Callouts & quotes from 26,677+ activist slides

"Although it is a lower priority, we would expect to begin realizing repairs and maintenance savings after 6 months"

"The alcohol opportunity is an example of low-hanging fruit that could improve same-store-sales and margins quickly"

"FDO has launched gross margin enhancement initiatives that are similar to the ones DG has successfully implemented"

"Quantumscape is little more than a bet on the validation provided by its "smart money" venture capitalists and VW."

"These are not typical or standard provisions that would reasonably be included in such a reincorporation proposal."

"Reuchlinstraße 10-11 seems to be a prime example of how CPI PG manipulates its Berlin office portfolio valuations."

"Target's management and the board have a greater percentage of their ownership in derivatives than Pershing Square"

"There Are Fundamental, Deep-Rooted Problems at Hess Shareholder Nominees Acknowledge The Problems and Can Fix Them"

"Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period"

"Collectively, since 2008, Valeant has earned a >20% unlevered return (before tax efficiencies) on its acquisitions"

"Valeant has achieved one of the most competitive SG&A ratios in the industry, while continuing to grow organically"

"We believe the unfortunate but inescapable reality is that performance at athenahealth is not going to get better."

"We believe the construction market was historically marked by aggressive competition and undisciplined risk taking"

"We believe the construction market was historically marked by aggressive competition and undisciplined risk taking"

"It seems that ~70% - 75% of the U.S. loan book is unable to service its debt absent rate swaps, based on the CLOs."

"The alcohol opportunity is an example of low-hanging fruit that could improve same-store-sales and margins quickly"

"Although it is a lower priority, we would expect to begin realizing repairs and maintenance savings after 6 months"

"Drilling and completion techniques are pretty much standard whether fracking for gas or oil, and so are the costs."

"Xylem’s cash flow statement only shows a $56 million equity investment, far short of the stated investment amount."

"Current installed base is 7.5 million (as of May 2011), therefore the installed base could nearly triple from here"

"We think that in the current environment Pioneer earns a negative economic return on its Capex. Let’s do the math."

"Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period"

"Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period"

"Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period"

"Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period"

"After these adjustments, we reduce 2025 Adjusted EBITDA by approximately 90%, from $1,054 million to $103 million."

"As you can see below, Riot’s share price has materially underperformed peers who have signed sizable AI/HPC deals."

"Translation: Our competitors are ramping in auto too; Tennessee to remain underutilized for the foreseeable future"

"Why doesn't the segment revenue plus freight revenue match the reported segment revenue? They should be identical."

"Peabody correctly separates discontinued operations from continuing operations for investors whereas AMR does not."

"A benchmarking analysis of public U.S. reporting coal companies shows AMR leads the industry in restricted assets."

"The benefits of asymptomatic testing remain questionable, yet CEO Blackford suggests providers will test annually?"

"These are additional examples of the Board’s level of entrenchment and only underscore the urgent need for change."

"After reading our report and reviewing Oatly’s corporate credo, we believe you will form a very different opinion."

"To inform the financial industry about BNY’s global presence, we’ll create a mobile publication called: THE ARROW."

"Management is expecting to return approximately 1/3 of the current ~$260bn market cap to shareholders through 2018"

"Engage a new financial advisor with NO ties to the Board and publicly announce a sale process to take OUTR private"

"We believe that Chipotle is currently one of the most compelling and authentic large-scale food brands in the U.S."

"本試算は参考値。簿価は豊田自動織機の事業価値を正しく反映しておらず、また、簿価には法定税率31%が全額適用されているため、みなし配当課税による税効果は考慮されていない。豊田自動織機はPBR1倍を大きく上回る評価を受けるべきである"

"Wall Street analysts generally followed management's guidance that GED-0301 would eventually be a blockbuster drug"

"What if, instead of appealing to salons and hotels to feature ORIBE products, we open our own experiential venues?"

"Below are the summary cash flow projections for Pro Forma McDonald's based on the assumptions detailed on page 68."

"We believe C3 is poised to reset expectations as sales fail to materialize, losses balloon, and dilution increases"

"Mortgage availability was limited, with 5-to-10 year terms, floating interest rates, and ~50% loan-to-value ratios"

"Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"Trian has a track record of adding value in the Boardroom, improving both operating results and share performance."

"Globant is trading at peak valuation on the inflated belief that its growth mainly stems from organic initiatives."

"We would prefer to see the Board add individuals that have full independence and no prior connection to management"

"$200 Billion of Cumulative Incremental Investments Since the End of FY18 Nearly Equals Disney’s Current Market Cap"

"Maria Elena Lagomasino has a long track record of overseeing problematic compensation practices at other companies"

"There is no evidence that TWX's corporate overhead has improved the functionality of TWX as an integrated company."

"A standalone AOL should not declare dividends or directly return capital to shareholders in the intermediate term."

"I would also falsify their fuel cost per gallon, behind what's visible to the customer, to try and prove some ROI."

"We believe these observations are useful context as we evaluate TASK's business claims and financial presentation."

"I see them like a MEME stock right now. They're hot but as a long-term buy and hold that's a different evaluation."

"We believe WFG's MLM model is fraught with risk, which we believe has not been properly communicated to investors."

"Why hasn't CHD also impaired or written-down the $61m of goodwill and intangibles associated with the failed deal?"

"A separation could unlock between 15%-40%(2) of incremental value based on PPG’s current share price of ~$98.50(3)"

"On average, Trian’s portfolio companies have generated ~550bps of aggregate EBIT margin expansion after separation"

"Abnormally large "Non-Recurring" fees that suspiciously boosted index margins when they have struggled to increase"