Callouts & quotes from 26,677+ activist slides

"The magnitude and growth of Agrium's corporate overhead illustrates several key shortcomings and raises questions regarding board oversight"

"The business does not benefit from refining upside to the same degree as pure-play peer Valero, but still has the same downside volatility."

"THE COMPANY'S FINANCIALS IMPLY NEARLY $300MM OF SPENDING ON CONSULTANTS SINCE 2022(1) WHICH SEEMS TO HAVE DELIVERED LITTLE TANGIBLE BENEFIT"

"The 16% minority stake, despite TWC's relatively large capitalization, creates insufficient float for investors seeking to build positions."

"TWC needs to do more to meet these challenges. TWC would have more options and a better ability to maneuver as a fully independent company."

"We view XL Grid’s recent announcement as a sham, which if it actually comes to fruition, only does so because of the conflicts of interest."

"The average WFG agent earned around $6,500 for the 2023 calendar year, far less than any amounts showcased in WFG's compensation materials."

"Senior distributors have profitable side businesses by selling leads at high prices to low-level distributors eager to grow their downlines"

"Should this data be accurate, it raises the possibility of securities fraud on top of the reported adverse events from the past two months."

"Since we began accumulating our positions in October 2013, Fannie Mae and Freddie Mac share prices have increased 46% and 52%, respectively"

"As seen in the table below, Axon has been booking substantially more revenue under “multiple performance obligation” accounting since 2014."

"Across the vast majority of countries, higher market share in one business unit has not translated into better organic growth for the other"

"Trian recommends that the Board take the following actions*: Strengthen management by immediately bringing back Chuck Bunch as Chairman/CEO"

"The business does not benefit from refining upside to the same degree as pure-play peer Valero, but still has the same downside volatility."

"THE COMPANY’S FINANCIALS IMPLY NEARLY $300MM OF SPENDING ON CONSULTANTS SINCE 2022(1) WHICH SEEMS TO HAVE DELIVERED LITTLE TANGIBLE BENEFIT"

"Needing A Growth Spark, MSCI Has Exhibited An Alarming Pattern of Nepotism-Like Acquisitions And Alliances With MSCI / Morgan Stanley Alums"

"Bloomberg calculates a WACC for Intuit of 11.5%. Thus, the Company's returns on capital have fallen short of its WACC the past three years."

"If SSS and valuation revert closer to historical average levels, we believe that SBUX shares can more than double over the next three years"

"The above shows what the parent owns. However, it is a bit misleading in that CBD already consolidates Via Varejo and GPA (see Appendix 1)."

"Spruce Point believes Perion should provide more consistent disclosure related to its search advertising business in its earnings releases."

"Using our base case modeling assumptions, we estimate that Freddie Mac shares could be worth ~$39 by year-end 2027 when fully recapitalized"

"Employees describe Hill-Rom as a micro-managed company with a management team hyper-focused on hitting short-term Wall Street expectations."

"Acquired Yard House for 2.2x 2011 sales and sold Smokey Bones for 0.4x of FY 2007 sales. Now management is looking to jettison Red Lobster."

"Through consistent revenue growth, proactive cost measures, and improved incremental margins, we believe BILL can be a ‘Rule of 40’ company"

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"We believe that the same executive team has once again failed to thoroughly disclose to investors the major issues relating to New Pacific."

"Tomas los sueños de esta gente y sus esperanzas y los conviertes en una pesadilla para ellos. No es correcto... Simplemente no es correcto."

"Research by iFeng Finance into the acquisition of Yidatong found that Ms. Xu Rong might have been brought to the table on behalf of others."

"As for how many vehicle miles are in play for Aurora, we believe it's an order of magnitude smaller than Aurora's 200 billion mile fantasy."

"There's almost no distance at which Aurora can charge $0.75/mile and maintain a discount compared to the $2.16/mile of manned OTR trucking."

"We believe GoDaddy can reach growth + profitability of 40% by Q4'24E through a combination of stable growth and meaningful margin expansion"

"Many emerging and frontier markets are like roach motels for foreign direct investment - it is much harder to get money out than put it in."

"Since we began accumulating our positions in October 2013, Fannie Mae and Freddie Mac share prices have increased 46% and 52%, respectively"

"I believe we overpaid for deals. Look at Mobius, there were risks identified of getting commercial products to quality standards to market."

"Warning: Stryker did not draw attention to the fact that it recently changed its compensation consultant from Willis Towers, to Korn Ferry."

"Lasertec's largest customers – notably TSMC, Intel, and Samsung, which are 77% of its revenue – are struggling, exasperated, and/or furious"

"The "new" ACTIS A300, announced with fanfare in Nov 2023 as Lasertec's next-generation EUV product and driver of growth, is a hoax (cont'd)"

"At least ~$600m of $1.2B spent since January 2010 was on hospitals that were non-strategic, located outside HMA’s core geographic footprint"

"Reading the annual reports, you’d conclude that Core Lab happens to be steeped in the hottest parts of the energy market in any given year."

"Core’s stability through the down-cycle followed by growth in the recovery gave the false impression that Core is a secular growth company."

"There are Multiple Pathways for BMC to Create Significant Value for Stockholders - All of Which Can be Explored With a More Impactful Board"

"Green Electrification is projected to require an additional 5 million metric tonnes of copper by 2029, which would be 16% of global demand."

"Superstores profitability and stability have been obscured by the Mall and International businesses, which are currently being rationalized"

"We do not believe that PGNY deserves a multiple premium and rather deserves a discount given based on our findings detailed in this report."

"Leading tenants for triple net lease REITs are predominantly junk credits with some in bankruptcy; real estate has limited alternative uses"

"Our Differentiated Value Proposition Is Driving Continuous Innovation and Service for Clients and Long-Term Value Creation for Shareholders"

"In light of our belief that the core business is struggling, it would appear to be a natural time for each person to coast into retirement."

"Dillard's has historically traded in-line with its peers, and has traded with an average forward P / E of 12.0x since the beginning of 2012"

"Overall, there is no clear evidence of equity-related gains having translated into additional consumption and thus no real economic growth."

"Even growing 30% over last year's depleted base could be a challenge because in the first quarter athena announced just one small contract."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"In May 2025, Pershing Square invested $900 million of primary capital as part of a plan to transform HHH into a diversified holding company"

"We believe it's a big jump for Sveen to go from being an private banking associate to being the EVP, CAO and GC of an animal health company"

"By refocusing and eliminating distractions, Juniper can look to regain the 12 points of market share in core routers it has lost since 2005"

"Why We Believe CLEAR’s Financials Are Potentially Misportrayed And Investors Should Be Alarmed By The Chief Accounting Officer’s Background"

"By its own account, ROVI did not hire a search firm until December 2014, AFTER the Company's original November 14, 2014 nominating deadline"

"ROVI's claim that it began a director search process in March 2014 is simply false and is directly contradicted by its own proxy statement."

"I believe when investors attempt to value the disconnected stocks using conventional methods, they typically can't close to current values."

"We believe GoDaddy can reach growth + profitability of 40% by Q4'24E through a combination of stable growth and meaningful margin expansion"

"Using our base case modeling assumptions, we estimate that Freddie Mac shares could be worth ~$39 by year-end 2027 when fully recapitalized"