Callouts & quotes from 26,677+ activist slides

"Some analysts suggest that DKNG could pivot to a prediction market model, but we believe doing so would likely devastate its economics."

"Proposal: Introduction of a capital allocation plan for the Company which includes future disposals of shares in Oriental Land Co., Ltd"

"Because Sunrun cannot explain the reasons for the differences, we conclude that Sunrun’s Subscriber additions are outright falsehoods."

"While management is making progress with their plan to increase margins to 17-18% by 2018, we believe optimized margins are far higher"

"We urge the Company to embark on a cost cutting program that addresses both margins and the disposal of excess underperforming assets."

"CFO And Chief Corporate Development Officer Biographies Obscure Leadership Roles At A Company Whose Parent Forfeited Criminal Proceeds"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"We find it extremely worrisome that tax rates pose material risks to corporate earnings and that Luxembourg is in fact lowering rates."

"There's certainly a group still behind the scenes pulling the strings at this Company and I'm not prepared to say any more about that."

"There's certainly a group still behind the scenes pulling the strings at this Company and I'm not prepared to say any more about that."

"Only 2 out of the Company’s 10 current directors have meaningful, relevant operating experience at a retailer outside of Office Depot."

"No companies in the battery value chain come close to achieving 78% net margins, or even 78% EBITDA or gross margins, for that matter."

"Box’s revenue growth rate continues to decline despite repeated promises from management regarding a reacceleration of revenue growth."

"Until its IPO, Box achieved gross margins in excess of 75%, and management suggested it would remain at this level over the long-term."

"In practice when AMT's overseas above market leases have come up for renewal, the carriers have usually negotiated the rents downward."

"Initially approached Crown Castle privately in May 2020 about our comprehensive plan to remedy Crown Castle’s chronic underperformance"

"Excluding corporate overhead, cumulative operating losses over the past five years have amounted to $273.2 million or $5.23 per share."

"22% - 27% annual returns and 1.8x - 2.1x MOIC over 3 years in 80% AFFO scenario at exit yields of 3.5% - 4.0% (higher short-term IRRs)"

"Mr. Müller, you have just made some remarks about Muddy Waters. I believe that, for me at least, that will be a principal theme today."

"The accusations by Muddy Waters were refuted by Ströer the following day as they were obviously false with regard to the IFRS figures."

"Peloton generated a gross profit of about $1.2 billion; it is 44% of sales, which is slightly lower than the median peer group at 47%."

"Absent significant improvements, it would mark one of the largest declines in performance of any comparable spin over the last decade."

"If history repeated, this would yield a fair value estimate of $217 - $314 per share which suggests 35% - 55% potential downside risk."

"Spruce Point conducted a robust diligence process to gain a holistic view of the challenges and opportunities facing Monolithic Power."

"The last quote from former CFO Meera Rao in Jan 2016 about new products not translating into higher ASPs or margins is very revealing."

"The last time MPWR disclosed “longer payment terms” was in early 2010. Subsequent to these disclosures, the share price declined >60%."

"Layering ADP’s current operating expense burden of ~39% on competitor gross margins of 73% – 85% yields operating margins of 34% – 46%"

"By year-end 2017, ADP will have completed its product migrations on the vast majority of their customer base and potential profit pool"

"We believe the recent growth in SSS is driven by the reduction in total store count. This is a low quality way to temporally boost SSS"

"... an alarming web of extensive ties between Keisei directors and OLC preventing an objective assessment of the outsized OLC stake..."

"More items on the menu contribute to additional labor costs and food waste. Despite this, Olive Garden gets low menu variety scores..."

"Whether done through OpenTable, another 3rd party, or an Olive Garden app, a “pay when you’re ready” feature can add significant value"

"BEF Foods has continued to reduce its reliance on the sale of sausage, which accounted for just 30% of BEF Foods sales in Fiscal 2013."

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

"INFN is a zombie company that has lost money almost every year since inception – nearly ~$1B burned, with the stock flat for a decade."

"Of the 93 respondents who currently use a Dexcom CGM, 81% said that they would consider the Libre 2 when informed of its key features."

"Over the last five years, Hess has dropped 6 peers and added 5 new peers out of an original peer set of 16 companies (a churn of 69%)."

"Andrew Anagnost was appointed CEO in June 2017, and in the 7 years since then, Autodesk's share price has meaningfully underperformed."

"We analyzed recent store openings and find that at least three stores were very close to Tractor Supply which is a growing competitor."

"DNMR presents Novomer as not just being a low-CapEx project but one with low production costs as well, which we believe is misleading."

"More items on the menu contribute to additional labor costs and food waste. Despite this, Olive Garden gets low menu variety scores..."

"Whether done through OpenTable, another 3rd party, or an Olive Garden app, a “pay when you’re ready” feature can add significant value"

"We’re going to focus on the coal coming out of Appalachia, an area known for being a favorite hiking spot of South Carolina governors."

"Whereas Pioneer gets valued at $20 billion for its undrilled acreage, CONSOL's stock implies negative value for its undrilled acreage."

"Spruce Point believes that Xylem investors should also be highly concerned about the fact pattern after the acquisition was announced."

"The actions of Southwest’s Board and management team since we published our views have only solidified the case for leadership change."

"Arconic's shares rose 30%, the largest immediate appreciation in stock for any company subject to a proxy contest in at least a decade"

"In fact, it was not until after Elliott and other shareholders called for managerial change that shares of Arconic rallied roughly 35%"

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

"Franklin’s intense focus on value-creating capital allocation has driven significant share price appreciation across several companies"

"We found that Big Li, a top performer at YY, receives almost all of his gift contributions from YY-associated devices or from himself."

"Edgewater is significantly less profitable on a per employee basis than its peers, despite generating better gross profit per employee"

"These device failures call into question management’s claims of a 14-day wear period, as these failures occurred on average on day 10."

"Engine's highly qualified nominees will inject fresh ideas, a shareholder perspective and deeply relevant expertise into the boardroom"

"Engine's highly qualified nominees will inject fresh ideas, a shareholder perspective and deeply relevant expertise into the boardroom"

"Management claims Unity® is a global platform with a single destination and consistent user experience, but this is far from the truth"

"The actions of Southwest’s Board and management team since we published our views have only solidified the case for leadership change."

"While the change is subtle, it opens the door for management to potentially delay painful cost revisions that ultimately harm margins."

"We believe that Zebra's $290 million of goodwill and intangible assets recorded in the acquisition should be evaluated for impairment."

"If you’re a sub shop owner and you have to make a ham sandwich three different ways to make it right once, you’re going to lose money."