Callouts & quotes from 26,677+ activist slides

"How could a distributor of nutrition and weight-management products who is working from home possibly achieve this degree of wealth and lifestyle?"

"At the GET Team level, it makes sense for Powell to pay for his royalties. This is why his Personal Volume is at least 2,500 Volume Points (“VPs”)"

"Nothing new on this slide other than a $500m revenue target to anchor investor and analysts extreme enthusiasm to support its inflated share price"

"Citron reached out to all the US projects listed on Clean Advantage’s site and not one had ever heard of FleetCor, GreenPrint, or Clean Advantage!"

"According to Mettler, it has 130,000 sellable products, and yet are we to believe it has never discontinued or written down a single product line?"

"Why would Perion reward the selling management team with destroying 440 basis points of margin and not incentivize them to increase EBITDA margin?"

"By creating a highly liquid investment security that is insured against credit risk, the GSEs allow borrowers to access the global capital markets"

"The GSEs should never have guaranteed subprime and Alt-A loans, which are much riskier than conventional 30-year, fixed-rate, prepayable mortgages"

"Days before he fled, the new Minister of Mines publicly accused Navarro of corruption relating to the Alcira deal (the subsidiary of New Pacific)."

"Under Mr. Kestenbaum’s leadership, Stelco continuously outperformed U.S. Steel despite facing tariff headwinds and taking on major CapEx projects."

"FTAI’s Leasing Segment Assumes a Material Portion of Aerospace Products’ COGS, Which Explains the ~1,000bps Discrepancy in EBITDA Margins Vs Peers"

"A recent benchmarking analysis of road paving profit margins suggest that LSP’s financial performance is at best average relative to the industry."

"If private market cap rates today for Realty Income-type properties are between 10% - 11%, then why should Realty Income trade at a 7.3% cap rate?"

"We think it reasonable to assume EHTH’s new leaders, Messrs. Flanders and Francis, knew of the impending standard when they took over in mid-2016."

"As you see in the chart below, since IPO, Lamb Weston's sales have roughly doubled, yet the Company has generated little to no operating leverage."

"Sales are under pressure today, but we believe better product from existing new brands and the shop build-out will lead to meaningful sales growth"

"However, we hope the Board recognizes that it is not a lack of aspiration, but a lack of execution, that has historically frustrated shareholders."

"Teck doesn't have any debt coming due until 2030. Management says that once QB2 comes online, the free cash flow will be returned to shareholders."

"These numbers seem immaterially small, yet we highlight that each 0.01% decline in utilization represents ~$10M headwind to FY23 vs. FY22 revenues"

"We don't understand how a clinic that was subject to a state investigation that found "unconscionable commercial practices" can remain in-network."

"Oasis denounces Kao's dilution of Board oversight and premature announcement of director changes before interviewing candidates submitted by Oasis"

"Keep the 190 bps spread (nearly risk-free, given the security offered by $20bn of unencumbered buildings), or hedge Target unsecured risk with CDS"

"Complicating matters, REZI reported that segment EBIT declined by -$32m, but gave explanatory figures that indicated the total decline was -$114m."

"Perhaps Astra is aware that buying the IP for the most critical piece of hardware on a rocket from a direct competitor is not exactly a good look."

"In every other case, Ginkgo aggressively booked revenue and deferred revenue from related parties in which it invested. We were initially stumped."

"MGPI's reported purchases from ICP (its related-party JV where it owns 30%) are explicitly contradicted by the majority owner, Seacor (NYSE: CKH)."

"Management is claiming success with cost synergies, yet wouldn't some of the easiest cost synergies have been from centralizing collection agents?"

"Southwest must bring in new leadership from outside of the Company to improve operational execution and lead the evolution of Southwest’s strategy"

"These initiatives do not deliver the strategic evolution required to remedy Southwest’s challenges. They are a normal part of running the business"

"The punchline was that when we replicated their framework with more realistic assumptions, we came up with a base case DCF value of $50 per share."

"Market volatility following the April tariff announcement allowed us to buy AMZN, one of the world's best businesses, at an all-time low valuation"

"Heska deleted the list of suppliers in its 2020 10-K despite our belief it had virtually zero change in its dependence on these external companies"

"Juniper can and should go much further in its capital return strategy by adopting a $3.5B share repurchase program and a $0.125 quarterly dividend"

"Many companies overstating income frequently use inflated capex as a tool. Eurofins' capex throws up red flag-level indicia of such manipulations."

"In order to understand what actually went wrong, we embarked on what we believe to the most intensive and thorough investigation of Nevro to date."

"However, we hope the Board recognizes that it is not a lack of aspiration, but a lack of execution, that has historically frustrated shareholders."

"Margin targets have been consistently missed and lowered. Why should investors trust this Board to execute on yet another plan to improve margins?"

"Margin targets have been consistently missed and lowered. Why should investors trust this Board to execute on yet another plan to improve margins?"

"The low operating leverage makes the EBIT ramp to 13% by the end of the decade plausible. But, the proposed ramp to 30% by the end of 2030 is not."

"Herbalife has been able to grow for 32 years by entering new markets. This process masks “drops” in mature markets with the “pops” of new markets."

"Dongfang Holding owns all of the issued and outstanding stock and ownership of Hebei Baoding Orient Paper Milling Company Limited ("Hebei Paper")."

"By creating a highly liquid investment security that is insured against credit risk, the GSEs allow borrowers to access the global capital markets"

"It appears that if the Flex partners are not fulfilling their customer requests for ZHL (Zillow Home Loans) they are "Eligible for Disengagement"."

"The company’s disclosure is opaque, as it fails to break out the key figure – device sales by organ – showing only a product/service total by SKU."

"Part 2. The NOP service is, in our opinion, a large-scale fraudulent billing racket, predicated on overcharging hospitals for unnecessary flights."

"The potential for abuse is self-evident, given that TransMedics naturally has a perverse incentive to never reject an organ no matter how dubious."

"In fact, many of the company’s allegations almost exactly match what Heinz said about Trian in 2006 – allegations that were proven wrong over time"

"In fact, many of the company’s allegations almost exactly match what Heinz said about Trian in 2006 – allegations that were proven wrong over time"

"The Board has proven itself unable to effectively oversee management and the Company, and has destroyed shareholder value through its complacency:"

"FirstGroup should take advantage of the opportunity to deliver value to shareholders while driving long term operational and financial performance"

"FirstGroup should take advantage of the opportunity to deliver value to shareholders while driving long term operational and financial performance"

"AOL appears to be pushing ads to Patch that could have been used on other AOL properties to inflate Patch revenue and justify continued investment"

"With a shrinking government and industrial business, we believe IRBT is better viewed as a narrowly focused consumer discretionary product company"

"SandRidge’s stock price immediately dropped 16%, destroying over $100 million of market value(1), but the board still argues it was a “good deal.”"

"Leidos management is keen to promote organic growth, and is now talking about accelerated organic sales growth into 2021... but can it be trusted?"

"The saga ended 3 weeks later when they discontinued the drug. The parent indicated the child lost 10 lbs of fluid (1.2 gallons) in the week after."

"The saga ended 3 weeks later when they discontinued the drug. The parent indicated the child lost 10 lbs of fluid (1.2 gallons) in the week after."

"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"

"Aronin’s actions caused widespread outrage, leading to his expulsion from the board and membership of PhRMA, the top pharma lobbying organization."

"A 57-year old male patient on 17.8mg of pitolisant experienced "seizures and blacking out." Pitolisant was discontinued and the symptoms resolved."