Callouts & quotes from 26,677+ activist slides

"The employee described Ginkgo as simply a CRO, a contract research organization, and one that they don't trust to pass meaningful projects to."

"Huishan is making huge prepayments for unspecified raw materials, which given the company's stretched financial position, does not make sense."

"Investors should have limited confidence in Amcor's financial reporting given unresolved material weaknesses that have lingered for 18 months."

"Proposed terms of the spin-off and the merger ratio do not ascribe fair value to Mobis's module manufacturing and after-sales parts businesses"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Rapidly shifting investor narratives around AI enabled us to purchase shares in GOOG at ~16x earnings, a >40% discount to its current multiple"

"The 112% increase in the S&P 500 from 2020 through 2025 has been largely driven by cumulative earnings growth of 77%, with P/E multiple up 20%"

"Dr. Martin appears to have been covertly enriching himself by peeling off real estate portions of Eurofins’ M&A transactions as early as 2005."

"Kao is unique among global FMCG companies for having NEGATIVE underlying REAL sales growth between 2020-24 and no organic sales growth target."

"Based on our estimates, private-pay Independent Living (IL), Assisted Living (AL) and Memory Care units trade at implied 5.00%-5.50% cap rates"

"CCME tells investors that it has over 27,200 buses in its network. However, it tells advertisers that it only has 12,565 buses in its network."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"While there is no perfect comparable, we believe a commitment fee of ~25 basis points is conservative in light of available market benchmarks:"

"I think buyer commissions are going to become unbundled from seller commissions and buyers are going to have to pay their own agents directly."

"It would therefore make sense that VON VONNI ads would appear on AOL.com, as shown below, given the broad demographic and reach from the site."

"The Company's diversification across multiple industries and geographies provides a natural hedge against cyclical and general economic swings"

"We think there was a cover-up prior to FDA approval. Now the drug is in the real world with nowhere to hide, versus a tiny rare-disease trial."

"At any plausible valuation of TIP REIT and Target Corp, the Transaction results in a significant premium to the stock price of $37 / per share"

"The only reason to enroll as a Preferred Customer is to begin the qualification process to reach the level of Distributor and earn commissions"

"Harmony’s sales are dependent on a handful of physicians, paid via a speakers program that ex-employees described as a blatant kickback scheme"

"“Threat” of being disciplined if not enough speaker programs; quid pro quo; prescriptions correlated to being put on or off a speakers program"

"Can you possibly stretch? Can you possibly make excessive sleepiness narcolepsy? Can you possibly make it cataplexy? Can you possibly do that?"

"BEA shareholders have long suffered from poor returns as a result of an entrenched executive management team which has mismanaged the business"

"We believe that a realistic range for Net Earning Assets is $426 million to $1.0 billion, an adjustment downward of between -77.5% and -90.4%."

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"Meanwhile, HLF senior distributors continue to peddle false and misleading income representations in violation of the FTC Settlement Agreement"

"KHC's stock fell 27.5% on the day that $15.44 billion in impairment charges were recorded against the company's goodwill and intangible assets"

"CMG’s share price declined 7% from our average cost to year end 2016, and is approximately flat from our average cost through January 20, 2017"

"But why is it that Archer is not as open about noise as Joby? The deliberate muting of videos strongly suggests there is something to conceal."

"We suspect that this rapid increase in sales may be due to UFPT's notoriously aggressive revenue recognition method, bill-and-hold accounting."

"YM Jia owned 70% of Leno at its incorporation. Yuefang Jia (a.k.a. YF Jia, who is YT's older sister) is currently the 98% shareholder of Leno."

"We interpret this to mean that with PFA in the atrium, both micro-second and nano-second work, there's no big advantage to one over the other."

"When we explicitly inquired, all Russian hotels agreed to keep the arrangement confidential, including from the Accor’s head office in France."

"I'd like to take 4 superior rooms with king beds. Can you add a bottle of champaign and roses to each room please? Do you have spa? Thank you!"

"Fannie Mae and Freddie Mac stock prices have decreased 24% and 24%, respectively, from our average cost at announcement date to April 21, 2016"

"CTO did not disclose a default in its annual report, which we find highly unusual considering this tenant appears to have stopped paying rent."

"It appears that the only thing noteworthy about GSX is its stock price. If this is not a bubble destined to pop, we really don’t know what is."

"Generally speaking, we are cautious on the company when employees/insiders are selling stocks and multiple co-founders are leaving so quickly."

"D-Wave's financial performance exemplifies the worst hype of the SPAC bubble era, with 2024 revenue coming in -88% below original projections."

"Yet, the windows for Fab 4A are filthy and covered in dust. The HVAC equipment visible behind the windows appears caked in rust and/or debris."

"Investors in Ferguson's U.S.-listed peers benefit from higher trading volumes and increased liquidity as compared with Ferguson's shareholders"

"The Stronger Southwest plan calls for clear steps to improve performance for the benefit of customers, employees and shareholders, including:"

"We decided to exit our position at a small profit and redeploy our capital elsewhere rather than fight the transaction and replace management"

"Multiple compression driven by growth deceleration, margin compression, and store repurchases that earn a return below BWLD's cost of capital"

"The last mention of the word “shrink sleeve” Avery made was on a conference call in 2010 and has never mentioned the word in any SEC filings."

"From Spruce Point's experience, a classic sign of financial overstatement is when financial results defy industry and competitor performance."

"Between 2017-2019, AVY portrays Free Cash Flow as having grown by approximately $91m, whereas Spruce Point believes it has declined by $118m."

"Spear seems to point the finger at Hasson as being the FIGS employee accountable for the interpretation of SILVADUR’s technical capabilities."

"Allergan stock increased 80% including dividends from inception of our position to date, or 71% including dividends from inception to YE 2014"

"Sunrun is valued based on an aggregation of 30-year subscriber models with highly aggressive assumptions and inflated Investment Tax Credits."

"Spruce Point conducts a sum-of-the-parts valuation for WTRG’s water and gas businesses which are distinct and separately reported businesses."

"Twelve months later, on October 21, 2008, WCT Resources flipped those specific leases to SandRidge with an effective date of November 6, 2007"

"To exacerbate this, AMT CEO Jim Taiclet sells approximately 90% of the shares he receives from option exercises, as shown in the table below."

"Small cells are cheap to buy, easy to deploy and offer carriers a high value mechanism to bring data access to data consumers in metro areas."

"Procept discloses the existence of four key suppliers in its SEC filings. We are troubled by what we found regarding each of these companies."

"We are enthusiastic about our investment in Crown Castle and see a readily achievable path for the Company to greatly enhance long-term value"