Callouts & quotes from 26,677+ activist slides

"Java script tag (pixel) is integrated into advertiser website & fires whenever there is a visit sending the platform's own User ID to the platforms"

"Popular amusement parks and golf clubs are steady businesses, but they require maintenance capex and capital for new attractions to sustain revenue"

"As of April 18, 2017, QSR’s share price including dividends has increased 265% (3.65x) from our average cost since it merged with Justice Holdings*"

"We believe the wide range of issues Activision encountered with PGNY highlights the risks to PGNY as more clients roll off their initial contracts."

"In our opinion, Weis Markets is a regional supermarket with limited differentiation from peers and struggling to adopt to the changing environment."

"Spruce Point finds that Bunge’s reporting of cash flow, capital expenditures, and adjustments to be aggressive and / or irregular for its industry."

"Our concerns about Bunge's elevated audit fees are supported by direct evidence of a “Qualified Opinion” at its Spain subsidiary Bunge Iberica S.A."

"Management sold investors on historical "high single digits" growth but we find evidence this growth may have quickly slowed after the acquisition."

"We believe there are significant cost over-runs in the Amcor / Bemis transaction. In particular, the Company forecasted $125m of transaction costs."

"This analysis assumes no further regulatory action by other U.S. AG’s, international regulators, etc. and no impact on intl. distributor recruiting"

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

"Spruce Point calls on LHCG management to explain these large and consistent purchase accounting adjustments to Almost Family’s accounts receivable."

"Strong portfolio gains and progress on strategic initiatives drove a PSH total shareholder return of 34% in 2025, 1.9x the return of the S&P 500(1)"

"WE BELIEVE FULLY CONVERTING ANY OF DARDEN’S BRANDS TO A FRANCHISE MODEL PUTS THE DIVIDEND AT RISK AND WOULD LIKELY RESULT IN A LOSS OF BRAND EQUITY"

"Spruce Point believes CLEAR is reaching full penetration in all the higher volume airports given American Airlines is reluctant to partner with it."

"At a Company level, this is validated by BP’s share price performance, which is the worst across the entire sector, virtually under any time frame."

"$7 per share seems much more realistic than $72 for a product that for the most part is years away from commercial introduction, let alone success."

"These are all small opportunities, which means that the earnings trajectory for the next few years isn't very dependent on clinical trial outcomes."

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

"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"

"Spruce Point believes this all a smoke screen to cover for the maturation of the MBP business and difficulty in expanding Flex or Enhanced Markets."

"We have conviction in CoStar's ability to achieve its goal of scaling the Homes.com platform to the most trafficked residential real estate portal."

"The valuation dislocation between the largest handful of stocks and the average S&P 500 company creates opportunities for the diligent stock-picker"

"Spruce Point believes that lenders are implicitly communicating that they see just as much, if not more risk in PLUG than in its penny-stock peers."

"Spruce Point sees these deals as a sign that Amazon and Walmart used their leverage as major customers to secure advantageous terms from a producer"

"We find strong evidence that accounts receivables are deteriorating and that management may be concealing the strain through very slow recognition."

"Similar to every high-volume TransMedics user we interviewed, the center’s utilization of the device is driven entirely by organs that are rejects."

"TransMedics declined to publish that data...that is not being very honest...it's their responsibility....they should publish it and be forthcoming."

"Our ability to act quickly and decisively on key insights throughout the year resulted in the strongest annual returns in Pershing Square’s history"

"Initiating the hedges1 when they were trading near all-time tight levels offered an asymmetric profit opportunity with limited potential for losses"

"Despite Patch's target of selling 80% of its ad slots to local advertisers, less than 20% of ad placements on Patch are filled by local businesses."

"AOL's CEO and CFO total cash compensation as a percentage of EBITDA of 1.7% is significantly higher than the Independent Peer Group median of 1.0%."

"UTX's share price including dividends decreased 16% from our average cost at inception to December 31, 2018, and increased 16% year-to-date in 2019"

"Sony Technologies will shed light on the past accomplishments and future successes for Sony Semiconductors, to the benefit of all Sony stakeholders"

"Fiction: Management Has Been Telling Potentially Misleading Information About The SD&A Business, Claiming Everything Is Ahead of Plan And On Target"

"Jennifer Miller really skewed the data. I mean, most other companies would not allow more than X percentage of patients to come from a single site."

"when we write for diazoxide, we always write for a diuretic at the same time, because we've seen heart failure on this drug a whole bunch of times."

"Therefore, we believe iKentoo had very little growth from 2017-2019, and we estimate its ARPU was $100 per month, or 50% below LSPD's ARPU of $200."

"Regression formula (see slide __) indicates 38-80 msec QT prolongation at plasma levels within the range for poor CYP2D6 metabolizers of pitolisant"

"We speculate that the embolisms may be related to pitolisant’s phospholipidosis liability and/or its potential to cause hypereosinophilic syndrome."

"A 1 point change in actual ESS scores (left table) vs. placebo magically converted to -2.19 by making placebo look worse and pitolisant look better"

"This gives the misleading appearance of a capital liteness to FTAI's AP's business. In fact, the company has simply allocated the costs to Leasing."

"This analysis assumes no further regulatory action by other U.S. AG’s, international regulators, etc. and no impact on intl. distributor recruiting"

"We don't see a path to profitability for AREN and we would be surprised if both RILY's debt and equity positions were wiped out by the end of 2023."

"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."

"On the surface, yields are already showing signs of compression and would likely continue on that path going forward due to increased competitions."

"The first red flag we notice is how the company and management are saying “contract”, as if it was a singular “up to $148 million” awarded to them."

"As of April 18, 2017, QSR’s share price including dividends has increased 265% (3.65x) from our average cost since it merged with Justice Holdings*"

"Recall That Mr. Shi Cashed Out Big Time During/Pre-IPO. Of The Remaining Shares He Still Owns, We Believe He Has Pledged Most Of Them As Collateral"

"Recall That Mr. Shi Cashed Out Big Time During/Pre-IPO. Of The Remaining Shares He Still Owns, We Believe He Has Pledged Most Of Them As Collateral"

"Ein scheiterndes Unternehmen fürchtet Transparenz. HelloFresh hat neue Metriken eingeführt, um den Zusammenbruch des Kerngeschäfts zu verschleiern."

"We believe a key mechanism that GSX employs to hide expenses from investors, auditors, and regulators is the use of unconsolidated related parties."

"The most critical and challenging component is the EUV light source; other key sub-systems are the reticle (mask), optical column, and wafer stage."

"Only two of the tools shown (circled) even have a 13.5nm EUV light source; rest are older DUV or scanning systems – yet are misrepresented as "EUV""

"We saw no movement at other times of parts, components, or staff as one would expect if any assembly, testing, production, or R&D was taking place."

"Over 20x Ferguson’s market capitalization is held at peers trading in the US at far more expensive valuations than where Ferguson currently trades."

"The company's response here is jaw-dropping. The company states that its borrowings are short-term, and therefore net presentation is appropriate."

"It should be noted that at no point in this call does a single member of the Ströer SE management team ever specifically deny a single allegation."

"It should be noted that at no point in this call does a single member of the Ströer SE management team ever specifically deny a single allegation."

"SBUX’s share price including dividends increased 39% in 2019 and decreased 4% year-to-date in 2020 through our last share sale on January 31, 2020"