Callouts & quotes from 26,677+ activist slides

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

"Note that 25 tonnes has been shipped with value of around US$10/kg, or $10,000/tonne, less than 10% of TFS’s sale price claim of $155,000/tonne."

"Remember, Core is best positioned in the most complex reservoirs, so it is no surprise that deepwater drilling is its most important end market."

"~60% of Fairfax's Book Value Increase Since 2017 Is the Product of Abusive Accounting Often From Value Destructive, Non-Substantive Transactions"

"Fairfax Records a Suspiciously Large "Too Good to be True" Gain on Adoption of IFRS 17. Based on Comps, We Adjust the Gain Down by $1.2 Billion."

"After years of underperformance, Splunk is now trading far below peer multiples, despite strong top-line growth and an enviable market position."

"In a Gold Rush, the surest way to make money isn't to look for gold. It is to sell equipment to the miners. And we have a gold rush coming in..."

"Cha-Ching! The QB2 expansion by itself would be worth Teck’s current market cap, even though it won’t contribute anything to results until 2023."

"Collectively, these individuals have over 100 years of experience and a proven track record of driving profitable growth in global FMCG markets."

"The main sources of value creation are incremental earnings generation via the REIT structure and multiple expansion at TIP REIT and Target Corp"

"As such, Target Corp will not need access to long-term capital because it will generate $2bn of FCF after all capex in the first two years alone"

"The broad adoption of Matter eliminates the need for brand-specific hardware and makes smart home devices simpler and cheaper for mass adoption."

"All I know is that there were people that were trying to speak, and then they were suddenly gone. I'm just sort of putting two and two together."

"Sacco's prior business and personal relationships with multiple members of her team, who were all connected with Boulder Brands raises concerns."

"Starboard is Therefore Nominating a Slate of Nine Highly Reputable and Extremely Qualified Directors for Election at Yahoo's 2016 Annual Meeting"

"Even if LinkedIn's precise employee count is off, shouldn't the growth rates shown by LinkedIn and presented by the Company be somewhat similar?"

"We believe PSH's preferred investment is highly compelling both on its own merits and in the significant value creation it will catalyze for HHH"

"Amidst broader market volatility in April 2025, we were able to opportunistically initiate a position in Amazon at a highly attractive valuation"

"We believe Heska's silence is deafening. Given financial struggles and changes in ownership, we suspect Heska may be at risk of being displaced."

"Reassess the safety of all implanted spinal cord stimulators for pain relief and determine whether any of them should be removed from the market"

"Ströer's use of this form of “organic growth” as a KPI for investors and internal compensation purposes creates conditions for “spring loading”."

"If you vote against Proposal 2, you will tell Apple and its Board that you agree with us and that Apple needs to improve its capital management."

"In closing, we hope you understand the gravity of the situation and we expect an immediate clarifying response regarding the highlighted issues."

"As hospitals acquire physicians, the hospitals will choose the IT systems and athena will lose doctors that will be moved to a system like Epic."

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

"What are investors to believe when Danimer has historically, and is currently, making conflicting claims about its Bainbridge, Georgia facility?"

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

"FNMA and FMCC share prices increased 207% and 284%, respectively, in 2024 and have increased 104% and 89%, respectively, year-to-date in 2025(1)"

"Insiders at Limbach have benefitted from Limbach's generous stock-based compensation payments, which are at the high end when compared to peers."

"Attia’s alleged lack of a license to practice medicine in the US is troubling, given that he appears to manage TransMedics procurement surgeons."

"Stockholders award management long-term incentives to ensure an alignment of interests. The intention is not for management to sell prematurely."

"We can only surmise that the Company is renewing its focus on operating ratio to save face with the investment community during a proxy contest."

"Inspire, by its own admission, purposely avoids talking about implants and surgery because they know these are deterrents to potential patients."

"Our Board nominees will ask the difficult questions to focus the Company on dramatically improving profitability and value for all shareholders."

"Coincidentally, we observe that IRBT has made several expense reclassifications to boost its gross margin by shifting COGS to operating expense."

"We see potential for Sony to fully realize the value of its EP&S portfolio only if the company is able to bring its mobile business to breakeven"

"Extreme level of concern at potential channelopathy defects from the drug’s KATP-channel mechanism of action, including potential hERG toxicity."

"There is also a discrepancy between the number of acquisitions claimed under his tenure from “9 acquisitions” to “over 10 company acquisitions”."

"Why does Herbalife keep its Chinese compensation plan, which is used to recruit Distributors in China, secret from its investors and regulators?"

"China is 1.3 billion people, you can recruit for a long time there before we had what was called the classic 'pop-and-drop' in that marketplace."

"They universally painted a picture of a tiny market that Harmony quickly saturated, with the trend hitting a wall 2 years after the 2019 launch."

"The tripling of “bookings” a few weeks before IonQ began trading was simply a hoax, using a related-party deal to create the illusion of growth."

"We find it difficult to accept REZI's conclusion that no impairment expenses are necessary even as the Company determines a spit-up is required."

"First, you learn the concepts, whether that's by reading textbooks or attending lectures. It's the same idea with technical interview questions."

"In addition to the company’s declining gross margins, its reported non-GAAP operating margin seems to have reached its peak of 27.7% in Q2 2019."

"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."

"Even though past results are not indicative of future performance, past and current indicators clearly show a tendency not to yield any results."

"Durability of response measured by median survival, which exceeded 156 days for a 100 mg/kg dose of PC14586 compared to only 17 days for vehicle"

"As opposed to strong global brands who do not care about Trustpilot, fraudulent businesses seem to love Trustpilot to generate undeserved trust."

"The above import records show that GreenPower received its electric buses directly from China, not from a US manufacturer or component supplier."

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

"In our view, these testimonials are less about demonstrating quantum advantage and more about putting on a show of corporate innovation theater."

"While the underlying research reflects meaningful progress in academic quantum simulation, framing it as a real-world breakthrough is a stretch."

"Its flagship ACTIS system is dependent on 3 customers – TSMC, Samsung, and Intel – who drove 77% of total company revenue in both 2022 and 2023."

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"Even when the "High" result is not surpassed, they are still awarded the maximum of 45% for their SPNOI Performance (i.e 150% of 30% weighting)"

"Independent Slate wonders if incumbent Board merely “rubber stamped” these acquisitions without conducting proper and independent due diligence"

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"In fact, we find that post Q1'2022 that WTRG removed a reference that its next phase of implementation would be expected to go live in H2'2023."