Callouts & quotes from 26,677+ activist slides

"Gone are the days when a bank will give you a free toaster for opening an account; these days they are giving back the dough."

"Nevro claims that only 1.2% of Wave writer devices are explanted because of failure, and that only 3.7% are explanted overall"

"If all the patients were included, the explant rate in the study would have been closer to 50% [versus the 33% in the paper]."

"In a space driven by the trendy new device, the color suggests that Saluda is the "new Nevro" while Nevro is yesterday's fad."

"Spruce Point believes the Digital ID model does not work for CLEAR and data security risk for CLEAR is a significant concern."

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

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

"The data does not support the board's argument that the integrated strategy results in superior returns over the long-term..."

"BUR has been highly reliant on only four cases for its monetizations, showing that its broader portfolio has lacked strength."

"That being said, it appears that RedChip has more at stake than at least two of Nova’s Board members, including the Chairman."

"Hilton is a high-quality, asset-light, high-margin business with significant growth potential led by a superb management team"

"We continue to believe that any proposal for housing finance reform must satisfy the following conditions in order to succeed"

"However, this target was reset lower after FY 2014 – the only year during which management did not handily exceed the target!"

"If this were actually impaired inventory and written-down in the current period, IRBT's Net Income would have been wiped out!"

"With over 300 years of collective experience, IEP’s investment and legal team is capable of unlocking a target’s hidden value"

"Phase 3 was a “cherry-picking exercise” with a post-hoc subgroup analysis, “quite underwhelming”; “big safety signal as well”"

"Simple for Blue Shield to force generic substitution; insurers providing initial coverage will eventually why not use generic"

"The drug works in terms of losing weight. I can say that they lost at least 10% of body weight over the course of six months."

"These investors are seeking security, stability, long-term inflation-protection, and a higher yield than that offered by TIPS"

"The CDER Clinical Pharmacology Review states the steady-state level is based on an undisclosed “Harmony model” – a black box."

"Below we list the large number of serious adverse events which indicate cardiotoxicity – generally requiring hospitalization."

"Bristol-Myers continued to decline in the following months, losing more than $40 billion in market value by late October 2016"

"Wouldn't MSCI investors be better served with a Financial Expert on the Audit Committee with a U.S. CPA trained in U.S. GAAP?"

"The charges were exponentially higher due to the forced tying of the device to the service – classic anticompetitive conduct."

"The larger the difference between EV/Revenue and EV/EBITDA, the less profitable the business and the lower the EBITDA margin."

"Nine consecutive quarters of double-digit EPS growth, every quarter since Seifi became CEO, despite significant f/x headwinds"

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

"The only website snapshot on archive.org is from December 2024 and shows a 404 error, i.e. there was nothing on that website."

"Shareholders should demand transparency on the numerous acquisitions and spin-offs where company insiders are counterparties."

"Despite this fact, GSX's stock has been outperforming its major competitors by a large margin. There is clearly a disconnect."

"We believe Barclays' chart makes Kalshi's hold rate look much higher when measured against true notional traded (both sides)."

"We urge you, our fellow shareholders, to VOTE FOR each of the Resolutions at the EGM to set Capricorn in the right direction."

"PSH represents ~80% of equity of Pershing Square core funds and 83% of assets under management (including PSH bond proceeds)"

"Mondelez has invested ~$1.5 billion to upgrade its manufacturing base, which should expand gross margins by ~250 bps by 2018"

"We gathered a list of over 40,000 zip codes and then wrote an algorithm that searched and recorded results for vet practices"

"北京市海淀区私立新东方学校内部制度较完善，能够依照执行，会计核算较规范，财务管理较完善，会计报表的编制符合国家颁布的相关法规和《民间非营利组织会计制度》的规定，恰当的反映贵单位2011年12月31日的财务状况和2011年度的业务活动成果和现金流量。"

"Manipulation of non-GAAP results; a seemingly identical issue to HTA, yet HTA results have been "consistent" for much longer"

"“It’s Just A Label” According To A Former Employee We Spoke With. This Sums Up Our View That Avery’s Best Days Are Behind It"

"We Believe Co-Founder And Board Executive Chair Hasson Has Misrepresented Her Past And The FIGS Origin Story Is Questionable"

"Only 5 out of 22 total categories (27%) did the audit results indicate that Aqua/Peoples "Meets Expected Performance Levels""

"Really! "Generally" assumed margins will go up despite the fact they've consistently gone down since the acquisition closed."

"having built a great platform with high-performance products is not synonymous with having a well-functioning company today."

"Carvana is currently burning hundreds of millions in cash and hugely dependent on third-party funding to finance its growth."

"Towers kind of run themselves, so management’s value add comes from keeping costs down and intelligently allocating capital."

"By implementing the RTC Plan, Crown’s fiber business can contribute to dividend capacity and value-creation for shareholders"

"Serious Concerns With $1 Billion of Revenue Between Brothers And Frontier Communications; Is It A Related Party Transaction?"

"This stark difference in fee structures suggests ERIE's approach is less favorable to policyholders compared with its peers."

"If Bloomberg were to incorporate both analysts' 2025E EPS forecasts, the mean estimate would decrease from $14.30 to $13.40."

"Bolloré forced minorities to allow Florange Act's multiple voting at 2015 AGM, by rapidly growing his stake before the vote."

"L&B's MGM campaign led to the formation of an MGM REIT, significant margin enhancement and superior balance sheet management"

"Given their track records, we have many concerns with the incumbent nominees representing the best interests of shareholders"

"Olive Garden can offer numerous great tasting, authentically Italian dishes that can be executed consistently and profitably"

"New units are generally inexpensive to build and highly profitable. On average, units are 90% productive in their first year"

"It shows only 296 buses, which is far fewer buses than the 1,892 CCME claims to have under its Shanghai Ba Shi relationship."

"Solid state battery experts and former employees call the data fake, misleading, or a “shell game,” and outline 4 red flags."

"We will seek to invest in asymmetric hedges to protect HHH against macroeconomic risks and capitalize on market dislocations"

"Despite a widespread bullish tone among analysts, the average sell-side price target offers little upside to current levels."

"Autodesk has best-in-class gross margins, but the Company has used that advantage to mask its high operating expense ratios."

"We believe that rising levels of U.S. investment will translate into new project opportunities for Fluor in its core markets"

"We believe this is yet another example of McDonald’s’ leadership’s unwillingness to embrace and act on stakeholder feedback."