Callouts & quotes from 26,677+ activist slides

"Since June of this year, there has been an exodus of senior executives, with at least five high level resignations in as many months."

"In the critical new home sales category, the primary driver of revenues, we estimate that BEKE overstated GTV by ~126% in 2Q-3Q 2021."

"It is possible for private equity to pay an attractive premium to stockholders and still realize suitable returns for their investors"

"The Proxy states that as long as Apollo meets certain ownership thresholds Apollo has the right to designate members to the HGV Board"

"It is expected that PSH will be eligible for inclusion in the FTSE UK Index Series, including the FTSE All-Share and FTSE 250 indices"

"We believe that the repurchase is a good use of cash and will assist in reducing the current discount between its share price and NAV"

"Absent the Covid-19 decline in 2Q20, PGNY's revenues from its top 2 customers peaked in 2Q22 and witnessed its first decline in 3Q22."

"IQE insiders have financially benefitted from recent sales of shares at prices significantly higher than prior to CSC's commencement."

"Given suboptimal financial performance, poor disclosures and governance, Weis should trade at a discount to M&A valuation benchmarks."

"Target is ideally suited as a tenant for TIP REIT because of its high business quality and stable operations, even during a recession"

"We invested in Alphabet in March 2023 when misplaced concerns over the company’s AI positioning reduced its valuation to 15x earnings"

"Ginkgo uses fancy videos and drivel to create mystery around its commodity strain engineering lab, slapping the word “Foundry” on it."

"Prestige’s low-quality management team has consistently underdelivered on its promises, and it is time for the CEO and CFO to resign."

"Notice the YTD 2015/2016 numbers don't add up to the quarterly results. YTD '16 should equal $11.68m and YTD '15 should equal $11.59m"

"We remind investors that all of this occurred under President and CEO Dan Bodner, who remains President and CEO (and Chairman) today."

"Because each of Cintas’ business lines have a different growth and risk profile, it’s appropriate to do a sum-of-the-parts valuation."

"It's Highly Unlikely Bemis' 2019 Target Was Achieved Based on Q1/Q3 Actual/Est Results. Q4 Implied would've Had To Bn Abnormally High"

"We view Amcor's Adjusted Free Cash Flow as highly aggressive. Notably, they add back proceeds from asset sales to report "Net Capex"."

"KapStone contribution revenue of $2.8bn for WRK's FY2019 is below KapStone's fiscal year projections disclosed in the proxy statement"

"The terms of the settlement in no way change our business model as a direct selling company but simply build upon current procedures."

"We suspect that athena is doing just that – using these acquisitions to implicitly lower guidance without actually lowering guidance."

"High-quality business positioned for continued rapid earnings growth trading at a compelling valuation on misplaced industry concerns"

"We are delighted to own UBER’s ~30% EPS growth at only 21x while we believe the company disproves concerns around autonomous vehicles"

"Although the pace of the housing recovery is difficult to predict, we believe a recovery over the next several years is highly likely"

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

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

"4 of the 5 members are still involved with Danimer: John Dowdy (CFO), Greg Calhoun (Director), Richard Ivey (Marketing), Ralph Powell"

"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"

"We believe our portfolio companies are attractively valued today given their high-quality business models and future growth prospects"

"Over half (52.8%) of the unique users in our sample were identified as bots because they are “Precise Joiners” or are linked to them."

"Valuation discount versus peers is significant, reflecting the market's clear preference for pure-play bearings or steel alternatives"

"We are short the stock, and are of the opinion, that shares are worth approximately $17.75 - $27.30 per share, or 45% - 65% downside."

"I don't like Waleed or a lot of their upper management...he's doing the fake it 'til you make it thing. He doesn't acknowledge facts."

"Trian does not intend this election to be a referendum on separating the businesses, but rather a referendum on DuPont's performance."

"FNMA and FMCC share prices decreased 23% and 22%, respectively, in 2020 and decreased 21% and 22%, respectively, year-to-date in 2021"

"This data supports the VA clinicians’ statements that less than 1% of CPAP users at the VA go on to try Inspire’s surgical treatment."

"This financial presdigitation appears to have allowed management to increase its cash incentive compensation by 469% on lower goals!!"

"Spruce Point is calling for an immediate Board investigation into the SD&A transaction and the dismissal of CEO Krone and CFO Reagan."

"We have previously found an inability to keep the same data sets consistent to be a key indicator for scientific fraud or misconduct."

"By backing out each acquisition's contributions to deferred revenue and receivables, we find evidence of substantial organic decline."

"The separation test of the placebo is not increasing. It's just patients improving because they have a better follow-up in the study."

"How am I going to increase quarter over quarter by 40%? No one could have done that...nobody could do 40% with a product that mature."

"With those dismal financials, it's safe to say that Triller's value is close to zero at this point and is on the verge of bankruptcy."

"It is not unreasonable to assume that Mark Haoyong Yang sold the majority of his WUBA shares after Ganji became a subsidiary of WUBA."

"Si ha sido afectado por Herbalife, contacte a la Federal Trade Commission: ftc.gov o a la Securities and Exchange Commission: sec.gov"

"We believe that the repurchase is a good use of cash and will assist in reducing the current discount between its share price and NAV"

"With those dismal financials, it’s safe to say that Triller’s value is close to zero at this point and is on the verge of bankruptcy."

"Sorry! 28 March — 5 April. Supervisors have power of attorney to guard the girls from the Donetsk People's Republic. Would that work?"

"The $201MM secured Vintage loan bears PIK interest of 12% and matures in 2027. The vast majority of the collateral are shares of FRG."

"To us, Mehren’s defensive Q2 comments about the Mayo-UCLA study sounds as a pre-emptive justification for something he already knows."

"Most importantly, we seek to help companies we invest in achieve value creation through improved operating and financial performance:"

"Homes that have been marked as structurally undamaged may still be subject to meaningful claims for smoke damage or mold remediation."

"A second angle for the time-lapse camera monitoring the entrance to Fab 4A also showed that it is not staffed and is empty of people."

"Given that the company has provided no credible explanations for these timing inconsistencies, they remain, in our view, a red flag."

"We have seen this before – empty promises concealing harsh truths. The good news? Refreshed oversight makes transformation possible."

"From two independent third-party credit rating agencies, we see a less optimistic view about the potential and history of WCA Waste."

"Generac says that it is the only domestic manufacturer of portable generators, which means the market is heavily reliant on imports."

"Generac has been on Twitter since 2009, comparatively much longer than many of its peers, but with a relatively lower follower base."

"The SMB and online sales segments, which primarily serve customers with fewer than 500 employees, combined for <30% of total revenue"

"We are concerned that insiders – the Garcias in particular – designed this structure to benefit themselves over public shareholders."