Callouts & quotes from 3,339+ activist slides

"By separating into two smaller companies, we believe PPG could participate more easily in prudent M&A (more organizational capacity to do strategic acquisitions)"

"We believe the best valuation comparable to Porch is The Active Network, which was acquired by Vista Equity in 2013 for $1.05bn, or approximately 2x EV/Revenues."

"We believe Stryker has been delaying Capex to temporarily boost cash flow, especially as it has to pay down debt related to the Wright Medical Group acquisition."

"While the analysts believe that demand is strong in the Southeastern part of the U.S., contract awards in ROAD’s most critical state of Florida have decelerated."

"We believe Autodesk, Inc. ("Autodesk" or the "Company") is an attractive business with sustainable competitive advantages and a long runway for continued growth."

"We believe BKD's corporate governance structure falls short of industry 'best-practices', limiting the rights of the true owners of the Company, the shareholders"

"Despite significant acquisitions and investments, we believe the losses in the Display business have increased from $428 million in 2009 to $545 million in 2011."

"Are we really to believe that Carvana operates just one business, and that originating/selling subprime auto loans is not economically different from auto sales?"

"We believe Southwest's Board lacks the airline industry experience and independence required to hold management accountable and drive necessary strategic changes"

"We believe the Board must take immediate action to improve margins, optimize capital allocation, and enhance governance to unlock significant shareholder value."

"Spruce Point believes shares of GFL Environmental (TSX/NYSE: GFL), a cash degenerative North American roll-up of environmental service companies, are worthless."

"We believe this is nonsense. There is a clear standard of care for BPH that logically ramps the level of intervention based on the severity of patient symptoms."

"Are we really expected to believe these individuals were identified by “a third party search firm” and their relationships with Chairman Hill are a coincidence?"

"To be clear, we believe CCI is significantly undervalued on an absolute basis, and not simply relative to dividend paying companies across a range of industries"

"Greenlight can only conclude management, through Mr. Walton’s assertions, desperately wants the public to believe Greenlight has been negligent in its homework."

"A rising tide lifts all boats. We believe Huntsman's performance seems to be the result of favorable macro conditions rather than skillful management execution."

"We believe investors should have little confidence in the quality of Sunnova's inventory adjustments and presentation of financials given such frequent changes."

"We believe investors should have little confidence in the quality of Sunnova's inventory adjustments and presentation of financials given such frequent changes."

"Based on these assumptions, we believe McDonald's stock price would trade in the range of approximately $46 - $50 per share, as a result of a 20% IPO of McOpCo."

"We believe Samsara has been able to hide the deleterious financial impacts of its hardware products by unjustifiably extending device cost amortization periods."

"At the current valuation, Trian believes that management must prioritize returning capital to shareholders over M&A and should clearly signal this to the market"

"Nelson Peltz, the Trian team and Allegion believe that good corporate governance and good operational results go hand in hand. The results speak for themselves."

"We believe Huntsman's use of integrated margins creates a warped view of product profitability and may lead to mispricing and poor internal resource allocation."

"Sell-side promoters have relied on DV management's story that the international opportunity is large and growing fast. However, we believe the opposite is true."

"We believe the following two Samsung Opco capital management and dividend policy measures are necessary to bring its shareholder returns in line with its peers:"

"Spruce Point believes MSCI operates in an increasingly crowded space for Private Assets analytics and data against pure-play and integrated analytics providers."

"The commentary illustrates why we believe Rollins' M&A growth strategy is being stymied by growing numbers of private equity bidders outspending the strategics."

"Given its market position and decades-long runway for sustained earnings growth, we believe UMG’s current valuation represents a discount to its intrinsic value"

"Given the evidence we’ve presented that USCR’s GAAP financials cannot be taken at face value, we believe the best way to value the Company is on Free Cash Flow."

"We believe this is evidence that some acquisitions should have their goodwill and intangibles impaired. However, LSPD has failed do take any impairment charges."

"We believe the company is hiding a flawed business model with abysmally small revenue potential behind a façade of big-name announcements and lofty projections."

