Callouts & quotes from 26,677+ activist slides

""several public companies" include Sipex, a company that did a complete restatement, was delisted from Nasdaq, and settled a shareholder lawsuit"

"In other words, when FMCN responded to our report by saying that Yaya was a VIE controlled by Directvantage Ltd., FMCN was clearly lying. Again."

"Burford's asset recovery arm appears to us to be more a bungling band of thugs and sex tape blackmailers than a highly skilled set of operators."

"We believe that management and the Board may be more interested in entrenching themselves than in delivering maximum value for all shareholders."

"After the drops, MPLX will still deliver 8% EBITDA growth... leading to 8% growth in distributable cash flow and 12% growth in GP distributions."

"However, we believe the overall valuation gains taken during this period are well in excess of realistic views of the market for its properties."

"In our view, as a result of poor underwriting decisions and exposure to credit risk, Target’s credit card operating profits declined 65% in 2008"

"The number of physical qubits needed for logical qubits is so vast that it’s an unsolved problem – “very hard and will likely take a long time.”"

"The purchase price for the 49% stake was at the par value of the shares, ALL 490 – or only approximately US$4.50 (four dollars and fifty cents)."

"Disclosure suggests ~$400mm in prop trading losses since 2009(1) or very high operating costs at HETCO or...? Why do shareholders have to guess?"

"Allergan's unaffected share price is $116.63, the closing price on April 10, the day before Pershing Square began its rapid accumulation program"

"Resource plays and offshore assets are managed differently; Hess is incapable of managing both (evidenced by severe cost overruns in the Bakken)"

"ACAS is a $6 billion portfolio of on-balance sheet financial assets and an asset management platform, American Capital Asset Management ("ACAM")"

"The Spin-Out Proposal effectively functions as “Poison Pill,” providing outsized fee structures for Management while limiting shareholder rights"

"Reminder: keeping profiles on students is prohibited under SOPIPA. How can Intersect filter out students without first having a profile on them?"

"Elliott argues that Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"In addition to hearing from shareholders, we have received feedback on our views both publicly and privately from some of Southwest’s employees."

"Thus, we think that with the next round of negotiations, the NGA seems more likely to want a price discount rather than accept a price increase."

"If Riot can monetize its power in-line with recent precedent transactions, we believe it could generate more than $1.6 billion of annual EBITDA."

"Take two hypothetical identical mills – 500ktpa capacity; $50 million in maintenance capex, one focused on EBITDA/MT, one focused on utilization"

"Setting member owner shareback rates at par with non-owner shareback rates would have slashed Premier's FY19 operating income by a whopping 86%."

"Third, RCT_KHAN’s number two top contributor, RCT_HYUN BIN, responsible for gifting 24.8 million beans (over $400,000) appears to be... himself."

"While “mislabeling” may sound like an innocent offense, the implications were potentially fatal for patients and represent a material violation."

"Shockingly, two patients died while wearing Zio AT devices that had reached their transmission limit and thus failed to notify their physicians."

"First Energy Bank’s website no longer shows NMC among its investment portfolio; but, the Wayback Machine’s May 2019 snapshot shows NMC featured:"

"While the shareholding of these two companies is different, we believe that they are intertwined, both with each other and with ANTA’s insiders."

"the limited authority conferred to the LID by BlackRock’s Board, confirms the lack of commitment to an effective counterbalance to the Chair/CEO"

"The reversal of non-cash HLBV income creates an incentive for HASI to continually invest in questionable projects to report growing HLBV income."

"Twist doesn't have a lot of room for improvement right now because they don't offer anything that is very innovative or better than anyone else."

"Management has done a poor job creating value through this changing environment and offers no new ideas for facing current and future challenges"

"5% of the 7% EPS growth was driven by 1) share buybacks from the proceeds of the Coty and Duracell transactions and 2) reduced advertising spend"

"SAMC proposes to the Board of Directors that they review, as a matter of urgency, value creation alternatives to highlight RBC's full valuation."

"Assuming a 9.0x EV/EBITDA normalized valuation, the implied equity would be in the NZD183m-230m range equivalent to NZD 0.37-0.47 per RBC share."

"Unable to revalue higher, Hong Kong’s weak currency has led to a large increase in the cost of imports, particularly in the critical food sector"

"What if we capitalize on the viral success of the Lip Monster product with a custom carrying case for the lipstick in the shape of monster lips?"

"After this transaction, Pro Forma McDonald's would be leveraged approximately 3.5x Total Debt/EBITDA or at a 25% Debt to Enterprise Value ratio."

"Some may discount employee review websites such as Glassdoor. However, some of our former employee interviews echo comments made on the website."

"Stores opened in 2023 were in zip codes with ~4% lower average median household incomes than in 2022. A new $1m dice roll promotion was started."

"Elliott argues that Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Saputo has experienced a noticeable uptick in fines from the Occupational Safety Hazard Administration (OSHA) in the U.S. in the past few years."

"The above shows that either FMCN's counsel made a curious error in the 2009 20-F, or FMCN employed a memory hole trick to try to change history."

"It is difficult to understand how a litigious competitor could become a worthy acquisition target at a premium valuation in such a short period."

"Trian believes that DuPont’s Board should ask whether the Lead Director has the capacity to effectively serve DuPont’s stockholders in that role"

"Agrium's Board has, in our view, done little to ensure that shareowners in the company have the information they need to make informed decisions"

"The feedback from the analyst community clearly states the current strategic interest from Elliott is supporting Riverbed's current stock price."

"Disney has significantly underperformed the S&P 500 during every Director’s tenure, including over Mr. Iger’s near quarter century on the Board."

"The underperformance of AOL's advertising business relative to the growth rates of its competitors reflects the strategies each chose to employ."

"The reference range of $39.5 - $43.5 billion (12.2x - 13.4x 2006PF OIBDA) is at the high end of the range of Wall Street estimates for Networks."

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"Fundamental Challenges In Expanding Product Offering & International Growth Will Lead To Significant Disappointment In Achieving Exaggerated TAM"

"We believe that CSTE is either not properly maintaining its assets, or overstating its sales volume and revenue while PPE remains underutilized."

"Capacity on key strategic pipelines can be secured via contracts. Such contracts and arrangements are very common in energy infrastructure today"

"Spruce Point believes that if product flexibility and ease of use were not an issue, MSCI ONE would not have to be developed in the first place."

"The funds meaningfully outperformed the S&P 500 in 2022 as our hedging strategy protected the portfolio from the impact of rising interest rates"

"It’s worrisome that Mettler has not named a Principal Accounting Officer or Controller, who must sign the 10-K per SEC requirements, since 2017."

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"We believe there are significant benefits to executing Fannie’s smaller IPO first, followed by Freddie’s larger IPO approximately one year later"

"The table below presents the gains and losses by deposit for both Measured and Indicated (M&I) Resources and Proven and Probable (P&P) Reserves."

"And frankly, they make me a little nervous because I don't think that they're that accurate. So I'm actually not that thrilled with the product."

"Hub-and-spoke trucking isn’t usually faster or cheaper than direct human-driven freight, and it won’t be able to compete on most shipping lanes."