Callouts & quotes from 26,677+ activist slides

"Applying a generous 0.5x to 0.75x EV/2019E sales, we estimate that CVNA shares have 50%-70% downside from current levels."

"LIKE IN ELLIOTT'S ENGAGEMENT WITH MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING COMPANY WITH RETURNS TO MATCH"

"We believe the market is offering investors a world-class business for relatively low multiples of earnings and cash flow"

"Based on our diligence, we believe Crown Castle can achieve a 40% capex revenue ROI on $600M of Fiber discretionary capex"

"Like any investment scheme, XPO needs to recruit more brokers to pump its stock to say “Buy”- but there aren’t many left!"

"If you don't answer this, it will be clear that you have something to hide. Or do you owe a favor to a major shareholder?"

"Vote the GOLD card FOR Elliott's highly qualified nominees and proposal calling for annual elections for all Board seats."

"An Antiquated And Structurally Non-Competitive Brick And Mortar Retailer With No Clear Focus And No Competitive Advantage"

"Given flat overall revenue growth, HH must be experiencing declining sales and losing market share outside of CTC stores."

"We checked Tmall for the store name listed in the report above and found that the Fila Dingdian store is still operating."

"In the corporate structure Reedo now owns Sprandi, which employees Peng Qingqi, who in turn owns the real Fujian Ruidong."

"Our transformation plan is based on a realistic and prioritized time frame for assessing and implementing each initiative"

"We believe there is room for 10k to 12k additional stores¹ or a decade of store growth at the current industry build rate"

"After years of similar SSS results, since the KKR deal, Dollar General has grown at a much faster rate than Family Dollar"

"Instead, it appears to prioritize the interests of BP's management, possibly to ensure the 'conservation of the species'."

"In October 2025, an ASX filing revealed that 6.6m shares are pledged but no corresponding disclosure was made to the SEC."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"This land is the highest valued around Bubny's perimeter, well above the mean and median land values (not representative)"

"Notably, the board assigned its advisors the narrow task of only evaluating Pershing Square’s TIP REIT spin-off structure"

"Valeant frequently discusses it's "alternative fulfillment" program in dermatology but never explicitly mentions Philidor"

"We look forward to discussing these points with the Board of Directors as well as the other shareholders at the next AGM."

"The sales growth deceleration at Acutus earlier this year was a function of temporary factors that have already reversed."

"For context, the average percentage of votes withheld from a nominee in a non-contested S&P 500 election is less than 5%."

"Karl Kurz and Mark Smith (Shareholder Nominees) carried out tax efficient monetizations while retaining strategic control"

"Ambry Genetics may be taking advantage of the lack of transparency and oversight surrounding CPT 81479 billing practices."

"Our transformation plan is based on a realistic and prioritized time frame for assessing and implementing each initiative"

"The creation – not just the identification – of value; we believe Elliott’s strength is in catalyzing constructive change"

"Capex net of asset sales during that same period has been $14 billion, meaning reserves have cost $28 per BOE to develop."

"I was quite taken aback to learn that my two supervisors - a direct, and a vice president - had NO restaurant experience."

"Against what we believe is a fully objective list of peer companies, Dr. Kleinfeld demonstrates profound underperformance"

"We strongly believe the Shareholder Slate can reinvigorate the Board and help Sotheby’s achieve its substantial potential"

"The magnitude of this alleged pay discrepancy suggests that revenue on her channel could be overstated by over six times."

"Given its current valuation, it is very difficult for Dye & Durham to continue its M&A strategy in a value-accretive way."

"As of year-end 2018, Channel Finance showed $81 million of reverse factoring employed by NMC—see “Compartment 005” below."

"Warning: Even with almost 60% of the year completed in 2019, Oatly's sales of $204m fell short by $26m, or 11% below plan"

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Given our concerns with Zebra's inventory disclosures and reclassifications, we find this omission suspicious in context."

"Despite rhetoric about "moving faster and with a greater sense of speed and urgency", new targets imply business as usual"

"The next two - three quarters are critical to demonstrate current leadership has the abilities to turn the company around"

"Our estimates illustrate the opposite -- 2U is likely earning 70% more than Simmons (currently 2Us second largest client)"

"GE has undertaken a massive change in its business model. We believe this change is underappreciated in the market today."

"When they opt out, we don't create alternative accurate and persistent identifiers, typically called device fingerprints."

"CP's share price including dividends increased 244% (3.44x) from our average cost at announcement date to August 4, 2016*"

"We estimate 75% of WD-40's cash is in its U.K. subsidiary. A falling British Pound creates material risk to the business."

"Post crisis, AGO has bought or reinsured most of its competitors, including Radian, CIFG, MBIA's UK division and Syncora."

"Celgene was hyper focused on the ozanimod launch but didn't care enough to double-check that the FDA filing was adequate?"

"The demerger would allow a clear value re-rating for both BHP’s US petroleum business and the remaining core BHP business"

"Molton Brown positions itself as the embodiment of inclusive luxury, combining British sophistication with global appeal."

"CP enjoys an attractive franchise structurally capable of a 65% OR with a proper operating plan and disciplined execution"

"Is it possible that CP has always been efficient while CN (and every other U.S. Class I rail) improved margins massively?"

"The GSEs guarantee the timely payment of interest and principal on a ~$5 trillion portfolio of mortgage-backed securities"

"We estimate the GSEs could repay the $65bn remaining Treasury preferred in 3 years based on their earnings and ~$72bn DTA"

"Spruce Point has a track record of calls in the consumer and retail sector, notably in the food and packaged goods space."

"Spruce Point has a track record of calls in the consumer and retail sector, notably in the food and packaged goods space."

"Amerco filed for bankruptcy as the result of a liquidity issue that arose even though the underlying business was solvent"

"Citron believes it is merely for the purpose of phantom sales or stuff the channel, and avoid scrutiny from the auditors."

"Elliott's offer represents a 22% premium over the adjusted average forward 12-month price target of the analyst community"

"Industry Disruption Does Not Absolve Disney’s Board for Poor Performance – It Is the Board’s Job to Look Over the Horizon"

"The performance of Disney's media assets have deteriorated since the acquisition, calling into question claimed synergies"

"On the whole, it is clear that the company has not made it clear to investors that many of the partnerships have stalled."