Callouts & quotes from 26,677+ activist slides

"Ströer has an image problem. This image problem has led to your being vulnerable to attack. And that has now happened."

"Peloton's interim co-CEOs are telling the same story of a recurring, high-margin subscription revenue stream business."

"Even at the low-end of estimates, JPM thought the company's equity would be worth ~70% more than where it trades today"

"Once you exclude float income and charge corporate overhead to Employer Services you can then compare with competitors"

"ADP’s competitive weakness is masked partially by “sell-in” driven by recent industry trends toward HCM Beyond Payroll"

"PHILLIPS 66'S EXISTING MIDSTREAM BUSINESS ALREADY HAS HIGHER COSTS THAN ITS PUBLIC PEERS, DUE TO ITS BLOATED STRUCTURE"

"A classic sign of potential accounting shenanigans is when accounts receivable are growing faster than reported sales."

"In Greenlight's opinion, when an equity sponsor has to guarantee the bank debt the investment is a troubled situation."

"Anta Group Henan Ruili Sporting Goods Co. is located in the Shangqi Liangyuan Industrial Cluster, Anta Industrial Park"

"An estimated $7 - $10 million savings can be realized by employing best practices that others have already implemented"

"An improved wine program and better execution would lead to a substantial improvement in same-store-sales and earnings"

"International expansion has been an area of profitable growth for almost every major casual dining company but Darden."

"This shows that your conventional battery performance is inferior to your solid-state battery, which is just not true."

"The actual dynamic within VW’s battery group does not suggest any validation or blessing of Quantumscape’s technology."

"This shows that your conventional battery performance is inferior to your solid-state battery, which is just not true."

"Within 48 hours of Pershing’s presentation, board rejects the Revised Transaction without seeking rating agency review"

"In our view, the Nominees for Shareholder Choice will bring much needed “new life” to Target’s insular incumbent board"

"Multiple ex-IonQ employees suggested that the photos of the slick black box quantum computer are staged or misleading."

"He slammed IonQ’s promotion of double-digit qubit systems as “very, very premature in terms of a scalable technology.”"

"Abbott achieving Tier 2 status across 166 plans on one of the largest health insurers in the U.S. is NOT "small scale""

"Management Nominees Appear to Be Picked for Their Concurrence on a Plan That Supposedly Predates Them by 3 to 17 Years"

"The CEOs chronicled in The Outsiders produced returns of over 20x the S&P 500 and over 7x their respective peer groups"

"On analysis, Mr Galloway’s claim for judicial review really boils down to two key lines of challenge (§§59, 71 below)."

"Autodesk is asking shareholders to accept a complete lack of consequences and accountability for these serious issues."

"Autodesk has spent $2.4 billion on acquisitions over the last five years, mostly for assets with little to no revenue."

"As a result, we believe it would be appropriate for the company to set a formal margin target range of 18-20% by 2020."

"We believe Fluor is one of the few remaining EPCM firms positioned to capitalize on accelerating construction activity"

"N.B. Because these are interest-only loans, this model relies on borrowers being able to refinance to repay the loans."

"An estimated $7 - $10 million savings can be realized by employing best practices that others have already implemented"

"An improved wine program and better execution would lead to a substantial improvement in same-store-sales and earnings"

"Spruce Point believes that Xylem’s talk of margin expansion and operating leverage is a mirage that has not succeeded."

"While Partners Such As Maxar, Are Likely To Be Asked To Commit Capital And Fund The Project (Money Maxar Doesn't Have)"

"Outsized market growth + dominant market share + margin expansion make for a very intriguing Alibaba Group opportunity"

"Spruce Point frequently sees insider selling paired with accelerated buybacks among companies under increasing strain."

"Spruce Point frequently sees insider selling paired with accelerated buybacks among companies under increasing strain."

"Mr. Verghese: Should shareholders be worried about someone in management getting a substantial management margin call?"

"The contrast between the frequency, tenor and content of how Dr. Kleinfeld speaks about plants vs. PCC is very telling"

"ADP's share price including dividends has increased 18% from our average cost at announcement date to January 19, 2018"

"HLF's share price has increased 60% including dividends from our average cost at announcement date to January 19, 2018"

"So if you're acquiring the assets and hiring the salespeople, why don't you acquire the company instead of the assets?"

"The reality is Unity® in Canada and the U.K. are both being served by legacy products that have simply been rebranded."

"Fundamentally, the Company’s culture needs a reset – and this requires an overhaul of the Board, beginning at the top."

"We are convinced that Southwest represents the most compelling airline turnaround opportunity in the last two decades."

"Spruce Point also takes issue with management's claims that tax issues are the culprit for recent cash flow headwinds."

"We call upon BUR to reconcile cash flows to the investment performance table for historical periods and going forward."

"Zebra's EBITDA to Interest Expense credit metrics would look worse if factoring fees were considered interest expense."

"Therefore, one could conclude that BP's 2025 EBITDA guidance was implicitly revised down by around 12% to cUSD40-43bn."

"Twist tried to get share by selling at “half or a quarter” of prevailing prices; giving money away to buy market share"

"Twist’s TAM in NGS is less than $500MM and is dominated by divisions of large players like Roche, Agilent, and Danaher"

"We were left to wonder if this purported enterprise was ever formed, and if $25MM was ever wired – and if so, to whom?"

"Counter-cyclical elements in fee revenue mitigate the impact of severe market downturns and provide earnings stability"

"REITs to date have raised over $18bn in equity capital, a sizeable ~10% of the current market cap of the REIT industry"

"If the $3bn of remaining productivity dropped to the bottom line, operating profit would have been ~20% higher in 2016"

"Muddy Waters is inherently suspicious of companies that hire CFOs without China experience or Chinese language skills."

"Muddy Waters, LLC believes that DGW is the biggest fraud we have encountered so far in terms of revenue overstatement."

"Valuing this acreage on a cap rate basis supports a valuation of ~$6,700 per acre for ALEX's agricultural landholdings"

"Kratos Is Just Another Overhyped Robotics / Drone Company. Spruce Point Has Excelled Shorting These Types of Companies"

"NQ's consumer monetization platform is a myth, and that reality voids any legitimate rationale for focusing on gaming."

"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"