Callouts & quotes from 26,677+ activist slides

"In this Part IV, we examine other luxury residential transactions that also could indicate money laundering facilitated by CPI PG."

"Even comparing the transaction multiple to a broader set of marketing-related deals implies Intuit overpaid for Mailchimp by 176%."

"MAU for just these five apps increased by 3.3 million from October 2023 to January 2024. Mint had 3.6 million MAU as of Fall 2021."

"We contend that Vivion serially and significantly overstates the values of its properties where and when it’s convenient to do so."

"While Starbucks currently has more than 14,000 stores in the U.S., it is still relatively underpenetrated in the Midwest and South"

"Does this result reflect that Mettler has only shared the equity wealth creation with management, and not rank and file employees?"

"Not a single analyst is bullish on Mettler, yet the stock is trading 14% above the average analyst price target of $705 per share."

"A worst-case potential scenario is that Perion’s cash flow is not what it appears and that the cash is needed to cover its tracks."

"Burford's abysmal second-half performance speaks to the company's exaggerated marks, which are married to a flawed business model."

"Treasury Secretary Scott Bessent and President Trump’s FHFA Director will be free to modify the terms of the PSPAs as they see fit"

"Spruce Point finds more evidence that Porch withholds information from investors in an attempt to manage results and expectations."

"The tables below show that IQ only reported RMB 1.95 billion of advertising revenues to the SAIC in 2015, an overstatement of 74%."

"It needs to pull the band-aid off quickly and take headcount down to the appropriate levels given that it should get out of search"

"The appointment of the CEO of the world’s largest oil producer to BlackRock’s board undermines its own stated climate commitments."

"It sells a laundry list of IFC's for various lab tasks, available for as low as $55 each - while BLI prices them in the thousands."

"They start off shiny, new, and expensive – and end their days in the gutter section on eBay and lab equipment sites at 95-99% off."

"Activist engagement could help realize latent potential and generate attractive returns with modest risk of permanent capital loss"

"The “new” ACTIS A300, announced with fanfare in Nov 2023 as Lasertec’s next-generation EUV product and driver of growth, is a hoax"

"We conclude that this claimed transaction fraudulently inflated pre-tax profits by up to $59.4 million from FY2016 through FY2018."

"Management’s $900mm target is only half the gap with Kohl’s. Given opportunities uncovered so far, we expect more progress to come"

"The Transaction satisfies all the requirements of a REIT conversion, thus optimizing the ownership of land for Target shareholders"

"However, if in the future, unforeseen circumstances dictate otherwise, TIP REIT could be collapsed back into the current structure"

"Ginkgo is way outcompeted by Zymergen in that regard. Anybody who really wants a strain engineered should probably go to Zymergen."

"Bilge Ogut and Jean-Baptiste Wautier joined the Board of Directors in 2025 while Bronwyn Curtis and Tope Lawani departed the Board"

"QSR is a high-quality business with significant long-term growth potential that we believe trades at a highly discounted valuation"

"Over the past 50 years, Burger King Corporation has had numerous owners. In the past 25 years alone, the company has seen 13 CEOs."

"Either Wilson does not understand the meaning of the pronoun “we”, or the Company is embellishing its product development efforts."

"Müller appears to have acted with negligence at a minimum by not disclosing his voting rights accorded to him by the call options."

"Large shareholder with capital allocation expertise that will ensure Deckers' strategic plan is aligned with shareholder interests"

"Based on the P&L assumptions below and a valuation multiple of 10.5x EBITDA, Wendy’s Franchise business alone is worth over $2.3bn"

"By any objective measure, over any relevant time period and against any pertinent benchmark, Epiq has significantly underperformed"

"In other words, part of the criteria vendors have to meet is their ability to obsolete themselves by making their systems modular."

"We suspect this delayed reporting was a deliberate attempt to conceal another Vitek associate (in addition to Tomáš Rybár) at MGI."

"HBOP, the entity through which the Company operates its business currently has no subsidiaries, either wholly- or partially-owned."

"Key indicators show Zillow is experiencing a rapid decline in web traffic, which is the foundation for the Premier Agent business."

"The last twelve months were a productive period marked by robust idea generation and significant progress on strategic initiatives"

"Limbach removed the "Non-cash" descriptor for the first time in Q1'25 from the stock-based compensation adjustment to Adj. EBITDA."

"Has TransMedics ever denied a transplant center access to your life saving device unless they use TransMedics aircraft and pilots?"

"the way that it currently works is no one's getting a quote from another vendor - they're just telling us what it's going to cost."

"Management shouldn't take credit for half of a “chemical cycle”, while not also taking into account performance into the downdraft"

"Management shouldn't take credit for half of a “chemical cycle”, while not also taking into account performance into the downdraft"

"We’re pleased that DuPont has more recently acted on our recommendation to adopt a more shareholder-friendly capital return policy"

"These companies need to buy sales growth by gobbling up smaller businesses that sell the healthy foods shoppers increasingly want."

"However, this lower income now needs to support 87% (1) less of net debt & pension liabilities with net debt decreasing by 96% (1)"

"95% of the companies AOL selected for its 2010 Peer Group do not fall within the peer group guidelines of both ISS and Glass Lewis"

"How does Dollarama support EBITDA margins more than double those of its peer group, and in line with premium global retail brands?"

"We view the equity as a zero and investing at current levels is a worse deal than buying a clunker from a slick used car salesman."

"The world's largest tech giants are sprinting at the cloud gaming opportunity, making them difficult to dismiss as threats to Sony"

"Sony Pictures is among the largest film/TV content production studios globally, but has potential for operating margin improvement"

"A general rule of thumb is that only 10% of adverse events are reported. The actual number of hospitalizations may be much larger."

"The KOL was skeptical of the randomized withdrawal study as well, noting that hyperphagia scores actually worsened in the drug arm"

"Trial investigator who knows Miller well; declined to refute allegations of questionable behavior; pattern of promotional behavior"

"Competitive pressure in beverage, in our view, has forced PepsiCo to make questionable capital allocation and strategic decisions."

"To protect the welfare of the patients, it was decided to stop the study....but because the marketing authorization was in danger."

"175 ng/mL and 280 ng/mL plasma levels are incorrectly labeled as “steady state” when they are merely the level after a single dose"

"While we have found no pictures of its CEO wearing black turtlenecks, our research leads us to believe that DLO is likely a fraud."

"Conservatively assuming all of Philidor’s sales were lost and not replaced through another channel, the stock is still inexpensive"

"It appears that the early warning signs of Inteliquent's insufficient fraud and abuse detection capabilities were already evident."

"The timing of these events make us question the discrepancy between 41M and 10.5M. How much money does GTI actually need to spend?"

"We find Mr. Riley to have a lot of audacity to use the words "Made in America" when he knows GreenPower’s buses are made in China."