Callouts & quotes from 26,677+ activist slides

"If performance metrics are manipulated upwards, the Financial Goal Funding multiplier will increase and result in a higher bonus payout."

"We contend McDonald's has misrepresented the facts regarding its gestation crate policies and practices in its corporate communications."

"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"

"Thanks to the shale gas revolution and environmental regulations, coal is no longer king. We burn less of it and its price has declined."

"One useful rule of thumb: when someone doesn't want you to look at traditional metrics, it's a good time to look at traditional metrics."

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

"What might average shareback rates look like today given reports that sharebacks have consistently risen through the past several years?"

"NIKE is a high quality business that should compound long-term earnings at a high rate due to strong revenue growth and margin expansion"

"Glassdoor commentary primarily from cardiac technicians suggests quality concerns have persisted for years and remain cause for concern."

"Another former executive who worked at ANTA headquarters, “Mr. C”, also corroborated that ANTA controls most of its Tier 1 distributors:"

"We traded BUR in essentially the same way we have traded all short activist campaigns since entering short activism over nine years ago."

"The forward AFFO multiple compresses by an average of 7.0x for retail REITS that transition to a lower growth or negative growth profile"

"Headcount growth in sales, business development, and marketing was negative over last 6 months, while total employee count only grew 15%"

"Twist’s CEO allegedly instructed senior staff to not discuss operational details with a board member representing a key Chinese investor"

"DGW claims to sell its product to over 80 distributors in 28 provinces. In reality, its distribution network is barely existent at best."

"This illustrates the fallacy of assuming that 2U’s historical performance will continue going forward in a period of margin compression."

"After years of underperformance, we believe GE finally has the right collection of businesses and structure... now it is time to execute"

"domestic company borrow from off-shore, and that the few instances of which they are aware all involve state-owned enterprise borrowers."

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

"Oasis proposes brand focus, global expansion, and an embrace of marketing to ignite Kao’s potential and lead to long-term future growth."

"Oasis believes this fact alone demonstrates the significant limitations facing Kao brands to expand and diversify their revenue streams."

"Kao’s allergy to growth which management exhibited within initiatives and targets (despite the ambition to sustain “Global Sharp Top”1)."

"The GSEs' losses during the financial crisis were much lower when calculated based on their actual credit losses, rather than provisions"

"Spruce Point believes that current market data services fail to account for Saputo's growing $724 million unfunded U.K. debt obligation."

"In fact, we see recent evidence of strain leading up to the auditor change with commissions falling in 2022 despite revenues increasing."

"The Irvine Ranch is a 93,000-acre property that includes nine miles of coastline along the Pacific and accounts for 20% of Orange County"

"HHC’s management is aligned and incentivized to deliver long-term value to shareholders with a significant economic stake in the company"

"Oklo's assumed fuel cost of $7,000 / kg for high-assay low-enriched uranium (HALEU) is lowballed by a factor of 5x – a massive red flag."

"I think that what Nelson is doing is trying to get things to be as good as possible at DuPont. I think they should put him on the board."

"Both BASF and Covestro have decided that segregating upstream and downstream businesses improves decision making and resource allocation"

"Publishing, despite its strong presence in print, lags the industry in its online presence given an inconsistent TWX corporate strategy."

"Publishing, as a separate stand alone company, would be the largest publicly traded company in the consumer magazine industry in the US."

"TWX has not demonstrated that there are material benefits from owning cable and content assets under the same roof - quite the opposite."

"This analysis yielded an implied enterprise value for Filmed Entertainment of $15.0 - $16.5 billion implying 10.9x - 12.0x 2006PF OIBDA."

"Remedial measures such as diuretics, monitoring, slower titration, or label changes are unlikely to mitigate the emerging safety crisis."

"Even PeptiDream’s biggest successes demonstrate the overall inability of the company to generate meaningful revenue from its technology."

"There's strong evidence the CEO doesn't have a full grasp of Waterpik's numbers, and recent growth is coming at the sacrifice of margin."

"Per the below SAIC financials, MobilePeak generates virtually no revenue, has negative net income, and has negative operating cash flow."

"This represents just one of several instances where regulators took action against an Intuit business for allegedly deceiving customers."

"We believe Intuit may have attempted to boost Credit Karma revenue just as operating results in that segment were rapidly deteriorating."

"Vivion's specific rebuttal to rent24's significance at Fürst illustrates how misleading Vivion's responses about rent24's occupancy are."

"UEC burned through $106 million in 2024 and raised $176 million which factored heavily towards the CEO hitting his maximum target bonus."

"The only other company with abnormally high capex spending is Bio-Rad, which recently reported a material weakness of internal controls."

"A small insightful survey of China distributors shows significant local competition, and revenues expected to decline mid single digits."

"Mettler trades at a handsome premium, despite its opaque and complicated structure, poor disclosures, and aggressive accounting choices."

"I think that what Nelson is doing is trying to get things to be as good as possible at DuPont. I think they should put him on the board."

"The GSEs' losses during the financial crisis were much lower when calculated based on their actual credit losses, rather than provisions"

"Private mortgage insurance is a very high-risk business, and is also an inappropriate benchmark when setting capital levels for the GSEs"

"If the PSPA commitment fee is too onerous, g-fees and mortgage costs would have to increase to allow the GSEs to earn an appropriate ROE"

"One of the leaders of HON became Porch's Director of Inspection, and left in November of 2019 to join iGo Academy, part of InspectionGo."

"Significant excess capital could be returned to shareholders without disrupting the balance sheet or the future growth of BHP’s business"

"Fairfax Uses TRSes to Turbocharge its Use of Deceptive Accounting Practices to Promote the (Unlisted) Stock of an Indian Insurance Play."

"Digit has built little of its own software, and what it has developed runs on Allianz's open-source platform, Allianz Business Services."

"We believe ADT should immediately increase leverage to 3.0x Net Debt / EBITDA and maintain a fixed leverage target of 3.0x going forward"

"We would argue that to hide behind a technicality of “minority” ownership to avoid shareholder scrutiny, is ethically and morally wrong."

"We believe the Company should introduce a 25% EBITDA margin target as a medium-term goal, with the appropriate budgeting and incentives."

"The death rate, per-person per-unit-of-time, in the enrichment period was elevated in comparison to placebo for the double-blind period."

"Looking at this analysis, we don't know if PGNY overstated the success of its selling seasons or understated the churn it was suffering?"

"Management's narrative on profitability conveniently excludes the ballooning cost of SBC to public shareholders in the form of dilution."