Callouts & quotes from 26,677+ activist slides

"GOOG's share price including dividend reinvestment increased 36% in 2024 and has decreased 1% year-to-date in 2025(1)"

"Limbach’s limited disclosure, by contrast, makes it difficult to assess the sector concentration of its revenue base."

"Norfolk Southern switched manifest cars more than 2x as often as CSX in 2022, extending a gap evident in prior years."

"The Company does not utilize an objective, formula-based approach to setting long-term executive compensation levels."

"On all key metrics, we believe the Independent Peer Group is far more appropriate than AOL's own inflated peer group."

"Our research indicates that Sony’s semiconductor business can be spun off “tax-free” under the Companies Act of Japan"

"Soleno had no good answer to diabetes risk; physician is under the impression that Soleno is sending glucose monitors"

"3 key body composition claims (LBM, fat mass, BMI) are invalidated by DEXA artifact, undermining efficacy assertions."

"Lack of reporting on insulin resistance is highly troubling – “very odd”; “are they hiding something”; “really weird”"

"Endocrinologists already asking if they just use generic diazoxide – unconvincing answer; unknown mechanism of action"

"Soleno rep appears to be suggesting that Vykat's extended release formulation is “able to penetrate the brain better”"

"it's a very big concern...bananas...you're blocking insulin production in kids who are prone to obesity and diabetes."

"It’s clear that LSPD has financial control issues tracking the difference between software and payments and hardware."

"One-time opportunity to optimize corporate structures; start with “blank sheets of paper” to create leaner businesses"

"It appears to us that none of the Companies A-D represent Monster as ranked in the top five by market share in China."

"The only cash movement in this strategy is from TFS to the hands of its management; often in the millions of dollars."

"We believe trading comparables outside of traditional healthcare can be useful for valuing Valeant's durable business"

"We believe trading comparables outside of traditional healthcare can be useful for valuing Valeant’s durable business"

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

"THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH, AND ARE NOT STATEMENTS OF FACT."

"Philidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter"

"We identified at least 18 of a total of 37 transactions were marked up by crazy amounts without proper justification."

"THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH, AND ARE NOT STATEMENTS OF FACT."

"THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH, AND ARE NOT STATEMENTS OF FACT."

"Restaurant Brands International stock has increased 165% from our average cost since it merged with Justice Holdings*"

"THIS REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH, AND ARE NOT STATEMENTS OF FACT."

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

"In each of last 5 years, its gross margin exceeded ASML’s and each of the 5 largest semicap companies except for KLA."

"The Sumitomo stage that moves the mask/reticle is highly flawed and produces contamination inside the inspection tool"

"Spruce Point recently tracked 12 games with 24 possible outcomes and Kalshi had better odds in 21 of the 24 outcomes."

"~60% of Sweden home insurance customers and ~40% of motor insurance customers have had the same insurer for 7+ years"

"This statement is a form of impeachment (1), designed to erode the credibility and vilify the motive of the accuser."

"Only 1 of 12 independent Nestlé directors (newly appointed Kasper Rorsted) has fast-moving consumer goods experience"

"Companies following best corporate governance practices adopt policies that prohibit executives from pledging stock."

"The majority of the improvements will come from implementing best practices well-established by O'Reilly or AutoZone"

"We expect substantial additional share price appreciation as key steps are taken towards ending the conservatorships"

"PSH’s broker-traded volume is double the exchange-traded volume at 70% vs 30% from January 2, 2015 to April 15, 2016"

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"VER's stock price plummets by ~40% wiping out $4.5bn in equity capitalization value due to manipulating AFFO results"

"Given FIGS carefully crafted corporate image, we believe this level of exaggeration can materially harm FIGS’ brand."

"Spruce Point believes shareholders would be better served if CEO Dovigi focused all his attention and effort on GFL."

"P&G's share price declined by 1%, including dividends, from the beginning of 2014 to the date we exited the position"

"We find a step-down in acquisition deal activity from almost 20 per year to low single digits in the past few years."

"A price reduction on the order of 20% would have reduced cash flow by $91 - $126 million assuming all else is equal."

"This spontaneous and extreme negation suggests they may increase it more rapidly than they presently want to reveal."

"Carl Bass’s appointment reflects Box’s unwillingness to collaborate in good faith with Starboard and other investors"

"SilverRock, a related party, administers Carvana's limited warranty. Does Carvana pay a full price for this service?"

"Procept’s Aquablation is a resective surgical procedure, meaning it is generally used only when LUTS become serious."

"We have a long history of unlocking shareholder value at companies such as Marathon Petroleum, Hess, NRG and Suncor."

"Regardless, this is not what TRE is really doing. It is lying about selling such large volumes of timber to the AIs."

"ADP’s functional matrix reporting structure hampers execution, precludes transformational change, and promotes waste"

"Despite his credibility in leading TIM and impressive early performance, Vivendi is working hard against TIM new CEO"

"FNMA and FMCC share prices declined 66% and 64%, respectively, in 2021 and both increased 5% year-to-date in 2022(1)"

"The names are very similar, but not identical and the registration and ownership show they are completely different."

"By reducing the time it takes to bus a table by 2 minutes, we believe Olive Garden can improve EBITDA by $6 million."

"International franchising is an opportunity for long-term, highly profitable growth with negative capital investment"

"Franchising will improve performance and spur innovation – again, a win for Darden, the franchisee, and the customer"

"Spruce Point interviewed a materials science expert who opined on the HAMR process and titanium product end markets."

"Trian's objective is to create sustainable, long-term value at Disney by working WITH Bob Iger and the Disney Board."

"Vitek's profit on the roundtrip was €30.9 million, even though neither parcel of land had undergone any development."