Callouts & quotes from 26,677+ activist slides

"The vast majority of WFG's recruits ultimately drop out; WFG documents we've reviewed suggests that churn in many WFG organizations is 96%-99%."

"While in the Elite Circle, agents are required to attend several classes and complete “homework” to progress through the Elite Circle rankings."

"In evaluating a tendency or capacity to deceive, it is appropriate to look not at the most sophisticated, but the least sophisticated consumer."

"The number of Nutrition Clubs in Mexico has expanded from 50 to 40,550 in the last decade and Herbalife has 100x the units of the “competition”"

"Given the emphasis on interoperability, we don’t see Axon likely penetrating RMS without CAD success or highly differentiated analytics and AI."

"Long-term fundamental owners have been exiting Axon’s shares, most notably Fidelity which blew out of a substantial position between 2018-2019."

"A comparative financial analysis against competitor Silestone reinforces our belief that Caesarstone's financial statements are misrepresented."

"Due to the irregularities displayed in CSTE's accounts, we have not derived a target price, as we would have incorporated too many assumptions."

"Synergies in other international markets (31% of overall PepsiCo sales outside the Americas) do not justify keeping snacks / beverages together"

"Samsung Electronics is and has been the #1 DRAM manufacturer globally for over 20 years and has amassed a market share of nearly 50% by revenue"

"Earnings pre-announcements are no longer the exception, they have become the rule. Investors appear to have lost confidence in PPG’s leadership"

"Phillips 66's midstream business would be valued at a substantial premium to the current valuation implied by where the stock is trading today."

"PSTH returned $4 billion of capital to shareholders as we were unable to consummate a transaction that both met our criteria and was executable"

"We encourage investors to again make Mr. Giscard D'Estaing uncomfortable by insisting he explain where these “deleveraging” proceeds have gone."

"AOL / Time Warner was a highly promoted tech darling mired in accounting fraud charges for “materially overstating online advertising revenue.”"

"Perion's audit fees at just 0.10% of revenues are wildly below the average fee paid of approximately 0.44% in the advertising technology space."

"AOL / Time Warner was a highly promoted tech darling mired in accounting fraud charges for “materially overstating online advertising revenue.”"

"GGP shares appreciated dramatically as key catalysts unfolded prior to exiting bankruptcy, culminating in a "re-IPO" at an attractive valuation"

"「次世代機、A300シリーズ」と「新たに設計された光学系や高輝度光源Urashima」の発表は、基本的にフェイクニュースである。事実を伏せようとしているように伺えた。Urashima光源を搭載したACTIS A300の製品発表は、A150の光源の失敗を隠すためのフェイクニュースである。"

"CareDx figured out a way to turn that on its head, commercializing the product first, and then generating revenue by studying whether it works."

"Despite a long history of focusing shareholders on non-GAAP financial metrics, the Board conveniently reverts to GAAP in their SG&A comparison."

"We believe the long-term risk from AVs is limited and estimate that Uber’s share price is likely to more than double over the next 3 to 4 years"

"We Believe Broadridge’s Billion Dollar Sink Hole Project With UBS Wealth Management Needs To Be Impaired And A Debt Covenant Breach Is Imminent"

"As it is conceivably in Advent's best interest to walk from the deal, we believe that Advent should use this as leverage renegotiate the price."

"If this search group is 3,000 people and it will take until mid-2017 to launch this product, it will cost the company shareholders $1.5 Billion"

"Consumables revenue of $3.9MM divided by 92 machines in the field yields $43K of consumable revenue per machine – or 2-3 runs, by our estimate."

"Spruce Point interviewed a former employee that highlighted Spine's challenges and how reporting can be used to minimize a struggling business."

"Spruce Point has grave concerns when management says one thing, and then does another, especially when it involves large, complex acquisitions."

"In almost a repeatable pattern observable by now, Stryker talked up Mako only to reveal a year later that it was having integration challenges."

"In January 2013, he said that robust economic growth could push Brent back to $150 a barrel. A year later, he called for it to stay above $100."

"By funding itself with 80% equity, we estimate the Company loses approximately $105 million annually or $286,540 per day of shareholders' money"

"Disney has Leaned Into Parks and deepened its bench of media, technology, and capital allocation experts to help Move Beyond the Streaming Wars"

"If met coal prices went to $300, Teck would generate over $1 billion Canadian dollars of incremental EBITDA each quarter vs. analyst estimates."

"More mature industries on average are offering about a half cycle less of benefit to their employees than PGNY’s core technology customer base."

"We Believe The PGNY Treatment Model Is Not Clearly Supported By Existing Science, Is Rife With Conflicts, And Flirts With Regulatory Violations"

"At a $1.2 billion market capitalization and trading at just 1x 2025E revenue, we think investors in ACMR are buying into an ultimate 10-bagger."

"This is a Board that allows management to make promise after promise after promise, but seemingly has no desire to hold management accountable."

"FNMA and FMCC share prices increased 203% and 141%, respectively, in 2023 and have increased 16% and 20%, respectively, year-to-date in 2024(1)"

"We suspect that at related-party “customers” Motif and Joyn, Ginkgo may be round-tripping cash, and therefore potentially booking cash-revenue."

"Synlogic never would have spent $30MM with Ginkgo if Ginkgo didn't finance them; agreed that it was basically just a round-tripping arrangement"

"In particular, having a liquor brand backed by a deep-pocketed billionaire, future president, or celebrity musician does not guarantee success."

"Spruce Point believes that Amcor’s cash flow in the first half of calendar year 2020 (second half of its FY end June 30, 2020) will disappoint."

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

"Unlike several of its private and publicly traded peers, AerCap did not have to take large asset value impairments during and after the crisis."

"We struggle to understand the market's perception of Heska as a growth company when the Company has such a poor track record of organic growth."

"We believe Heska's scil transaction exemplifies a stereotypical case of management empire-building for the sole purpose of self aggrandizement."

"Grossman’s tentative and artful choice of words on the August 5th and November 4th earnings calls suggest all is not well with the Omnia launch"

"In our opinion, Ströer not disclosing the failure of this pillar of its digital strategy, and not impairing Ballroom is egregiously misleading."

"He is an exceptionally gifted deal-maker and for him, every week that goes by without him buying a company or closing a deal, is a week wasted."

"Because the business is focused on crop protection instead of seeds, Bayer has been relatively immune to the current down cycle in agriculture."

"Disney’s share price is just barely higher that it was 1 year ago and lower than it was 2 years ago, 3 years ago, 4 years ago, and 5 years ago."

"GGP shares appreciated dramatically as key catalysts unfolded prior to exiting bankruptcy, culminating in a "re-IPO" at an attractive valuation"

"There is NO Tesla killer. Competition is nowhere to be found and no electric vehicle is slated to launch at the Model 3 price point until 2021."

"Passive funds now represent more than half of all mutual fund and ETF assets, making inclusion in the indices they track increasingly important"

"We believe the long-term risk from AVs is limited and estimate that Uber’s share price is likely to more than double over the next 3 to 4 years"

"As a result, backlog coverage, or the share of guidance supported by next-12-month backlog, declined from over 60% in 2023 to just 48% in 2025."

"MGH stated the NOP service is about control, not cost savings or efficiencies – “as an institution, you have to start asking...is this viable?”"

"The trachea implants that Macchiarini employed turned out to be one of the most gruesome cases of medical device quackery and fraud in history."

"AOL spent approximately $668 million on acquisitions from 2009 to 2011, as well as an additional $235 million in its investment in Patch alone."

"Management has turned Sony around operationally. As they shift their focus to portfolio, we think Sony is on the cusp of massive value creation"