Callouts & quotes from 26,677+ activist slides

"Revenue, Earnings Quality And Cash Flow Are Deteriorating With Clear Weaknesses In Accounting And Auditing Oversight"

"LOW’s share price including dividend reinvestment decreased 21% in 2022 and has increased 8% year-to-date in 2023(1)"

"QSR’s share price including dividend reinvestment increased 11% in 2022 and has increased 5% year-to-date in 2023(1)"

"DPZ's share price including dividend reinvestment decreased 31% in 2022 through our last share sale on July 25, 2022"

"It is clear to us that Vivion’s bondholders have been bamboozled and are at real risk of having to “take a haircut.”"

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

"「レーザーテックの本社で在庫が膨らんでいると言っていました。私はそれを聞いてすぐさま思ったのは、貸借対照表に対して減損処理をしていないだろう、ということです。また、その結果として在庫を実際の価値よりも高い評価で計上しているでしょう」"

"「レーザーテックの本社で在庫が膨らんでいると言っていました。私はそれを聞いてすぐさま思ったのは、貸借対照表に対して減損処理をしていないだろう、ということです。また、その結果として在庫を実際の価値よりも高い評価で計上しているでしょう」"

"Red Lobster is at a critical point where dramatic improvement in operations is necessary to improve traffic and SSS."

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

"Then, rather than continuing to expand the resource footprint, the company conducted mostly infill drilling in 2019."

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

"Spruce Point believes Stryker's recent large acquisitions of public companies either are failing, or likely to fail."

"The SAIC financial changes show a sloppy book cooking mistake – messing up the purported amount of cash in the bank."

"The GZ 1-1 purported sale and buyback were engineered non-cash transactions designed to create the $50 million gain."

"Why is TFS associating with a company which facilitated fraudulent and potentially dangerous advertising statements?"

"We evaluate ROAD’s valuation relative to a mix of heavy / civil construction and materials and aggregates companies."

"3.0x net / EBITDA leverage level would enable ADT to immediately repurchase ~30% of the Company at attractive prices"

"Achieving Wix’s margin target will drive $6 - $7 of FCF per share in 2025... Implying Wix trades at 10x - 12x PF FCF"

"We believe that if Realty Income’s stock price were to decline meaningfully, its business model could be in jeopardy"

"HLF’s share price has increased 32% including dividends from our average cost at announcement date to April 18, 2017"

"PSH’s broker-traded volume is double the exchange-traded volume at 70% vs 30% from January 2, 2015 to April 14, 2017"

"We conclude that Weis is covering up financial strains that will create meaningful headwinds in the coming quarters."

"We've seen this story before where Bunge projects strong upside scenarios in mid-cycle, only to severely disappoint."

"The Huntsman Family Has Donated Almost $750 Million to HCI, Which Employs and Pays Dr. Beckerle >$1 Million per Year"

"QSR’s share price including dividend reinvestment increased 25% in 2023 and has decreased 2% year-to-date in 2024(1)"

"HLT's share price including dividend reinvestment increased 45% in 2023 and has increased 7% year-to-date in 2024(1)"

"Hilton is a high-quality business with a long runway of strong earnings growth led by an exceptional management team"

"UMG’s share price including dividend reinvestment increased 17% in 2023 and has increased 6% year-to-date in 2024(1)"

"CPKC’s share price including dividend reinvestment increased 4% in 2023 and has increased 9% year-to-date in 2024(1)"

"It is easy to achieve best-in-class FCF conversion when you underspend on capital expenditures and obscure R&D spend"

"We believe the share repurchase program conflicted with promises to investors and was used as a method to boost EPS."

"This is a company that has good people, has a rich history, and great assets that don't necessarily belong together."

"Achieves the removal of a key circular shareholding but without any more holistic corporate structure simplification"

"So far, the chain of dependency is simple: FV gains likely depended on whole Personal Loan sales that SOFI financed."

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

"CMG's share price increased 289% (3.9x) from the inception of our investment to our final exit date in November 2025"

"Nevro, in our opinion, has pushed a fraudulent narrative that Omnia represents a new technology or product strategy."

"Deckers stopped reporting same store sales for its retail stores after four consecutive quarters of negative results"

"This result underscores our advocacy for Kao to PRIORITIZE ORGANIC UNDERLYING SALES GROWTH over costly acquisitions."

"That leaves $84 billion in free cash to use for a one-time dividend, or a one-time self-tender offer for its shares."

"Management has squandered billions of dollars of shareholder value on failed exploration adventures around the globe"

"Our target: to generate 50% sales from direct advertisers by 2013, while maintaining good relationship with agencies"

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

"Contrary to Red Cat’s grandiose claims, the opportunity to sell Red Cat drones outside of the US Army is negligible."

"With numerous inconsistencies and many of the same management team in place, what are investors supposed to believe?"

"With numerous inconsistencies and many of the same management team in place, what are investors supposed to believe?"

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

"We Estimate that Vivion's Controlling Shareholders Have Taken Shareholder Loan Repayments of at least €360.1 Million"

"Zillow's utilization of stock-based compensation stands out against a broad universe of internet-adjacent companies."

"UMG’s share price including dividend reinvestment decreased 2% in 2024 and has increased 12% year-to-date in 2025(1)"

"QSR's share price including dividend reinvestment decreased 14% in 2024 and has increased 2% year-to-date in 2025(1)"

"HLT's share price including dividend reinvestment increased 36% in 2024 and has increased 8% year-to-date in 2025(1)"

"However, it has become clear to us that there is a debilitating lack of oversight and leadership at the Board level."

"Ex-surgeon says he resigned as forced to over-utilize the pump; device not needed for “majority of the organs in US”"

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

"Norfolk Southern has hired mouthpieces to talk around its deep-seated safety issues instead of actually fixing them."

"Shares of Norfolk Southern have outperformed CSX and the median of Class I Railroad peers since the unaffected date."

"Norfolk Southern's inferior service can be quantified by comparing carload volumes with its closest comparable, CSX."

"We believe the Independent Peer Group is an appropriate peer group for AOL, unlike the Company's current peer group."