Callouts & quotes from 26,677+ activist slides

"BMC's growing Professional Services segment barely breaks even at the gross margin level compared to peers who have significant operating margins"

"The net effect of this extra year of customer life on the books is that we estimate EHTH’s constrained LTV for MA members is overstated by 28.2%."

"Meta expressly prohibits the collection or storage of any data obtained from any Ad or use of the Audience Network Service (Bold emphasis added)."

"The obvious effect of this reclassification is to improve Gross Margins which was a promoted long-term goal in 2021 that subsequently fell short."

"UMG shares have generated a total shareholder return of 58% (Net: 40%) from our average cost at announcement, vs. a 18% return for the S&P 500(2)"

"Was this raise really a product of organic momentum, or was it a “draw-down” on expected ForeSee sales which hadn’t yet been baked into guidance?"

"Was this raise really a product of organic momentum, or was it a "draw-down" on expected ForeSee sales which hadn't yet been baked into guidance?"

"The FTC – with access to Herbalife’s internal information and data – has independently confirmed all of the allegations of our investment thesis."

"CPKC's share price including dividends and FX hedging increased 8% (1.1x) from the inception of our investment to our final exit date in May 2025"

"We question the value of an acquired asset when half the founders have left the Company and the Co-CEO maintains his “day job” as a veterinarian."

"The former executive provided a particularly damning data point that illustrates the depth of investor misunderstanding of Nevro’s m&a potential."

"One estimated that 25-50% of Nevro’s revenue comes from surgery centers pushing patients into "one stimulator and then another and then another.""

"The Board claims we seek influence disproportionate to our ownership position, however, the current directors collectively own only ~0.2% of ROVI"

"The stark contrast in handling these similar situations raises serious questions about Board transparency and approach to shareholder engagement."

"The company with the highest profits and the most repeat customers actually has high loyalty and uses almost no marketing fees in their business."

"Survey respondents are negative about K27, doubting its global expansion plans and criticizing the strategy's unclear, undifferentiated approach."

"Europeans in particular have objections to GMOs, and are especially put off by Monsanto’s reputation as the company that brought us Agent Orange."

"Epiq now trades ~28% below the initial P2 proposal, and is nearly unchanged from the unaffected stock price prior to Villere's initial 13D filing"

"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"

"Aspermont went from having no loan payable to either Polma 1 or CPIPG Management S.A. in 2020 to an €8.8 million payable as of December 31, 2021."

"The fact that BCAC's purported discussions with TMTG concluded exactly one week before DWAC had its IPO seems too convenient to be a coincidence."

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

"The reason I mentioned all that is RESPA stuff is scary. Zillow is attuned to it from having fought that last battle and won kind of just barely."

"Another year of empty rhetoric and broken promises is unacceptable. We believe that Phillips must pursue the following initiatives without delay:"

"According to TM Capital's 2024 Facility Services report, the number of well-informed investors keyed on facility services has never been greater."

"The factors leading to the failure of Israel's second largest supermarket chain, Mega, have striking parallels to Casino's current circumstances."

"Investors are concerned that this structure inherently carries the risk of poor capital allocation decisions as one business subsidizes the other"

"With Vanderbilt gone and UCSF/MGH next – three of the top centers in the US and globally, by case volumes and influence – it is game, set, match."

"The list of major transplant centers which have reduced, eliminated, or are on a path to terminate TransMedics usage is long and growing quickly."

"Hilton is in the early stages of a multi-year recovery which we believe will deliver long-term earnings meaningfully greater than pre-2020 levels"

"Agilent’s resilient results through the COVID crisis are demonstrative of its durable business model and significant margin expansion opportunity"

"The negative Vykat commentary is so obvious that parents are commenting on its prevalence, while a few die-hards are exasperated trying to defend"

"Wakix has a high discontinuation rate with half of patients quitting rapidly due to side effects or lack of efficacy – within “a couple of weeks”"

"This should further temper concluding that reduction in CSF histamine bioactivity is the principal arbiter of sleepiness in primary hypersomnias."

"Territory managers emphasized how aberrant the comp plan is – "different than any place that I’ve ever worked in my career...it’s kind of weird.""

"It looks like Kornit has abandoned its Latin America ambitions, having subsequently closed its Latin American office and the phone # not working!"

"The FTC – with access to Herbalife’s internal information and data – has independently confirmed all of the allegations of our investment thesis."

"We believe WUBA should have already incurred a massive impairment charge to its goodwill due to Ganji’s underperformance over the past few years."

"They need to be looking for commonality with existing COTS products. This constraint created a forced decision toward a gearbox out of necessity."

"Wall Street analysts estimated Adjusted EBITDA would be 30% BELOW the Company's initial 2018 Investor Day target even before the global pandemic."

"Compared Side By Side With Other Participants, PLTK Does Not Appear Cheap At All. In Fact, Just Based On Pure Valuation, We See Over 50% Downside"

"GreenPower’s major commercial relationship is with Green Commuter, a Southern California-based vanpool operator run by its CEO, Gustavo Ochiuzzo."

"It is through this obligation that the personal attribution of breaches committed within the structure managed by the executive becomes possible."

"One thing seems clear though: No good is likely to have come to Vivion investors from this seemingly unnecessarily complex chain of transactions."

"We took advantage of price declines at the beginning of the year to add to our position and believe QSR remains a compelling long-term investment"

"New Issue Ratings Moratorium. Prior to the date 60 days after the issuance of a new fixed income security, it shall be unlawful for any NRSRO to:"

"Intel's mask inspection group seems keen to save face and cover up that its massive investment in and sponsorship of Lasertec has been a debacle."

"Intel is not a cutting-edge company in this day and age by any means...so if Intel is giving out awards...it’s not even worth its weight in salt."

"Lasertec’s technology cannot support High NA – and its claims around the purported High NA capabilities of the “new” ACTIS A300 lack credibility."

"J.P. Morgan projects that global capacity utilization will rise gradually over the next seven years, as demand grows a little faster than supply."

"Just the dividend will return half the market cap or almost 10% per year... and that’s before you get to the additional shareholder returns part."

"The sell-side analyst table reconciles to Ströer’s claimed 2014 and 2015 organic growth numbers; however, the reconciliation above is incorrect."

"Spruce Point is concerned that both co-founders, in addition to the Chief Business Officer, are currently selling stock through 10b5-1 programs."

"The bottom line from our fieldwork was that we found no evidence to contradict our view that MWH’s reported China sales are highly questionable."

"Herbalife’s restatement of “Active New Members” calls into question the company’s veracity and highlights its misleading statements to investors"

"Incumbent Board’s complete failure to hold CEO accountable led to a compensation scheme that is insulting to Campbell employees and shareholders"

"FIGS failed to disclose its hand-crafted CAC metric in its 2021 10-K, thus moving from a lack of transparency to limiting disclosure altogether."

"Doug Cole’s affiliation with Objective Equity is, at best, inaccurate and, at worst, shows past involvement in numerous stock promotion schemes."

"Based on our belief that MPWR's Chinese tax filings are a credible indicator of potential financial misstatement, we see 75% - 85% downside risk"