Callouts & quotes from 26,677+ activist slides

"In our view, UEC’s period of vast stock price outperformance relative to the uranium industry defies common sense."

"Spruce Point raises serious concerns when it sees management tapping into pension funds for loans to subsidiaries."

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

"Why should investors ignore acquisition-related charges when acquisitions are a key component of Company strategy?"

"If this is the goal, the split between concepts should be growth vs. mature, not Red Lobster vs. ALL other brands."

"A Special Meeting will provide shareholders with a forum to express a clear opinion, which the Board should honor."

"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"

"The company appears to have aided in the police interrogation of the analyst, as well as his eventual prosecution."

"Longer tenured Yahoo shareholders would be better served with a plan to unlock $30/share in value and not $3/share"

"BLI stands out for the number of nonsensical phrases, newly-invented words, and drivel it uses to describe itself."

"One takeaway we believe is that the sales cycle is much longer than management has suggested at two to five years."

"We believe this discrepancy illustrates that FTAI is categorizing revenue from whole engine sales as module sales."

"Note the conveyance for N282GX & N281GX are recorded together under the 282GX tail number (top right of document)."

"In 2014 and 2015, Core wanted us to be sure that it wasn't missing out on the liquefied natural gas, or LNG, boom."

"This discrepancy therefore also gives rise to the concern that DLO possibly used client funds to pay its dividend."

"The contribution of the esteemed founding family of Samsung is rightly held in high regard, by Korea and the world"

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

"We question why PGNY would just not practice conservatism and recognize revenue when the full service is complete?"

"Kao's rushed announcement and lack of transparency about the nomination process raise serious governance concerns."

"Bunge would have to buyback 23-27m shares or $2.9 - $3.4bn to get $1.50 EPS benefit which does not appear credible"

"Various methodologies imply a TIP REIT reference range of $27.5 – $32.5bn, or $38 – $45/share 12 months from today"

"Ignore REZI's Non-GAAP results; cash flow never lies and we believe it is the ultimate arbiter of REZI's failures."

"Ginkgo has six key collaborations, each of which is a related party in which Ginkgo and/or its investors invested."

"The farm is not doing any milking because the facilities were incomplete and the equipment had not been installed."

"Support the current leadership team, which considers its performance acceptable and is committed to the status quo"

"It was a bargain. AerCap paid only 84% of ILFC’s appraised fleet value and less than half its adjusted book value."

"Further retail consolidation is even more accretive to profitability with further reduction of associated overhead"

"Spruce Point believes CLEAR is not positioned from a technology standpoint to address either of these pain points."

"Greater investment would lead to increased brand visibility, consumer awareness, market share and competitiveness."

"This is designed to unlock Capricorn's intrinsic value in the near term and over US$300 million in the medium term"

"Capricorn's administrative function can be streamlined to a level consistent with its size and relative simplicity"

"If we cut Morgan Stanley's revenue per doctor assumption from $63,000 to $36,600, it reduces the DCF value by $44."

"$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"

"Bioplastics such as PHAs release methane (which is worse than CO2) when in anaerobic conditions such as a landfill"

"If the rules were eliminated, we would expect commissions to compress to levels seen in other developed economies."

"These facts beg the question “Is Elizabeth O’Connell the only CFO who can be relied upon to approve the accounts?”"

"Foremost, he has a non-existent internet presence other than as a geologist for one public company: Nova Minerals."

"OIG investigating every key transplant center and OPO's as part of investigation into overcharging via Cost Report"

"Management should be compensated for strong operational execution, not personality, effort or political astuteness"

"Management should be compensated for strong operational execution, not personality, effort or political astuteness"

"GSX's use of bots is so pervasive that it even openly recruits for engineers to develop and maintain its bot army."

"Combination of growth hormone and Vykat escalates diabetes risk – DKA and hyperosmolar with risk of fatal outcomes"

"Vykat mechanism of action creates inherent diabetes risk – “like pouring gasoline into the fire. I 100,000% agree”"

"In a majority of the cases, the share price collapse has met or exceeded our downside estimate of intrinsic value."

"Reaching these levels requires establishing a downline and inducing them to purchase enormous amounts of inventory"

"HAROSA 1 publication – safety tables curiously omit ECG and QT data, while including it for other safety endpoints"

"PK expert indicated Harmony’s claims of cardiac safety are meaningless without relevant pharmacokinetic parameters"

">FAERS database confirms a massive toxicity issue since pitolisant’s approval in 2019, including a recent fatality"

"An analysis of BEA HK’s operations compared to its industry peers indicates clear weakness on all relevant metrics"

"IPX reports no long-term assets outside of the U.S. but its audit engagement partner is based in Perth, Australia."

"This comes from WebMD about a decade ago. It turns out it is harder to transform healthcare than some might think."

"The consultant’s review details a pattern of flagrant flaws that led to the “vastly overestimated bioavailability”"

"Today, Pershing Square owns 19.47m shares of Valeant, representing 5.7% of the company, at an average cost of $197"

"Pro forma for the expected decline in the U.S. business, normalized EPS is significantly below consensus estimates"

"I would pick the Cash Flow Statement because a company’s valuation is based on how much cash flow it can generate."

"Where negative working capital becomes a killer is if the businesses don't have enough cash and can't borrow debt."

"We un-lever the Beta of the target company's comp set to quantify the business risk of operating in this industry."

"IIPR’s purchase price of $9M would reflect a huge overpayment compared to the previous purchase price of $722,000."