Callouts & quotes from 26,677+ activist slides

"Our slate will ensure a thorough assessment and diagnosis of DND’s current operations in order to put the best plan in place to create value"

"此外，公司能为员工提供这么好的工作与学习环境，也能留住员工的心。自称在安踏工作了近10年的该公司二分厂负责人郑家远谈到进入公司办的大学就特别兴奋地说：“没想到工作如此繁忙还有时间上大学，真的感谢公司给了我这样一个既能学习又不耽误工作的机会。”还说，这样的企业自己是不会轻易离开的。"

"Why the proposed separation of Chair/CEO at BlackRock represents also a test on the coherence and integrity of the Asset Management Industry"

"Therefore, Barclays is estimating $1.13 per liter of capacity addition, or 77% higher than our estimated historical cost of $0.64 per liter!"

"Warning: We believe Oatly's revenue disclosures are insufficient and not what we'd expect from a company with a 20-year operational history."

"New guidance demonstrates little commitment to restoring or improving returns on tangible equity, even in a normal interest rate environment"

"Revenue targets of 3 - 4% CAGR in Investment Services do not reflect ability to capture the long-term growth prospects of underlying markets"

"ETFs and Alternative Investments are key long-term growth priorities, where significant portions of the servicing functions remain insourced"

"It strikes us as odd that on a St. Tropez property with a total purchase price of €12.5 million in 2013, the seller would provide financing."

"2U likely stopped disclosing revenue per cohort in 2016 because they did not want investors to be able to point to underperforming programs."

"Improving execution in the restaurants and creating a better customer experience are critical for the value creation opportunity at Bloomin'"

"With a high bar for new store ROI, Bloomin' shareholders face a win-win setup: build stores with high ROIs or return capital to shareholders"

"New business production is not expected to fully replace the amortization of the existing portfolio, and the ice cube will continue to melt."

"Historical precedent suggests that Celgene’s P/E multiple will continue to contract as the loss of REVLIMID’s patent exclusivity draws near."

"Despite repeated, bullish commentary from management on fedratinib, Wall Street analysts have overwhelmingly lower expectations for the drug"

"Industry insiders stated that they believe the Synergy Ballard joint venture is only able to produce a few hundred fuel cell stacks per year"

"Comparing these figures to period changes in non-GAAP COGS and connected device cost amortization suggest an escalating problem for Samsara."

"The weighted average unit weight is 53.8g, which equates to 18.6 units / kg. At an avg cost / unit of 0.98, the resulting value is $18.1/kg."

"The Precision Scheduled Railroading plan is the most known and transparent plan in the industry and has an unrivaled track record of results"

"Phillips 66's claims that our non-binding annual-election proposal (Proposal 6) is “illegal” are based on a fundamental mischaracterization."

"FND is taking on greater and longer-term risk from its store and distribution center expansion through legally binding purchase obligations."

"We believe that Richard “Dick” Sullivan (67) has been entrenched on FND’s audit committee as the longest running member since at least 2017."

"Our conclusion: either many acquisitions never had any EBITDA to contribute, or it has subsequently been eroded post contribution to Saputo."

"Milk2Go recently was available on Amazon.ca for distribution in Canada, but as of today is no longer available to purchased on the platform."

"To get a sense of how far below plan Saputo is in Australia, we look to statements made around liters of milk to be acquired for production."

"Therefore, we believe Huntsman’s performance seems to be the result of favorable macro conditions rather than skillful management execution."

"The subscriber declines are representative of an ongoing trend at AOL, which has seen total subscribers decline for 11 consecutive quarters."

"Excluding the volume pull-forward, we estimate reported net sales would have declined 23% to 25%, or 17% to 20% on a constant-currency basis"

"Aegon's primary insurance product is Indexed Universal Life ('IUL'); more than 70% of Aegon's new life sales were derived from IULs in 2022."

"Beam’s share price increased by 104% including dividends from the date FBHS was spun off from Fortune Brands until the day Beam was acquired"

"Analysts estimate that gross margins will magically increase, yet none are aware of Axon’s significant exposure to China imports and tariffs"

"After being the first to market, there is no indication whatsoever that the FLAWLESS product is in any way unique or preferred by customers."

"Americas SSS growth has steadily decelerated since the beginning of FY 2016 and transactions have been roughly flat since the end of FY 2016"

"We forecast high-single-digit revenue growth underpinned by ~7% annual net unit growth led by China as well as other underpenetrated regions"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"In the unlikely scenario that a SPS conversion could be accomplished, Treasury would own a higher percentage of much less valuable companies"

"「当初は光源の問題でかなり苦労しました。......問題は光源の寿命がたった3ヶ月で、交換後に補正するために1ヶ月を要します。光源の寿命3ヶ月のうち、実質的には60%～70%しか利用できませんでした。結果として、顧客は当初の予定より多くの装置を購入しなければならなくなりました」。"

"Muddy Waters Capital LLC (“Muddy Waters”) is short Nidec, and we value its shares at JPY 4,764. We view Nidec as a gigantic stock promotion."

"In Q3 2018, INGN lowered provisions in two categories, sales returns and bad debts and warranties. Doing so increased gross margin by 1.77%."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"Unparalleled expertise in i) management, both enterprise and consumer, ii) M&A/capital markets/restructuring; iii) governance/gender balance"

"But with the transition from desktop to mobile, the reasons to come to Yahoo Properties have either atrophied or the audiences have churned."

"Why the proposed separation of Chair/CEO at BlackRock represents also a test on the coherence and integrity of the Asset Management Industry"

"At every chance, the CEO talks up how much Amgen loves the machine – so much so that the entire bull case seems to be that “Amgen likes it.”"

"Beam’s share price increased by 104% including dividends from the date FBHS was spun off from Fortune Brands until the day Beam was acquired"

"Lasertec's EUV ambitions have always been vaporous given the impossibility of developing an EUV light source without investing USD billions."

"Rentokil is a gold standard company. If anyone can turn Terminix around, it’s them. Rentokil has some of the best operators in the industry."

"Revenue from recent acquisitions has declined double digits for three quarters and incentive earn-out payments also fell sharply in Q2 2023."

"Rollins frequently cites the recurring nature of its revenues, but fails to provide regular updates about gross, net, or acquired customers."

"We identified two recent Enforcement Actions against ACE Aggregates, LLC ("ACE") which were settled prior to its recent acquisition by ROAD."

"LSP's financial statements are audited by Armanino LLP albeit the firm does not list construction, materials or mining as an industry focus."

"The segment's revenues and margins have been fairly stable because it specializes in multi-year projects, especially offshore and deepwater."

"Fairfax Spent Cash for Accounting Gimmicks on Disposal of a Loss-Making Subsidiary that Misleadingly Preserved Book Value of $105.5 Million."

"A simple check of the SAIC data for BEKE’s subsidiaries imply that the Company is materially inflating its agent count in these key markets."

"By any objective measure, over any relevant time period and against any pertinent benchmark, BMC's shares have significantly under-performed"

"Phillips 66's claims that our non-binding annual-election proposal (Proposal 6) is “illegal” are based on a fundamental mischaracterization."

"Now that any DME can offer you a portable oxygen concentrator, Inogen will get much fewer Medicare leads that can be turned into cash sales."

"And copper prices have already taken off, more than doubling from last year’s low to over $10,000 a tonne and it’s up already 30% this year."

"Supply roughly equals demand and analysts expect the market to remain balanced, though we believe it may fall into deficit in the near term."