Callouts & quotes from 26,677+ activist slides

"Liu Yishou said if he didn't return to YY he might have been gone forever. This time, he came back to "scam money.""

"The factory I visited, who ever owns or runs it, is incapable of performing to the level ONP reported to investors."

"DND's employee rating is 53% below the average for employers within the Information Technology industry (3.9 stars)"

"When coupling that with the apparent access to the Yundong email system, the notion of separation becomes farcical."

"Why does Oatly now claim to have semi-finished inventory when its external financial reporting does not include it?"

"If that’s not bad enough, $568 is an incorrect number – it’s actually $567. It appears that GTT thinks that 2+1 = 4"

"The Wood E&I business stands out as a major outlier. WSP should explain what exactly is driving the provision size."

"In other words, with these changes, we see BUR as having taken the decisive step toward becoming a stock promotion."

"Only provider in all major regions, and the #1 player in two major regions that comprise >60% combined global value"

"Zebra's Inventory Is Bloated And A/R Factoring Abnormal With Worrisome Accounting And Financial Reporting Practices"

"Elliott wants to augment TIM's Business Plan by aligning TIM with international corporate governance best practices"

"SunStrong flattered HASI's 2020 financials while PIKing by providing HASI with a $21.6 million equity distribution."

"BRP's portfolio consists of mostly mature land investments vs. more recent housing inventory for other homebuilders"

"Even with large expectations for the pipeline, revenue will be declining, possibly impacting the valuation multiple"

"The import data shows that as a group, January through September 2024 shipments to ELF by weight are down ~60% YoY."

"CP's inferior operating margins lead to lower cash flows and underinvestment in CapEx, driving long-term share loss"

"We find that since providing capex guidance in 2016, FND has cumulatively underspent by ~$330 million vs. forecast."

"it is crucial that the Board understand that Southwest’s leadership has already lost the trust of its shareholders."

"The large spike of intangible asset purchases in 2024 in the second half was preceded by an unusual reversal in Q2."

"P&G has used the “tax rate” argument to adjust Heinz EPS figures downwards so that they look unfavorable vs. peers."

"FMCN fraudulently claimed to have acquired six mobile handset advertising companies that it in fact never acquired."

"Globant has the highest valuation amongst its two closest peers (Luxoft and EPAM) despite a weaker business profile"

"Matrix organization with both regional and end market leaders may create confusion and decrease P&L accountability."

"TWX lost the deal to Comcast. It was a landmark deal for Comcast which ultimately changed the face of the industry."

"In our experience, when companies' disclosures become more opaque, it's usually to obscure bad news from investors."

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"We call on the Board to suspend its acquisition strategy post a through review of management's recent transactions."

"Shareholders could benefit from two platforms focused on making acquisitions in their respective industry verticals"

"QSR is a high-quality business with significant long-term growth potential trading at a highly discounted valuation"

"UMG's share price including dividend reinvestment decreased 7% in 2022 and has increased 3% year-to-date in 2023(1)"

"CP's share price including dividend reinvestment increased 12% in 2022 and has increased 3% year-to-date in 2023(1)"

"We believe Mailchimp was an overpriced strategic blunder, and recent data suggests a marked business deterioration."

"PERI also has conflicting average deal size reporting. This further undermines our confidence in revenue reporting."

"The root of the problem for the company has been, and remains, overly optimistic Mineral Resource Estimates (MREs)."

"Incremental core growth attributable new products / M&A, at risk to a potential plateau in new product sales growth"

"Incremental core growth attributable new products / M&A, at risk to a potential plateau in new product sales growth"

"TSMCの生産ラインにおいては、生産性に関しても経済性に関してもKLA製のほうがレーザーテック製よりも性能がいい。だから、TSMCにおけるその関連の商売の約3分の2がすでにレーザーテックからKLAに移行している、と私は見ています。"

"Shady Accounting And Financial Management Includes Misstatements To The SEC, Inflated Margins And Understated Debts"

"This raises the concern that much of Fairfax's dividend income is return OF capital, rather than return ON capital."

"Realmente no se trata de vender Herbalife. Realmente se trata de obtener dinero de la gente al traerlos al negocio."

"But as can be seen from the chart right above, that leaves nothing for Aurora to collect for its autonomous driver."

"A decade later, Mayer now has used Yahoo’s shareholders’ cash to buy companies run by former APM members including:"

"Spruce Point believes Stryker's industry premium multiple should compress to account for the following six factors."

"Olam marked up the assets acquired by a significant amount, which resulted in Olam booking a gain and boosting PAT."

"Our recovery model shows that recoverable assets for unsecured creditors of Olam would be 45.8 cents on the dollar."

"By that measure, OMERS' overpayment was $196.2 million, which accounted for 83.7% of Fairfax's gross disposal gain."

"As a result of the consistent misexecution, Splunk's operational performance is significantly worse than its peers."

"When including annual fixed costs in the calculation, we estimate the company will lose -$402 on every MA customer."

"Both AbbVie and Chinook appear to have manipulated facts and figures to conceal dangers associated with atrasentan."

"This is seemingly a flagrant violation of the best practices for the use of composite endpoints in clinical trials."

"In fact, over the past four quarters, China has accounted for 30-45% of revenue for the leading U.S. WFE companies."

"The simple conclusion is that valuing ACMR in line with practically any other WFE company yields tremendous upside."

"Cutting R&D for a technology-centric business is a risky move that could hamper future competitiveness and revenue."

"We are troubled by REZI's recent reporting omission of segment and corporate depreciation and amortization expense."

"We found this CVS store no longer carries two of PBH's "Power Core" brand products and favors its generic CVS brand"

"Pershing Square owns 2.0% of common stock, not the 8.3% that the fund has claimed since the start of their campaign"

"Contrary to ADP’s focus on long term value, Pershing’s fee structure encourages a “Swing for the Fences” mentality."

"Warning: Carefully notice that MGPI doesn't put the break-out of "Premium Beverage Alcohol" in its 10-Q SEC Filing."

"Adjusting for capitalized commissions reduces reported FY19 Adj. EBITDA by 12% and FY19 Non-GAAP Net Income by 17%."

"Specifically, the Company Would Have to Generate $79 Billion in 2030 Revenue to Achieve Peer Median Revenue Returns"