Callouts & quotes from 26,677+ activist slides

"Grossman's skill is not in fixing companies, but in smearing lipstick and punting as fast as possible - in other words, a promoter."

"KOL interviews indicate widespread skepticism that 10kHz stimulation is any more efficacious than stimulation at lower frequencies."

"Our research interviews suggest that Omnia is just a marketing ploy and stock promotion – “lipstick on a pig” according to one KOL."

"In fact, in 2024 CLEAR reported that full and part-time ambassadors and field managers exceeded its total full time employee count."

"Jonathan Bush's sincere, well-intentioned desire to "make healthcare work as it should" is a major threat to athena's shareholders."

"Adding the $1.5 billion in synergies adds another $2.60 to Monsanto's earnings, which brings the multiple down from 28 to about 12."

"Therefore our per share valuation is currently $5.28, but is subject to change should we believe that the cash number is incorrect."

"If elected to the Board, Trian’s nominees will ensure that Disney articulates a DTC strategy that provides clarity on these topics:"

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

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

"The GSEs generated consistent profits and high ROEs at historical g-fee levels because of limited credit losses and limited capital"

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

"Everything converging on delivering this feasibility study for RPM by the end of 2025. All of our resources are going towards that."

"With no reimbursement limit, TransMedics has free reign for price gouging – and transplant centers just pass it on to the taxpayer."

"Now with the China story having cracked, we believe AOS will be dependent on organic North American growth to support its momentum."

"It’s primarily related to locking us in in order to use the OCS team, flights, their modules, and everything, versus using our own."

"Waleed literally stood up and said, 'Who are you and why do you think you can sit at my table?' It was very upsetting and insulting"

"In 2000, we began to expand our business beyond our traditional real estate activities, and to fully embrace our activist strategy."

"The assertion by Miller (June 2025) that 60% of entry patients at baseline had prediabetes or diabetes is, of course, preposterous."

"If the answer is yes, every whole-loan "sale" is a seller-financed transaction that fails the effective control test under ASC 860."

"In the absence of this information - given the already absurd n=3 - the steady plasma estimate of poor metabolizers is meaningless."

"No separation vs. placebo after weeks 2 and 3, whether looking at absolute ESS scores or the decline from baseline to final outcome"

"High turnover among field reimbursement staff allegedly due to speaker program abuse and pressure to enable off-label prescriptions"

"IS UNETHICAL (EVEN ILLEGAL) BEHAVIOR IN AMT'S CORPORATE DNA? AT THE LEAST, WE SEE A CORPORATE CULTURE THAT REWARDS UNMANAGED RISKS."

"A recent Tegus interview conducted Oct 4, 2021 of a former Zimmer Biomet Orthopedic employee shed light on their “placement” deals."

"In an LBO, we care more about Levered Free Cash Flow because the cash flow after interest expense is what we can use to repay debt."

"This large discrepancy in advances from advertising customers represents RMB 1.61 billion (~$230 million) of missing cash payments."

"In an independent survey, Southwest ranked last on every metric and investors expressed low confidence in management’s capabilities"

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

"This erases any doubt that GTS is related to INS/CoreCard, seeing as two CoreCard employees have registered email addresses at GTS."

"We suspect IIPR keeps its low-quality tenant solvent through sham transactions to hide deteriorating credit quality from investors."

"We are quite confused to how this happened considering Charlie pled guilty to two federal charges two months prior, in August 2020."

"These companies look at first glance to be affiliated with META and VW, but in this case, you should not judge a book by its cover."

"GreenPower is limited to only selling in California since California’s state subsidy program doesn’t require Buy America standards."

"Can you send the link to pay? Also you did not reply about the condoms — can you leave a pack in each room? Girls are naughty haha."

"This is evidence that SGH’s management knows its Brazil business will not rebound, in contrast to what they are telling the market."

"We reconstructed new and total commercial systems from the graph above to the total of 424 in Q2 2019 (added 55 systems from Q2 19)"

"Apparently GSX had fake students enroll in trial classes in this incident to give positive reviews and encourage others to sign up."

"I’ve said the value investing industry is dead. However, value investing and the value investing industry are two different things."

"The below table summarizes the issues we have identified with purported partners – we provide greater detail throughout the report."

"Using a reverse image search tool, we find that Remitly has used stock images of customers to present them as if they are genuine."

"We believe the upside in APD remains significant as the Company continues its transformation under a great CEO and management team"

"At Phillips 66, the Board has consistently awarded above-target bonuses even when management failed their cost-control objectives."

"If it is clear that on a standalone basis EDU is not paying for a quality audit. It is ever more obvious when comparing its peers."

"Listed real estate has generated a 9.9% average annual return the past 30 years, well ahead of private real estate equity at 7.0%."

"Both Sunnova and Generac have made zero disclosures about any of the specific financial details of their distribution partnership."

"Four months later, on April 3, 2012 and July 1, 2012, Manhattan EnergyOne assigned mineral rights to SandRidge in adjacent acreage"

"Box's stock price has increased by a meager 5% in six years, while its Peer Group has gained more than 500% during this same time."

"Box's stock price has increased by a meager 5% in six years, while its Peer Group has gained more than 500% during this same time."

"Thus, we assume that transactions in which intangible assets approach (or exceed) 100% of the PP&E value are lending transactions."

"It is a weakness of CAPM to understate ERP when looking at high interest rate local markets coupled with low equity index returns."

"Once again, this data suggests that the number of BPH resective procedures is much lower than the estimates advertised by Procept."

"Crown Castle has underperformed its close peers American Tower and SBA Communications on a persistent basis for more than a decade"

"Small cell multi-tenancy is not a foregone conclusion: Verizon and AT&T actively prefer their own fiber in their incumbent markets"

"Crown Castle's new LTIP must incorporate relative returns to American Tower and SBA to establish the appropriate bar for "success""

"The unleashing of the avalanche alone is reason enough to press charges. In my opinion, this is nothing less than insider trading."

"Ströer's gross profit per employee declined from 100,000 euros in 2012 - before the digital strategy, that is - to 93,000 in 2015."

"Alan Earhart, who was described as having left because he “rocked the boat”, was replaced as Audit Chair in 2009 by Victor K. Lee."

"ADP’s senior executive management team needs outside experience and fresh perspectives; historically, outsiders have been rejected"

"Bolloré’s newfound concerns for good governance are in direct contrast with the abysmal track record across his corporate holdings"