Callouts & quotes from 26,677+ activist slides

"Why were these sales not reported in Form 4's? Baker Hughes still had Board representation during these sales and no Form 4's were filed."

"During the Great Depression, the U.S. mortgage market was paralyzed and required significant government involvement to eventually recover"

"In fact, based on some of Mr. Buffett's own quotes, investing principles and maxims, we believe FND falls short of a suitable investment."

"Spruce Point expresses concern that FND has a pattern of providing numbers when they are good and omitting them when they are likely bad."

"We suspect that executives may be pooling their equity in Pines Quest to enable themselves to sell aggressively without drawing scrutiny."

"Monster's former Audit Engagement Partner had more direct experience with pharma and med-tech companies than food and beverage companies."

"The Irvine Ranch has followed these guiding principles for more than 50 years, beginning more than 10 years before Bren acquired the land"

"GCP's competitors are efficient with their R&D spending. On average, they are able to drive $2.36 in new sales for every $1 spent on R&D."

"At $21.00 per share, Riverbed's implied multiples are higher than the median multiples for selected large, enterprise IT public companies"

"It is not surprising that a management team and Board that don't understand basic refining accounting are overseeing lagging performance."

"RINO's Founders Have Failed to Transfer Income to the Company, and to Let the Company Operate out of the Facilities it Supposedly Leases."

"Our forensic analysis has identified that Momo owns at least two, including what we believe to be one of their top five, talent agencies."

"Last year, Peanut Butter had approximately 2.6 billion euros in sales but took in €10.4 billion of orders, for a book-to-bill ratio of 4."

"Asia Pacific revenues declined in 2018 and at 10.9% represented the lowest % of total company revenues in its history since coming public"

"We believe that Kao is either misleading shareholders today, or it misled Oasis in November. Either way, this is clearly poor governance."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"David Cush is part of Elliott's slate of eight independent, highly qualified director nominees to Southwest Airlines' Board of Directors."

"Spruce Point finds the timing of key events peculiar and raises red flags as to why MSCI and Royalty Pharma have this Strategic Alliance."

"Despite unsuccessful outcomes in the courts, we believe Fannie and Freddie remain valuable perpetual options on exit from conservatorship"

"Based on our review of past incidents, we believe Intuit has a poor track record of defending customer information from external threats."

"We believe that Starbucks is one of the most well-positioned retailers if minimum wages rise due to its “partner” compensation philosophy"

"Mettler's SEC disclosures says it owns two facilities in Shanghai, yet only one is an operating facility identified on its China website."

"The mere existence of this probe suggests that regulators see sufficient risk in these cross-border arrangements to warrant intervention."

"During the Great Depression, the U.S. mortgage market was paralyzed and required significant government involvement to eventually recover"

"Treasury has now recouped its total cash invested plus ~$25bn in excess of what would have been owed under the original 10% dividend rate"

"The wafer stage positions the wafer to within a quarter of a nanometer for each exposure, checking and adjusting 20,000 times per second."

"The Company continues to highlight 370bps of operating margin improvement despite it driving only $1 million of gross profit improvement!"

"The extent of IQ’s use of these dual membership programs is abundantly clear when we compare IQ’s ARPU to its gross margin since its IPO."

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

"If Olam were really passing along EEG benefits on to suppliers, their disappearance would have little to no effect on Olam's bottom line."

"In other words, UK LLP’s financials show that it owed Malta Operating 26.6% more than Malta Operating’s financials show it could be owed."

"This Agreement shall be governed by the laws of the State of New York, without regard to the principles of the conflicts of laws thereof."

"The project was underwritten by TECK to a $3.00 a pound copper price. The forward curve today is around $4.50, so the returns are better."

"Obsolete Format: Mall stores have difficulty competing with Mass Merchants on price and with book superstores on selection / “experience”"

"As such, long-term ground leases are a more tax-efficient way for a tax-paying entity to control real estate than outright land ownership"

"Using a “TIPS”-based valuation analysis, our mid-point valuation price of $38/share excludes the value of TIP REIT’s development platform"

"Spruce Point believes that REZI is being pressured by significant capital flows into its core distribution, security, and safety markets."

"We are concerned because REZI has never quantified how much it has spent on its ERP or the capital required to complete the integrations."

"Ginkgo discloses revenue and/or deferred revenue from four “Platform Ventures” – its term for de novo related party companies it created."

"If free cash flow and non-GAAP operating income were artificially inflated, management's compensation would also be artificially inflated"

"PBH’s most recent acquisition of Fleet, while reported at 11.8x post-synergy EBITDA, valued the business at 16.2x its pre-synergy amount."

"Note the emphasis on "Potential" Use and that "Selling on open market" is 3rd priority bullet with "Potential" emphasis again on 3x value"

"Disposal of Kia’s stake in Hyundai Motor Holdco and Hyundai Motor Opco further reduces cross shareholdings in the shareholding structure."

"The FTC complaint and settlement provide a roadmap for regulators in 90 other countries around the world to enforce similar requirements."

"What we see is that the cash equivalent in Megalab is not cash but, instead, a debt that the Spanish cash pooling entity owes to Megalab."

"He referenced conversations with Nevro reps who admitted as much, leading him to label it "a big scam" with "criminal" data manipulation."

"The growing gap each year causes us to believe that an increasing percentage of Operational EBITDA is low quality and / or unsustainable."

"We believe that sell-side analysts stretch to compare CLEAR with SaaS and highly prized technology companies to justify a high valuation."

"Under this plan Apple could repurchase 140 million shares or about 15% of the outstanding shares, leaving 805 million shares outstanding."

"We believe that there are serious risks to this business model that are being mostly ignored by bullish investors and sell-side analysts."

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

"Treasury has now recouped its total cash invested plus ~$25bn in excess of what would have been owed under the original 10% dividend rate"

"We are concerned that Zillow may be inflating its revenue with unrealistic assumptions and masking the true deceleration in its business."

"We are concerned with Zillow's excessive use of stock-based compensation (“SBC”); 115% of FY23 reported Adj. EBITDA was comprised of SBC."

"Ending its "investment" in operating leasebacks, however, would dramatically slow sales growth and undo the "inflection" to profitability"

"Nova appears to be downplaying the significance of U.S. GoldMining (Nasdaq: USGO) and its Whistler Project with less frequent discussion."

"SBUX's share price including dividends increased 27% from our average cost at inception to December 31, 2018, and 9% year-to-date in 2019"

"Only week 78 outlier was non-significant; the timepoint cherry picked by Soleno to claim “recovery” of HbA1c and FPG as we shall discuss."