Callouts & quotes from 26,677+ activist slides

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

"Regularly put forward misleading statements which disingenuously claim that performance has been excellent and goals have been achieved"

"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"

"Spruce Point observes a shift of tone from the beginning of the year, notably around longer sales cycles in the Index and ESG business."

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"SBUX has grown EPS in the mid to high-teens driven by revenue growth from SSS and new units, as well as operating leverage and buybacks"

"How difficult is it to manufacture a scale and a pipette, and more importantly, how much margin are there in these low-priced products?"

"We do not take these explanations at face value. In our view, the company has had all the data it needs to perform the reconciliations."

"21.2% perpetual, convertible preferred stock that could be converted to common equity pending a shareholder vote post-close of the deal"

"「彼らはマスクブランクスを検査するための装置を作っていますが、光源の出力はその何分の一で十分だったはずです。輝度と出力は違います。彼らは適切な輝度のあるウシオ製の光源を採用しましたが、その出力は必要量の400倍以上でした。それが失敗の要因です。救いようがない光源です。」"

"The biopsy of the kidney tissue by a pathologist is the ultimate arbiter of whether the patient is suffering from transplant rejection."

"The valuation of AlloSure, then, is closer to 48x trailing revenues and over 30x the most recent quarter’s annualized revenue run-rate."

"By combining expense management with its accounts payable offering, BILL offers a comprehensive solution that saves SMBs time and money"

"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."

"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"

"Based on just $1m of accounts receivable and inventory, and $110m paid upfront, OrthoSpace appears richly valued with negligible sales."

"Our view is clear: Stryker's acquisition strategy is becoming less economic as it pays higher multiples for lower quality acquisitions."

"Does a company that fails to hit a key metric 9 out of 11 years during the greatest bull market in history deserve a premium valuation?"

"We See Multiple Headwinds To Margins And Believe Rollins Is Underinvesting In Its Business While Technology Equalizes The Playing Field"

"Aerospace Products' Engine Management Service Offerings Require a Fleet of Stand By Replacement CFM56-5B & 7B Engines for its Customers"

"First, in the Dlocal limited (Malta)’s FCA registration, the ombudsman contact link posted is an AstroPay address: george@astropay.com."

"Recession resilient: total revenues grew 4% in 2008 and 3% in 2009 (organically); overall industry also grew in both of last recessions"

"Borders is a mix of high-quality businesses and several low-ROI, money-losing businesses which are in the process of being rationalized"

"On February 5th, the first business day after the ShadowFall report was released, we called CSC. The phone again was answered as “IQE”."

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"While management hypes up e-commerce growth, the economics are in-line with brick-and-mortar and sales cannibalize traditional channels"

"We believe one reason that Huishan cannot grow enough alfalfa for its needs is that northeastern China isn’t a good area for this crop."

"Even employees who have worked at Verint for 10+ years and who generally enjoy working there see that the Company is too focused on M&A"

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"Leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value"

"Not only is Heska ill-equipped to compete against larger players, but we believe several market forces will create headwinds for Heska."

"With Omnia a flop and PDN a mirage, we expect investors betting on a Keith Grossman-driven turnaround to shortly face a rude awakening."

"Our forensic research suggests CLEAR to be an extremely inferior business trading well above 10x when its enterprise value is adjusted."

"Current Danimer investors placing hope that a partnership with Pepsi will ensure success should review the Metabolix failure carefully."

"An SPS conversion would severely impair the value of Treasury’s stakes in Fannie and Freddie and preclude any new private capital raise"

"Spruce Point believes Zillow is adding substantially more earnings volatility by expanding from nine Enhanced Markets to forty in 2024."

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"It is unfortunate that Timken finds it necessary to use a lower quality peer group to attempt to justify the Company's trading multiple"

"Our research shows that Inspire's actual TAM is less than 2% of the $10 billion per year (500,000 units per year) TAM Inspire promotes."

"The combination of the company tender and share purchase by PSCM affiliates has reduced the free float of PSH by 24.5% since April 2018"

"LOW's share price including dividends increased 8% from our average cost at inception to December 31, 2018, and 8% year-to-date in 2019"

"FNMA and FMCC share prices decreased 60% and 58%, respectively, in 2018 and increased 141% and 130%, respectively, year-to-date in 2019"

"Recent press reports (Feb '19) indicate both Tencent and KKR are exploring bids valued at $23bn for 50% of UMG (i.e. $46bn total value)"

"Had Leidos accurately reported the $6m sales contribution in Q2'19 vs. the $12m inflated sales results, the story would look different!"

"The commentary is devastating, indicating that the purported hyperphagia benefit in the pivotal withdrawal study was a cruel deception."

"For the last 8 quarters, the increase each period is 300 or 400 patients, to the penny – a curiously consistent and repetitive pattern."

"Whatever statements the author is referring to strike us as fiction, as we are aware of no such trial that enrolled drug-free patients."

"This combined with the Chinese New Year holidays when economic activity is generally low sets WUBA up for a horrible beginning of 2020."

"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."

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

"Any engineering efforts to correct this major deficiency would impose delays and cost overruns beyond those already realized by Archer."

"The presence of more legally suspicious individuals who are also involved with Trulieve and Burnette, should be troubling to investors."

"Why would Kim hide the accolade of running his employer's most significant division? And, who runs the show if Kim is 6,500 miles away?"

"TSMC is not buying the High-NA Lasertec tool, to my knowledge. And they're the company that does high volume, high-performance chips..."

"Lasertec had “no data” to show for the A300; “no real world case studies” or independent evaluation; “no real way to discern” any value"

"Shareholders of UK-listed companies have previously approved transactions involving a United States relisting (by significant margins):"

"Spruce Point believes Kalshi will continue to operate while in litigation and DKNG's full year '25 revenue consensus is likely at risk."