Callouts & quotes from 26,677+ activist slides

"Bristol-Myers is knowingly acquiring a massive small molecule patent cliff, which is, to our knowledge, unprecedented."

"The complexity of CAR-T manufacturing processes injects additional risks into the commercialization of CAR-T therapies"

"Bristol-Myers management seems to be expecting five unidentified products to generate average revenues of $1.4 billion"

"The revenue trajectory for existing CAR-T therapies suggests it will be very challenging to achieve blockbuster status"

"Wall Street analysts expect Bristol-Myers to continue to grow revenue and leverage it into faster adjusted EPS growth."

"Reflects the cost of financing for a bank. Institutional and individual investors will pay a higher rate (~35bps more)"

"We believe the US petroleum business would be more efficiently managed and appropriately valued as a standalone entity"

"We believe Dudum has a special knack for exaggeration which should undermine confidence and credibility in its leader."

"we believe using conservative assumptions that Cognizant can achieve a value of $80–$90+ per share by the end of 2017."

"Unamortized capitalized software a much greater share of assets at Amdocs (the parent) than at its European subsidiary"

"Marathon has the best refining assets in the world; with improved focus, these assets can realize their full potential"

"These data points, along with color provided by a leader in server market research, indicate lower sales growth ahead."

"How long can SCMI's stock price be unhinged from its biggest customer and reductions in cloud and datacenter spending?"

"The business is susceptible to Facebook's cost cutting. Can you replace Facebook? No, that's an irreplaceable monster."

"Agility [and] innovation will separate the winners from the losers. In the 21st century, large is no longer in charge."

"The following analysis illustrates the cash flow forecasts of TWC assuming initial leverage of 4.75x total debt/OIBDA."

"DV is having to compete with IAS' Context Control product, which according to the Company is rapidly gaining adoption."

"We believe Momo owned entities may own Illuminar Interactive International Inc. based on the above chain of ownership."

"The Company claims that retail represents two-thirds of the profit opportunity for Herbalife distributors (50% of 73%)"

"Herbalife entered Ireland in 2000. Ten years later not a single Irish distributor had even made it to Millionaire Team"

"While HLF now uses 1 Million Lifetime stories, high-ranking distributors continue to use specific dollar testimonials."

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

"Total shareholder returns have significantly underperformed snacks and beverages peers over an extended period of time"

"We believe that inconsistent product placement and messaging bodes poorly for long-term branding and consumer loyalty."

"We propose the addition of at least three truly independent directors to the boards of Samsung Holdco and Samsung Opco"

"Fortissimo Capital, which owned 50.5% of KRNT at IPO in 2015, just sold all its stock in Dec 2018 at $20.60 per share."

"The “overvalued on book” argument is not just wrong — it implies the stock is actually cheap on the correct framework."

"We believe with new regulation and the heightened focus on conflicts of interest, MSCI could face increased pressures."

"Spruce Point believes that MSCI should disclose the terms of this acquisition and Fabric's number of paying customers."

"A significant improvement in cost management and modest revenue growth can drive nearly a 75% increase in EBIT by 2014"

"Net of stamp duties, we estimate the flip generated Pisach ~£753,000 in profits on the near-instantaneous transaction."

"However, we question the judgment of Intuit's audit chairman Thomas Szkutak to associate with controversial companies."

"In the beginning, HBOP ordered a corrugating medium paper machine, but now, it's ordering a kraft board paper machine."

"The numbers in the “minimum values” column exceed the numbers in the “maximum values” column and the “average values”."

"Management speaking about the sale of the third-party rental business more as a "wind-down" than as a true divestiture"

"...with the right leadership, operating priorities and strategic focus, Phillips 66 can be a much stronger company...."

"「率直に言えば、儲かるのはマスク工場での稼働です」とKLAの元エンジニアリング幹部はいう。「ウェハーのファブに設置するために大金を使って極端紫外線アクティニック検査装置を買ってくることは私には想像しにくいです。優先順位が違うからです」。"

"KLAはウェハー検査とレティクル検査の市場を長年支配してきたため、態度が横柄であることは事実です。インテルのある人物はKLAと同社の態度について憤慨していて、意図的にKLAを発注先から外し、検査などの装置の代替仕入れ先を探していました。"

"BlackRock has a weak governance framework which is evidenced by a clear lack of independent oversight over management."

"Real estate income is worth substantially more to a real estate business than to a poorly valued operating business..."

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

"The Board would be paying the CEO half a billion dollars on the way out the door after he destroyed shareholder value."

"I think for the vast majority of people, using some other combination of technologies is a much better place to start."

"Lightning is a failed product at every level; BLI got the features, applications, target market, and pricing all wrong"

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

"TSMC is not buying the High NA Lasertec tool...there’s no confidence in my opinion that it will be a reliable product."

"The valuation ascribed to this 36% of shares fails the laugh test, and the transaction structure fails the smell test."

"We conclude that TAL involved itself with Shunshun for the primary purpose of inflating earnings through parking DFRL."

"Olam has produced some of the worst accounting gaffes we’ve ever seen—often surpassing the US-listed China RTO frauds."

"The current plan to cancel these shares over 5 years is far too long and has been mischaracterised as a capital return"

"SCT's fashion business is the largest in Korea and has undergone a strong turnaround in profitability in recent years."

"MDLZ’s share price including dividends has increased 17% from our average cost at announcement date to April 18, 2017*"

"The price of copper could double overnight...and we couldn't add new production of significance for a number of years."

"It could double QB2's production capacity, making it a top-5 copper mine globally. We won't count it in our valuation."

"We also estimate that PGNY customers are paying almost double for the pharmacy benefit in FY22 versus the 2019 cohort."

"Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee"

"Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee"

"21 REIT CEOs have consistently underperformed their proxy peers, yet their executive compensation was rarely adjusted."

"Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee"

"Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee"