Callouts & quotes from 26,677+ activist slides

"This circular activity implies SunStrong is capable of repaying its loans from HASI, when it did not in substance do so."

"HASI's Lack of Disclosures About its SunStrong Transactions Imply that it is Sensitive About Investors Knowing the Facts"

"HUNTSMAN NEEDS STRONG INDEPENDENT BOARD MEMBERS WHO WILL DEMAND IMPROVED PERFORMANCE AND HELP MAXIMIZE STOCKHOLDER VALUE"

"The answer to the question posed is that YDT is not a real company. Its purpose is to assist NQ in defrauding investors."

"MDLZ’s share price including dividends has increased 18% from our average cost at announcement date to January 20, 2017*"

"We believe there are specific initiatives that Bristol-Myers can undertake to bring R&D spending more in-line with peers"

"Well-run and/or fast-growing stand-alone businesses with strong brands have all attracted significant valuation premiums"

"An IPO of McOpCo would have several positive strategic and financial implications for both McDonald's as well as McOpCo."

"Thus, to the extent Site Visibility accounts for an increasing area of growth, Samsara's hardware reliance will persist."

"If the mortgage defaults, home prices would need to decline by more than 25% for the mortgage guarantor to suffer a loss"

"The GSEs' guarantee business should have a lower capital ratio than banks and PMIs to reflect the lower risks they incur"

"HIMS leverages its role as an intermediary to operate free of the normal healthcare guardrails used to protect patients."

"Monster said there was "inconsistent purchasing patterns by our bottler" but there was no mention of Burn being dropped."

"Average multiple was 27.2x forward earnings, ~250% higher than State Street's current multiple of 8.0x forward earnings."

"Even after long-term contracts expire, both parties will likely have an incentive to extend the commercial relationship."

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Unaffected Stock Price(4) Has Declined -11% Since the Separation of Conoco (16+ years) And Down -20% From Peak (5/20/98)"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Unaffected Stock Price(4) Has Declined -11% Since the Separation of Conoco (16+ years) And Down -20% From Peak (5/20/98)"

"Spruce Point doesn't believe that SMCI is a high-quality company and that investors should not chase its revenue growth."

"Bedding looks to be poor quality. Many farms try to use dirt instead of good sand. Cows will not be comfortable in dirt."

"A 4.5% miss on Adjusted EBITDA results in an 18% decrease in bonus, but a 4.5% beat results in a 100% increase in bonus!"

"None of these revenue streams or relationships appears significant enough to justify Publishing being 100% owned by TWX."

"We believe XL's proposed commercial charging product, XL Grid, is another attempt to generate hype through exaggeration."

"Turns out... there is no Chocolate and there is no Peanut Butter. There is only Reese’s Cups. It’s actually one company."

"A few examples of the emotionally charged language used by the WFG recruiters we spoke with during our recruiting calls."

"For the purpose of our analysis, we conservatively assume Herbalife products are sold for a 35% discount to Adjusted SRP"

"McGraw-Hill's value creation plan should address the key structural elements of its underperformance and undervaluation."

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Unaffected Stock Price(4) Has Declined -11% Since the Separation of Conoco (16+ years) And Down -20% From Peak (5/20/98)"

"Trian has a track record of adding value in the Boardroom, improving both operating results and share price performance."

"It goes without saying that this performance cannot continue or the future of PepsiCo's beverage business will be bleak."

"Is it possible that massive rebates are accounting for this divergence? Kornit needs to explain this issue to investors."

"The company is already close to breaching the covenant and is suffering from a slowdown in its Traditional CRM products."

"MedSec has exposed many ways that St. Jude Medical did not adequately protect its proprietary CIED communication scheme."

"These discussions made clear that many of the Company’s issues are self-inflicted and attributable to senior management."

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

"Spruce Point believes that MSCI's segment reporting gives management wide latitude to manipulate margins to its benefit."

"We believe it is potentially Intuit and that the incident further highlights Intuit’s reliance on questionable partners."

"Management has announced a share repurchase plan of ~$14bn over the next two years, nearly 20% of the current market cap"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Unaffected Stock Price(4) Has Declined -11% Since the Separation of Conoco (16+ years) And Down -20% From Peak (5/20/98)"

"Trian has a track record of adding value in the Boardroom, improving both operating results and share price performance."

"If the mortgage defaults, home prices would need to decline by more than 20% for the mortgage guarantor to suffer a loss"

"The GSEs' guarantee business should have a lower capital ratio than banks and PMIs to reflect the lower risks they incur"

"The GSE restructuring plan enables Fannie to achieve the capital level required to exit conservatorship by year-end 2026"

"Insiders rush for the exits just as management announces plans to exit underperforming businesses and shift M&A strategy"

"「証拠は何一つを見せてくれていません。私としては、ロシアのIsteqから導入したあの光源についてとても懐疑的に思っています。現状ではうまくいくはずがないのです。ただの研究所の試作品であって、実用性に乏しく、概念から一歩踏み出した程度です。」"

"「レーザーテック製の装置の品質上の問題に関する懸念があり、本社を訪問したわけです。工場から出荷される装置の品質向上の取り組みを、現場で確認するためでした。……ただ苦情をいうために出向いたのではありません。訪問したのは技術系の上席幹部でした」"

"We Believe Broadridge Is Not A Leading SaaS/Fintech As Promoted, But Rather A Low-Tech Business Process Outsourcer (BPO)"

"Each of the companies is expected to see improvement in growth + profitability in 2023, largely due to margin expansion."

"GoDaddy is a high-quality, infrastructure-like business that should be able to generate best-in-class financial results."

"Dozens of vendors like Sony, Thermo Fisher, and others sell cytometers, typically for $75-100K vs. BLI’s Beacon at $2MM."

"BLI has peaked; losing ground and “not selling many instruments”; competitors view their volumes as “a bloody disaster.”"

"We see that 2011 total depreciation and amortization (“D&A”) was $481 million, and later revised to $282 million (-41%)."

"Ironic Fact: TAL was likely the first Shunshun investor to actually record a cash contribution into the Shunshun entity."

"Spruce Point finds more evidence that Magnite is under revenue pressure, and is prone to over-promise and under-deliver."

"We view Fairfax's behavior during this time as that of a stock promoter running a "pump and dump" with respect to Digit."

"In total, the collected data suggested that BEKE inflated its new home and existing home sales GTV by 65% in 2Q-3Q 2021."

"Despite its tenant exposure, Realty income has outperformed the U.S. real estate index (1) by ~35% since January 1, 2008"