Callouts & quotes from 26,677+ activist slides

"We have already shared evidence indicating that Cambium is an undisclosed related party in which Ginkgo is an investor."

"Spruce Point finds this maneuver particularly aggressive and gives the Company no credit for its “revenue adjustments.”"

"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"

"The question is who benefits from the harm to savers? Of course, it is governments who are able to borrow more cheaply."

"Commvault is not executing against this paradigm and is delivering both exceedingly low margins and low revenue growth."

"We believe investors fail to appreciate the full range of potential competitors and competitive threats faced by Heska."

"2022年までの10年間、モルトンブラウンの世界収益は6.2%の年平均成長率を達成しました。しかし、花王は2030年までのモルトンブラウンの年平均成長率は5.2%を目指すとしており、この10年よりも遅いペースの成長目標が掲げられています。"

"Other companies with brands like these, such as Procter & Gamble and Colgate-Palmolive, trade at low 20s P/E multiples."

"This "coincidence" calls into question whether there was any commercial rationale at all for CPI PG to acquire Polma 1."

"After subtracting 10,342 duplicates, this resulted in 28,545 total users (52.8%) that we are highly confident are fake."

"Revenue is the only metric difficult to manipulate, and would reflect USCR's negative true organic volume growth rates."

"Stepping outside of a pre-arranged plan is highly unusual and aggressive, especially when the options are not expiring."

"That something “big” may drop seems to be an open secret - transplant surgery is a small field where word travels fast."

"TransMedics surgeons viewed as a “nightmare to work with”; centers don’t trust organs are handled by qualified surgeons"

"Device technicians are unqualified and “unprepared”; require help; “not qualified to be pulling or pushing medications”"

"The Board must provide shareholders additional information regarding the process and value of concessions made to CPKC."

"If he plans to keep the c-suite under a Rossy dynasty, the family’s personal stake in the business should reflect that."

"In our opinion, these product hypes are used by management and Street analysts as a carrot to keep investors interested"

"Yet again, this data point calls into question why Leidos implied that ~90% of the deal revenue would be international."

"Key trial investigators broadly rebuke VYKAT XR as a failure and looming safety disaster – summaries of each interview."

"Not surprisingly, posts are already piling up with parents indicating they have discontinued the drug or considering it"

"As we shall show, the claim that the PK profiles are different is , making the two formulations freely interchangeable."

"I can't think of any reason why the substitution couldn't achieve the same result...yeah, I agree with your assessment."

"“Hourly Consulting Pay” is unrelated to “hours” or “consulting.” It is merely a deceptive label for recruiting rewards."

"We had much better compounds based on physical property and drug-like properties than pitolisant. So, we pursued those."

"Whale prescribers cutting prescriptions as they run out of patients or have no clinical results or “heat” from insurers"

"In our opinion, Prestige shares many of the same accounting and financial strains that foreshadowed Boulder's collapse."

"Non-memory (memory is more commoditized) semiconductor bellwethers largely trade in a range of 10-16x forward year EBIT"

"The fact that they don’t have a commercial office in North America suggests that they have little to no business there."

"Will represent a small percentage of fund capital in the aggregate and an appropriate “return on invested brain damage”"

"MDLZ’s share price including dividends has increased 17% from our average cost at announcement date to January 19, 2018"

"Until last week, Pershing Square did not know that Valeant had acquired an undisclosed purchase option in December 2014"

"We believe the previous purchase price of $1.92M better reflects the value of the property at the time of the purchase."

"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"

"Irrespective of court case developments, we believe reform and restructuring of Fannie and Freddie are likely to occur:"

"We believe management is misrepresenting the economic opportunities of this new acquisition to pump up the stock price."

"We think that within 6 months AXDX management will be forced to revise down reagent revenue expectations a second time."

"We estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018"

"There is no proof that any optimization problem is solved faster using [D-Wave's] system compared to classical solvers."

"Misclassifying finished goods as work-in-process inventory are "tricks any supplier can play"; many ways to call it WIP"

"These businesses are not as profitable as either Soda Ash or Peroxides, but they provide stability and diversification."

"Deceptive persons often respond with moral outrage and bewilderment when confronted with an accusation of wrong-doing."

"We believe that calculating ITCs in a recursive manner contradicts the intent of the legislation that created the ITC."

"Henry Schein’s relationships and integrity with vets worldwide will “turbo charge” Vets First Choice’s growth profile."

"Vets First Choice will likely have grown its U.S. market share to 36% by the end of 2018 from ~20% at the end of 2017."

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

"In effect, Valeant is three diverse businesses, with unique opportunities and challenges and divergent growth profiles"

"Spruce Point believes this news came at an opportune time for the Company, days ahead of the beginning of its lock-up."

"While we acknowledge FIGS has strong brand awareness, we believe the Company understates its reliance on social media."

"Shareholders are picking up the tab for CEO Dovigi to purchase a new car annually and personal use of the Company jet."

"Restaurant Brands International’s share price increased 175% including dividends since it merged with Justice Holdings"

"Generac's acquisition of Enbala Power Networks in Oct 2020 has the flavor of a failed, but highly promoted investment."

"Four months later, on March 28, 2012, Stable Energy Resources assigned mineral rights to SandRidge in adjacent acreage"

"Many companies took advantage of the digital shift to drive improved growth during the pandemic, while Box decelerated"

"The EBITDA AMT was implying for Site Sharing at that time was at least 53.5% higher than Site Sharing's actual EBITDA."

"Moreover, there are a wide variety of urologist-specific issues that present strong headwinds to Aquablation adoption."

"One would think Riot has its hands full trying to develop East Texas rather than pursuing hostile takeovers in Quebec."

"Our analysis suggests 27% near-term upside, and the potential for over 60% upside in 15 months plus dividends received"