Callouts & quotes from 26,677+ activist slides

"HHC is successfully executing on the vast long-term value creation opportunity within its core master planned communities (“MPCs”)"

"Unlike all peers, Keisei has no Capital Allocation Policy at all and falls short across all capital allocation metrics as a result"

"Well that certainly sounds ominous for MW. But in reality it shows just how depraved are BUR’s efforts to conceal adverse results."

"To return to an industry leading and profitable position, Olive Garden must address the basics of operating efficient restaurants."

"Burford just does not make money on a cash basis, no matter which adjusted metrics management tries to conjure up in a given year."

"Certain contracts also had a stipulation that "you may make additional premium payments at any time when this policy is in force.""

"We believe that if all space under refurbishment were listed, that Berlin’s and likely other cities vacancy rates would also jump."

"Target's incumbent board beneficially owns less than 0.3% of Target. By contrast, Pershing Square beneficially owns 7.8% of Target"

"IonQ’s 32-qubit announcement did the trick, as the media immediately ran with the story and parroted the company’s “breakthrough.”"

"Given the immaterial level of IonQ’s revenue, the company has tried to re-frame the narrative around bookings and bookings growth."

"Outside Directors are Among the Highest Paid in the Media Sector, Perhaps Explaining their Generosity Towards Viacom's CEO and COO"

"During 6 month period between Sep '10 and Feb '11, over 306MM shares traded, representing approximately 150% of shares outstanding"

"We estimate without the Beyoncé tailwind over the last few weeks, weekly traffic trends would be posting their worst weeks of 2024"

"In the decade leading up to the COVID-19 pandemic, K-12 education spending in the U.S. grew at a consistent low single digit pace."

"To return to an industry leading and profitable position, Olive Garden must address the basics of operating efficient restaurants."

"As you can see, the whole industry has practically been left for dead. Even CONSOL's bonds trade like it might go out of business."

"Further pressure on ASPs and multiple compression due to a slowed growth trajectory could bring even further downside to the stock"

"Arconic’s poor performance originates in its broken company culture. From this broken culture flows many of the Company’s problems"

"Arconic has a slightly smaller – but newer – stock of property, plant and equipment (PP&E) than a combined peer of PCC and Novelis"

"We believe there is a significant margin opportunity that is both larger than management projects and can be achieved more quickly"

"Administrative Fees regularly represent over 50% of Premier revenue (after adjusting for discontinued specialty pharmacy business)"

"Relative to Christie's only, Sotheby's had approximately 46% market share in auctions in 2013 vs. approximately 54% for Christie's"

"When PF GGP emerges from bankruptcy, it will once again be added to the real estate indexes. This will make it a “must-own” equity"

"The changes, however, do not address all gaps identified by CMS relating to IDTF operations and the Medicare billing requirements."

"The Apple Watch ECG carries high accuracy in detecting atrial fibrillation, providing a convenient diagnostic option for patients."

"Oatly talks of its great success in China in its prospectus, but behind the scenes, we believe its struggled to supply the market."

"Mr. Shaper came from Kinder Morgan, a Company formed by ex-Enron executives and has been criticized by some as a “house of cards”."

"Chairman Cole has since scrubbed his biography of this role at Redcentric while leaving other former Board roles on his biography."

"Would increase McDonald's credibility in the system and allow it to better understand the true impact of new product introductions"

"No. We believe the creation of a publicly traded McOpCo will actually improve the talent pool at both Brand McDonald's and McOpCo."

"Only 8% and 6% of the other Institutional Investors supported these two proposals, both solely benefitting the interest of Vivendi"

"We find the pump-and-dump ironic given the CEO’s virtue signaling and wokeness, to the point that the E in ESG may stand for Emily"

"In order to succeed, BNY must immediately reconsider its marketing and services offering in order to build a brand for the future."

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

"We are not telling P&G to stop investing; we are suggesting actionable ideas to ensure future investments drive an adequate return"

"In stark contrast to the genuine report, none of the pages in the forged report have an auditor's seal in the bottom right corner."

"Previous P&G leadership believed a 52% gross margin was only the starting point for a company that had not yet reached peer levels"

"We believe that 2U's take-rate which has averaged 68% since inception with Simmons is amongst the highest for all of 2Us Partners."

"This leasing activity generated $5m of operating income in the LTM (and has generated as much as $10m before the financial crisis)"

"We are writing to express our view that the cost base of Alphabet is too high and that management needs to take aggressive action."

"Despite a surging economy and 3.4% unemployment, the Chief Executive of Hong Kong has a lower approval rating than President Obama"

"An IPO of McOpCo would have several positive strategic and financial implications for both Pro Forma McDonald's as well as McOpCo."

"An IPO of McOpCo would have several positive strategic and financial implications for both Pro Forma McDonald's as well as McOpCo."

"This contradicts the conventional wisdom that HIMS' younger customer base doesn't "need" anything more than a questionnaire check."

"Therefore, we expect that new smaller stores will limit FND's flexibility and increase the risk of being off-trend with customers."

"Spruce Point has concerns about Saputo's revenue reporting. There's an old saying, "if you can't measure it, you can't manage it.""

"Fast forward to today, we see that the brand has dramatically reduced its SKU count to just two Skyr yogurts and two feta cheeses."

"Saputo is starting to take action to rationalize its footprint in Australia with job reductions, cost cuts, and asset write-downs."

"Summerlin is a good example of the virtuous cycle of value creation from a meticulously controlled and planned development process"

"The reality is that 9 out of 10 of P&G’s independent directors have seen the Company underperform peers since they were appointed."

"We look forward to discussing our proposed approach with the Board and management team and hope to meet in the next several weeks."

"The inconsistency between these two peer sets raises questions as to how the Board selects peers and whether they are appropriate."

"Mr. Parsons is an affable, well-liked executive and consummate politician. He has become one of the most honored CEO's in America."

"TWC's general and administrative expenses as a percent of revenues are projected to improve by more than 200 bps from 2006 - 2009."

"Why would anyone pay $55 to get a 25% discount when Herbalife products are widely available online for discounts of more than 35%?"

"Using reasonable assumptions, the typical Herbalife distributor only earns $5 per month in Retail Profit (before taxes / expenses)"

"Perhaps a tacit admission of its failure, Kornit is now changing its go-to-market sales model from an indirect to direct approach."

"We believe the foregoing issues evidence a company that either does not know how to do device security, or does not care about it."

"MSCI already fails to disclose that Nasdaq is a competitor within its Index segment while also growing its ESG solutions business."

"Across the Pershing Square funds, the interest rate hedging program generated approximately $2.7 billion in total proceeds in 2022"