Callouts & quotes from 26,677+ activist slides

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

"Prior to removing brand market share data, there was an increase in the number of brands losing share relative to those gaining share."

"Spruce Point Sees Approximately 60% – 70% Downside + Big Hangover Waiting For Investors Intoxicated By The False Hope of Future Gains."

"Why invest in a company with poor underlying fundamentals at these multiples? Take it from insiders: now seems to be the time to sell."

"Is it any surprise that Verint – prioritizing middle and upper management over its tech workforce – is falling behind technologically?"

"Why invest in a company with poor underlying fundamentals at these multiples? Take it from insiders: now seems to be the time to sell."

"Negative interest rates are like the square root of negative one: they exist in theory, but no one is supposed to be able to see them."

"We believe concerns around META’s AI-related spending initiatives are underestimating the company’s long-term upside potential from AI"

"In contrast to Zoetis' published research, Heska has disclosed almost nothing about the technology or capabilities of the Element AIM."

"The SENZA-PDN study's exclusion criteria are sweeping and aggressive, illustrating the cherry-picking and absurdity KOL's pointed out."

"By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal."

"Whether they make it to the altar, or get thwarted along the way, there’s going to be a celebration for Bayer shareholders either way."

"This deal is the largest all-cash takeover on record, and with a headline price of 28 times earnings, the purchase doesn’t seem cheap."

"DWAC has forecast Truth Social users to grow to 81m by 2026 based solely on a 2021 Morning Consult/Politico poll of registered voters."

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

"PSH's discount to NAV narrowed meaningfully in anticipation of the PSUS IPO and potential associated reduction in PSH performance fees"

"Limbach no longer references that it is “Gathering momentum in energy efficiency” as part of its growth outlook in Investment Summary."

"Using the same net realized gains computations as above, BUR's sky-high ROICs fall back to 19% over that seven-and-a-half-year period."

"The technician stated the company didn’t even have a protocol for needlesticks, as an indication of the overall level of recklessness."

"However, since the sale of INVISTA, DuPont's EPS growth and TSR have been meager relative to diversified industrial and chemical peers"

"It is our belief that the value of BEF Foods may approach $1.2 billion, which would exceed the enterprise value of the entire Company."

"We believe there are highly-compelling industrial reasons to pursue a separation of the Bob Evans Restaurants and BEF Foods businesses"

"As underlying sales trends continue to improve, QSR’s share price should more accurately reflect our view of its business fundamentals"

"Expressed extreme concern about pulmonary edema and cardiac failure, based on extensive experience using diazoxide for hyperinsulinism"

"Assuming the spin-off of the remaining >80% interest in TIP REIT occurs in 2010, the Revised Transaction offers many pros and few cons"

"Unfortunately for Harmony, every single physician we interviewed indicated there is no value proposition to Wakix being non-controlled"

"The literature on the toxicity and pharmacokinetic difficulties of both imidazole and non-imidazole-based H3R candidates is extensive."

"Unfortunately for Harmony, every single physician we interviewed indicated there is no value proposition to Wakix being non-controlled"

"Taubman was the only mall REIT among peers to neither reduce its all-cash dividend nor pay a stock dividend during the Great Recession"

"Bren built his fortune developing The Irvine Ranch MPC over the last 40 years successfully navigating boom and bust real estate cycles"

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

"As you can see below, RILY's debtors almost uniformly live in the right tail (distressed) end of their industry default distributions."

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

"Recovering from food safety issues beginning in the fourth quarter of 2015 which caused a peak decline in average unit sales of 36%(1)"

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

"Because New Vision is a related party, we do not believe that these revenues to Flexopt actually represent true economic transactions."

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

"We believe CMG’s winning value proposition is that it successfully competes in all the desirable attributes of out-of-home fast eating"

"YOU SHOULD DO YOUR OWN RESEARCH AND DUE DILIGENCE BEFORE MAKING ANY INVESTMENT DECISION WITH RESPECT TO THE SECURITIES COVERED HEREIN."

"On their landing page, FreeCash.com prominently shows a Trustpilot rating of 5 stars, based on an unbelievable almost 250,000 reviews."

"The reality is that while electric vehicles can contain some very high levels of technology, ADOMANI’s tech is far less sophisticated."

"Our reservation requests did not outright request criminal activities but were engineered to trigger every standard trafficking alert."

"Reviews spanning a five-year period suggest that Fairmont Dubai failed to address reports of sex workers operating in one of its bars."

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

"We also observe that client churn and downgrades are detracting more from revenue growth than has been gained from new client revenue."

"Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?"

"the second that KLA launches its actinic EUV tool and creates a competing option, Lasertec as a Japanese supplier is in major trouble."

"Close ups of mechanical and/or HVAC structures inside Fab 4A look like those in a ghost town gathering dust and spider webs for years."

"Two former senior executives of Emblaze hold senior roles at NNOX, strongly suggesting that Reifman has significant influence at NNOX."

"For the five years prior to Starboard’s 13D, Office Depot’s stock declined by 87%, compared to the 75% increase since our 13D filing."

"We believe it is clear that the Board approved the $500 million Preferred Financing to “buy the vote” and dilute common stockholders."

"Shareholders should not allow Tessera to once again be run by a controlling Chairman. Shareholders need to have an independent Board."

"It is imperative for the Board to act now to change UNP's leadership in order to capitalize on the "golden age of railroading growth""

"Even a simple change like adhering to a clear breadstick policy can significantly improve both profitability and the guest experience"

"Darden needs to use its strong building blocks to create dishes that guests love and that can be prepared consistently and profitably"

"Based on our estimates, SRG would be valued in the market at approximately $1.6 billion - $2.0 billion, or $13 - $17 per Darden share"

"We believed these targets were a step in the right direction, but left room for outperformance, particularly around margin expansion."

"This leads us to pen a new valuation metric - "Market Cap per Powerpoint Slide" - in this case, about $2B for each tantalizing crumb."

"It’s not real. There's no variation in the data. I cannot see any data points. It’s just a randomly drawn line. It's not actual data."

"We note a “60 Minutes” expose on Khosla, where he pumped his investment in publicly traded Kior just as he’s now pumping Quantumscape"