Callouts & quotes from 26,677+ activist slides

"Spruce Point finds clear evidence that TASK's revenue per front line content security employee has been in steep decline."

"The Company’s research and development is primarily performed by outside consultants and is less than $2 million per year"

"Beverage share loss and profit erosion are “symptoms;” marketing mishaps and lack of breakthrough innovation are “causes”"

"With Little Equity At Risk, Management Appears To Have Turned To Gaming Compensation Targets For Self-Enrichment Purposes"

"Samsung Electronics is a leading global technology company which has failed for years to deliver proper shareholder value"

"Initially, in 2018, 1BAL purchased the Buxmead apartments with funds provided by CPI PG at what appears to be a discount."

"SBUX has generated an annualized TSR of 26% over the last ten years, twice the return of the S&P 500 over the same period"

"New units in the U.S. generate ~30% cash EBITDA margins and ~65% pretax ROIC; new unit economics in China are even higher"

"The bar graph below shows the difference between the consolidated EBITDA Casino reports, and what it proportionally owns."

"The GSE restructuring plan enables Freddie to achieve the capital level required to exit conservatorship by year-end 2027"

"現時点では、レーザーテックの検査装置について完全に満足している会社は一社もありません。どんな装置であろうと、それぞれに問題があります。完全に満足している会社などありません。アクティニック・プラズマ・マスク検査（APMI）はたいへんな技術ですよ"

"We do not believe that the Mergers covenant in either the public or private bonds is a material concern for shareholders."

"BILL trades as a significant discount to peers despite peer level growth and significant opportunity for margin expansion"

"In 2010, Nidec predicted FY 2015 Other sales of JPY 500 billion. Reality turned out to be JPY 176 billion, a miss of 65%."

"It is our belief and request that Advent should consider revising its offer lower or abandoning the transaction outright."

"We believe it is extremely unlikely Olam can achieve the targeted production levels, especially across the full 6,000 Ha."

"Spruce Point is always concerned when public companies become more opaque, especially when it comes to revenue reporting."

"We estimate that net of USM, FTAI's module business is currently delivering EBITDA margins ~600bps lower than in H1 2024."

"When cable began providing landline telephony in the 1990s (a commodity product), achieved only ~7-8% share after 5 years"

"Draft EN-3 describes a recognised conventional method – for solar farms – which I will call the "Combined-Panels Method"."

"We conclude from our estimates that BEKE's revenues are significantly inflated, even at BEKE's reported commission rates."

"Yet when we contacted Quanshuiwan Flagship C store, an agent told us that the A store and the C store are the same store."

"The worsening trends in reported “Grow” revenue are therefore driven by increasingly weak sales of software applications."

"In the screen shots below the same art values (6d5....) are passed between or across two different advertisers’ websites."

"The implied Target Corp valuation range based on other publicly traded retailers is $18 – $28bn, or $24 – $39/share today"

"Spruce Point has a track record of calls of companies in legacy technology markets that fail to adapt to changing trends."

"Still no mention of the effect on cash flow specific to Snap, which was projected to generate ~$90m of cash flow in 2025."

"With AFAM included in LHCG organic sales, as it should be, organic growth would fall from a reported ~7% to less than 2%."

"In our opinion, Aerojet's Board is weak and cannot be relied upon to accurately detect financial and accounting problems."

"Nevro refused to acknowledge the product was responsible. The product didn’t work as well as senior leadership would say."

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

"Half-way into its term, Kao announced that it was abandoning K25, during which Kao’s share price declined by nearly half."

"iPrefs are a creative way to unlock significant value for shareholders in publicly traded cash rich technology companies."

"Shareholders are faced with giving up their Capricorn shares at a 42% discount in exchange for fully valued NewMed shares"

"Shareholder returns delivered by the current management team have been nowhere near the often cited US$5.5 billion amount"

"With the IRS recently lifting its moratorium on real estate related PLRs, the PropCo/OpCo structure remains most suitable"

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

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

"An Undisclosed Related Party Transaction From Which Vitek Seems to Have Squeezed at Least €59.8 Million – and likely more"

"The GSE restructuring plan enables Freddie to achieve the capital level required to exit conservatorship by year-end 2027"

"Halit Coussin and Charlotte Denton joined the Board of Directors while Rupert Morley became Chairman of the Board in 2024"

"Considering that GSX is a near total fraud, this pledge presents an even greater risk of sudden loss to GSX long holders."

"At $70bn in enterprise value, consolidated GrowthCo and TCP will remain 2nd largest Canadian energy infrastructure player"

"We cannot recall physicians thrashing the pricing of a medical product as harshly as they do with respect to TransMedics."

"During the Global Financial Crisis, from December 2007 to June 20091, PSLP outperformed the S&P 500 by 3,200 basis points"

"Ferrovial must also advocate for greater efficiency of air traffic management (ATM), which in turn will reduce emissions."

"Mr. Asher’s control over DJ Fund Investments, LLC through what we would characterize as a handshake deal is very unusual."

"This suggests that management may have pulled forward cash flow, and there are signs pointing to a large reversal coming."

"indicative of the pervasive lack of interest in the field, given CHOP is the top pediatric endocrinology center in the US"

"Appendix – Relevant Articles from the Chinese Direct-Selling Law, Pyramid Sales Law and Criminal Law relating to Pyramids"

">A small, saturated market with a looming sales collapse, as sales reps struggle and run out new patients and prescribers"

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

"This is in stark contrast to Ginkgo’s related party disclosure, which reports only $73K of foundry revenue from Synlogic."

"Triller missed a payment to Wixen Music Publishing in December 2023, triggering penalties under the settlement agreement."

"Therefore, we find it suspicious that the price has gone up significantly from $1.75M to $18M, over 10x in just one year."

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

"Triller missed a payment to Wixen Music Publishing in December 2023, triggering penalties under the settlement agreement."

"By reallocating a dividend of a few dollars per share, Disney could more than double its Disney+ original content budget."

"We believe Ferguson can be one of the leading US RMI-oriented specialty distributors publicly traded in the United States"

"Lack of transparency and broad category definitions (in financial reporting) mask underperformance of various businesses"