Callouts & quotes from 26,677+ activist slides

"Although TSMC can get by with its current DUV machines, the engineer stated that Lasertec’s product simply won’t work for TSCM’s 3nm node."

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

"it is difficult to believe that Telia’s current board is so equivocal about whether Telia engaged in large scale corruption in Azerbaijan."

"We believe this complete misstatement and twisting of the facts is typical of management's seemingly estranged relationship to the truth."

"Nuvei paid approximately $97 million for Base Commerce, yet incurred a suspiciously low $268k of acquisition costs expensed through SG&A."

"We believe AVY's free cash flow presentation is highly aggressive and analytically flawed in a manner that vastly overstates performance."

"However, despite the arguable imprecision, our rough estimate of approximately $5 billion is less than half the size of FIGS' stated TAM."

"Management exhibits aggression, evasion and persuasion on this issue as well, suggesting they likely are aggressively making their cases."

"We believe LODE's promotion of its new expansion into EV battery recycling is fraught with risks and a high degree of likelihood to fail."

"We Believe Change Is Needed After Years Of Missed Expectations And Poor Results. We Believe We Have A Superior Slate Of Director Nominees"

"Trying to finance this business’ way to profitability is like trying to turn the Titanic, while taking on tremendous risk in the interim."

"If CCI is unwilling to increase its dividend payout ratio today, we recommend CCI immediately increase leverage to 7.0x net debt / EBITDA"

"Disclaimer: This is an English translation of short-hand transcripts of the Ströer annual general meeting, which was conducted in German."

"But if you don't "discover" anything because there's nothing to discover, you have to think about how you can manipulate the share price."

"It is hard to think of an explanation other than fraud to explain why Superb Summit claims to own a company that it in fact does not own."

"It would not be unreasonable for Solventum to consider 75th percentile performance, implying a 27% margin, as an internal stretch target."

"Our view diverges wildly from the Street’s view based on a close forensic investigation, and not taking management’s story at face value."

"While ADP has grown its client count in SMB and international (including acquisitions), its Mid-Market and Enterprise performance is poor"

"Newell will need the guidance of an executive who has both helped oversee a major transformation and strengthened core brand performance."

"Spruce Point estimates that the new wellness center buildout could burn over $200M of cash over the next five years, and more thereafter."

"Spruce Point estimates that the new wellness center buildout could burn over $200M of cash over the next five years, and more thereafter."

"As shown below, we believe the Dell offer they claim is worth $109 is worth only $90 per share, a 42% discount to DVMT's intrinsic value!"

"Through an exhaustive search process, we identified and nominated twelve candidates with exceptional and relevant credentials, including:"

"24.6% of current advertising costs (assumes a ~40% reduction in traditional media combined with a ~120% increase in digital/social media)"

"realign supply to demand, revising upward BP's oil and gas production target to 2.5 mmboed by 2030 (versus current target of 2.0 mmboed)."

"As the growth + profitability profile of each of the companies declined in 2022, each company saw extremely poor share price performance."

"The chart appears to be fake, as it shows a cell being discharged at over 100% of its energy, which common sense indicates is impossible."

"HHH Services Agreement advisory fee is in-line with non-traded REITs with no additional upfront commissions or stockholder servicing fees"

"Abbott is currently capturing 96% of the incremental growth among U.S. insulin-dependent T2 diabetics (and 72% of incremental T1 growth)."

"The simple fact is the market doesn't trust Hess to run its business well, and thus places a discount on everything the company controls."

"Increasing revenue from plant-based alternatives directly impacts FIVE of the top 10 ESG factors that are most important to stakeholders:"

"Elliott has conducted extensive research, including with the help of external advisors, to understand the opportunity at American Capital"

"Spruce Point believes it is a classic red flag that PowerSchool recently moved to obscure critical line items in its cash flow statement."

"Through an exhaustive search process, we identified and nominated twelve candidates with exceptional and relevant credentials, including:"

"Xylem’s Measurement & Control Solutions segment failure can be seen by its steadily reduced disclosures of organic growth by application."

"With Align's software patents now having largely expired, uLab represents the first new user-friendly CAD/CAM software offering in years."

"With Align's software patents now having largely expired, uLab represents the first new user-friendly CAD/CAM software offering in years."

"TCS might be Arconic’s “best performing” business. Run by long-time Alcoan Tim Myers, TCS turns its assets essentially in-line with peers"

"At New Arconic, headquarters will be an afterthought. The plants will be empowered to make decisions and compensated based on performance"

"Brothers’ channel owner is YY itself. Therefore, there is little question of any interested third party being the force behind the fraud."

"The transaction will show the gift originating from the VPN provider even though in reality it is originating from inside the LUSH cloud."

"Accounting for 20% of 2021 revenues and making a major contribution to growth, Skechers' China business is vital to its investment story."

"How can management make these claims when Unity® Accounting is only in Canada and is a rebranded legacy product with minimal integration?"

"BlackRock's meritless and self-referential arguments to oppose the separation of Chair/CEO proposed by Bluebell Capital Partners (Item 6)"

"We believe Oatly’s grand ambitions to grow in the U.S. are being challenged by Califia Farms, a California plant-based food manufacturer."

"If she was really confident about the platform's growth potential, why would she leave even before having a chance to market the product?"

"Why wouldn't a dealer sign up to receive "exclusivity payments" with those benefits, while still being able to work with other providers?"

"Spruce Point observes a degradation in the quality of the short-term incentive definitions applicable to management between 2021 to 2022."

"Third-party app data shows installations of the three games responsible for 88% of SKLZ’s revenues all declined substantially in Q4 2020."

"After estimating HASI's income inflation, we adjust HASI's 2021 GAAP income downward by $362.7 million to a net loss of ($235.4 million)."

"HASI’s “Distributable Earnings” are the Product of a “Have My Cake and Eat it Too” Methodology, and are Non-Cash and Largely Unrealizable"

"KIM is another example of a REIT where their same store growth profile was reduced and the result is a stock down 52% since July of 2016."

"If true, and if the CFO retains stock in Televerde, we would question why it’s not disclosed in the related-party section of the filings."

"If elected, Nelson’s first action as a P&G Director would be to recommend that the Board reappoint the P&G nominee who was not re-elected"

"Older commercials featured cowboys, explorers, surfers, musicians, football, and the outdoors – showcasing the fun in the Outback concept"

"NQ is “scare ware” – NQ Antivirus 7.0 is hardcoded to tell the user the NQ discovered two viruses the same day the user installs the app."

"Unfortunately, as the saying goes, talk is cheap, and Tripadvisor has only been willing to talk, rather than commit to meaningful change."

"The nature of the business is that for a small payment, the bond insurers guarantee large obligations that they hope to never pay out on."

"Many industry observers believe Bristol-Myers would be an attractive acquisition target due to the Company’s leading position in oncology"

"We believe that either Bristol-Myers’ R&D facilities are not as productive as peers or the Company has too many R&D facilities...or both."