT&T and T-Mobile tower portfolios traded for premium multiples in excess of 21.0x EV / EBITDA, in comparison to CCI's recent multiple of only 17.3x"

"We view it as a major red flag that DY stopped providing commentary in its SEC filings (10-K and 10-Qs) about what caused changes in its DSO metric."

"Complicating the issue, ADP's product portfolio spills across multiple business units, creating duplicative implementation and support organizations"

"For the record, we believe that Carlyle and the other sponsors' investors will experience a significant loss on the FMCN transaction if consummated."

"Netflix’s advantaged streaming model is similarly taking share from international Pay TV, which positions the company for continued long-term growth"

"Darden's management has built a lavish corporate bureaucracy with little focus on best practices, shareholder value, or the in-restaurant experience"

"If Family Dollar’s square footage were as productive as Dollar General’s, the company would earn ~$6 of EPS and be worth ~$90 per share at a 15x P/E"

"Performance of the battery at low temperatures, especially sub-zero temperatures; that's something that they were never able to get right back then."

"QS has an early lockup expiration that we believe is fast approaching. We expect insiders to dump stock and race for the exits, as is their pattern."

"IDR Simplification at a 250 bps premium to the LP yield undervalues the GP by ~$2 billion. However, there are substantial merits to the transaction."

"As a diversified holding company, HHH will have an attractive investment universe, which we believe Pershing Square is uniquely advantaged to pursue"