Callouts & quotes from 26,677+ activist slides

"Responsible for creating hundreds of billions of dollars of shareholder value over the last 40+ years at a large number of companies"

"You don’t have to be a statistician to extrapolate VYKAT XR’s potential to put many more children in the ICU over the coming months."

"An integral part of the rare-disease playbook is throwing money at patient groups and stacking FDA hearings with desperate families."

"We believe Lightspeed has always aspired to be the next Shopify, but the evidence suggests it has failed miserably in its ambitions."

"Notice he said economics were holding, but at the time LSPD didn't disclose margins. Now with hindsight, we see they worsened a lot!"

"Ominously for pitolisant, the top factor identified in the hERG model was a “nitrogen atom in a saturated ring, like piperidine....”"

"Given the known risk of psychiatric events including bipolar disorder and depression, an association with WAKIX cannot be ruled out."

"The average of the P/B multiples for precedent Hong Kong banking transactions is 2.6x P/B for control transactions worth over US$1bn"

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"It is very concerning that Kornit's current auditor is a member of E&Y Global, and has challenges with spotting accounting failures."

"Note that a quick calculation by us on the $25m outstanding amount from FY2010 equates to approximately 380ha. Remember this number."

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"We believe there are clear catalysts for an upward revaluation of MDLZ as key investor concerns that emerged last year are addressed"

"We think it is misleading for RILY not to write down the intangible assets of these companies as they become more and more obsolete."

"Our point is that the victims are usually vulnerable people, especially elderly, which makes this situation particularly disgusting."

"However, we fail to see how it is possible to justify the price of the property to rise from $2M to $6.86M in just a matter of days."

"Reviews And Our Personal Trials Indicate That PLTK Is Feeding Off Of People’s Addiction, Going After The Most Vulnerable Player Base"

"These are good points that he should run by his policy team, because Secretary Geithner's reform proposal does exactly the opposite."

"Enfusion's cash balance is declining and it recently issued equity and expanded its credit facility from $5 million to $100 million."

"The absence of these standard technical disclosures suggests D-Wave's gate-model efforts remain in early exploration phases at best."

"Successfully doubling up on the reinsurers could save the company, but in our view, the victory would by pyrrhic for long investors."

"Unexpected, dramatic anomalies in the financial reports are a tell-tale sign that a company is struggling to hold a scheme together."

"Amusingly, however, the chart for the tool’s uptime omits the Y-axis units entirely - a cliche case of “How To Lie With Statistics.”"

"However, RUN's Creation Cost decreased only 12% over the period from 2015-2020, exceeding industry costs by $1.66 per watt in 2020."

"FNMA and FMCC share prices increased 194% and 183%, respectively, in 2019. FNMA increased 2% and FMCC is flat, year-to-date in 2020"

"As a percentage of sales, labor costs are the only level of BWLD's restaurant-level expenses to have increased over the last decade"

"FNMA and FMCC share prices have increased 66% and 73%, respectively, from our average cost at announcement date to January 20, 2017"

"Incumbent Board has lost all credibility and it would be reckless to leave those that created this situation in charge of fixing it"

"While finance and insurance (F&I) income drives ~50% of Carvana GPU, less than 20% of CarMax’s GPU (Ex-CAF) is attributable to F&I."

"In contrast to the Procept pitch, many urologists fundamentally disagree that Aquablation is well-suited to treat all BPH patients."

"XPO giving itself 100% credit for something, despite only owning 86.25% and adds these items to EBITDA when they should be deducted"

"We do not have a “canned” answer – nor do we have any interest or motivation to do things that will harm the value of the business."

"Whatever Mr. Mathison’s motivations for joining NQ and saying what he has, it is clear that investors should not find him credible."

"How could Xerox possibly justify valuing Fuji Xerox at an enormous premium when this massive accounting scandal remains unresolved?"

"We believe there is a $215 million - $326 million EBITDA improvement opportunity through a renewed focus on operational excellence."

"We believe using nonstandard product specs heavily contributes to Darden's excess food costs without improving the guest experience"

"We believe the valuation discrepancy between News Corp and The New York Times Company represents a huge value creation opportunity."

"If management can successfully execute on a margin improvement plan, we believe GoDaddy shareholders will be meaningfully rewarded."

"Phillips' problems originate from its inefficient conglomerate structure, which obscures value and hinders operational performance."

"We are reminded of similar under-the-radar but prescient articles on Theranos by some academics, well before it was widely exposed."

"A VW employee replied “Who knows” when we asked if it was a forgone conclusion that QS would be their solid-state battery supplier."

"In our view, Pershing Square has established a track record of creating shareholder value in retail, consumer, and other businesses"

"A cache of IonQ’s site from 2019 shows a tabletop resembling a Willy Wonka or steampunk factory, with lasers and Nikon-like lenses."

"36% of Q1-Q3 revenue came from Duke/UMD, but quickly doubled to 70% in Q3 – just as IonQ needed to show growth for the SPAC listing"

"An investment in Valeant shares on the day Mike Pearson became CEO has appreciated 25x in six years including dividend reinvestment"

"The Court can rule on whether a generating station exceeds the Statutory Capacity Threshold so that development consent was needed."

"A year after the procedure, 56% of patients were free from all atrial arrhythmias off AADs, and 69% were arrhythmia-free with AADs."

"We believe Fluor operated in an overly competitive EPCM market where growth was often prioritized over discipline and profitability"

"We believe a key driver of Fluor’s share price reaction was investor disappointment with its proposed monetization plan for NuScale"

"In truth, Pure's marketing punches way above its weight, as the company's stagnant share is about equal with Dell, IBM, and NetApp."

"There is a notable omission in career history from 1998-2002 on his biography where he joined Steven Berrard at Gerald Stevens Inc."

"We apply BOOT's gross margin and SG&A guidance that was issued for Q4'23. We think the most reasonable EBIT would have been $54.8M."

"We believe there is a $215 million - $326 million EBITDA improvement opportunity through a renewed focus on operational excellence."

"We believe using nonstandard product specs heavily contributes to Darden's excess food costs without improving the guest experience"

"The IPO of WE will highlight its $14 to $16/share value based on trading multiples for comparable Canadian infrastructure companies"

"Another former executive who worked at ANTA headquarters, “Mr. B”, corroborated that ANTA controls most of its Tier 1 distributors:"

"WSP should clarify why India is uniquely important to its financial reporting considering whistleblower allegations of tax evasion."

"The ROIC turned out to be only 18% and IRR 3%. Of course, without the bailout led by Invesco, Napo would have been a complete loss."

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"The public brand of BNY has not taken root with the press, investors, advisors, high net worth individuals nor potential employees."