Callouts & quotes from 26,677+ activist slides

"Allegedly pressure to downplay adverse events; two patients developed diabetes; others pre-diabetic, of which one more developed diabetes"

"The downside, of course, is hyperglycemia and maybe some of the peripheral edema, fluid retention, maybe exacerbating some heart failure."

"Using a “TIPS”-based valuation analysis, our mid-point valuation price of $36/share excludes the value of TIP REIT’s development platform"

"Their comments are remarkable and indicated that pitolisant is a total failure on all dimensions: pharmacokinetics, efficacy, and safety."

"H3 receptor drugs as a class are doomed by “huge patient-to-patient variability,” lack of bioavailability, and blood-brain barrier issues"

"We note the similarity of the narrative to those in the fatalities table for pitolisant trials, where pulmonary involvement is prevalent."

"These chronic performance shortcomings are attributable to the long-term mismanagement of BEA by its entrenched executive management team"

"At no point is the issue of proper independence addressed by either Müller of Unknown Executive. This is a non-answer (1) and is evasive."

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

"It is logical that Archer's design has a reduced potential for quiet operation than Joby's because of the inclusion of so many gearboxes."

"Actions speak louder than words, and INOD’s management team’s recent actions seem to be screaming one thing: get out while you still can."

"In the comprehensive summary below, we use red to highlight how coded earmark language from Congress translated into IONQ cash each year."

"Адресное бюро Чувашской Республики сообщило, что, если с точки зрения закона нарушений нет, смело приезжайте с полным пакетом документов."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People’s Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People’s Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old)."

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People’s Republic, Russia (14-17 years old)."

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

"The stage "makes particles" that cause contamination, degrading the imaging optics and mirrors, costs millions of dollars a year to clean"

"The big thing is the light. For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC."

"Images posted on LinkedIn from within Sorena Turbine’s MRO show an FTAI Module Factory branded box sitting prominently on the shop floor."

"In the best case scenario, ONP paid less than $5 million total for both sets of assets, thereby leaving over $25 million unaccounted for."

"The tables below show the adjusted Subscriber Value and Net Earning Assets, which decline 24.0% and 85.4% at the midpoint, respectively."

"Despite significant operational progress throughout the year creating the “New Valeant,” share price performance continues to disappoint"

"However BJ Operation's Financials Purport to be Those of a School with EIT Exemption During 2009 – 2011, These are Fraudulent Financials"

"This contradicts EDU's frequent mention of its "premium pricing" in China to explain how it is producing 60% gross margins to investors."

"Spruce Point also sees that GFL restated its Adjusted EBITDA to make the USA Waste segment's margins look much better by +2.1% (210bps)."

"The appraiser on a purportedly US$585.4 million transaction is located in the house to the left, next to the wall with the bullet holes."

"Occupancy costs a relatively small contributor to SG&A across most auto dealers – even traditional dealers with a brick-and-mortar focus"

"This strongly suggests it has been covering up strain in its business, consistent with our analysis and observations on the prior slide."

"However, since 2024 management has not revised guidance during the year and is on pace for two consecutive years of large target misses."

"While ADP's win / loss commentary is accurate at a total client level, it masks share losses to competitors in Mid-Market and Enterprise"

"We believe this structure was an attempt to create a wide discount between DVMT and VMW, and it should be noted, it was very successful."

"We see potential for >$300 million in EBITDA improvement before taking into account our Olive Garden turnaround plan to increase traffic"

"Continuous innovation, rather than adherence to rigid bureaucracy, would allow Olive Garden to stay relevant generation after generation"

"Bob Evans has under-performed other selected publicly-traded family-dining restaurant peers, by as much as 41.1%, over the last 3 years."

"Goodyear’s consumer retail business only accounts for ~7% of total revenue but could be worth nearly the Company's market capitalization"

"As a public company, we believe that IPX should be taking greater measures to safeguard its assets, intellectual property, and know how."

">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining."

"A former employee indicated that the scaling and manufacturing challenges for flat separators are multiplied by having to stack them up."

"All of the plots in the green-outlined zone have the same land price value. The same value is given to plots with and without buildings."

"HHH’s access to public and private capital will improve substantially by virtue of Pershing Square’s investment in and leadership of HHH"

"The investor presentation indicates they only have three quantum computers in service, implying >$500 million of market cap per machine."

"A simple calculation should yield a perfect answer, but errors in quantum computers quickly garble the answer and make it unrecognizable"

"“Little toy computer” that can “perform some contrived application”; can’t scale to a useful number of qubits; difficulty is exponential"

"Abbott, as the low-cost manufacturer by a factor of 4, can put heavy pressure on Dexcom profits with little downside to its own margins."

"Accordingly, we believe that DXCM shares would be more properly valued at 5-6x sales – about where they traded prior to the 2018 run-up."

"Implement business improvements to achieve operational efficiencies, increase margins and maximize cash flow available to equity holders"