Callouts & quotes from 26,677+ activist slides

"Accordingly, a lowering of HASI's discount rate can mean tens of millions in extra annual non-cash, unrealizable gains."

"Twist has one of the most horrific competitive positions we have seen - which helps to explain its mind-bending losses."

"P&G's organic sales growth has deteriorated over time... And has significantly underperformed the peer group since 2011"

"Most importantly, we seek to help companies we invest in achieve value creation through improved operating performance:"

"The Park began in 2011 with RMB 6 billion in investment and closed in 2014 having failed abysmally to attract visitors."

"The formal commitment of the Exchange Fund will be limited to redeeming any amount of the note issue at the fixed rate."

"McDonald's management stated that, assuming adequate value creation, none of these issues would prevent a restructuring"

"Samsara derives almost 30% less annualized license revenue from forward facing cameras compared to dual facing cameras."

"Yet, ELF serially raised guidance starting with this call – even as it was dropping its China purchase volumes by ~2/3:"

"We are seeking Board and management change to enhance the long-term performance and competitive position of the company"

"The combined market cap of the private mortgage insurers that have operated continuously since 2000 has declined by 50%"

"We believe that even a family medicine physician with a special interest in dermatology is NOT an actual dermatologist."

"Phillips 66 (NYSE: PSX) CEO Mark Lashier has been richly rewarded for failure, reaping $79M in compensation since 2022."

"We estimate that revenue per new store fell from $15.0 to $12.4 million ($178 to $172 per sqft.) between 2022 and 2023."

"Quarter-over-quarter sales growth consistently higher in acquisition periods, and near zero in non-acquisition periods."

"New leadership to be laser-focused on executing against plan targets, with a refreshed Board providing strong oversight"

"The Stronger Southwest plan ambitiously addresses the Company’s key issues and delivers a brighter future for Southwest"

"Spruce Point has identified at least eight of twenty-nine U.S. production facilities marked with recent EPA violations."

"We are confident in our ability to identify high-quality board members who are committed to creating shareholder value."

"Simon’s cap rate suggests the value of GGP REIT, not including GGMI and MPC, is somewhere between $9 and $22 per share."

"Be Wary of Chasing SMCI’s Revenue Growth Story As Many Signs Point To Failure And The CEO Dumps Record Amounts of Stock"

"Parkland’s shareholder returns have been a disappointment over every relevant period, as the following table indicates."

"NO legacy directors were refreshed between 2018 - 2021; new directors were ALL added by expanding the size of the Board"

"The analysis would suggest that TWX could relocate to less expensive space and save approximately $90 million per year."

"The Networks and Filmed Entertainment SeparateCo would be the leader in their respective sectors with must-own content."

"TWX limited the roll-out of certain AOL initiatives, such as VoIP services, that were potentially competitive with TWC."

"The companies below have received approximately the following number of U.S. patents in the healthcare / nutrition area"

"Herbalife's return percentage would be twice as high if the company reported returns as a percent of GAAP Product Sales"

"We estimate that the average failed Sales Leader has $2,000 of expenses, net of minimal retail and/or recruiting profit"

"Within these seven countries, PepsiCo is losing market share across the majority of its snacks and beverages portfolios"

"Follow the money: the trust holding employee stock has been selling the past three years: from 3.6 > 3.3 > 2.9m shares."

"2. Samsung Electronics’ shareholders have long suffered significant undervaluation of the business by the equity market"

"Staggered boards are not in the interest of shareholders because they limit accountability and can enable entrenchment."

"Spruce Point finds a pattern of MSCI's management making aggressive, if not unrealistic assumptions, which flatter EPS."

"Intuit does not disclose to investors any information regarding its loan loss allowances or historical loan write-offs."

"Gordon Brent Pierce was an initial investor in UEC and had business dealings with Grant Atkins who was UEC's first CFO."

"Robust international unit growth should continue, led by China and other significantly underpenetrated regions overseas"

"PERI reported “new publishers” to its advertising search network, but we believe it should report “net new” publishers."

"The production schedule continues to be constantly revised, with the development priorities being reshuffled each time."

"レーザーテック・イノベーション・パークが詐欺だという証拠写真を公開する前に、設備投資について検証しよう。イノベーション・パークとなった不動産を購入する関係で、2023年6月期に計上した設備投資は、レーザーテック創業以来の史上最高額だった。"

"These three interrelated directors hold ALL Board leadership positions, including Chairman and chair of all committees."

"Spruce Point observes a sharp recent increase in fees spent by BR for audit-related services tied to internal controls."

"Spruce Point believes that Advent can, and should, use this as leverage to renegotiate the deal price lower by 35%-50%."

"In our experience, synthetic biology is another meaningless term and may as well be a synonym for publicly-traded scam."

"It appears that Stryker failed to restate the segment D&A when it made the restatement through the cash flow statement."

"Stryker paid $370m upfront for an acquisition with just $3m and $7m of accounts receivable and inventory, respectively."

"Foley's loose language makes us question the integrity of his guidance and key performance metrics, most notably churn."

"And it trades at a massive premium to its oilfield service peers – more than twice the multiple of prior peak earnings."

"Steady-state free cash flow concept, which debt investors have become comfortable with, is essentially the same as AFFO"

"We estimate total addressable market penetration of only ~40% today; penetration of home automation nascent at only ~2%"

"We believe Wix has an opportunity to significantly improve its profitability and grow FCF per share in the coming years"

"Properly evaluating and executing a portfolio simplification will take credible, experienced and independent directors."

"Since joining JCP in November, Ron Johnson has assembled a dream team of 41 managers to help him turnaround the company"

"Met Coal is different from Thermal Coal, which is used to make electricity and is under siege for its carbon emissions."

"Management has indicated it would sell the International business (franchising) if it can't be fixed in a timely manner"

"Bunge Is A Levered Roll-Up With No Evidence It Has Ever Generated Economic Cash Flow And Is Now Under Mounting Pressure"

"There is a strong demand for liquid, inflation-protected, income-oriented securities that offer higher yields than TIPS"

"Welcome to "recession chic" and its personification, the "recessionista," the new name for the style maven on a budget."

"Set forth below is an illustrative example of how Target Corp and TIP REIT can work together on future land procurement"

"At less than 600 satellites, the entire non-captive TAM for launch is easily supported by less than 100 total launches."