Callouts & quotes from 26,677+ activist slides

"Shrinking profits should pressure buyback capacity by next year... and that’s before talking about the real problems."

"Bristol-Myers' strategy of partnerships and smaller acquisitions elevated the Company to a market leadership position"

"Celgene estimated peak sales potential of $3 billion for JCAR017 when announcing the acquisition of Juno Therapeutics"

"In light of your admission that Herbalife is a lottery ticket, basic fairness suggests you should disclose the facts."

"In fact, even targeted AI and robotics ETFs specializing in the sector do not hold C3's stock as a material position."

"Reforming the GSEs is the most effective, lowest risk, and most taxpayer-friendly solution for housing finance reform"

"Importantly, management is rarely transparent about the extent to which sales growth is attributable to acquisitions."

"An unamortized item such as this would be an awfully convenient place to park some capitalized expenses, wouldn’t it?"

"We find that an expanding disconnect between GAAP and Non-GAAP results is often followed by a decline in share price."

"Evidence of shareholder dissatisfaction is also clearly visible in the AGM approval rate for Sumitomo Realty’s Board."

"Spruce Point Has Numerous Concerns About Saputo's Ability To Meet The Pillars Of Its Aggressive Global Strategic Plan"

"Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend."

"Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend."

"Notice Saputo no longer giving volume trends in retail vs. foodservice. Volumes increase mainly due to an acquisition"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"The four founders have sold (or transferred ownership to irrevocable trusts) over 75% of their holdings since the IPO"

"The Company has manipulated the director election process, forcing Elliott to sue to insure its rights are protected."

"Certain peers of TWX, including lower rated credits, easily accessed the public debt markets during the fall of 2002."

"XL claims a positive fleet ROI of 55.7%, but its calculations are disingenuous. Our adjustments yield a negative ROI."

"And there are 3 additional vehicle launches for 2023 and 2024: the Kia EV9, the Hyundai Ioniq 7 and the Genesis GV90."

"The CEO claimed 15,000 employees worldwide in 2018, while numbers recently stated in the IPO prospectus claim 13,800."

"Cardiac safety data submitted to the FDA was a sham, and the agency's interpretation exhibits grave errors (p127-136)"

"Royalty overrides paid by Herbalife are unrelated to the ultimate sale price for the product achieved by distributors"

"The financial testimonials in this publication reflect the results of individual Distributors. Your results may vary."

"The substantial risk of contracting Wet AMD alone warrants an FDA's decision to mandate a warning label for the drug."

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Spruce Point believes that it is highly unlikely that Axon will parlay video AI to shoehorn their way into CAD / RMS."

"$524m is 97% of total revenues in FY 2016, and 70% more than CSTE's reported North American segment revenue of $308m."

"If the Company is willing to make the changes detailed in this letter, it can unleash Upwork's significant potential."

"HLT's share price including dividend reinvestment decreased 19% in 2022 and has increased 17% year-to-date in 2023(1)"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn"

"ACTIS A150 は極端紫外線マスク検査装置の初期機種で、いろんな問題があります。レーザーテックが極端紫外線に移行したとき、装置のチャンバーを改造しなければいけなくなり、チャンバーの構造と光源についていくつかの問題が発生しました。"

"We see evidence that Nidec is manipulating its reported Automotive OP margin in order to try to show an upward trend."

"It's evident that blockchain technology has the ability to disrupt many middlemen-type businesses such as Broadridge."

"It is also worth noting that certain figures in the Q4 2010 statements were inconsistent with the Q3 2010 statements."

"ADT represents an attractive risk-adjusted return investment with multiple ways to win and strong downside protection"

"Salesforce's vision and leading market position has allowed it to grow revenue at a ~38% CAGR over the last 20+ years"

"We believe the market rewarded Vertiv for growth, which allowed management to continue their growth-first trajectory."

"It's clever marketing spin and a "fantastic story" but the reality is less impressive than these announcements imply."

"Based on the first year of remodel activity, the New Format Superstores should have over 22% return on remodel cap ex"

"Based on our assumptions, we believe there is approximately $110mm of Net Working Capital in the International Stores"

"In 2020 Dipp settled fraud charges with the SEC and quietly departed GA along the way. She remains a huge Ginkgo fan."

"We believe there are similarities between the SEC's comments to Boulder and current weak disclosure practices by PBH."

"PBH is buying back its own shares at a 1-2x premium relative to the valuation it purchased the underlying businesses."

"The expected construction costs are about half of our estimate of Huishan's reported average spend of RMB 89 million."

"While Amcor has been underspending on capex, all of its closest peers are increasing or maintaining capital spending."

"Instead, Amcor announced a $500m share repurchase program, and executed it at above-market price of $10.16 per share."

"Herbalife and its distributors systematically engage in deceptive representations to recruit prospective distributors"

"Pretax return on assets is almost 7% after subtracting leasing costs, which include credit losses and corporate SG&A."

"GOOG's share price including dividend reinvestment increased 65% in 2025 and has increased 3% year-to-date in 2026(1)"

"HHH's share price has increased 21% since HHH announced the strategic transaction with Pershing Square in May 2025(1)"

"We believe its EBITDAP margins are inflated by 610bps, and YoY growth is just 3.3%, not 16.1% depicted by management."

"Oasis proposes giving external directors stock compensation (RSUs) to better align them with Kao’s long-term success."

"Elliott believes Phillips 66, $PSX, has a significant value creation opportunity driven by the quality of its assets."

"Red Cat's 2025 guidance excluding the SRR is laughable, and we don't think the company will come close to meeting it."

"We believe there’s no chance that the reality will even come close to unfolding in a way that justifies the euphoria."

"Management made false statements because it is still unable to explain why all of its cash was classified as Level 2."

"Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn"