Callouts & quotes from 26,677+ activist slides

"We suspect that there was little "strategic" about this agreement, other than the desire to produce a large accounting gain."

"We can debate the optimal combination, but we cannot debate or support maintaining the current inefficient capital structure"

"By December-97, CCA Prison Realty Trust's stock had moved up to the $40s, trading at a ~5% cap rate and a ~4% dividend yield"

"The image at the lower right is from Approving and shows the Shopify_y cookie value with the wrt and the wrt3p prefix C37..."

"Deconsolidate SCT into an investment company ("SCT InvCo") and operating company (SCT OpCo) via a horizontal spin-off merger"

"Competition is so intense that when you search "First Alert Smoke Detector" online at Home Depot, Kidde is heavily promoted."

"LOW's share price including dividends increased 175% from our average cost at announcement date to our average sale price(1)"

"This lack of thrust is particularly concerning because it contradicts one of Astra's key purported benefits: speed-to-orbit."

"Ginkgo is unable to execute on foundry projects; team is young, inexperienced, and has no “mindset around customer service.”"

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

"In Spruce Point’s experience, when a Company changes its depreciation assumptions, it is a classic sign of financial stress."

"Why did management not increase revenue guidance by Next IT's full likely FY19 sales contribution following the acquisition?"

"Total annual tax savings (based on 2017 dividends) of KRW 123 billion representing a total present value of KRW 1.8 trillion"

"Sotheby's can unlock at least an additional >$1,000M of capital in the next 12 months, even after the $300M special dividend"

"Insiders have been large net sellers whose share ownership is comprised mostly of option grants -> no real economic exposure"

"Perceived as significant positive for major industry players – but are investors ignoring company-specific problems at LHCG?"

"Today, Commvault is operating at approximately half that rate, one of the lowest ratios across the entire software universe."

"One indicated that the largest clinic he sells to had an 80% explant rate with Nevro's device and "won't let Nevro back in.""

"Athena missed its organic revenue growth target for 2013, and analysts have cut revenue expectations for both 2014 and 2015."

"If Wendy’s company-operated restaurants could increase profitability by 400bps, EBITDA would increase by approximately $86mm"

"Housing starts are currently at the lowest levels in the last 40 years and well below the long term annual average of ~1.5mm"

"With such an insignificant presence in China's two largest media markets, we do not believe CCME's reported revenue numbers."

"In our view, the Fox acquisition highlights the Board's poor oversight on capital allocation and concerning alignment issues"

"Fannie and Freddie's g-fees have averaged approximately 30bps since 1990, but have risen steadily since the financial crisis"

"Former Trump administration officials have acknowledged that Treasury’s Senior Preferred Stock has been repaid with interest"

"Our conversations with real estate brokers suggest that Zillow Home Loans has never been competitive with incumbent options."

"The first thing is, adding credible directors to the board to instill a culture of accountability of Phillips 66 management."

"NIKE’s turnaround is in the early stages as new CEO Elliott Hill lays the foundations to drive sustainable, long-term growth"

"We do not believe investors and analysts are looking carefully at its aggressive use of capital leases which inflate EBITDA."

"CoreWeave isn’t pioneering the future of AI – it’s a debt fueled GPU rental business with no moat, dressed up as innovation."

"Sandell valuation implies yields of 6.0% - 6.8% - a premium to STB's unadjusted yield but a discount to STB's adjusted yield"

"The wide range of business models within Sony makes it difficult for investors to appreciate the quality of Sony’s portfolio"

"Does this suggest LSPD expected the future performance targets to fall short from the very onset of the transaction closing?"

"It appears sell-side analysts’ growth estimates are giving CTC the continuous benefit of its unsustainable accounting tricks"

"We believe that Tempus Labs (now promoted as Tempus AI) is their next big technology promotion that is likely to disappoint."

"In order to do so, we must develop or promote our rational actions and services in order to feed a larger emotional message."

"Wait, so selling detection systems to airports with air travel declining is a source of growth? Do you mean negative growth?"

"If housing finance reform is successful, we believe Fannie and Freddie will be worth multiples of their current share prices"

"And in 51job, Inc.'s (JOBS) Q1 2019 conference call, further validates that the job market is really not doing well in 2019:"

"We believe it is simply impossible to justify the price of the property to rise from $2M to $6.86M in just a matter of days."

"European filings strengthen our opinion that Morinda is not a thriving business, but is indeed falling apart on many fronts."

"Given that this is a “best-case” scenario given by the company 9 years ago, we assume that it is in reality lower than this."

"European filings strengthen our opinion that Morinda is not a thriving business, but is indeed falling apart on many fronts."

"We believe this is a false and misleading statement to investors, and a securities law violation. We reported it to the SEC."

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

"The sell-side analysts above don't say how they came to their Instrument revenue % numbers, but they have their own process."

"A150 needs a lot of support and it has a lot of issues; reliability, the big thing I hear offline is it's not very reliable."

"In the quarter ended September 30, 2023, Lasertec’s gross margin mysteriously collapsed from 56% to 36% with no explanation."

"Lasertec could be caught with inventory that they’re going to have to significantly mark down even to move on the A150 side."

"Synthetic production, which is around 70% of the market, is more expensive, uses ammonia and consumes 2-3 times more energy."

"Since DSP acquired Bonetone (now called HDClear) in 2011, it has continued to push out the timing of its revenue projections"

"Using given unlevered free cash flow estimates and Project Phoenix, IRRs for the PE Buyers could be 32% to 56% at $40/share."

"AAP has failed to capitalize on these tailwinds to generate the outperformance of its closest peers, O'Reilly and AutoZone."

"CMG’s winning value proposition is that it successfully competes in all the desirable attributes of out-of-home fast eating"

"Cash balances can be faked in China through a combination of document forgery... and the availability of balances for rent."

"We consider it a major red flag that Generac is now lowering EBITDA margin guidance by 50bps and blaming it on this reason."

"We require companies in which we invest to make appropriate and timely public disclosure of carbon and other GHG emissions."

"We are concerned that Box's solution appears to be hiring more reps rather than solving the underlying productivity issues."

"Importantly, we note that Carvana makes no mention of Garcia II’s background despite his status as controlling shareholder."

"Tessera should also leverage its platform to make small tuck-in patent acquisitions that compliment its existing portfolio."