Callouts & quotes from 528+ activist slides

"We summarize the key findings of each chapter that follows, which lead us to conclude that the bull case – centered on a turnaround and return to growth – is misguided, and that Nevro faces existential risks which the market has failed to appreciate."

"If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M"

"Our approach to investing in franchise acquisitions is strategic and opportunistic...We have a rigorous, diligent review process. Only when the return metrics are attractive and we see long-term value creation opportunities do we consider a purchase"

"AS FELLOW PHILLIPS 66 SHAREHOLDERS, WE NEED YOUR HELP TO MAKE THIS VISION A REALITY – PLEASE SIGN AND RETURN THE GOLD CARD TO PUT OPTIMISTIC OPERATORS LIKE BRIAN ON THE BOARD AND CREATE A STRONGER, MORE VALUABLE PHILLIPS 66 FOR ALL OF ITS INVESTORS."

"AS FELLOW PHILLIPS 66 SHAREHOLDERS, WE NEED YOUR HELP TO MAKE THIS VISION A REALITY - PLEASE SIGN AND RETURN THE GOLD CARD TO PUT OPTIMISTIC OPERATORS LIKE BRIAN ON THE BOARD AND CREATE A STRONGER, MORE VALUABLE PHILLIPS 66 FOR ALL OF ITS INVESTORS."

"Removing the OLC Accounting Distortion will allow a clearer focus on areas for improvement, which drive a low PBR: Inefficient balance sheet / inadequate returns, Insufficient IR / communication efforts, General governance / structural shortcomings"

"Twist used “shocking” discounts of 75% to lure customers away from Danaher/IDT; “change in attitude” among customers toward Twist as they now return to Thermo, which allegedly used the phrase “Ponzi scheme” in internal discussions to describe Twist"

"Part 10. Customer rage: TransMedics business practices have antagonized the small world of transplant, past the point of no return – a short-tempered CEO; allegedly threatening centers who state that organs have been held hostage from ill patients."

"We estimate that within the five year period ending June 2022, in addition to the continuation of the current 50% dividend payout ratio, the Value Unlock Plan could result in: a total of c.US$33bn being returned to shareholders via share buybacks"

"Stop lowering the bar with targets such as negative free cash flow and a return on invested capital well below the Company’s estimated cost of capital – unconscionable targets that the Compensation Committee has approved the last two fiscal years"

"Stop lowering the bar with targets such as negative free cash flow and a return on invested capital well below the Company's estimated cost of capital - unconscionable targets that the Compensation Committee has approved the last two fiscal years"

"SCT's capital allocation framework and the strategic rationale behind it are vague and confusing. None of the free cash flow generated by the operating businesses is returned to shareholders causing many to ignore the value of those businesses"

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500."

"Hess has an interesting set of assets that have not yielded competitive shareholder returns over time. And they ought to. Working with the Board to refocus Hess in order to deliver returns to shareholders represents an exciting opportunity."

"We believe the new BDC (ACAP) will have inferior returns relative to peers because it has lower asset yields and a higher cost structure. As a result we believe this investment will continue to trade at a deep discount to its book value"

"Adopt an improved equity compensation and incentive scheme based on clear and transparent KPIs that are disclosed to investors (e.g. ROE, ROIC, operating profit, operating profit margin, debt to EBITDA and/or total shareholder return)"

"Disney's supposed "progress" appears elusive - the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company's "transformation" began in February 2023."

"Disney’s supposed “progress” appears elusive – the Company has significantly underperformed its Media Industry (Proxy) Peers since Mr. Iger returned as CEO in late 2022 and since the Company’s “transformation” began in February 2023."

"They were worried people would go, 'wait a minute, now your just placing the robots, in return for cases.' So you're wiping out the million dollar price tag and your getting cases off it. It's a way to fool the numbers a little bit."

"Recall that ROAD highlighted its “High Return on Capital” in 2018, only to cease discussing this metric. Based on our analysis, and using ROAD's historical definition, we find that its ROCE has markedly declined since coming public."

"High ROI on buyback implies that there ought to be space in capital allocation for buybacks given the high return, and ultimately that is just acquiring great assets like SEC and Samsung Biologics for shareholders at a big discount"

"..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern."

"If the disease itself does not dissipate for another 18 months - regardless of when retail, transportation, and other sectors begin to normal - will people really be willing to return to the orthodontist for an elective procedure?"

"Edgewater's stock price has significantly underperformed a peer group comprised of twenty-eight publicly-traded North American-based IT Consulting companies both in terms of total shareholder return and other key operating metrics"

"Given the growing body of scientific evidence and increased public concern for energy drinks, artificial intelligence models that we asked about Monster's health returned answers that slanted towards more negatives than positives."

"Seventeen acquisitions since Jacobs took control of XPO, $6.1 billion of capital deployed, and it has generated $73m of cumulative adjusted free cash flow = a failed business strategy yielding a 1.2% return on capital investment."

