Callouts & quotes from 26,677+ activist slides

"In light of the abundance of revenue inflation evidence we uncovered, we believe such contribution patterns are hallmarks of yet more fake sales."

"The Annual Meeting – the most basic expectation of any public company – was only scheduled before year-end because of Blacksheep Fund Management."

"Director Ms. Wagner has had professional relationships lasting decades with 15 out of the 24 members of the BlackRock Global Executive Committee."

"We arrive at our price targets by normalizing Oatly’s stratospheric sales multiple and adjusting its Gross Profit to conform with industry peers."

"Spruce Point believes Dropbox's pivot and rebranding as the "New Dropbox" focused more on enterprise collaboration spaces is too little too late."

"Spruce Point believes EBITDA does not accurately reflect Sunnova's financial performance and paints an overly optimistic picture of the business."

"Spruce Point observes that after 2021, WSP's Executive Clawback Policy omits condition (c) which appears to weaken the conditions for recoupment."

"There will be no changes. A franchisee's day-to-day interaction with McDonald's will not be affected by the creation of a publicly traded McOpCo."

"We applaud Goldman Sachs for being the lone skeptic and below market price target on O Realty. We expect other brokers to follow with downgrades."

"In 2021 and the most recent call in Aug 2022, timelines are now simply dispensed with, replaced by rambling monologues of intention and potential"

"Yet in today’s market, the share of conversation in the news media and among the public has BNY coming in behind the majority of its competitors."

"The Standalone Plan (described below) offers a clear path to NAV of more than ¥40,000 per share by 2028 – more than double the Revised TOB price."

"In order to give the appearance of high gross margins, the Company has reclassified a material amount of expenses from cost of goods sold to R&D."

"The range of implied recoveries generate a net present value loss between $2.7 billion to $4.5 billion, with a midpoint estimate of $3.6 billion."

"Investors need to take a step back and realize that Ballard and its management have virtually nothing at risk if its China growth ambitions fail."

"A policy of consistent 14% discounted off-market share buybacks would be the most efficient mechanism to release excess cash flow to shareholders"

"We believe Samsara (IOT), like the examples below, promotes itself to retail yet fails to have a sustainable path to profitability and cash flow."

"Canadian National achieved a 69.6% operating ratio in 2000, utilizing Precision Scheduled Railroading, on the way to the low 60s by the mid-2000s"

"Over the last 30 years, Fannie and Freddie have played an increasingly vital role in providing borrowers with access to an ample supply of credit"

"HIMS would have us believe that two physicians provide all practice management duties for the entire nationwide operation of over 600 physicians."

"We believe FND’s share price reflects false hope that its challenges are cyclical, but we believe they are structural and cannot be easily fixed."

"ProSource Wholesale is a fast-growing home improvement chain that we also believe is chipping away at FND’s customer base with a franchise model."

"Spruce Point believes it is a major red flag that FND recently made significant modifications to its 10-K around the description of its industry."

"Acquired businesses not fully brought into the fold at Amdocs – still operating their separate websites and calling themselves “Amdocs companies”"

"we find it indefensible and utterly outrageous that, after more than twelve months in office, Mr. Auchincloss has yet to produce an updated plan."

"Monster has historically concentrated the CFO, CAO and COO role with Mr. Schlosberg despite separation of duties being a good corporate practice."

"Spruce Point finds a large deviation between our estimated ending gross PP&E and actual PP&E in 2023 which is the period the auditor was changed."

"They’re clueless – they’re operating like a small, tech company and they’re not even close to being in the playing field of what they have to do."

"How is it that in 2010 shareholders paid more in compensation than in any year except 2008 to produce the lowest amount of EPS in recent history?"

"As of Q1'09, GGP's trailing twelve month cash NOI grew 1.4% on a year over year basis. Adjusting for lease termination income, cash NOI grew 2.4%"

"As we will show, ELF's viral marketing campaigns have been led by individuals that were associated with a cult that trafficked and branded women."

"Linear Networks Operating Income declined -7%; Direct-to-Consumer Operating Income declined -184%; Studio Segment Operating Income declined -128%"

"Universal is generating ~$5 at the box office for every $1 budgeted on its animated films...while Disney is struggling to consistently break even"

"Huntsman’s long-term stock price performance has significantly lagged peers, demonstrating the need for improved accountability in the boardroom."

"Huntsman sold its remaining stake in Venator for only $140 million, which was $860 million LESS than what shareholders had been promised in 2018."

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"We doubt that the couple was unaware it was improper to borrow / take money from RINO. PRC Company Law article 149 clearly prohibits this action."

"I'd like to remind everyone that the ideas I'm about to present are existing positions in our portfolio. We may change our positions at any time."

"Section 5 of the FTC Act provides: “unfair or deceptive acts or practices in or affecting commerce, are hereby declared unlawful.” 15 U.S.C. § 45"

"DESPITE A LITANY OF MISSED PROMISES, THE BOARD HAS INEXPLICABLY CHOSEN TO GENEROUSLY COMPENSATE MANAGEMENT AND REWARD THEM FOR FAILED PERFORMANCE"

"It is therefore reasonable to assume that CSTE's depreciation and maintenance capex schedule would be very similar to its competitors. It is not."

"In Trian's experience, dis-synergies are often more than offset from savings following a break-up as standalone management has "no place to hide""

"Pershing Square purchased an additional 2.3 million shares of HHC in Q4 2022 at an average price of $72 per share and now owns 32% of the company"

"With capital levels appropriate for pure mortgage guarantors/insurers, the GSEs can be a simple, low-risk, long-term solution for housing finance"

"However, as the same $2,000 gold price pit shell cut off was applied again, we view the resource totals with a considerable degree of skepticism."

"Hill-Rom has achieved effectively zero margin expansion via "organic" means (restructuring, cost reduction, price increases, M&A synergies, etc.)"

"Hill-Rom has achieved effectively zero margin expansion via "organic" means (restructuring, cost reduction, price increases, M&A synergies, etc.)"

"③イノベーション・パークでの建設活動に向けて、レーザーテックが何らかの許可を申請した形跡を確認できなかった。調査員が横浜市建築局に問い合わせた結果、当該敷地について確認できたのは、1997年に東芝が5棟のうちの4棟の建築に向けて行った申請の証明書だけだった。（5棟目のA棟は1969築だ。）"

"Vote the GOLD card FOR all four of Elliott's highly qualified board nominees: Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt."

"Spruce Point estimates that Porch has a maximum potential liability associated with financial guarantees made to home inspectors of $1.1 billion."

"How could these numbers vary so significantly when supposedly informed by the same bottoms-up sales pipeline and expense analysis as of Jan 2020?"

"The single, shared goal of our candidates is to maximize the value of TIM, working together with minority directors without any personal ambition"

"Director Ms. Wagner has had professional relationships lasting decades with 15 out of the 24 members of the BlackRock Global Executive Committee."

"Initial talk of portfolio synergy and collaboration amongst the sales team ultimately led to a reduction of the sales force three quarters later."

"One might expect that Shunshun had to pay TAL for this new lease on corporate life. However, the opposite is true. TAL invested cash in Shunshun."

"We believe that most – to all – of that deferred revenue fell to the pretax income line. We also believe that most – to all – it – is fraudulent."

"23 out of 35 total line items in the FY2010 AR statement of cash flows differed from the figures provided in the Q4 2010 statement of cash flows."

"This trend in combination with a level playing field on Google Maps creates significant headwinds for Rollins in a digital marketing environment."

"An examination of recent tenders on the Texas DOT website in December 2024 indicates that LSP has not been competitive on three of four projects."