Callouts & quotes from 26,677+ activist slides

"IT IS CLEAR WHY PHILLIPS DESIGNED A TSR METHODOLOGY THAT EFFECTIVELY EXCLUDES THE PERFORMANCE OF ITS CORE PEERS VLO AND MPC"

"Spruce Point is concerned that MSCI has gone through greater lengths to qualify its discussion about non-recurring revenue."

"During the Global Financial Crisis, from December 2007 to June 2009(1), PSLP outperformed the S&P 500 by 3,200 basis points"

"Within total coffee, premium products are outgrowing traditional offerings and away-from-home is gaining share from at-home"

"This is the highest revenue Mettler-Toledo company in China with 38%, or $464m in revenue, and it has an incorrect address."

"Swiss controlled company, known for secrecy. Limited Swiss external sales, abnormal segment profit. Entrenched CEO/Chairman"

"We believe this supports our opinion that the challenges faced by PERI's search business are more permanent then temporary."

"The GSEs guarantee the timely payment of interest and principal on a ~$7.6 trillion portfolio of mortgage-backed securities"

"As of the Q2 2012 call, Mr. Nagamori stated that Nidec “was not thinking of taking any tests for impairment to take place.”"

"Forescout highlights that well over 50% of its total sales are attributable to financial services and government customers."

"Microfluidics IPO’s like Affymetrix and Fluidigm are a cautionary tale for BLI investors and the canaries in the coal mine."

"Cell line development is a commodity and better for most to outsource at a fraction of the cost of buying a BLI instrument."

"Stryker's Board at the time of the stealth restatement had controversial people overseeing its finance and audit functions."

"This document indicates that Olam could be on the hook for substantially more cash (and risk) than it previously disclosed."

"In the YTD 2024 period, FTAI adjusted lower its Cash flows from Operating activities by ~$244m for gains on sale of assets."

"Historically Mis-Marking Recipe and then Acquiring it to Avoid Taking Losses, We Adjust Book Value Downward by $251 Million"

"I am not persuaded by the defence of this fourth aspect of the NMA - that it spelled out something which was already there."

"We believe that O’s tenant quality is poor and the company is concerned about the impact of transparency on its stock price"

"With $3.00 copper, about the price it was before the recent commodity run, the shares are worth about $40 Canadian dollars."

"The key open issues from this series of transactions are: Why did a tiny ginseng plantation company merit FMCN's attention?"

"We believe the accounting IQE used to avoid recognizing any loss, and the resulting non-recognition, are highly aggressive."

"The implied TIP REIT valuation range on Ground Lease Precedents-based NAV analysis is $22 – $26bn, or $30 – $36/share today"

"The implied TIP REIT valuation range on Ground Lease Precedents-based NAV analysis is $22 – $26bn, or $30 – $36/share today"

"I think that Snap is so far behind that they're never going to be able to truly catch up, especially once Matter takes off."

"We also have concerns around recent multiple auditor changes at three Ademco U.K. entities from Deloitte to Grant Thornton."

"We Have Proven Our Ability to Transform in the Small Business Market and Anticipate Similar Benefits in Mid- and Up-Markets"

"Strategic objectives represent 40% of the short-term incentive compensation for our executive officers versus peers at 11%."

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

"On an absolute basis, Phillips 66 is still by far the highest-cost major refiner with 2024 opex/bbl ~$1.60 above core peers"

"We value the slow-growing Company at an EV/EBITDA multiple of 8-10x for a price target of $17-25, yielding 60-70% downside."

"The consensus among industry experts is clear: Verint is quickly falling behind as competitors leapfrog ahead in the cloud."

"Our research indicates that their dismissiveness toward Nevro’s purported differentiation is now the norm in the SCS field."

"Nevro’s response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation"

"Nevro’s response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation"

"Nevro’s response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation"

"Nevro’s response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation"

"Nevro’s response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation"

"Nevro's response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation"

"Nevro's response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation"

"Nevro's response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation"

"The feedback was equally devastating whether from current Nevro users, former high volume Nevro implanters, or other KOL's."

"KOL's indicated that payor pressure has become so onerous that many doctors have stopped implanting stimulators altogether."

"Well, actually, I don't think we are an ad tech company. We also don't have an ad tech DNA, and that isn't our goal either."

"Oasis proposal emphasizes value creation tied to clear and measurable targets and weighting these benchmarks appropriately."

"Highly stable, royalty-like businesses of this nature typically trade in the range of 10x – 12x EBITDA, depending on growth"

"On April 24, 2008, Triarc, the franchisor of the Arby's restaurant system, and Wendy’s signed a definitive merger agreement"

"Certainly, the market thinks it probably won't, as Monsanto stock at $102 trades at a huge discount to the $128 deal price."

"In light of the symbiotic relationship between EF Hutton and ARC Group, one wonders if it is little more than ARC's puppet?"

"Therefore, it appears that the €304.1 million Euro-denominated loan Vivion claims to have received was never actually made."

"The GSEs guarantee the timely payment of interest and principal on a ~$7.6 trillion portfolio of mortgage-backed securities"

"Redfin is giving homebuyers a commission refund of 0.25%-0.50% when they sign an agency agreement before their second tour."

"CPKC’s one-of-a-kind network and industry-leading management team continue to deliver synergy wins and excellent operations"

"Incremental Revenue and Profit recognized up front due to accounting change. Incremental Revenue carries 100% Gross Margin."

"We are clearly concerned that Mr. Melamed's and Director Geller are both associating with Mr. Rieu given his open SEC case."

"there's going to be no real utility in using OCS in comparison to other cheaper, more widely-available...it's a no-brainer."

"TransMedics is being rapidly replaced by superior devices at a fraction of the cost, which began rolling out only recently."

"Long-term success will only result if DuPont consistently achieves best-in-class operating metrics in each business segment"

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

"The net result of these actions should be a Display business that is profitable on a stand-alone and fully-allocated basis."

"In our view, a business with a long-term return on equity of ~14% should trade significantly above 0.73x price / book value"