Callouts & quotes from 26,677+ activist slides

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

"MSCI's biggest customer is BlackRock at ~10% of revenue with ~95% coming from fees based on assets in BlackRock's ETFs based on MSCI indices."

"Recent ~$1 Billion Acquisition of The Burgiss Group Also Looks Troubled And Increases Competitive Risks With BlackRock, MSCI’s Largest Client"

"MSCI shareholders should demand that its books and records be audited by an Engagement Partner familiar with the financial services industry."

"A review of Vidazoo's social presence indicates limited breadth, especially at YouTube, a video platform where it had just three subscribers."

"In each of these instances, chronic capex mis-forecasting was a leading indicator of future margin, earnings, and free cash flow contraction."

"The deal was valued at $310m, putting a 2x revenue multiple on the business that was being turned around, and starting to grow at nearly 20%."

"Given the low barriers to entry, it isn’t surprising that Chinese players have cheaper, low-tech, heavier products available for $250 - $500."

"It still takes time and money to expand even with an enormous training set already underlying the model, and even then, the geographic ODD is"

"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."

"All the more embarrassing, the partner who replaced Yahoo on Discover – Buzzfeed – now gets 21% of its content traffic from Snapchat Discover"

"We invested in Allergan at a valuation that reflected the fair value of the business, assuming no improvements in operations or a transaction"

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

"We promise that we will look back in 3 years and remember Peloton as a $10BN company and our only regret will be that we were not short more."

"TAL (former ticker XRS) company information and history as founder of the “one on one tutoring” business is prominent on the “about us” page."

"Once normalization of results become more evident, we believe Magnite could trade back in the 5x – 7x forward multiple range vs. 11x current."

"25 out of 36 total line items in the FY2009 AR statement of cash flows differed from the figures provided in Q4 2009 statement of cash flows."

"Leadership is blowing money on litigation and causing uncertainty for stakeholders – not moving on and collecting a $565 million breakup fee."

"When these assets are depreciated before being transferred to Inventory, the Leasing segment bears these costs instead of Aerospace Products."

"By mid-2016, Core was forced to reverse course and sell equity to avoid tripping an EBITDA covenant that could have put its dividend at risk."

"There is a massive opportunity to lower ADT's overall cost of capital by prudently increasing leverage that the Company is currently ignoring"

"There is a clear effect on BNP from atrasentan, and the effect disappears after patients are switched to placebo after the enrichment period."

"APD’s share price including dividends and the spinoff of Versum increased by 67% from our average cost at announcement date to April 18, 2017"

"Last month, Goldman put out a 31 page report titled “Copper is the new oil”, which outlined the current supply and demand outlook for copper."

"Bunge’s audit fees in relation to its assets and employees are even higher than ADM’s which was just charged by the SEC for accounting fraud."

"Since the balance of the Offset Amount has not yet been reduced to zero, PSH has not received any fee reduction benefit from the original FOA"

"Each stint was short – but perhaps just long enough, we speculate, to paper up the requisite R&D agreements with Ginkgo and get the job done."

"Spruce Point believes PBH is challenged in the food store channel, which represents ~15% of sales, due to poor product placement and pricing."

"The city found that 8 of 12 Cintas inspectors were not licensed to carry out inspection duties for the 22 properties within its jurisdiction."

"Recall that Spruce Point called out XPO and its poor disclosures about overdrafts as a signal that it appeared to be facing financial strain."

"For insurance companies with long-term liabilities, it makes sense to own long-dated assets, as mismatched duration is a real operating risk."

"Widespread lack of efficacy and explants, on top of other flaws unique to Nevro’s device, are the primary driver of Nevro’s ongoing collapse."

"having a single private company “disintermediating” our biometric data—especially facial data—is the wrong “architecture” to manage identity."

"Oasis proposes five unquestionably independent and highly qualified directors, following an extensive, robust and independent search process."

"Data sourced from a comprehensive analysis of how leading AI models perceive Kao brands relative to key competitors in respective industries."

"Data sourced from a comprehensive analysis of how leading AI models perceive Kao brands relative to key competitors in respective industries."

"A major $134mm acquisition (Iris Data Services) is already falling significantly short of plan, less than one year after the initial purchase"

"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."

"For a company to lose most of its top 10 customers and not have sales decline requires significant effort by all throughout the organization."

"Matanya’s financials, however, imply that the Euro-denominated loan, totaling €304.1 million on Vivion’s books as of FY 2018, was never made."

"The expert indicated that Zillow's MBP model very quickly became saturated, forcing the Company to develop new ways to monetize Zillow leads."

"The 10 largest companies in the S&P 500 accounted for nearly 40% of total market capitalization and nearly 60% of total index returns in 2024"

"To illustrate how BUR’s accounting really works, we start with the example on the below slide from the 2018 Capital Markets Day presentation."

"Centers are now forced to use the organ procurement service and TMDX aircraft, according to the ex-employee, contradicting the CEO’s denials."

"If 2011 earnings compounded at the 12% long-term earnings outlook, EPS in 2014 would have been $6.07, 51% higher than current 2014 actual EPS"

"And that is a one-time thing and then now it's all catching up and you know, so that was just more about trying to get caught up with demand."

"The VA sleep doctor we spoke with told us that, even at no cost to the patient, less than 1% of VA CPAP users go on to try Inspire’s implant."

"At a revenue run rate of $40-50 million per year, we estimate that Patch would still lose approximately $79 million to $133 million per year."

"How, then, can AOL argue that it needs to produce most of its own content to generate higher user engagement levels in order to drive Search?"

"The majority of the committed liquidity Carvana represents as "available" is not available for its most pressing concern: servicing its debt."

"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 most likely “winning” model in the upcoming generation of gaming platforms will be a physical console that also offers built-in streaming"

"The center’s lack of interest in meeting the Soleno rep was striking – “I don’t see that scheduled in any near future, to be honest with you”"

"I don't know if I'd use the word quack, but not super evidence-based... you can hear me hesitating — I'm not giving my full-throated support."

"Recall, a former Lightspeed employee knowledgeable about its payments business warned of “smoke and mirrors” as it relates to its GTV claims."

"The trial was packaged neatly into a paper that makes no mention of the alleged hepatic signal and early termination, and declared a success."

"A key early warning sign was the occurrence of 13 deaths during the pitolisant development program, as noted by the FDA in its safety review."

"Common sense indicates that the only purpose of such a plan is to incentivize sales reps to proliferate inappropriate patient referral forms."

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

"CORZQ’s budget disclosed in its bankruptcy filing anticipates a 7-fold increase in the amount of hosting revenue that it brings in per month."