Callouts & quotes from 26,677+ activist slides

"Women’s Health is PBH’s largest segment representing 26% of sales. Monistat and Summer’s Eve are the segments two largest brands."

"How can PBH compete with lower priced competitors that use PBH’s brand names as advertising on its store brand product packaging?"

"Through an undisclosed related party transaction, we estimate Huishan Chairman Yang Kai stole at least RMB 150 million of assets."

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"These "synergies" are overstated and could largely be recreated through commercial contracting or industry-standard arrangements."

"Governance Concerns Include Closeness of Management With The Auditor. Current Audit Partner Linked To Papa John Accounting Fiasco"

"Amcor sells itself to investors as being a global company, so why not act like one and benchmark itself to a world index instead?"

"The plain meaning of these terms is that it borrowed money, purchased the asset changing hands, and assigned a security interest."

"In the face of deteriorating financial performance, CEO Bob Jordan claims that performance is "great" and that he is "very proud""

"We believe the Board needs to actively hold management accountable for earning appropriate returns on R&D and M&A moving forward."

"Heska’s release of mercury in 2019 represented 10% of the total mercury released by US chemical facilities over the past 7 years."

"Nevro’s business model is predicated in our opinion on reps and other employees engaging in the unauthorized practice of medicine"

"Resilient Parks business supporting nearly 40% of revenue and 70% of EBIT; scale and diversification across distribution channels"

"The turnaround at P&G is a case study on how Trian’s involvement at the board level can help a company unlock its full potential."

"We estimate that the occupancy rates for Vivion's Berlin properties by real, third-party commercial tenants is close to just 60%."

"The GSEs' balance sheet quality is enhanced by their contractual future revenue, as well as their ability to gain share in crisis"

"We believe a mid-teens multiple of earnings is appropriate when benchmarked against P&C insurance and regulated utility companies"

"SE’s negative views on ‘all-in’ dropdown are similar to TRP’s resistance today - with shareholder prodding, SE reversed its views"

"I feel that their failure to mention this report as a possible contributor to the S&P decision is conspicuous but to be expected."

"we lost trust in their business practices...that is a violation of the data use agreement that UNOS requires us all to commit to."

"Allegedly keeping their own procurement surgeons in the dark; refuse to even tell them if a liver worked or was even transplanted"

"Mr. Barber’s UPS experience showed customers were willing to pay as much as 5% more for 2% better service (trip plan compliance)."

"HHC’s transformation into a leaner and more focused organization enabled the company to successfully navigate the impact of COVID"

"Is this a truly independent Board that is willing to ask the difficult questions and hold management accountable to shareholders?"

"Reduced headcount from 74 employees at peak to 38 employees today resulting in a more focused and investment-centric organization"

"We believe Carvana should not be valued as anything other than what it is: a poorly positioned, poorly capitalized auto retailer."

"We would question why the Board and management are so satisfied with returns that can only be charitably referred to as mediocre."

"The reluctance, despite Soleno’s over-the-top bombardment of patients and prescribers, indicates significant challenges for Vykat"

"Vykat is an ATP-sensitive potassium channel...magnesium is one of the important balancers that keeps us from not having seizures."

"SOFI has now had the questions for 18 days under our pseudonym and five days under our own name. They have answered none of them."

"Extravaganzas: As it does in the U.S. and as NuSkin has done in China, Herbalife holds large-scale motivational rallies in China."

"Harmony shows no citations, papers, or studies in support of the claim that pitolisant “increases histamine levels in the brain.”"

"Reps allegedly engaging in aggressive, unethical practices to find off-label patients for EDS; pressure to do so to keep your job"

"The established media industry has only limited time to develop new business models based on radically changed media consumption."

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"The recent investor day presentation in Dec was overt in talking up the shift to “Day-Time Liver Transplant” as a “Game Changer.”"

"I feel cynically or realistically, that they're marketing an extended-release to get a different drug so they can get the patent."

"Valeant has earned a >20% unleveraged return on the $20bn+ it has invested in acquisitions since 2008 (excluding tax benefits)(1)"

"We believe that the potential for value creation of the portfolio continues to be substantial relative to the market price of HHC"

"FNMA and FMCC share prices have decreased 3% and 1%, respectively, from our average cost at announcement date to January 19, 2018"

"Our findings paint a starkly different picture. HelloFresh is in steep decline, obscured by shifting metrics and quixotic pivots."

"In the face of deteriorating financial performance, CEO Bob Jordan claims that performance is “great” and that he is “very proud”"

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"We believe that there may be a whole system of Indian (and possibly American) companies owned or operated by INS related parties."

"Despite positive progress, Platform trades at discount to its publicly-traded segment peers and private market transaction values"

"Based on our valuation analysis, we arrive at a fair value estimate for FCUV of $15 per share, well above current levels near $8."

"Regarding its China business, we found that Morinda is operating illegally in 60% of the provinces it is running its business in."

"Legacy Players, Die-Hard Fans Are Starting To Complain About The Aggressive Monetization Of PLTK Games, And Are Choosing To Leave"

"Disney has not provided a timetable for restoring the dividend beyond “achieving pre-Fox leverage levels,” which could take years"

"Lasertec reports the highest EBIT margin of any semicap equipment company in the world with more than one billion USD of revenue."

"Lasertec’s small, one-time EUV market opportunity is already exhausted, with little to no growth left in its flagship ACTIS line."

"If management executes on its growth and cost-cutting targets, normal earnings power should be in the high €6s per share in 2028."

"TeliaSonera’s dealings in Kazakhstan, Nepal and Cambodia are bereft with potentially problematic transactions, raising red flags."

"Marketing spend increased 74%, more than twice the rate of sales(3), while deals and allowances declined as a percentage of sales"

"BE SHARPER. Clarify total company and category-specific strategies, improve transparency, add food & beverage expertise to Board"

"BWLD's franchisee acquisitions in 2015 valued acquired stores ~80% above prior four-year average and ~50% above replacement cost"

"Alcohol as a percentage of restaurant sales declined to 19% in the most recent quarter versus 24% five years ago and ~29% at IPO"

"We rate EDU a Strong Sell because it is probable that EDU will have a significant restatement, and that its auditor will resign."

"We cannot reliably value EDU without more information. In our view, it is probable that EDU will have a substantial restatement."