Callouts & quotes from 26,677+ activist slides

"We believe that a $350 million portfolio sale would improve Darden’s credit profile, setting the stage for a larger real estate separation"

"From a standing start a decade ago, the area has been virtually all of the supply growth, and now produces more than 20% of America's gas."

"We believe new leadership is required at Southwest after years of consistent disappointments and a steadfast commitment to the status quo."

"Good companies build virtuous circles of mutually reinforcing activities – flywheels that generate sustainable profits over the long-term."

"Despite issuing equity, VRX shares appreciated 47% in the six months following press reports announcing Valeant’s agreement to acquire B&L"

"After we passed the workers at the folding tables, we stopped at the cutting machine for the line. Sean leaned over and said "We got 'em.""

"Darden is essentially giving away the Red Lobster operating business, an iconic brand with $2.5 billion in sales, for less than 1x EBITDA."

"We believe that FY2018's declining disclosures are intended to mislead investors and analysts from meaningfully understanding the company."

"We believe there are multiple outcomes, all of which are negative for Sunnova, regardless if an extension to the solar ITCs were to occur."

"We estimate that John Crane would trade at a premium multiple in a range of 13-14x forward EBITDA if it were separately listed in the U.S."

"When Aisin, Denso, and Toyota Tsusho are included as “majorities” in the calculation of MoM, the actual minimum acceptance should be 46.5%"

"Not surprisingly they are dampening volume and sales growth in the short run, though to a greater extent than the company had anticipated."

"CPI's purchase of Vitek's St. Tropez vacation villa gives rise to concerns that CPI PG bondholder funds have facilitated money laundering."

"We estimate that four of 2U’s top seven programs (shown in red) enrollment trends may be experiencing flat or declining enrollment trends."

"Shareholders can act today by voting on the GOLD proxy card to elect all four of Elliott's nominees to the Phillips 66 Board of Directors."

"Shareholders can act today by voting on the GOLD proxy card to elect all four of Elliott’s nominees to the Phillips 66 Board of Directors."

"In late 2010, prominent Sacramento developer AKT paid $49,000 / acre for 17,000 acres of comparable raw land, in a less desirable location"

"Is Casino unaware of these errors; or, is Casino so intent on misleading investors that it failed to adequately caveat its defense of S&P?"

"NQ has its co-headquarters in the US, spends significant sums of money on PR, and yet does not generate meaningful revenue in this market."

"We believe TMC siphoned US$ 43 million in cash and stock to undisclosed insiders by overpaying for Tonga Offshore Mining Limited (“TOML”)."

"We continue to believe that the opportunity for productivity improvements and margin expansion at Mondelez is significant even beyond 2018"

"Applying 100% of cost synergies to marketed products would imply EBITDA is higher than revenue from 2024 - 2028... But this is impossible!"

"Hong Kong’s real GDP has grown 21x over the last 50 years. This success is a product of its unique location and successful economic policy"

"Dragged down by a weak USD, the HKD has lost ~35% of its value on a real (inflation-adjusted) trade-weighted basis over the last ten years"

"Bioré is primarily focused on Japan, with just a small footprint in Asia ex-Japan and even more limited exposure to EMEA and the Americas."

"Recent history demonstrates that the availability of private capital is pro-cyclical and the GSEs’ market participation is countercyclical"

"We believe new leadership is required at Southwest after years of consistent disappointments and a steadfast commitment to the status quo."

"While Oklo promotes its design as "simple" and "proven" the truth is that sodium-cooled reactors are an unforgiving, difficult technology."

"Since 1986, Malls have traded at an average cap rate of 7.6%, and this average was achieved in much higher long-term interest rate markets"

"Based on Mr. Peltz’s track record, he’s not a short-term guy. When he gets on a Board, they stay in the stock for an average of 5.6 years."

"Note: Revenue on Huishan's online sales outlets, TMall Taobao and Suning Huishan Flagship, were so small they display as effectively zero."

"Disney's Board would seemingly rather spend ~$40mm of shareholders' money than invest a little time to ask questions about their candidacy"

"Insist management develop and articulate a clear DTC strategy with tangible goals that will achieve Netflix-like margins of 15-20% by 2027"

"Surprisingly, Huntsman’s polyurethanes business seems to have more volatile pricing than BASF, despite having greater downstream exposure."

"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"

"If purchases were truly driven by retail demand, Powell’s Personal Volume and his Organization Volume should be independent of one another"

"These are not fly by night investments from a guy who shows up and then bails 10 minutes later. Doesn’t the track record speak for itself?"

"Based on drivers of change in revenue for the 3 and 6 months ended June 2019, we find that FLAWLESS’ revenue contribution does not add up."

"It therefore seems appropriate to conclude that a primary reason this transaction was pursued by Bristol-Myers was for defensive purposes."

"Pershing Square’s hedging strategy has generated substantial gains across multiple volatile market environments since the firm’s inception"

"We estimate that every dollar Starbucks spends building a new store in the U.S. or China is worth $10 to $15 shortly after the store opens"

"Over $100bn in coffee-related acquisitions have been completed since 2012, at valuations that average ~20% more than where SBUX now trades"

"While competition in China has recently intensified, we believe that Starbucks has a defensible moat underpinned by several key advantages"

"These bar graphs show the EBITDA that Casino consolidates by entity, along with Casino’s economic (or “proportional”) ownership of EBITDA."

"Rallye has effectively become a parasite because it has borrowed so much against the dividend stream it anticipated receiving from Casino."

"Spruce Point believes that PERI's recent 2023 outlook suggests that the best operating leverage and growth potential is already behind it."

"Since the 1980s, Fannie and Freddie have played an increasingly vital role in providing borrowers with access to an ample supply of credit"

"Given its current capital position, Fannie Mae should be ready to exit conservatorship by year-end 2026, and will only need to raise ~$5bn"

"Using our base case modeling assumptions, we estimate that Fannie Mae shares could be worth ~$35 by year-end 2026 when fully recapitalized"

"Over the intermediate-term, with a revamped Board and c-suite, we believe Forward Air's value creation opportunity is $140-$145 per share."

"It is critical that shareholders be given an opportunity to formally express their views on the proposed separation before it is too late."

"It is critical that shareholders be given an opportunity to formally express their views on the proposed separation before it is too late."

"Yes. It was a combination of the cost of the chips, the learning curve, and not getting the number of hits that we were expecting from it."

"An even bigger question, though, is: if this had been a real disposal, why in the world would TAL agree to take it back at the same price?"

"Multiple Research Studies Conclude That Insect Populations Are Declining And Global Warming, Pesticides (Among Other Factors) Are To Blame"

"Perhaps the biggest long-term risk to Rollins is that multiple new research studies conclude that global insect populations are declining."

"To exaggerate the size of its MRO business, reportedly FTAI deceptively counts each whole engine sale as a sale of three separate modules."

"Even if ROAD is sourcing transactions internally without the assistance of banker, we still think that its 0.6% average cost ratio is low."

"We see from the local filings of DLocal Group Ltd. (Malta) (“Malta Group”) that the payment and allotments were effected in December 2020."

"Analysts acknowledge that change is needed to unlock value from midstream and view a spin (or sale) as the most viable pathway to do this."