"We believe that in just a matter of a few days, PMV Pharma will head down the same path as Aprea, its stock dropped 77% on the Phase 3 failure in December 2020."

"Based on our review of FIGS stated competitive and product advantages, we believe that practically none of them are sustainable and most are easily replicated."

"We believe the machine doesn't exist and that the announcement was part of an ongoing pattern of fraud that its CEO and co-founders are now trying to cover up."

"We believe that the conflicts and private sector corruption often present in China business will include most to all foreign firms that offer similar services."

"We Believe PowerSchool’s Revenue And Adjusted Financials Are Inflated By Aggressive Accounting Practices And That It Is Materially More Levered Than It Appears"

"We believe the 85.9% gap between the RMB 156.3 million in revenue in the credit bureau reports and YY's claimed RMB 1.1 billion is suggestive of massive fraud."

"We firmly believe that this apparent margin superiority is due to fraudulent manipulation of ANTA's financials through the relationships with the distributors."

"Spruce Point believes Zebra's venture investments and some of its immaterial revenue acquisitions should be considered operating costs for analytical purposes."

"If P&G's current CEO cannot demonstrate a sustainable turnaround in the near term, we believe the Board will do the right thing and put in place new leadership"

"Unfortunately, we believe that this plan does not go far enough as margins will still be significantly below nearly all of the Company's peers, as shown below."

"We believe Bristol-Myers standalone adjusted EBITDA margins could improve from 36% to 45%, with an opportunity to potentially expand margins further over time."

"We believe that Mr. Brown’s extensive industry and chemicals experience coupled with his operational expertise would make him a valuable addition to the Board."

"DV's CEO Mark Zagorski failed miserably at his prior Company in expanding Telaria's international sales. We believe history is again repeating at DoubleVerify."

"Trian believes that losing vital concentrate sales, while convincing the public that you are not competing on price, is a “death knell” for a beverage company."

"We believe this is an improper method of accounting for these dual memberships which allows IQ to inflate its revenues and burn off fake cash at the same time."

"We do not believe these should be accounted for as assets: they are merely agreements with poor farmers. As a result, we believe the recovery on these is zero."

"Spruce Point believes that ROAD is overvalued and that its closest peer is a recent spinoff from MDU Resources (NYSE: MDU) named Knife River Corp. (NYSE: KNF)."

"We believe that EHTH uses an overly optimistic MA member persistence assumption, which has a material impact on profitability (or lack thereof) of an enrollee."

"Spruce Point believes investors are underpricing the risks faced by MGPI in 2017, some of which could have a material adverse effect on its financial condition"

"We Believe that Over Half of the Buses on which CCME has Placed Screens do not Actually Show CCME's Content, which Makes CCME's Revenue Claims More Outlandish."

"While project infrastructure renderings look appealing on paper, we believe they are fraught with execution risk and community pushback and extreme skepticism."

"Without some necessary change in the Company's current structure, we believe a successful implementation of the Company's strategic plan is far from guaranteed"

"We believe that Search is actually more closely linked to Access, AOL.com, and AOL Mail than the rest of AOL's owned content properties in its Display segment."

"We believe that Lasertec’s “Innovation Park” is a fraud and that key claims about any R&D or production activity, as well as its construction status, are false"

"Spruce Point believes two key sell-side assumptions are flawed. First, JP Morgan's claim that 70% of handle comes from the NFL is inconsistent with state data."

"FIGS likes to frame their competitors as still offering commoditized, shapeless, uncolorful cotton scrubs, but we believe that simply is not the case anymore."

"We believe ADP’s Employer Services segment, its largest business and currently ~2/3 of profit, is materially underperforming its competitors and its potential"

"For many months we believe Xylem side-stepped any discussion or reference of the $90 million required to achieve the $140 million of estimated cost synergies."

"We believe YY's 2010 buyout of Bigo for $1.45 billion in cash and stock was a scheme to bilk investors by buying another fraudulent company from the chairman."