Callouts & quotes from 26,677+ activist slides

"We've been critical of Echo Global Logistics in the past, but its roll-up strategy including 21 companies is significantly better than XPO's."

"DY's elevated capex requirements also support our contention that its valuation should trade at a discount, not a premium, to industry peers."

"ADP is comprised of three distinct “businesses,” each with discrete growth drivers and profit opportunities – we adjust for PEO pass-throughs"

"We believe investors should question his leadership ability and not give management the benefit of the doubt for CTC's planned restructuring."

"In other words, this is revenue that we believe is subject to overstatement by improperly eliminating Inter-Company receivables and payables."

"A real estate separation would allow Darden to maintain its dividend on a combined basis while significantly lowering the OpCo's payout ratio"

"Disappointing first quarter results and the rejection of Trian's $55 - $60 per share offer have raised shareholder's performance expectations"

"No objective, open-minded, and rational director could possibly conclude that the status quo is acceptable, and yet, no change has been made."

"Phillips 66 (NYSE: PSX) CEO Mark Lashier ranked last in effectiveness relative to his peers in a recent survey of institutional shareholders."

"We applaud News Corp for making the investment in REA Group but believe it is not receiving full credit for the value of its REA Group stake."

"The problem that plagues lithium-ion batteries and more so solid-state batteries would be the battery's performance at sub-zero temperatures."

"Y-axis conceals the actual capacity the prototype cell is cycled at, instead using a non-standard and undefined term - "Discharge Energy [%]""

"These differences appear to get even larger at more cycles, suggesting that the QS prototype cells have instable and unpredictable lifespans."

"While JLL uses the comparable method for the Bubny landbank, it only uses from a sample size of six properties, none of which are identified."

"NQ Yu Lin: NQ will never quit. We are not planning on delisting our company. Our goal is to make NQ a great company that will last 100 years!"

"Frauds tend to be fixated on high profile hires to add credibility, and it's common to see them quickly flee upon realizing they were fooled."

"Although adding two binary answers like 2 + 3 should produce the exact answer of 5 each time, he stated the actual output is “an eye opener.”"

"In my judgment, the correct interpretation of the July 2023 Planning Permission is - in my judgment - an integrated and non-severable scheme."

"Given that both of our director candidates have animal welfare expertise, we believe they can help McDonald's achieve industry best practices"

"More concerning, after years of consistent ~25% growth, YoY growth in Pure’s remaining performance obligation (RPO) has sharply deteriorated."

"Spruce Point has serious concerns with Mr. Starrett who has served as Chairman of the Board since 2012 and as member of the Board since 2011."

"The Company is promising to improve Adjusted EBITDA margins to 18 – 20% and consistently deliver an Adjusted EBITDA to FCF Conversion of >40%"

"A real estate separation would allow Darden to maintain its dividend on a combined basis while significantly lowering the OpCo's payout ratio"

"Ultimately, we believe that the Company's failure to achieve its potential is the result of a Board that has not held management accountable."

"Valued at 8x its estimated peak earnings contribution, Valeant's late-stage pipeline, excluding Salix, may be worth as much as ~$40 per share"

"Keisei operates 152 km of railway serving over 200 million passengers annually. It also holds an unutilized 22% stake in OLC worth over $8bn."

"We believe EBITDA is the incorrect metric for the Company and estimated customer value is calculated with numerous unpredictable assumptions."

"Elliott's new #StrongerSouthwest podcast brings you the latest on our efforts to restore Southwest Airlines to its industry-leading position."

"Pershing believes that a publicly traded arm's-length McOpCo, which remains controlled by McDonald's, would strengthen the McDonald's System."

"Set forth herein is a table which details our assumptions regarding average unit level 4-Wall EBITDA margins for McOpCo and U.S. Franchisees."

"The prospectus indicated that Ever Alpha invested $70MM in Twist’s Series D Preferred financing, making it the largest investor in the round."

"We expect mall traffic up +0-2% this Holiday season, representing a slight improvement vs. the flattish mall traffic on average year-to-date."

"As of 2017, not a single element of P&G’s long-term compensation plan disclosed in the proxy statement measures performance RELATIVE to peers"

"Trian is NOT advocating that P&G reduce R&D, but rather that the Company address the root-cause issues driving continued market share losses."

"The fact that P&G chose to engage in a proxy contest with Trian, rather than settle, speaks to the state of P&G’s corporate governance given:"

"For many years, Herbalife has depended upon paltry—indeed illusory—compliance programs to create a veneer of legitimacy as the engine churns."

"With 25 years of operating history, Outback is the casual dining steakhouse category leader in Brazil that warrants a premium, not a discount"

"Even if ecoATM finally achieves its long overdue target of reaching profitability, it will likely remain an unattractive, low return business"

"Shikin does not look at how the applications interact; and unsurprisingly he omits the how and what of APP's improper persistent identifiers."

"Evidence in the captured data indicates that APP’s CEO and CTO blatantly lied and misled investors about APP’s use of persistent identifiers."

"The disclosure may have been pushed by the auditor, which recently added rebates and marketing program accruals as a "Critical Audit Matter"."

"And this doesn't include another $52 billion of unfunded pension liability, which puts the total liabilities to GNP ratio at a stunning 180%."

"We believe that the proposed acquisition of Celgene is a bad deal for shareholders and that there is a better path forward for Bristol-Myers."

"Based on public statements and our investigators research it would appear that Broad Ocean has a long way to go before hitting a 16,000 order"

"Despite McDonald's strong real estate assets, number one QSR market position and leading brand, McDonald's trades at a discount to its peers."

"Spruce Point calls on management to explain the commission structure they are using to pay Baker Hughes above its minimum annual commitments."

"Unfortunately, FND’s unredeemed gift card liability accounts have sharply declined which suggests greater gift card redemption than issuance."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"The question is whether this abysmal track record is due to management merely being incompetent, or whether they are deliberately overpaying."

"FMCN's 2009 disposal of Tou Jia (aka “Tuojia”), a small traditional outdoor billboard company, for zero consideration also seems unjustified."

"The Company is promising to improve Adjusted EBITDA margins to 18 – 20% and consistently deliver an Adjusted EBITDA to FCF Conversion of >40%"

"We believe the Nominating and Corporate Governance Committee has proved unwilling or incapable of addressing seemingly obvious interconnects."

"However, over the long run, this relatively passive strategy of partnering rather than investing directly had a significant opportunity cost."

"Spruce Point recently interviewed a former DV sales executive which illuminated some unique insights about its business and growth prospects."

"Thus, it appears that TASK cherry-picked data to avoid showing that its key market was both smaller and projected to slow down going forward."

"Notice that TASK is not even listed in Everest Group’s Customer Experience Management (CXM) PEAK® Matrix Assessment chart in 2020 or 2021...."

"changes in the value of its stake in Interactive Data Corporation results in a minimal (2%) change in Pearson's total return over the period."

"Each business has unique strengths and challenges. The question is: what is McGraw-Hill’s logic for keeping any of these businesses together?"

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

"Oasis believes this timing was intentionally designed to bypass meaningful consideration of independent profiles and limit shareholder input."