Callouts & quotes from 3,339+ activist slides

"Since Ancora’s involvement, Berry has made a series of positive changes – yet we believe the public market has failed to fully and fairly value the company, creating an investment opportunity."

"Spruce Point believes that investors should carefully research the investment playbook at The Active Network (NYSE: ACTV), where Porch’s CEO Matt Ehrlichman spent many years in strategy roles."

"We believe these highly concerning actions demonstrate that the Board is beholden to management, and is not strong enough nor independent enough to represent the interests of ALL stockholders."

"We believe Nevro sales hit the wall because of a covered-up explants crisis, and that fatal flaws specific to its high frequency mechanism of action are an albatross that dooms its trajectory."

"In fact, we believe many acquisitions have been companies that have peaked, restructured, and/or seen declining growth. Thus, we would classify many as "legacy" platforms that failed to scale."

"We believe CCI could conservatively trade at a 4.0% dividend yield in this scenario, providing a significantly lower cost of capital and driving 27% upside to the Company's recent share price"

"If the Company pursues this standalone path, follows our recommendations and makes the necessary changes, we believe the stock could be worth between $22 and $26 per share at the end of 2027."

"P&G’s performance has deteriorated, we believe partly due to the lack of an appropriate and consistent long-term strategy to address critical challenges – a direct responsibility of the Board"

"With the above being said, based on our research, we believe refueling stations will likely continue to remain uneconomic and it will likely take a political directive to drive scale adoption"

"As we detail in this report, Muddy Waters believes there is a strong possibility that STJ will need to recall its pacemakers, ICDs, and CRTs while it hardens security of the device ecosystem."

"Applying peer target compensation levels of 55% in advisory(1) and more than the peer average of 40% in asset management, we believe Lazard has the potential to achieve +30% margins over time"

"ROAD's story is followed by a roster of lower-tier brokers whom we believe have failed to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company."

"We believe our asymmetric hedging strategy is a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance"

"We believe Meta’s current share price underappreciates the company’s long-term upside potential from AI and represents a deeply discounted valuation for one of the world’s greatest businesses"

"Despite a stellar 2019, we believe Chipotle still has significant unrealized growth potential, with average restaurant sales still 12% below peak levels and margins ~700bps below peak levels"

"Elliott Investment Management, one of Southwest Airline's largest shareholders, believes that Southwest represents the most compelling airline turnaround opportunity in the last two decades."

"In total, we believe our plan for Office Depot will improve operating margins from 0.9% to 7.3%, while providing Office Depot with a plan to successfully transform the future of the Company."

"We believe New TROX could easily lever up to 1.0x – 1.5x on a mid-cycle EBITDA basis and subsequently dividend the cash proceeds to shareholders while still maintaining strong credit metrics"

"We believe our selective hedging strategy is a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance"

"We believe Ms. Samuelrich can help drive forward McDonald's commitments to animal welfare and ESG by addressing its weak ESG framework, establishing realistic targets and verifying progress."

"[W]e believe BWLD company-owned stores could improve margins substantially, by up to 500 [basis points] based on our analysis, by adopting labor practices currently deployed by [franchisees]"

"Investors are high on oat milk if they truly believe Oatly stands a long-term chance of maintaining a competitive edge in a category that Spruce Point believes is becoming rapidly saturated."

"Using price-to-book value, a metric traditionally used for specialty finance companies, and value per customer in line with peers, we believe there is significant downside to Sunnova shares."

"Elliott Investment Management, one of Southwest Airline's largest shareholders, believes that Southwest represents the most compelling airline turnaround opportunity in the last two decades."

"Elliott Investment Management, one of Southwest Airline's largest shareholders, believes that Southwest represents the most compelling airline turnaround opportunity in the last two decades."

"Elliott Investment Management, one of Southwest Airline's largest shareholders, believes that Southwest represents the most compelling airline turnaround opportunity in the last two decades."

"We believe the Huntsman family exerts significant ongoing influence over HCI and Dr. Beckerle through agreements with the University of Utah, funding commitments, and an oversight committee."

