Callouts & quotes from 26,677+ activist slides

"Recent acquisition of Tim Hortons enhances Restaurant Brands’ medium- and long-term EPS growth rate and creates a more valuable company"

"Beam's share price increased by 23% including dividends from the beginning of 2014 to the closing date of Beam's acquisition by Suntory"

"Generac trades at an irrational premium to a variety of consumer, residential home and industrial power and electrical equipment peers."

"A close look at the cumulative probability of an organ response yields makes a contrary point (red lines added to Kaufman et al graph)."

"I think from a logical perspective, it does not make sense to use Aquablation for prostate cancer or focal therapy for prostate cancer."

"XPO is not shy about hiring Chief Accounting Officers with a history of working at companies known for aggressive accounting practices."

"The inability to efficiently produce bitcoin on a per share basis undermines the sole fundamental reason to own a miner versus bitcoin."

"The company was a huge COVID beneficiary, but management, led by founder John Foley, thought it could continue growing for a long time."

"We believe that underestimated competition could cut Penumbra’s expected sales growth by nearly half in FY20, from 20% to close to 10%."

"There is already an independent Board in place. Vivendi’s campaign and nominees proves that Vivendi simply wants a Board it can control"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"While these may be minor production errors, investors should evaluate the Company's attention to detail in all aspects of its business."

"We have conducted extensive due diligence on Phillips' strategy, financial performance, asset portfolio, operations and market position"

"Former employees we interviewed called out the company’s “fast charging” claim as disingenuous, as it quickly damages the battery cell."

"At a $15B market cap, we expect they will be trigger happy to cash in when the lock up expires – much like the PIPE holders on Jan 4th."

"While NAV is an interesting valuation metric for the company to track over time, it is not an appropriate transaction benchmark for HHH"

"We believe that IonQ has therefore engaged in a campaign to dupe investors into thinking the device's size will soon make it practical."

"I didn't want to wager my entire career on IonQ, when the two founders of the company, they did not wager their careers on the company."

"This is one of the main reasons that I’m pretty sure this Rapiscan contract with the Mexican government will not be renewed in any way."

"OUR PROPOSED DIRECTORS AND SUGGESTED MANAGEMENT TEAM OFFER A SUPERIOR VALUE PROPOSITION, INCLUDING A PATH TO A MUCH HIGHER SHARE PRICE."

"We anticipate that the Board and Mr. Simmons will try to avoid accountability by suggesting change will disrupt the Company’s pipeline."

"Right now, all the new production has created a shortage of pipeline to take gas out of the region, which has created a localized glut."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"In Pioneer’s slide deck it acknowledges that its resource estimates are not necessarily limited to economically recoverable quantities."

"Ford made Arconic share its innovations with Novelis. Now Novelis is the #1 auto sheet supplier. Arconic did the work. Novelis got paid"

"We have conducted extensive due diligence on Phillips' strategy, financial performance, asset portfolio, operations and market position"

"Either way, NMC's FY 2018 leverage was in our view materially higher than reported due to not reporting Aspen leases as finance leases."

"Combined Chair/CEO roles in the S&P 500 have decreased by 13% over the last 10 years, the most significant decrease across the indices."

"In this case by delaying ($60.9-$45.7=$15.2m) of fixed asset recognition, Oatly could be overstating operating losses by ~$1.5m, or 5%."

"MANAGEMENT AND THE BOARD’S FAILURE TO CALL THE SPECIAL MEETING IN A TIMELY MANNER IS AN EGREGIOUS ACT OF SHAREHOLDER DISENFRANCHISEMENT"

"Spruce Point believes competition will continue to intensify, further pressuring Sunnova to grow and maintain its current market share."

"We could not disagree more with these statements, since all acquisitions, regardless of their size, are inorganic growth by definition."

"The charts below display the stark divergence between GTT's financial performance and the financial performance of its management team."

"Twist exhibits telling signs that its “growth” is about to hit the wall, beyond the accounting games that typically signal desperation."

"Management pronouncements may help explain inferior AUC/A growth rates but do not explain inferior asset servicing revenue growth rates"

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

"The HKMA’s commitment to support HKD at 7.85 HKD/USD limits the downside to owning HKD to ~1%, making the HKD effectively a one-way bet"

"Unlike some other currency regimes, HK’s peg can be modified through a purely administrative process. No legislative action is required"

"Valuation metrics for comparable businesses indicate a valuation of c.US$22bn – well in excess of analyst consensus for US petroleum(1)"

"All-white packaging with no distinct branding means the products disappear on a retail shelf, or even in a sponsored social media post."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Even as C3.ai attempted to pivot to a more generous definition of "customer", we are now a witnessing a deceleration in customer growth"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Saputo recently omitted a key statement that it is looking to invest to expand its capacity and capabilities in the Australasia market."

"P&G’s Misrepresentation of Quote by Mondelēz Chairman and CEO Irene Rosenfeld in P&G’s Letter to Shareholders, dated September 20, 2017"

"We believe a person or party having this much voting control as well as changes in the voting control should be disclosed to investors."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"Either the board supports these actions or has lost control of the management team. Under either scenario, significant change in needed"

"AOL's projected performance is below United Online, Earthlink, and MSN, with continued declines of 7% and 9% for the same time periods."

"Networks is expected to become increasingly important to revenue and OIBDA growth at TWX given the division's strong forecasted growth."

"Revenues and OIBDA for TWC over the 2006 - 2010 period will be driven by growth in all products (video, high speed data and telephony)."

"TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating."

"How are investors to assess DV’s international growth performance in a vacuum of material information relevant to this growth strategy?"

"Herbalife targets Latinos, African-Americans, ethnic minorities, the young, and stay-at-home moms – focusing on those in financial need"

"The real question is why would McGraw-Hill not promptly take these steps to improve operating performance and unlock shareholder value?"

"Recent acquisition of Tim Hortons enhances Restaurant Brands’ medium- and long-term EPS growth rate and creates a more valuable company"