Callouts & quotes from 26,677+ activist slides

"Lean Shake and Formula 1 (750g) sell at almost the identical price on eBay. Further evidence that these products are commodities"

"A non-refundable Surcharge and a 10% restocking fee mean that Sales Leaders only get 79% of their money back on returned product"

"PPG outperformed the peer median by 4,700 basis points and the S&P 500 by 13,700 basis points during Chuck Bunch's tenure as CEO"

"Going forward, CEO compensation should be directly tied to achieving PPG’s financial targets and creating value for shareholders"

"Warning: We don't believe it is a good sign when a Company expands the discussion about factors why client activity may decrease"

"MSCI's Analytics was built with acquisitions dating 15 – 20 years ago and are still anchored by RiskMetrics and Barra solutions."

"SEE ADDITIONAL DISCLAIMERS AND NOTES TO PERFORMANCE RESULTS AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION"

"UEC’s Assets Are Weak And Its Aggressive Goals Are Likely To Disappoint High Investor Expectations With More Aggressive Dilution"

"Over the last 13 years, Starbucks' same-store sales ("SSS") growth has averaged 5%, split evenly between transactions and ticket"

"The GSEs’ guarantee business experienced extraordinary losses during the financial crisis, but returned to profitability in 2013"

"It is abundantly clear to us that management took several actions to intentionally mislead investors – these were not accidents."

"「A300」という新しい装置はUrashima光源が搭載されていることになっています。しかし内実、新型とは言えないように思います。Isteqの光源を搭載した検査装置を少なくとも1年以上前から販売しています。なのに、なぜ高スペックの新型装置と。言えませんよね"

"Spin-offs are a good idea at the right time and with the right portfolio mix. Must be aligned with maximizing real estate value."

"Using YDT as a layer only makes sense if one wants to have a counterparty with which to generate fraudulent transaction records."

"The existing hole in data constitutes the main source of NQ's profits, and is approximately equal to NQ's pre-IPO total capital."

"BLI's system is not competitive with cheap, legacy machines like cytometers; little incremental benefit and “doesn’t make sense”"

"However, our field team visited the site in early October and reported extensive damage throughout the community and the region."

"Spruce Point believes that investors should be alarmed by the sales contribution guidance Rollins provided for Fox Pest Control."

"Aerospace Products Suffers from Fundamental Headwinds That Should Be a Cause for Concern Even in the Absence of Accounting Games"

"At the end of 2011 when shale was the market darling, Core’s “continued” international crude oil focus morphed to include shale."

"Realty Income pays a dividend every month. It aggressively markets itself to retail investors as the “Monthly Dividend Company.”"

"The end result is APP uses the PIG ID to win auctions and win a number of clicks for users that were already poised to purchase."

"The result is that supply, without much higher prices to incentivize investment, is likely to fall well below demand after 2024."

"Excluding the estimated $110M net tailwind to revenues that will not repeat in FY23, sell-side estimates look wildly optimistic."

"Spruce Point believes that REZI has woefully disappointed in its 2024 targets that were communicated to investors in early 2021."

"SEE ADDITIONAL DISCLAIMERS AND NOTES TO PERFORMANCE RESULTS AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION"

"Per the UCC filing, no third party received the CSS receivable. The only third party, JPMorgan Chase Bank, was clearly a lender."

"Applying a proper tax treatment to these pre-tax adjustments would have caused LHCG to miss full-year FCF guidance by nearly 15%"

"Today, in parts of the world, rates are zero or even negative, which makes the title “Grant’s Interest Rate Observer” a paradox."

"SEE ADDITIONAL DISCLAIMERS AND NOTES TO PERFORMANCE RESULTS AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION"

"Since initiating its cost realignment, capital return, and product portfolio review, Brocade's stock price has increased by ~67%"

"The core of the high frequency premise – and Nevro’s entire reason for existence – is based on the notion of “paresthesia-free”."

"Toggling a device between high frequency and low frequency – the entire point of Omnia - is clinically unrealistic and reckless."

"For Nevro to say its doing both high frequency and PDN is so contradictory that one KOL bluntly stated: "I think they're lying.""

"Engaged Capital has delivered an over 14% annualized return since launch and an over 32% average return on exited core positions"

"Bayer stand-alone trades at 11x 2017 earnings, which is a sizable discount to the value of its lowest multiple ongoing business."

"We believe that if corn returns to a normal price of $4.50 a bushel, it will add more than a dollar to those projected earnings."

"management's views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value."

"We find it concerning that Danimer's reason for hiring a new CEO differs between its public press release and its court filings."

"The GSEs’ guarantee business experienced extraordinary losses during the financial crisis, but returned to profitability in 2013"

"SEE ADDITIONAL DISCLAIMERS AND NOTES TO PERFORMANCE RESULTS AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION"

"At this stage, Nova's antimony ambitions are more conceptual in nature and involve considerable risk they may never materialize."

"the metrics I’m held to, as a transplant surgeon, are the number of liver transplants I do...so, I don’t really care about cost."

"The OPO CEO appears prescient - “it’s a ticking time bomb...wait til somebody finds out” - judging by the reactions we observed."

"we really don't love doing business with them...they're gouging us...as soon as we can detangle ourselves from them, the better."

"From Sept. 2020 through 2023, Mr. Shaw made 11 separate open market sales – more than any of his fellow directors or executives."

"As workloads shift downstream, hyperscalers no longer need to rent as many bleeding-edge GPUs from third parties like CoreWeave."

"A spacecraft on orbit is essentially a toaster that must dissipate heat or risk melting components, hardware, and breaking down."

"We continue to believe that, in a world where capital is allocated to maximize economic efficiency, Olam's shares have no value."

"A direct selling company may not "have the . . . commodities purchase serve[] as the condition[] for becoming a sales promoter.""

"The color was damaging, as it suggested that large players looked at licensing pitolisant 10-15 years ago and ran for the hills."

"Aronin’s bio’s, websites, and his LinkedIn profile all avoid mention of Marathon Pharmaceuticals, which he founded a decade ago."

"Laughed and said he couldn’t say Wakix is any better than a placebo, and thinks competing drugs like oxybate class are stronger."

"Spruce Point interviewed a former Stryker supply chain professional who shared insights about Stryker's supply chain challenges."

"Laughed and said he couldn't say Wakix is any better than a placebo, and thinks competing drugs like oxybate class are stronger."

"ATOM has the most leveraged earnings model we have seen, and it won't take much for this company to get to breakeven and better."

"Overall, the three properties were purchased for $7.26M before being flipped to IIPR for over $27M, a whopping 73% appreciation."

"DIESER BERICHT UND ALLE HIERIN ENTHALTENEN AUSSAGEN SIND DIE MEINUNGEN VON GRIZZLY RESEARCH LLC UND KEINE TATSACHENBEHAUPTUNGEN."

"The A300 is nothing more than a cover story to mislead investors and spin a damage-control and recall effort as a “new” product."

"Sampo’s management team is ideally positioned to seize this win-win opportunity and re-establish its reputation with the market"