Callouts & quotes from 26,677+ activist slides

"Target Corp will trade at a higher multiple than current Target Standalone due to a powerful combination of improved ROIC and EPS growth"

"Regardless of the analytical approach adopted by the Agencies, we believe that Target Corp will maintain Investment Grade credit ratings"

"This change in practice could be risky if sales fall below plan or the discount programs don't repeat as it could affect future margins."

"Ginkgo’s product failure is identical to Zymergen’s, which claimed to have a product but didn’t, triggering a 70% plunge two months ago."

"Ginkgo is nothing more than a commodity strain engineering CRO, and a crappy one at that according to its own related-party “customers.”"

"We question her experience auditing large public, consumer products companies and believe a new audit partner should be assigned to PBH."

"Based on PBH's disclosed peer group, its revenue weighting of 50% is the only company above 35% and double the peer group median of 25%."

"We find it concerning that on a pro-forma basis, Amcor’s DSOs are rising moderately higher than expected on a pre-deal standalone basis."

"Amcor’s usage of bank overdrafts has increased as a percentage of sales, even in a period where its sales have not been growing rapidly."

"We find it troubling that Heska Min CSV per Subscription per Month declined materially in 2020 and is expected to decline again in 2021."

"We believe that mortgages obtained well in excess of the purchase price indicate a combination of a bargain purchase and elevated rents."

"Nevro calling PDN a new indication is "so stupid" and "just dopey" according to KOL's, given that it's widely coded today as neuropathy."

"It is clear to us ROVI continues to “cherry pick” its performance against the ONLY date that does not show material negative performance"

"Oasis estimates that normalizing these costs to the business size would have added 250bps of operating income to both divisions in 2023."

"I think athena deserves a smaller capitalization, and I’m not just referring to how it fails to capitalize the first letter of its name."

"Morgan Stanley’s assumptions are not just optimistic, they seem to ignore the reality that even athena’s current solution is half-baked."

"If all participants focus their efforts on recruiting new participants, saturation – the inability to find new recruits – is inevitable."

"CCME may respond that it has an army of agents serving as proxy salespeople, but that would further call into question its gross margin."

"WXZ1 reports having paid total consideration of ~€237.7 million (CZK 6.1 billion) for the 14.1 million shares, which is ~€16.89 / share."

"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"

"Take the worst case in the below sensitivity analysis and we see 500k cars with 20% gross margins at a P/E of 20x and the stock is $599."

"A surgeon and “super user” stated that 10% of organs retrieved experience significant mistakes or are unusable because of surgeon error."

"Reducing dwell at Norfolk Southern’s busiest terminals could have substantial service improvement effects throughout its entire network."

"The opportunity cost of Norfolk Southern’s concessions will still be regretted by shareholders long after Mr. Orr has left the railroad."

"Ms. Landry will be an invaluable addition to Norfolk Southern’s Board, given her differentiated skillset and highly relevant experience."

"CoreWeave is a placeholder, not a partner, and its role will fade as hyperscalers scale their own capacity and custom silicon solutions."

"In the aggregate, the hedges¹ generated over $2.6bn in proceeds across the Pershing Square funds while incurring $27mm in carrying costs"

"By using Google AdWords, a local business can place an ad on a local Patch at approximately a 95% discount to current rate card pricing."

"New investments in 2018 are in high-quality, simple, predictable, free-cash-flow-generative businesses with formidable barriers to entry"

"Looking very carefully, we see that Mr. Chadha has removed his Chief Accounting Officer title from his new biography at Dentsply Sirona."

"With a positive dechallenge, the events of psychiatric issues, aggression, and hallucinations are assessed as possibly related to WAKIX."

"Experienced a 100% patient discontinuation rate and didn't help a single patient: "nobody wanted to continue...what's the point, right?""

"Harmony’s sales and marketing for Wakix has one and only angle – that it is easier to prescribe because it’s not a controlled substance."

"So for a brand company, I prefer the agent-distributor model, in which case I can more quickly more regularly receive my revenue stream."

"It’s highly suspicious that FND would pivot toward opening more large format stores when the design studios have clearly failed to grow."

"Momo's user demographic and brand were repeatedly cited as challenges to achieving broader appeal from a platform marketing perspective."

"Above you can see ZJK’s products: screws, bolts, nuts, etc. They look simple, and they are. Certainly not “AI components” as ZJK claims."

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

"It's a US government subsidy scam, and California is the only state that will provide subsidies for a non-Buy America Compliant EV Star."

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

"This exact company was also mentioned in the FBI subpoena and deeply involved in the projects where we speculate money was siphoned off."

"Если мы правильно поняли ваш запрос, для размещения 4 девочек и сопровождающих потребуется 4 двухместных номера с раздельными кроватями."

"Can you include in the rate extras: champaign, roses and 2 packs of condoms in each room? I'd like to pay for everything in one payment."

"Can you include in the rate extras: champaign, roses and 2 packs of condoms in each room? I'd like to pay for everything in one payment."

"Could you please reconfirm for stay period again? Will you book for 28 May - 5 July 2026 (38 nights) OR 28 May - 5 June 2026 (8 nights)?"

"Given our previous findings, we view these misleading statements as red flags, given the continuity of misrepresentations by management."

"Auf SiteJabber stellen wir fest, dass HelloFresh in Bezug auf die Kundenwahrnehmung eine der schlechtesten Marken in seinem Segment ist."

"Burke's product codes indicate the company is selling run-of-the-mill equipment such as hoses, piping, fuses, and electrical connectors."

"Such a disproportionate decline in a company's share price is the sign of much deeper concerns regarding a company's perceived strategy."

"Multiple semiconductor executives confirmed that Intel is just as dismayed as TSMC and is similarly struggling with Lasertec’s EUV tool."

"The size of TeliaSonera’s corrupt payments could be staggering, which might have bearing on the size of an accepted settlement proposal."

"Kroll is looking at the underlying cashflows of these assets and they fall short of RUN’s representations to the IRS and the investors."

"The company did not dispute these calculations, nor the assessment that Macau has booked profits over 10x those of the Huizhou factory."

"We take a conservative view in valuing the remaining HSIC dental business at a discount to its historical EV / Est. EBITDA close to 13x"

"As a result, we believe investors should carefully evaluate who is the person in charge of leading its eCommerce partnership expansion."

"CEO Seifi Ghasemi has begun a transformation of Air Products, which we expect will continue to create meaningful value for shareholders"

"The Company has modified the language and tone around its Free Cash Flow three times from “roughly $500m” of FCF vs. “more than $500m”."

"GFL has been flipped around like a hot potato pancake among multiple owners, gone through five CFOs and on its fourth try, came public."

"If, as suggested by an industry observer, more than half of GFL’s deals are failures, we believe its market cap could easily be halved."