Callouts & quotes from 26,677+ activist slides

"The Nominees for Shareholder Choice are entirely independent and have no preconceived agenda other than to maximize shareholder value"

"Given ability to raise capital via debt markets or raise proceeds from infrastructure, Hess Resource Co. has ample cash to standalone"

"The sales growth deceleration at Acutus in early 2021 was a result of temporary problems that are already in the process of reversing"

"The overbought levels accurately predicted the peak in the last two fad cycles and we do not believe this time will be any different."

"The market is implying that the underlying assets are worth far less under ACAS management than they would be on a stand-alone basis."

"Wall Street analysts have noted that Huntsman shares a highly comparable commodity-to-specialty business mix as Celanese and Eastman."

"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"

"The lagged impact of reduced drilling may be showing up now, as year-over-year production growth has decelerated and is pushing zero."

"For the sake of our analysis, we generously assume that all 11 billion BOE exist, even though that figure assumed $90 oil and $5 gas."

"Dr. Kleinfeld claims that the right way to evaluate his TSR record is to look at how shares have performed since the financial crisis"

"Dr. Kleinfeld oversees Ms. Russo’s compensation at HPE while Ms. Russo oversees Dr. Kleinfeld’s compensation at Arconic. Cool, right?"

"Although Mall REIT cap rates have come in from their double-digit highs, mall REITs still trade at a discount to corporate Baa yields"

"We believe a reasonable amount of non-recourse leverage, especially if the debt is high-quality, is more of an asset than a liability"

"At least as it regards iRhythm’s leading Zio Monitor product, it is rendered completely useless without the analysis of patient data."

"Oatly investors should be concerned that founder Oste, who is also on the Board, is working to develop competitive products to Oatly."

"While listed as a Content Collaboration leader in 2018, Dropbox was omitted entirely from the 2019 Content Services Platforms report."

"JP Morgan has delivered faster revenue growth and deeper expense reductions than BNY Mellon in key investment services business lines"

"Within asset management, JP Morgan has delivered stronger historical results and laid out more ambitious 2 – 3 year financial targets"

"Banks today are as much technology services as they are finance institutions, and many have evolved to be massive marketing machines."

"To elevate BNY's global awareness, we're utilizing their iconic arrow to boldly establish their presence in markets around the world."

"The profiles make clear that many of those most in need of oversight by a robust compliance department are at the top of the pyramid."

"Improved quality and consistency in service and food are part of the recipe for happier customers and, ultimately, success at Outback"

"1) Servicing (~85% of EBIT) has grown revenue +6% p.a. 2) (+) Gross margins 3) (-) SG&A ratios 4) Alstom upside 5) Capital allocation"

"Bull market economics are at work when analysts justify higher prices by increasing multiples and changing discount rate assumptions."

"Hong Kong has implemented several different currency regimes, demonstrating a pattern of change and adaptation during times of stress"

"We estimated the asset betas of several Real Estate holding C-Corporations and several high branded intellectual property businesses."

"As an additional concern we observe that post 2021 when inventory in-transit jumped from 15% to 25% FND ceased disclosure thereafter."

"Other Israeli Companies Have The CEO Sign The 20-F, But Amdocs Has Its Head of IR / Secretary Sign Both The 20-F And Credit Agreement"

"Troubling Governance Concerns That Could Enable Financial Impropriety And Skimming of Cash To Management Through Opaque Option Grants"

"We believe that the increase in option values indicates that management may be issuing options which are in-the-money from inception."

"We believe the Company is capable of achieving a 23% SG&A expense ratio, in line with peer benchmarks and prior a management targets."

"GGP is geographically well-diversified with malls in 44 states. The Company also has interests in joint ventures in Brazil and Turkey"

"FMCN has been fraudulently overstating the number of screens in its LCD network by approximately 50% - particularly in Tier I cities."

"The insiders who sold to Silver Lake received 5.7x on their investments in only seven months, which is an annualized IRR of 2,127.2%."

"At the very least, Movers+Shakers co-founder maintains a connection to one person who is actively trying to dispute the Raniere case."

"Intended or not, Spruce Point finds repeated references by ELF’s Chief Marketing Officer to the word “badass” as it relates to women."

"+17% average annualized absolute TSR across positions from Trian's involvement through year-end 2023 vs. -1% during the 5 years prior"

"The inconsistency between VAT and reported revenues highlights the accounting strains resulting from significantly cooking the books."

"AOL is opening up the walled garden, but it may be too little too late, as users have already developed loyalties to other offerings."

"Momo selectively reveals / conceals material disclosures from investors and is diverting attention from new challenges in Live Video."

"Below are summaries of projections from three sell-side analysts. All of these are tremendously intellectually dishonest in our view."

"Treatment emergent events not described in pivotal trials can be quite alarming and can justify greater caution or a pause altogether"

"Is Lowes transform old stock that CSTE were unable to sell, and is now being repackaged in the hope of avoiding inventory writedowns?"

"Spruce Point believes that CHD's recent Waterpik and FLAWLESS levered acquisitions were made in desperation at outlandish valuations."

"Kornit conceals the identity of its 2nd biggest customer in its SEC filings, but we have determined it's Cimpress N.V (Nasdaq: CMPR)."

"To rebuild confidence and ensure effective leadership, Kao must take decisive steps to strengthen its Board and governance practices."

"In this scenario, the company loses market share and revenue, but continues to operate its Traditional CRM and Heart Failure segment."

"It is unclear why Treasury did not allow the preferred stock to pay 12% PIK dividends when the GSEs were unable to pay cash dividends"

"The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table)."

"Our research shows us that iQIYI, Inc. (“IQ”) was committing fraud well before its IPO in 2018 and has continued to do so ever since."

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

"Spruce Point observes that Stryker stopped presenting Adjusted Return on Invested Capital (ROIC) as a metric to investors after 2017."

"The cash outflow is classified as an investment and doesn't to draw too much attention to itself as it leaves the earnings untouched."

"Spruce Point observes that Telaria's revenue and, especially its EBITDA, continued to disappoint up until the deal closed in Q1 2020."

"The Board & Management’s myopic focus on EBITDA growth has failed: over the last 10 years, total shareholder return has increased <1%"

"When questioned about the matter, the Colusa County Assessors Office was not forthcoming on the details behind the large revaluation."

"Both companies appear to have tried to scale their trading businesses too far and too fast, which resulted in substantial cash burns."

"Another long-term risk to pest control companies like Rollins is increasing adoption and funding for sterile insect techniques (SIT)."