Callouts & quotes from 26,677+ activist slides

"Spruce Point believes that Remitly's cash (and valuation) is likely to be overstated because it includes cash held for clients."

"While management has embraced ZBB to address their high G&A, Mondelez's version of ZBB is much less robust than the 3G approach"

"Strong operational execution and new product launches coupled with deleveraging should drive equity returns from current levels"

"We find it concerning that HTA peddles promotional buy recommendations from Seeking Alpha bloggers disguised as press releases."

"The Company’s latest announcement flies in the face of these statements and compounds its credibility issues with shareholders."

"Southwest reports Q4 earnings, with CEO Bob Jordan stating that "...Our processes and technology generally worked as designed.""

"A recently conducted Consumer Reports study shows that Generac does not rank anywhere in the category of “Inverter Generators”."

"Every positive patient testimonial on Elterman's practice website was for a MIST or resective procedure other than Aquablation."

"Danone is currently trading at close to trough multiples for the period 2003-2012 (excluding trading multiples from early 2009)"

"Since closing the acquisition of Family Dollar on July 6, 2015, Dollar Tree has underperformed Dollar General by more than 20%."

"Today, Crown Castle is spending significantly more capex to achieve disappointing revenue growth because its capex ROI is poor."

"It cannot be denied that the Ströer Group, just like many other listed companies, also transacts business with related parties."

"There were no transactions by company insiders and there were no creative accounting at Ströer, either before or after the IPO."

"ADP’s support teams lack a unified view of the client which hampers their ability to provide a robust client service experience"

"Trucking rates will be structurally higher, which makes rails comparatively more appealing (and enhance pricing power of rails)"

"The spread on PSH USD-denominated debt has declined from 337bps at its inaugural issuance to 175bps at its most recent issuance"

"At a minimum, each of these termination rights could be used as leverage to renegotiate the terrible terms in the JV agreements"

"Greenlight has identified 35% of Allied's specialty finance portfolio that Greenlight believes may be carried above fair value."

"Darden’s comp practices raise serious concerns about the oversight of the current Board and Darden’s proposed slate of nominees"

"Olive Garden needs a management team that will bring innovative ideas, create a sense of ownership, and instill a common vision"

"Goodyear sells an above industry average proportion of HVA replacement tires (Goodyear at 44% vs. U.S. industry average of 40%)"

"We do not believe that Mr. Trujillo’s Australian telecommunications background brings relevant expertise to a US retail company"

"We urge you to address this by immediately terminating negotiations with Atos over the purchase of a minority stake in Evidian."

"It appears patently obvious to us that IonQ announced the $14MM deal on Sep 9 and then instantly billed UMD for $4MM by Sep 30."

"Today Shareholders Are Told of Hess's 7th Attempted Restructuring Like Prior Restructurings, There Is No Clear Beginning or End"

"For over 5 years, shareholders have been asking to vote on directors annually; For over 5 years, shareholders have been ignored"

"WeWork represented a 4.2% tenant in Georges Quay back in 2018 so we are concerned the property may no longer be "fully leased"."

"Darden’s comp practices raise serious concerns about the oversight of the current Board and Darden’s proposed slate of nominees"

"Olive Garden needs a management team that will bring innovative ideas, create a sense of ownership, and instill a common vision"

"Hess has paid current directors more than $30 million over their tenure while delivering stockholders material underperformance"

"Member owner hospitals receive 30% of gross administrative fees on purchases made through Premier GPO, versus 60-70% previously"

"Nomad has called Iglo its “anchor investment”(2), and intends to use this asset as a base for future food industry acquisitions"

"We have converted our short position in Herbalife to in-the-money put options that represent ~2% of capital across the funds(1)"

"It appears that Oatly’s U.S. production facility in Millville, NJ was poorly planned and didn’t factor in expansion challenges."

"BK claims that has significantly exceeded its targets through 2013 but there is no observable evidence in support of this claim"

"BNY Mellon needs to hire key leaders and talent to develop a leadership position with regulatory groups in priority geographies"

"The deficiencies in the Revised TOB price are also evident from the shockingly low implied valuation under other methodologies."

"P&G must enhance the process today by hiring senior leaders with external experience who can be candidates to be P&G's next CEO"

"We believe that the onshore cash is far less than what NQ claims, and that it uses a portion of the excess to commit its fraud."

"Furthermore, despite a significantly larger revenue base, management’s visibility into the business has been severely impaired."

"Strong operational execution and new product launches coupled with deleveraging should drive equity returns from current levels"

"Celgene's four blockbuster marketed products account for 94% of 2018 revenues – the majority of which will disappear after 2026"

"This year, 218,000 people, the most since the massive 2003 civil liberty protests, marched in Hong Kong's annual July 1st rally"

"CP's MYP includes: - 91 new locomotives in 2011 / Q1 2012 - $500mm of capex for new and remanufactured locomotives from 2011-14"

"Almost one month after this announcement, Lorenzo Simonelli, Chairman and CEO of Baker Hughes, stepped down from C3.ai's Board."

"Guaranteeing the monthly payment of interest and principal on a 30-year, fixed-rate, prepayable mortgage is a low-risk business"

"The GSEs satisfy the needs of key market participants. Proposals to replace them with an untested system carry significant risk"

"We see 25% - 40% downside in HIMS shares, and perhaps more should regulators take actions that could impair its business model."

"We believe HIMS does little more than breathless hand-waving when it comes to the potential international TAM for its offering."

"Spruce Point has concerns that Saputo will be challenged in meeting at least three of its five pillars to boost organic growth."

"Four of Huntsman’s five reporting segments failed to achieve the Company’s Adjusted EBITDA targets set at its 2014 Investor Day"

"Over the next five years, revenue is expected to grow to $13.4 billion in 2010, representing a CAGR of 6.9% from 2005PF - 2010."

"Courts have established that a 10% restocking fee is large enough to burden distributors with a material non-refundable expense"

"Using this data, we estimate that in the 2006-2012 period ~1.1mm Sale Leaders failed and left the business, a ~90% failure rate"

"It is our view that CSTE will have to impair their finished goods inventory held by such agents, (i.e. receivables impairment)."

"We estimate that SBUX will generate a three-year IRR of at least 12% if annual EPS growth is ≥ 9% and its P/E multiple is ≥ 21x"

"Guaranteeing the monthly payment of interest and principal on a 30-year, fixed-rate, prepayable mortgage is a low-risk business"

"Ancora has a multi-year history with the Company and was a top five shareholder of Forward Air from mid-2020 through late 2022."

"Welltower's 2026 proxy reveals a compensation peer group that appears designed to justify, rather than evaluate, executive pay."

"The reality is so far from BLI's grandiose hype that we believe its product claims and practices may constitute outright fraud."