Callouts & quotes from 26,677+ activist slides

"Historical performance suggests current leadership has failed to create enduring value for shareholders over the long-term"

"a single nominee from an outside shareholder in a boardroom of 12 directors is not sufficient to bring about needed change"

"The Company has churned through seven CFOs in the last seven years, highlighting the chaotic management style of Mr. Proud"

"Since July 2017, Ms. Lin Aimin has been GZ Anda’s Legal Representative. She is the wife of Wu Yonghua’s cousin, Wu Wenhou."

"In fact, except for the name, the content and the descriptions of the two companies in the recruiting posts are identical."

"BlackRock was invited but refused to support the following request for collaboration on the UN PRI Collaboration Platform:"

"Yes, to do what they had to do to come to market. They were very aggressive when Chobani came to the market with oat milk."

"Warning: Oatly doesn't mention that there are a variety of hazardous chemicals used throughout its manufacturing facility."

"Warning: We estimate that Oatly's Gross Margin is 640bps lower when including outbound transportation and logistics costs."

"It is clear that online sources suggest customers purchase solar panels outright to realize the largest financial savings."

"Phillips 66's (NYSE: PSX) quality assets lack the management focus needed to maximize value — costing shareholders dearly."

"The book value per share for Toyota Industries [...] could be underplaying the benefits of the deal, in terms of tax [...]"

"Elliott Urges Shareholders to Support Meaningful Board Change By Voting on the Gold Card for Its Four Independent Nominees"

"Twist is more relevant for price-sensitive customers like start-ups or academics, not real customers like pharma companies"

"The 2009 income statement showing RMB 2.3 million revenue (US$0.3 million) and a loss of RMB 6.5 million (US$1.0 million)."

"Over the past four years OUTR has spent $663 million on failed growth ventures...over 130% of OUTR’s current market value!"

"This contributed to the loss of jobs, causing the population to shrink and the economy to contract 16% over a dozen years."

"However, Curél does not. While Curél has social media pages, it does not even have a dedicated website in its home market."

"From research and interviews with former employees, Kao does not appear to do specialist recruiting for digital marketing."

"Beiersdorf’s shares have outperformed the rest of Europe’s consumer goods sector, even besting the performance of L’Oréal."

"Despite being a C-Corp and lacking the tax advantages of a REIT, PF McDonald’s has several superior credit characteristics"

"Phillips 66's attacks on the reputation of energy-industry veteran Gregory Goff confirm that the Company has lost its way."

"These quotes provide a highly representative picture of investor sentiment towards Cognizant and its operational strategy."

"By sequestering these asset disposals in "net capex," management appears to be inflating earnings on its income statement."

"Based on our analysis, we find that Monster's audit fees are suspiciously low and nearly 50% below the peer group average."

"GGP’s long term lease-based revenue model offers embedded growth in good times and mitigates revenue declines in bad times"

"“Blank Sheet of Paper” approach to building an overhead structure, similar to the recent turnaround of Axalta in 2013/2014"

"Over recent years, Ask Jeeves has managed to grow its share of the domestic search market, while AOL's share has declined."

"A multiple range of 8.0x - 10.0x 2006PF OIBDA implies a fully distributed enterprise value range of $15.9 - $19.9 billion."

"XL’S REPORTEDLY RAISED ITS MOST RECENT EQUITY FUNDING ROUND AT A ~$73 MILLION VALUATION, A FRACTION OF ITS SPAC VALUATION."

"Public MLMs have historically traded at a significant discount to CPG companies reflecting their inferior business quality"

"The FTC believes the exclusion of zero-earning distributors is relevant to a determination that an MLM is a pyramid scheme"

"Warning: CHD mysteriously stopped providing break-out financials of Armand after 1999, making the entity even more opaque."

"48 machines permitted at $400k - $500k per new Avalanche 1000 machine, we estimate $19m - $25m of total revenue potential."

"Assumes that St. Jude shuts down the Merlin@home network for eight quarters to repair and re-architect the entire network."

"FNMA and FMCC share prices both declined 57% in 2022 and have increased 32% and 31%, respectively, year-to-date in 2023(1)"

"We find a variety of concerning financial reporting and accounting issues at Intuit, including the obfuscation of results."

"The implied amortization period based on Mettler's reported results directly contradict its stated estimated useful lives."

"“Blank Sheet of Paper” approach to building an overhead structure, similar to the recent turnaround of Axalta in 2013/2014"

"We do not believe bank standards are appropriate for the GSEs’ guarantee business, which carries significantly fewer risks"

"A major ratings agency has recently indicated that exiting conservatorship with the PSPAs in place would be credit neutral"

"We believe the existing junior preferred can be left outstanding, refinanced, or converted to common on a negotiated basis"

"「Urashimaはレーザーテックの最新の（検査装置である）A300シリーズのための新しい光源です。ウシオ製の光源ではありません。基本コンセプトは両者間で共有しています。現在、レーザーテックとIsteqは両社とも同じコンセプトを持っています」。"

"Consistent with the “evidence-development,” doctors are apparently not finding AlloSure to be useful in treating patients."

"BlackRock was invited but refused to support the following request for collaboration on the UN PRI Collaboration Platform:"

"Through this deal, which is probably as clean as a Vitek deal gets, we believe Vitek pocketed approximately ~€118 million."

"BHP has sufficient capacity to return excess capital to shareholders without disrupting the balance sheet or future growth"

"Analysts have no idea how to forecast Olam’s CapEx, and all seem to have greatly underestimated FY2013 levels based on Q1."

"Core Lab is not cheap. On consensus estimates, the stock trades at 35x next year’s earnings and nearly 27x 2019 estimates."

"Over the past upcycle, Core bought back stock every quarter, apparently regardless of share price and operational outlook."

"To do the reconciliation, we again subtracted the portions of cash flows that seemingly are attributable to the merchants:"

"We believe this underperformance pressured Fairfax into becoming aggressive in pulling accounting levers starting in 2018."

"We believe BEKE uses these SAIC listed non-physical locations as “ghost stores” as false support for its SEC store counts."

"At current margins, CXW management estimates its inventory of existing beds could generate an additional ~$100mm of EBITDA"

"Given O’s recent stock price of ~$25, we would not be surprised if Realty Income issues equity soon, based on this history"

"Opportunity to buy SCT at an extreme 63% discount to intrinsic value - a US$25bn valuation disparity (the “SCT Value Gap”)"

"One approach to restructuring is a horizontal spin-off merger which would result in a flat and simple corporate structure."

"Historic dysfunction at JCP’s home office in Plano is symptomatic of an organization which was not focused on cost control"

"With no multiple expansion, Borders could be worth $36 in the next 18 months, a 72% premium to the current price (of $21)."

"Because it will lose its building in the event of default, a tenant is highly motivated to make its ground lease payments."