Callouts & quotes from 26,677+ activist slides

"The leading North American auto parts suppliers trade around half of sales, 5x EBITDA, 9x EBIT and a little above 8x earnings."

"Reese’s is called Vitesco Technologies. But, since you probably haven’t heard of them, I will let them introduce themselves..."

"WFG recruiting programming often aims to involve recruits' spouses, we believe to potentially deepen the emotional connection."

"This effectively indentures agents to WFG as they are unable to register with another insurance firm with an outstanding debt."

"Since 2003, we've increased our research and development expenditures dramatically to advance the product-development process."

"The simplest way to understand the various income streams available to Herbalife distributors is by way of example (next page)"

"The 70% volume requirement can include sales to one’s downline. By definition, this does nothing to limit Internal Consumption"

"WE NEED YOUR HELP TO ELECT OUR INDEPENDENT AND HIGHLY EXPERIENCED NOMINEES WHO ARE COMMITTED TO HOLDING MANAGEMENT ACCOUNTABLE"

"We believe CP remains an attractive investment led by a superlative management team with further potential in the coming years"

"Nelson Peltz, the Trian team and Allegion believe that good corporate governance and good operational results go hand in hand."

"We make some conservative estimates and believe that tariff costs could easily cause Axon to miss its EBITDA estimates by 10%."

"We will explore how Kornit focuses investors on its 20%+ revenue growth, but has historically struggled to generate cash flow."

"...I would be concerned with the lack of credibility this management team has in the marketplace. I think that’s unacceptable."

"Our sum-of-the-parts and free cash flow estimated valuation analyses suggest 40%-80% potential downside risk in Intuit shares."

"Seriously? Intuit’s all-important assisted offering, Live, isn’t even targeting the segment of the tax market that is growing?"

"How does Mettler achieve consolidated EBITDA margins higher than Lab peers, when 50% of its business is in lower margin areas?"

"Shareholders can choose between two slates: the Vivendi slate or a slate with Independent directors that represent the market."

"Don’t be fooled by the fact that this kind of language is used often – deception is a very common part of human communication."

"We are confident that an SPS conversion would result in Treasury’s stakes in Fannie and Freddie being worth substantially less"

"We believe the company was avoiding answering the question because it is unclear how much of the wall it can afford to remove."

"当然のこと、セキュリティーは万全であるはずなのに、一人の警備員さえも配備されていない。調査員はときおり、すれ違う整備員と快く挨拶を交わし、作業の進捗状況について聞かせてもらったが、呼び止められて退場を命じられることもなかった。むしろ開放的な空間だった。"

"BILL’s ‘Rule of 40’ Score has been stagnant for 3 years as revenue growth has slowed and margins remain well below peer levels"

"New Pacific had previously bought 3 mining projects from Silvercorp. All were hyped extensively but all turned out to be duds."

"While Nidec's share price has been increasing in recent years, in our opinion the company has materially reduced transparency."

"We believe this transaction was a sham intended to burn off fake revenues and siphon off cash from IQ’s recent Nasdaq listing."

"We believe CP remains an attractive investment led by a superlative management team with further potential in the coming years"

"Stryker revised its historical balance sheet in 2011. We believe it was trying to cover-up issues with loaner instrumentation."

"Olam has produced some of the worst accounting gaffes we’ve ever seen - in both the quantity and substance of these revisions."

"We Believe ROAD’s Levered Acquisition Expansions To Texas And Oklahoma Are Problematic And Deflect Attention Away From Florida"

"Planning Condition 4, correctly interpreted, is not requiring rigid adherence with Approved Plans such as PDL-08 and PNL-6839."

"We view the level of potential value creation to be marginal. Any partial or JV-type divestments would be even less catalytic."

"At right is an example of code being sent to APP’s server from thewoobles.com. It contains structured proprietary 3P user data"

"We believe that the upside in APD remains significant as it continues its transformation under a great CEO and management team"

"In fact, Bunge's R&D spending and margin pales in comparison to peers that disclose spending and has been contracting sharply."

"We question whether the fund has ever invested in a company the purpose which was not to recycle R&D “revenue” back to Ginkgo."

"The IGV tech-software sector ETF has far outpaced VRNT shares over this period – a fact ignored by management, unsurprisingly."

"You are reading a short-biased opinion piece. Obviously, we will make money if the price of the covered issuer stock declines."

"There appears to be a consensus among independent analysts that are not compensated by Cintas, that its shares are overvalued."

"Why should investors continue to excuse management of these "acquisition" costs nearly two years after the deal was completed?"

"We believe the acquisition of Vantage is an ideal transaction to begin HHH’s transformation into a diversified holding company"

"we believe Commvault has the ability to achieve its long-standing mid-20s operating margin target within the next three years."

"It’s the high volume doctors souring on Nevro. It’s a big deal that other companies can give you paresthesia-free stimulation."

"One of Nevro’s highest volume implanters – a consultant and speaker for the company – threw cold water on the PDN opportunity."

"The ex-executive described the price conditioning as ruinous: “a stupid move”; “one of the dumbest moves you could ever make.”"

"You are reading a short-biased opinion piece. Obviously, we will make money if the price of the covered issuer stock declines."

"As a result, the company has experienced organic growth in every quarter since Q1 2010 - even in this difficult housing market"

"The Army aimed to "move with speed" and "transition the best technology to production to be fielded within months, not years.""

"Vitek secretly controlled MGI and CPI Hotels, which he apparently used to rack up debt to CPI PG of approximately €60 million."

"Number 180 is vacant, with its entrance (shown below) locked and no lights on in the interior. The building looks dilapidated:"

"We are confident that an SPS conversion would result in Treasury’s stakes in Fannie and Freddie being worth substantially less"

"Under Flex, Zillow only gets paid if leads convert. If there are no transactions, Zillow's Flex revenue is theoretically zero."

"HHH’s strong business momentum highlights its uniquely advantaged business model of owning master planned communities (“MPCs”)"

"The trend continued into Q1'25, when over 100% of year-over-year pre-tax earnings growth was driven by gross profit write-ups."

"Only one open market share purchase in the past four years should be a cautionary signal to prospective buyers of USCR's stock"

"By Q2 2016, nearly half of PLUG’s Adjusted Revenue, and all of its Adjusted Gross Profit, was attributable to these add-backs."

"it’s only useful for a small centers looking to jump the UNOS organ allocation algorithm and access organs via the NOP service"

"Access to DonorNet would allow TransMedics to view patient medical information and the ability to steer cases onto its device."

"The off-label usage is simply unsustainable – centers are on to the game that surgeons are playing and cracking down on usage."

"Methodist is using TransMedics to "basically make transplants a semi-elective operation"; "I frankly find that unjustifiable.""

"Norfolk Southern's operating ratio has, on average, been 530 bps higher than CSX's and 400 bps higher than the Class I median."