Callouts & quotes from 26,677+ activist slides

"The end result will be a reinvigorated organization with superior leadership, vested employees and a lean corporate structure"

"Our cardiologist survey found that only 16% of iRhythm users solely use Zio products, suggesting low levels of sole sourcing."

"This is consistent with what Messrs. A and E said about the finance department of GZ Anda being controlled by “headquarters”."

"Peng Qingqi’s involvement with ANTA and its founding families goes far beyond being the leader of a small, floundering brand."

"The Lead Independent Director, especially in a dual Chairman and CEO role, should be like 'Caesar's wife' - beyond suspicion."

"Spruce Point believes that Zebra is understating the impact of a recently disclosed “immaterial” inventory misclassification."

"Twist’s “chip” is just a re-hash of an old Agilent technology; “don’t see you can call it a microchip”; just “sexy marketing”"

"It is utterly implausible that Twist is spending $40MM on data storage, as it appears to have hardly any staff working on it."

"Elliott does not intend to tender its shares into the Revised TOB and we strongly encourage other shareholders not to tender."

"P&G ranks highly in global market share in most of its categories, which reflects the company’s historically strong execution"

"The OPM Market worked ten years ago when the stigma of online education had a perception of risk. This is no longer the case."

"Current listings of unfinished, un-entitled land parcels in the Sacramento area confirm the range of $50,000 - $60,000 / acre"

"Valuing Kratos at a discount to peers on EBITDA, free cash flow, and book value we estimate 40%-70% downside ($3.15-$6.30/sh)"

"VRX’s share price declined 86% in 2016 driven by significant business disruption exacerbated by high absolute leverage levels"

"The ozanimod RTF came less than 6 months after GED-0301 was terminated, and destroyed another $6 billion in shareholder value"

"In our view, either the Company's hardware has "value" or it doesn't, yet Samsara seems to talk from both sides of its mouth."

"The only plausible exception we can conjure would be if ELF were smuggling product into the U.S. to avoid paying the 25% duty"

"Our conversations with former employees and physicians revealed serious doubts about HIMS' medical expertise and credibility."

"In reality, we estimate that HIMS churns well over 50% of customers by the end of year 1 and nearly 80% by the end of year 2."

"Other Israeli Companies Have The CEO Sign The 20-F, But Amdocs Has Its U.S. Secretary Sign Both The 20-F And Credit Agreement"

"Spent 8+ years planning succession, extended Mr. Iger's contract 5x, then effectively admitted in 3 years they made a mistake"

"Your vote can help Phillips 66 improve operations, strengthen Board accountability and increase the value of your investment."

"Citron has reason to believe that CEO Cedric Francois is not being honest with Wall St. about the report cases of vasculitis."

"We believe our segment comparables are eminently reasonable given their business and financial attributes compared to Intuit."

"Mettler's leverage is greater than it appears given our belief that EBITDA is overstated from cost capitalization strategies."

"Post-restructuring and a new capital raise, the American taxpayers will continue to own majority stakes in Fannie and Freddie"

"We believe that the Nkran pit floor is fast becoming too narrow to mine, a condition known in the industry as “pinching out”."

"Management should not remove the divested business from the prior-year revenue base until the business unit has been divested"

"We find it highly suspicious that management now adjusts core growth for M&A only when doing so inflates core revenue growth."

"Despite being more than twice the size of the 2nd biggest peer and ~7x the peer average, Darden is among the least efficient."

"We believe Fluor is unique as one of the few companies capable of delivering true end-to-end EPCM solutions across industries"

"We believe Fluor’s early investment and sustained involvement positioned NuScale to become a leader in small modular reactors"

"The graphs show that in recent years, Nidec’s asset efficiency is generally lower than it was at the beginning of the period."

"Great companies that have lost their way – like Disney – often thrive after new directors, nominated by Trian, are appointed."

"We calculate the real U.S. TAM is presently approximately only 1.3 million users, which is 57% lower than management’s claim."

"INGN’s Estimate of the Full Penetration for POCs is Aggressive When Compared to Analysis Using Industry Surveys and CMS data."

"Except that this business model is built on a foundation of overstated and tenuous assumptions that don't withstand scrutiny."

"We will continue to be disciplined on our head count and our thoughtful work on this area has helped appreciably on expenses."

"Product revenues have been basically flat for 4 quarters – typically a death knell for a company that sells a box with chips."

"BLI will soon get disrupted by tools with same capabilities but “at throughputs of millions of cells with a couple of hours.”"

"Target to increase EBIT margins from 16% to ~22.5% to achieve performance levels in line with its well-run competitor Praxair"

"Lasertec's market window for actinic EUV mask inspection is rapidly closing, as the next phase in EUV is High NA lithography."

"We believe its multiple will compress once the market realizes its true organic growth is trending towards low single digits."

"For all of the reasons stated above, we do not believe that RMI is the cash equivalent that management presents to investors."

"By carrying EXCO Resources well above its market value, Fairfax overstates its own book value by ~$245 million as of Q3 2023."

"Phillips 66’s midstream assets do not receive credit for their full value under the company’s current conglomerate structure."

"Below is a video of Inogen's largest reseller bragging about how his son bought a G-Wagon... from deceiving the sick elderly."

"With $4.50 copper, about what the current forward curve implies, the shares are worth $59 Canadian dollars, or almost double."

"In 2005, Borders' consolidated Adjusted EBITDA margins fell to 7.4% from the previous four-year average of approximately 8.6%"

"Recent research published in the New England Journal of Medicine determined that some PGTs do not improve fertility outcomes."

"Our forensic analysis reveals numerous one-time factors and aggressive accounting changes that are flattering recent results."

"Recent acquisitions look troubled, paper over REZI's long-term goal failures, and appear to intensify its financial problems."

"Principal Office listed as Ginkgo's corporate headquarters: 27 DRYDOCK AVE, FLOOR 8 BOSTON, MA 02210 C/O Ginkgo BIOWORKS INC."

"Principal Office listed as Ginkgo’s corporate headquarters: C/O GINKGO BIOWORKS INC. 27 DRYDOCK AVE, FLOOR 8 BOSTON, MA 02201"

"For transactions identified as tax deductible for U.S. purposes, 89% of combined enterprise values have been ascribed to G&I."

"Was The “Affiliate” Program Started In Response To A Dept of Labor Investigation About Underpaying Fire Protection Employees?"

"Cintas appears to have desperately needed to purchase G&K, raising its initial bid of $76.00 all the way to $97.50 per share."

"We believe Amcor’s Statement of Cash Flow does not comply with FASB guidelines as it does not show restricted cash movements."

"Elliott believes the adoption of the Accelerate Hyundai Proposals can benefit all stakeholders across the Hyundai Motor Group"

"Dillard's is currently trading at ~12% free cash flow yield and has been using all of its free cash flow to repurchase shares"