Callouts & quotes from 26,677+ activist slides

"The use of similar but different store names and the extremely vague store location descriptions and addresses is a common theme on BEKE's platform."

"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."

"Contends the Dual-Class Structure and Croatti Family's Control over UniFirst is a Textbook Example of How Poor Governance Destroys Shareholder Value"

"Precedent private ground lease transactions support cap rates of approximately 5.50% – 6.25% for a typical ground lease with no development pipeline"

"Regardless, it appears either that (1) AFAM is in decline as a stand-alone business or (2) management is seriously mismanaging the AFAM integration."

"While Epic moves into the cloud, athena’s board seems somewhat more grounded, and – excluding Bush – have sold 58% of their shares in the last year."

"HLT’s share price including dividend reinvestment increased 317% (4.2x) from the inception of our investment to our final exit date in February 2026"

"It would appear, then, that Eurofins effectively paid £15 million for a property that had been purchased for £11.5 million less than a year earlier."

"We note that one executive after another we spoke with described Grossman as a quick-flip artist who now finds himself in an uncomfortable position."

"A KOL stated that reps are incentivized to manipulate patients during the trial phase with leading questions and coach them to provide false answers"

"This is a very serious matter: BP acting unlawfully represents a clear breach of the fiduciary relationship between the Board and BP’s shareholders."

"The segment has significant excess capacity, which is pressuring margins today, but will allow for explosive growth when the housing markets recover"

"We believe there is an elegant solution to achieve these objectives through administrative action, utilizing authorities already granted by Congress"

"Since inception of the position, BN's share price including dividend reinvestment increased 47% in 2024 and has increased 3% year-to-date in 2025(1)"

"The sell-side analyst at PLUG’s lead underwriter is effectively telling investors that there is no upside to the issuance as it is currently priced."

"Moreover, even high-volume users told us the “clinical benefit” is just a charade so they can get away with using it for scheduling and convenience."

"Despite delivering the worst operating performance in the industry and (5.1%) TSR over his CEO tenure, Mr. Shaw has been paid more than $23 million."

"What metrics was the Board looking at to justify these increases in spending on Patch? Did the Board have any oversight or control around budgeting?"

"Autodesk’s recent statement is emblematic of a company that is unwilling to face reality and is instead looking to fight to maintain the status quo."

"Public shareholders in a circular structure similar to BOL's end up receiving greater economic value than their ostensible ownership of the company."

"It appears that the products being marked as defective are core to Leidos' offering and critical to detecting explosives in airport baggage systems."

"Trial was functionally unblinded due to hair growth and edema, as well as tablet smell; families were in touch via social media; impossible to blind"

"Trial was functionally unblinded due to hair growth and edema, as well as tablet smell; families were in touch via social media; impossible to blind"

"Using the Wayback Machine and looking carefully at LSPD’s value of customer transactions processed claims for 2013, we see three different versions."

"Precedent private ground lease transactions support cap rates of approximately 5.50% – 6.25% for a typical ground lease with no development pipeline"

"This screen shot from an internal document from 2010 shows how Herbalife calculates “China Royalty Overrides” - also called “China Sales Employees.”"

"Project Zero had to do with the breaches. But it was discontinued at once as soon as the breaches committed by the group's management came to light."

"Peanut Butter is also an auto parts supplier, but it focuses on components for electric vehicles, particularly technologically advanced powertrains."

"IT IS CLEAR THAT PHILLIPS 66'S CURRENT LEADERSHIP IS EITHER UNWILLING OR UNABLE TO ENACT THE BOLD CHANGES REQUIRED TO SET THE COMPANY BACK ON TRACK."

"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."

"One can only wonder why INS would let the managing director of their Indian subsidiary and a finance manager start several shell companies in India."

"For our readers’ convenience, clicking on the bullet points or using our table of contents will take you directly to the section that interests you."

"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."

"Is it possible to book a private massage session with some young and beautiful female Filipino ladies? Is it possible to receive massage in my room?"

"Is it possible to book a private massage session with some young and beautiful female Filipino ladies? Is it possible to receive massage in my room?"

"During the course of our site visits and inquiries about Berlin office space we found that rent24 plays a major role as a re-lessor of Vivion space."

"Ratings fees should be "set aside" and paid over time by issuers to NRSROs and failure to pay fees would be deemed an "Event of Default" for issuers"

"The answer, as we detail shortly, is that the ACTIS system is defective and unreliable to the point that Lasertec has no functioning EUV technology."

"Lasertec could be caught with inventory they're going to have to significantly mark down...they would end up having to impair...an asset write-down."

"Lasertec’s tool is simply not production-worthy, which makes two mask shops at Intel and TSMC, both now full, as the bulk of its market opportunity."

"Net lease REITs have underperformed REITs when CPI has been greater than 2.5% as the lack of pricing power reduces attractiveness of the portfolios."

"If EDU's servers were only equipped to support 3,000 students at a time, how did they accommodate the 200,000 paying users that it claimed to have?"

"Southwest's disappointing performance over the last several years highlights the need for new leadership and an evolution of the Company's strategy"

"The Board has effectively disenfranchised shareholders while entrenching itself for an additional four-month period and should be held accountable."

"We see in the data a lack of correlation between cardiac responses and the depth of hematologic responses, which casts doubt on NEOD001's efficacy."

"Mr. Weimann conjectures that we are playing three-card monte with intangible assets. This assumption is incorrect,as Mr. Metzner already explained."

"Even though costs have been cut to end the cash burn, Peloton still achieves basically zero adjusted EBITDA versus the peer median of $406 million."

"Superb Summit's failure to provide Mr. Ng's full name is unusual and can reasonably be interpreted as a deliberate attempt to obscure his identity."

"ADP’s buy, instead of build, strategy has led to weak product offerings (most notably in Enterprise) and inefficient legacy back-end infrastructure"

"Enterprise is ADP’s most dysfunctional business segment – ADP goes to market with overlapping and often competitive products on legacy architecture"

"Engie harvested the asset for cash, while HASI's most recently quarterly filing indicates that negative revenues and losses continue to accumulate."

"Without providing detailed analysis of each of these points, it seems clear that Allied has adopted policies that are inconsistent with SEC policy."

"Icahn Enterprises, Icahn’s main holding company, has returned over 1,500% since 2000 when the company began to fully embrace the activist strategy."

"QS is worth $15B because investors expect it to dominate batteries for electric vehicles – off a prototype with 5% of an iPhone battery’s capacity."

"Zooming into the fine print indicates “1C charge and discharge” – which is a technical term for a 1 hour rate, NOT 15 minutes, which is known as 4C"

"In other words, the contract expressly states that Manulife will honor the 10-year term account at 4% per annum as long as the policy is in effect."

"If this proposed transaction fails, we expect investors would correctly conclude there is no potential future strategic alternative for the company"

"We hope that all listed Chinese companies in the U.S. will form an anti-Muddy-Waters group, to fight against short-selling firms like Muddy Waters."

"Elliott believes a 100-200bps cut by consolidation of facilities and reduction in corporate overhead should be achievable as growth is deemphasized"

"BXMT would like you to believe that the only issues are in older office properties, but newer properties in struggling markets also pose a problem."