Callouts & quotes from 26,677+ activist slides

"Phillips 66 stock has underperformed during both refining upcycles and downcycles relative to pure-play refining peers like Valero Energy."

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

"While bulls may point to a variety of factors working in Bunge's favor, we believe they are largely incorporated into Bunge's share price."

"According to 8 Del. C. § 220(b)(2), a “proper purpose” shall mean a purpose reasonably related to such person’s interest as a stockholder."

"There was a Ginkgo employee that was dictating who could stay or who could go depending on whether they were yes-men or not kind of thing."

"Ginkgo’s model is basically based on overcharging captive entities; “prohibitively expensive”; “obligated” to pay whatever Ginkgo dictates"

"Annual setting of performance criteria for a “long-term” plan fails to hold management accountable for meeting long-term financial targets"

"MGPI investors would be wise to learn from the recent history of the Vodka market for insights into what may happen in the whiskey market."

"Do you really feel comfortable investing with a management team that tells a major shareholder one thing, and all other investors another?"

"Why does Verint – whose sales, per our estimates, contracted in FY19 – trade at a sales multiple similar to that for which BroadSoft sold?"

"We expect 67% - 87% share price upside as Southwest restores its best-in-class margins and we believe a turnaround is eminently achievable"

"What happened to management's pre-deal 5-6% revenue growth estimate for Almost Family? What happened to “better, faster, stronger” growth?"

"So coming back to the bull case, here’s Jonathan in October of last year reminding everyone that the company’s goal is to grow 30% a year."

"In our opinion, Eurofins purchased the property from a straw party for an estimated ~€4 million premium after a nine-month holding period."

"Our adjustment is to counterbalance a blowout in 2015 payables, which causes us to believe Ströer could have been stretching its payables."

"And I also don't know if these two companies are even interested in conducting each and every business on the national advertising market."

"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."

"In the next alternative, Apple could keep its current cash balance, but use all of its future free cash flow generation to buy back stock."

"As far as cloud-based IT goes, Epic’s continued success shows that hospitals aren’t looking for a cobbled together best-in-breed solution."

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

"The Board reached out to Mr. Iger and hired him back over one weekend, calling into question whether any other candidates were considered."

"CPI PG reported buying CPI Hotels from MGI for non-cash consideration of €44.9 million that was “settled against outstanding receivables”."

"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"

"Automatically opting-in customers for information is an aggressive practice according to our research and could catch the CFPB’s scrutiny."

"It's just a branding play of the app that existed before. So the Super App is essentially just Zillow's CRM, and the app was always there."

"It didn't take long for Phillips 66 leadership to dig in its heels, defending their structure and doubling down on their current strategy."

"When looking at BUR's solvency through this methodology, BUR has negative equity of -$358.9 million relative to the adjusted capital base."

"The Vanderbilt surgeon’s sharp comments are representative of the tsunami of anger and new entrants causing TransMedics customers to flee."

"In total, 200 bps of margin improvement is expected from reduced compensation and benefits expense through attrition (OR at or below 59%)."

"Significant margin deterioration at First Student since 2009 while National Express grew its North American margins during the same period"

"We believe AOL's Display business is highly unprofitable due to its operating expenses that are estimated to exceed $1.1 billion per year."

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay."

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay."

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay."

"Overall, the trend of less housing square footage may reduce the implied demand for luxury home cleaning supplies such as robotic vacuums."

"Historical entertainment studio transaction comps indicate multiples for Sony Pictures ranging from ~12 - 22x EBIT and ~1.5 - 3.5x revenue"

"For the CEO to reverse course on the Q3 2020 conference call and claim zero impact and underlying cash flow improvement is highly dubious."

"I think, in terms of senior leadership, I think they felt their hands were bound to some extent because she had enrolled so many patients."

"This clearly indicates that plasma levels are significantly higher than the range indicated on the label, and that the label is a fiction."

"Limiting a study to n=3 such participants suggests an attempt to cherry-pick and present misleading data that understates the variability."

"Taubman's EBITDA margins declined by 230 bps in the first quarter of 2018, while its Class A Mall Peers EBITDA margins increased by 60 bps"

"We view the two changes made in 2016 and the emergence of management’s aggressive accounting practices to increase CTC’s reported earnings"

"Our valuation method considers that AOS’s China business should not be valued on the same multiple as its U.S. and North America business."

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

"Although it wasn’t obvious to many at the time, the dislocation in the stock price due to the scandal provided a great buying opportunity."

"Consistent with the prior analysis, the two properties together should be valued around $18.4M, which is about 56% of the price IIPR paid."

"Our investigator visited the facility in March 2020 and confirmed that it belonged to Skymint, a brand operated by Green Peak Innovations."

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

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

"Specifically, we believe that INS is engaging in several undisclosed related party transactions between itself and its employees in India."

"This suggests that Flexopt is essentially just round-tripping the cash from INS’s loan right back to INS through the processing agreement."

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

"It is clear to us that the CEO and his family who run this company do not have their interests aligned with the interests of shareholders."

"Leef Industries was purchased by Trulieve from Kort Potter, who has had fraud accusations against him related to a solar company he owned."

"PLTK’s Multiple Chinese IPO Attempts Failed Due To The “Gambling Akin” Nature Of Their Games, We Observe Similar Concerns Here In The U.S."

"Our investigation uncovers what we view as potentially systemic issues at Accor group in regard to human and especially child trafficking."

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"We believe GSX overstates its capex investment in order to wash off the cash that was exaggerated on its balance sheet in the first place."