Callouts & quotes from 26,677+ activist slides

"Data suggests districts will prioritize preserving labor over contract extensions and renewals, leading to pressure to vendors such as PowerSchool."

"The allegations of the case portray PowerSchool as an organization that acts with little regard for the privacy of the students using its platform."

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

"MDA's dependency on purchasing intangible assets as a % of total capex increased considerably leading up to its recent acquisition of DigitalGlobe."

"As the single most cited source for travel data, we believe Tripadvisor has an opportunity to monetize its unique dataset of user-generated content"

"It's interesting that while short-term oil prices fell more than half, longer-term prices were much more stable, and fell less than $20 per barrel."

"Even with fewer “high growth” concepts in the category, restaurants with 70+% franchise mixes trade categorically higher than less-franchised peers"

"Dr. Kleinfeld actually tried to comfort investors by saying it was “good news” that they will not have to pay the $150 million performance earn-out"

"In court documents from lawsuits involving YY & Huya, we found that YY itself presented XHL as a reliable source for these companies' revenue data."

"NMC's margins appear “too good to be true” relative to UAE-focused publicly traded comps, Mediclinic International plc and Aster DM Healthcare Ltd."

"A ratio below 100% does not signal strength and we do not believe investors should buy into the praise showered on WSP's M&A discipline by the CEO."

"6 More properties appeared to have been acquired, yet the rent generated did not change? Is there such a thing a "retro-active" property purchases?"

"We believe that Twist concocts a positive gross margin by 1) misclassifying COGS as R&D expense, and 2) misclassifying COGS as capital expenditure."

"BK's assets are primarily funded by low-cost custody deposits, a high-quality wholesale funding source that has proven to be stable and predictable"

"In the BHP 2022 Reunification, the valuation gap closed not through the Australian listing de-rating to the lowest UK level, but rather vice versa."

"P&G’s organic sales growth under David Taylor (FY15 – FY17) is less than that of prior years, and is half the peer average over the same time frame"

"Trian believes that P&G should embrace a “best athlete” approach to filling every position, considering both internal and external hires for roles."

"To us, the evidence suggests TMC overstated its NORI exploration expenditures in its SEC filings to give investors a false scale of its operations."

"I’d like to remind everyone that the idea I’m about to present is an existing position in our portfolio. We may close out our position at any time."

"Under PROMESA, Puerto Rico is able to restructure its debt under Title 3, which is similar to a bankruptcy process but outside of bankruptcy court."

"We believe these results and recent changes by management are to obscure fundamental problems that are not just cyclical, but structural in nature."

"Spruce Point has a track record of prescient calls with other consumer and hard surface product companies promoting to be leaders in niche markets."

"Publicly available proxy voting data shows that many of Sumitomo Realty's largest investors have already voted against management at previous AGMs."

"Walmart Canada is one of the leading grocery stores in Canada. Saputo Mozzarella is currently on large discount "Rollback" by 40% in November 2022."

"While Saputo does not disclose profitability or Adjusted EBITDA for its Australian business, but claimed in 2018 it would be at respectable levels."

"It's a shame because it's an amazing brand, but if you've got the wrong people driving the ship, it can create turmoil and bad decisions sometimes."

"As a result, many investors are reluctant to invest in land development, and therefore use extremely high discount rates to value these investments"

"None of this changes the fact that Oklo's cost estimate for the initial core of fuel for their reactor design is too low by a factor of 5x or more."

"FMCN claimed that it, or one or more of its subsidiaries, acquired and disposed of these phantom mobile entities. Obviously, that was not the case."

"Regardless of the reason for FMCN's transfer of the equity to Dentsu for $2.2 million, FMCN shareholders once again got the short end of the stick."

"Mark Parker, a long-tenured Disney Director, now serves as both Executive Chairman of Nike and as Chairman of Disney, which is nearly unprecedented"

"Elliott has evaluated the potential separation of the midstream business and believes the benefits clearly outweigh the Company's claimed concerns."

"Operations have been challenged within the WRB JV and would benefit from an improved refining focus from management to deliver higher profitability"

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"We believe Huntsman urgently needs strong independent board members who will demand accountability and work to maximize value for ALL shareholders."

"We believe Huntsman urgently needs strong independent board members who will demand accountability and work to maximize value for ALL shareholders."

"Despite having TWC within the portfolio of the Parent, other Turner networks (TCM and Boomerang) have not yet been able to reach full distribution."

"TWX has produced solid top-line growth versus the industry and has significantly greater margins reflecting its size, scale and leading franchises."

"TWX, despite the full implementation of the Management Repurchase Plan, would continue to be overcapitalized with significant excess debt capacity."

"While profits are on the come, Peanut Butter has a significant order backlog, which provides strong visibility to future revenue and profit growth."

"GFI successfully recruited several top WFG producers, including Greg Kapp, the 23rd top cash flowing WFG leader in 2021, now GFI's Agency Chairman."

"Axon has always aspired to be something other than a weapons manufacturer to justify a higher multiple, and to justify paying management more comp."

"R&D driven productivity (processes, packaging and ingredients) is not dropping to the bottom line → EBIT margin has declined since 2006 (excl. M&A)"

"Based on the warrant vesting formula, we can determine that total payments by Amazon to Kornit in 2018 were 105% of total 2018 operating cash flow."

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"Elliott has evaluated the potential separation of the midstream business and believes the benefits clearly outweigh the Company's claimed concerns."

"Operations have been challenged within the WRB JV and would benefit from an improved refining focus from management to deliver higher profitability"

"Starbucks shares are down 6% over the last three years. Including dividends, shareholders have earned a 0% total return, despite EPS growth of ~50%"

"U.S. investors are in the dark that Mettler conducted a transaction in 2018 accounting for 127% of its consolidated book value that went unaudited!"

"CTV has been a major part of the PERI growth story, but we think the recent quarter exposed a major hole in reliability of the Company’s reporting."

"However, with 81 publishers having disappeared between 2021 and 2022, is PERI being too liberal in its eight-year customer relationship assumption?"

"A post-conservatorship capital standard of 4% would in effect be a tax on American homebuyers to fund overly capitalized balance sheets at the GSEs"

"As the single most cited source for travel data, we believe Tripadvisor has an opportunity to monetize its unique dataset of user-generated content"

"Yo presenté una queja formal con la FTC (Federal Trade Commission) en contra de Herbalife con el fundamento de que se trataba de un timo piramidal."

"Go back to the old logo and raise the old Yahoo billboard on the 101 into San Francisco to send a message that the era of Marissa Mayer is now over"

"If ROAD / LSP misevaluated who is the actual customer in its business dealings, there is the potential that revenue has been inaccurately recorded."

"I’d like to remind everyone that the idea I’m about to present is an existing position in our portfolio. We may close out our position at any time."

"By consistently manipulating EXCO's Fair Value to an unreasonably high level, Fairfax appears to be attempting to avoid impairment testing of EXCO."

"We believe the backbone of EHTH’s growth in MA Accepted Applications in 2018 and 2019 was a high-churn demographic that responds to DR advertising."

"we believe the remaining regulated utility business, once the unregulated business is sold, should be highly attractive to public market investors."