Callouts & quotes from 26,677+ activist slides

"Assuming Valeant achieves “Floor” 2016 EBITDA guidance of $7.5bn, the stock is inexpensive as a multiple of 2016 EPS"

"Albanian media reports that Mr. Peçini is a doctor (the below is a Google translation of just one of the headlines):"

"We believe Fluor has several viable options to separate its NuScale stake in a way that would benefit both companies"

"If the land around the airport is worth $2.1 billion, bulls claim you are getting the other 500,000 acres “for free”"

"Now, management is trying to distract investors by blaming the oil spill and hoping for the “legal lottery” windfall"

"Pure trades at 6.3x and 26.9x CY2026 revenue and EBITDA, respectively, representing 95% and 171% premiums to NetApp."

"Based on this analysis, Veritas could pay north of $30 per share for HMHC and still earn a 5-year IRR north of 17.5%"

"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"

"Notice for the first time that cash liquidity fell below cash on the balance sheet while foreign cash balance surged"

"At issue: the pending expiration of the key patents preventing others from selling K-cups for use in Keurig machines"

"Top executives paid almost $50m over past 3 years despite 70%+ underperformance of SE share price versus comparables"

"MDA’s Communication segment is a significant industry outlier on its ratio of capex to depreciation and amortization"

"But none of them generated excess cash flow, not even when oil was at $100 a barrel. In fact, the opposite was true."

"BWLD's largest franchisee's “4-wall” margins outperform company-owned system average by several hundred basis points"

"While we suggested a maturity extension of GGP’s unsecured debt, the vast majority of it will be repaid at emergence"

"Anchor tenant same store sales have turned from negative in late 2008 and 2009 to materially positive so far in 2010"

"Unlike traditional IPOs where buyers have all the leverage, PF GGP's equity is already fully committed pre-offering."

"We believe the current market served by iRhythm products is quite small, between 4.5 to 6.5 million patients a year."

"The implication for AtriCure is that its best hope for growth is already dead, and it hasn't even been approved yet."

"Our interview with Mr. C indicates Mr. Lin is also the cousin (表弟) of the Chairman and head of ANTA’s Yunnan branch."

"Interest in Dropbox, as measured by Google Trends, is declining whereas interest in its peers is stable and growing."

"Thus, Dropbox is pretty close to, if not already, close to the saturation point in terms of registered users growth."

"Twist simply copied the Agilent chip, and is now crippled by the same losses that led Agilent to throw in the towel."

"Third-party expert analysis indicates that Rio's DLC structure has led to US$14.7 billion in wasted franking credits"

"Since our investment became public in July 2012, we have shared our perspectives with P&G’s management and board on:"

"We believe the aged nature of the Company's land assets causes them to be understated on the Company's balance sheet"

"In activist short selling, such a kneejerk reaction from a company is often a strong validation of the short thesis."

"Starboard seeks to leverage its experience turning around Olive Garden in improving operational execution at Outback"

"We believe that consistent, methodical, and well-articulated capital allocation policies improve valuation over time"

"NQ's book cookers made the following tax-related errors in producing fraudulent financials for its various entities."

"Management has not provided adequate responses for its failures, leaving Wall Street analysts and investors confused"

"We believe the HK government will repeg the HKD at a stronger exchange rate to the USD while leaving the LERS intact"

"The analysis demonstrates that the Real Estate and Franchise business contributed approximately 78% of total EBITDA."

"C3's sales commission expense recognition policies do not appear to match the underlying economics of its contracts."

"Here is more evidence to suggest that Baker Hughes might be used as a "cookie jar" reserve when revenues are needed."

"Spruce Point understands that FND claims that it doesn't lose money in any product category and has no loss leaders."

"We are curious as to why management has chosen to leave this null account on its statements for a decade, unchanged."

"Since 2023, Monster's YouTube channel has doubled the number of videos, but its subscriber count has grown only 10%."

"We therefore conclude that ICMS's 49% share of S2 Albania was entirely unjustified, and is a conduit for corruption."

"We believe much of the difference is excess corporate expense, which in our view, burdens all of DuPont's businesses"

"Under John Myers, the GE Asset Management (GEAM) business expanded rapidly, especially in servicing external clients"

"Spruce Point raises concerns about the manner in which CEO Liang recently disposed of more than 528,000 SMCI shares."

"Agrium suffered from a persistent and growing valuation discount that it widely acknowledged prior to JANA's arrival"

"Disney has clearly not earned an adequate return on the $200bn of capital invested in M&A, CapEx, and content spend."

"The Board has given Bob Iger a dual-mandate to get the business back on track and assist with succession planning..."

"There is an obvious dichotomy between TWX's PR campaigns and its acceptance by the media and the views of investors."

"For high growth and high multiple technology stocks, missing revenues is like the kiss of death for the stock price."

"For high growth and high multiple technology stocks, missing revenues is like the kiss of death for the share price."

"GOVERNMENT INCENTIVES ARE DISAPPEARING: POTENTIAL CUSTOMERS NO LONGER GET THOUSANDS OF DOLLARS IN REBATES ON HYBRIDS"

"These partnerships will last well into the decade and show the stickiness of Peanut Butter’s products and expertise."

"LEADING PROXY ADVISORY FIRM ISS RECOMMENDS PHILLIPS 66 SHAREHOLDERS VOTE FOR ALL FOUR OF ELLIOTT'S DIRECTOR NOMINEES"

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

"We believe that having enormous simultaneous increases in advances from customers and deferred costs is implausible."

"Kao’s two-month early announcement of new directors short-circuited what should have been a robust selection process"

"There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years."

"The Company has also missed its volume growth target for the last 3 years, which is intended to track closely to GDP"

"The EPS Slingshot is not a metaphor. It is arithmetic. Flat earnings plus 10% share reduction equals 11% EPS growth."

"If the desire to declassify is genuine, one would think the board would accept the remedy that Elliott has proposed."