"Explore the key issues driving the Streamline 66 campaign – where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Upon learning of our search interest in Boot Barn, Facebook served dozens of sponsored ads for boots, none of which were from Boot Barn. In fact, even a search of Boot Barn returned a sponsored ad for new competitor Tecovas."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"While the decline of Hill-Rom's third-party rental business may have been gradual, we find the dramatic decline in segment revenue striking, as we do the fact that management received almost nothing in return for the assets."

"Explore the key issues driving the Streamline 66 campaign – where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Australian retail shareholders would have been better off holding any top Australian listed superfund stock other than BHP Ltd – on average, BHP Ltd’s total shareholder return is a chronic 174% less over the last eight years"

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Explore the key issues driving the Streamline 66 campaign - where Phillips 66 went wrong, how the Company can regain its industry-leading position and boost returns, and what shareholders need to do to enact positive change."

"Like Pioneer, CONSOL needs higher prices to drill profitably. The difference is that Pittsburgh-based CONSOL is unwilling to invest Capex for negative returns, while Dallas-based Pioneer plans to invest right through them."

"Dr. Kleinfeld’s compensation does not appear linked to shareholder returns and in 2015, much of the current board saw fit to gross up Dr. Kleinfeld’s compensation by 34% despite the fact that company shares declined by 37%"

"We are advocating for a comprehensive, multi-year capital return program comprised of an accelerated share repurchase (ASR) this year and a minimum percentage of future cash flow dedicated to share repurchases thereafter."

"BHP should seek to avoid making badly-timed acquisitions paid for in cash and instead return the substantial upcoming excess cashflow to shareholders by way of post DLC unification 14% discounted off-market share buybacks"

"We are advocating for a comprehensive, multi-year capital return program comprised of an accelerated share repurchase (ASR) this year and a minimum percentage of future cash flow dedicated to share repurchases thereafter."

"Despite ~50% increase in revenue, ~800bps of margin expansion and improved free cash flow over the last two years, NFLX’s share price is down more than 40% from recent highs and has nearly returned to pre-pandemic levels"

"This is simply not true. From our very first interaction with the Company, we have cited poor operating performance and poor management credibility as a fundamental driver of poor shareholder returns and low valuation"

"Successful execution against this plan will produce a more powerful franchise with higher growth, a more efficient expense base, higher returns on capital, and a market value that is more than double the current price"

"The reality is that today, Southwest needs fresh, proven executive leadership from outside of the Company to restore its once-industry-leading performance and return it to its rightful place atop the airline industry."

"With so little transparency on the paint store business, investors don't know what PPG's returns on capital are. Trian estimates that “Base Case” after-tax returns are likely about triple the company's cost of capital"

"We and other shareholders would like to see management take a constructive and transparent approach to the return of excess capital and the delivery of the clear strategic and shareholder value benefits of unification"

"Avery's customer credit quality has been deteriorating. It made an accounting change to move a key customer allowance for returns into Other Current Liabilities, and recently updated its accounting for credit losses."

"Management has stated its investment grade rating is a top priority and above capital return. Yet, CTC has continued to buyback shares while its leverage remains above the level required to prevent a credit downgrade"

"We Believe That Viacom is Significantly Undervalued Relative to its Peers and Assets and Can Deliver Material Returns Over The Long-term For Its Shareholders With Changes Made to its Leadership and Board of Directors"

"We think that even modestly more conservative assumptions indicate CoreWeave’s business model generates returns that do not exceed its cost of capital – destroying, rather than building, long-term shareholder value."

"We consider BP's decision to invest in this field to be a strategic mistake, driven by irrational considerations or PR, and we see the following red flags which indicate that returns on capital have been ignored."

"Agrium's board failed to address obvious issues – such as disclosure and capital return – until publicly challenged to do so, and has spent significant shareholder capital to avoid discussing the remaining issues"

"Monster's Co-CEO said they saw a shift to dollar channels which we view negatively. A search for “energy drinks” at some of the country's largest dollar stores returned more Celsius brands featured than Monster."

"Though one can find convenient examples for buybacks and dividends being bad for the share price, failing to return excess cash in the face of a low multiple usually depresses share price and valuations further."

"Now is the time for Crown Castle’s Board to exercise greater prudence in capital allocation, recalibrate the fiber strategy and deliver the shareholder returns befitting its premier shared infrastructure assets"

"The S&P 500 Equal Weight Index has closely tracked the S&P 500 Index over time, but has significantly underperformed in the last two years as a handful of mega-cap technology stocks has driven outsized returns"

"We believe Arconic management thinks the key to shareholders’ hearts is by returning capital. They do not understand investors. The issue is not the amount of capital invested but the returns on that capital."

"Oklo uses “illustrative unit economics” to promote the anticipated low capital costs and cash returns... We believe there are several problems with Oklo’s unit economics which render them grossly misleading."

"A transparent and well-communicated capital allocation process that ensures the highest-returning utilization of capital combined with a fair shareholder returns policy will help create a compelling D2 plan"