"Second, Petitioner believes it may be helpful for the FDA to convene an Ad Comm to discuss the issues raised in the attached report as well as the actions requested in this Citizen Petition."

"Spruce Point does not believe that MSCI's 20-year customer life assumption for Real Capital Analytics customers is credible or supported by recent client losses or industry peer assumptions."

"We believe our selective hedging strategy is a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance"

"The fact that such closely-connected entities are engaging in having one’s cake and eating it too accounting is one reason we believe the gains are non-substantive and should be disregarded."

"We believe the media contract with the acquirer is highly likely for advertising through Ströer. If that conclusion is correct, Ströer effectively subsidized the purchase price for the flip."

"To believe in Nova's story that it has attractive gold prospects, one has to believe that management found a diamond in the rough where previous explorers failed to see the vast opportunity."

"We believe this provides greater incentive to manipulate results. In the first year the metric was added, management vastly exceeded its target, while other metrics modestly exceeded targets"

"To be clear, we do not believe that further integrating the supply chain is the right path for Dollar Tree, but it is clear that Dollar Tree has the systems in place to accommodate a multi-"

"DY's story is followed by a roster of lower-tier brokers whom we believe have failed to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company."

"Over the last several years, Autodesk’s management team and the Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Spruce Point believes that its decision to expand this risk factor may reveal that Align already sees pricing pressure and customer losses as orthodontists begin to push back against Align."

"We believe this poorly designed compensation package encourages the CEO to take excessive risks such as making acquisitions using significant leverage in the hope of reaching these targets."

"We believe that after giving effect to the unification and US petroleum demerger steps of the Value Unlock Plan, core BHP’s tier-1 assets could be clearly and properly valued by the market."

"Revenue commitments from Baker Hughes were reduced by $40m for FY23 as disclosed in C3's 2Q'22 10-Q filed on December 2, 2021, yet we believe revenue estimates do not reflect this revision."

"Over the last several years, Autodesk’s management team and the Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Spruce Point believes under a best-case scenario there is 50% downside for Danimer’s share price, and worse case the Company is a zero should it follow the fate of its PLA/PHA predecessors."

"Spruce Point believes that analysts overvalue AOS because they believe its margins are superior, sustainable, and that the recent growth setback is "temporary" and not of long-term concern."

"We believe the time has come for Yahoo’s management and Board to narrow Yahoo’s focus to areas where it can demonstrate a high return on investment and a sustainable competitive advantage."

"While there could be an innocent explanation for this, we believe this illustrates the hundreds of dials Eurofins could turn to create revenue and expenses were senior management inclined."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65 – 95.90/share, or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom's common shares could trade at between $65-95.90/share, or up to 135% above current levels."

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"Spruce Point believes that WD-40 (Nasdaq: WDFC or “the Company”) is widely misunderstood and believed to be defensive, but in reality, is facing both long and short-term secular pressures."

"Herbalife believes the majority of its distributors are discount buyers, who become distributors in order to purchase their favorite Herbalife products at a minimum discount of 25 percent."

"Spruce Point believes the timing of CEO Gerstel’s announced departure on February 8, 2023 is alarming and that his successor, who led CodeFuel the search business, is foreshadowing issues."

"With sales growth from new products set to plateau and margin expansion opportunities largely exhausted, we believe that Hill-Rom growth and earnings will underperform sell-side estimates."

"Spruce Point believes that investors should carefully research many of Porch's recent acquisitions. We believe the biggest red flag is Porch recently being accused of fraud by Kandela....."

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"We believe TFS intentionally uses misleading statements, biased research and seriously questionable accounting practices to inflate the value of both the sandalwood and the company itself."

"As discussed in our January 16th presentation, “The Art of the Deal”, we believe the likely privatization path will result in 5x to 6x upside for FNMA and FMCC shares in two to three years"

"Even if we assume that DSP can achieve its lofty and seemingly unrealistic expectations, we believe the Company still would be losing money in its VOIP business on a fully allocated basis."

"Remitly has a majority of “Buy” recommendations from analysts whom we believe fail to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company."

"Spruce Point cautions investors to be wary of companies that go through frequent name changes and corporate “re-branding” as we believe it is a tactic to cover a dark history of problems."