Callouts & quotes from 26,677+ activist slides

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

"The company's operating capacity is minimal compared to the announced purchase agreement of “up to 100 aircrafts”."

"Moreover, the founding team and management seem to be people with no exceptional business achievements or profile."

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

"In our view, insiders at the company seem to possess Paul Pelosi-like timing when it comes to selling their stock."

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

"TeliaSonera’s incorrect accounting policy has prevented it from recognizing US$270 million in expenses since 2009."

"Insular, complacent, and bureaucratic organization is overly complex, moves glacially, and misses too many trends"

"we urge the Company to retain advisors to reassess the desirability of the transaction in the current environment"

"We question why Nuvei would buy a controversial entity, only to see its revenues decline sequentially post close."

"Why Is Current President and COO of Fifth Manhattan The Resigning Registered Agent For Cooper and Cesario’s CCMS?"

"Lower COVID sales based on (i) inventory absorption and (ii) management's assumed level of normalized utilization"

"We continue to believe that a reformed Fannie and Freddie is the only viable solution for mortgage finance reform"

"ZTS share price including dividends increased 40% from our average cost at announcement date to November 9, 2016*"

"We estimate GFL's debt is C$460m more than reported and financial data providers fail to capture the adjustments."

"The stability of PSH’s capital enhances Pershing Square’s ability to successfully execute its investment strategy"

"Spruce Point believes that WTRG’s growing dependence on short-term debt is a sign of its rising financial stress."

"As WTRG's share count has ballooned over the years, insiders have not increased their stock holdings accordingly."

"Management exhibits aggression, evasion and persuasion on this issue, indicating that there’s merit to the claim."

"All four directors we are seeking to replace lack the necessary operational experience to transform Office Depot."

"Four months later, on April 3, 2012, Manhattan EnergyOne assigned mineral rights to SandRidge in adjacent acreage"

"Five months later, on April 3, 2012, Manhattan EnergyOne assigned mineral rights to SandRidge in adjacent acreage"

"Four months later, on April 3, 2012, Manhattan EnergyOne assigned mineral rights to SandRidge in adjacent acreage"

"We believe Procept exaggerates its addressable market to increase its appeal to investors enamored by large TAMs."

"The stability of PSH’s capital enhances Pershing Square’s ability to successfully execute its investment strategy"

"Opportunity to return significant value to shareholders through a combination of dividends and share repurchases."

"REALITY: THESE EXAMPLES DESCRIBE COMMERCIAL ARRANGEMENTS, NOT SYNERGIES, AND CAN BE REPLICATED THROUGH CONTRACTS."

"Xerox shareholders are selling ~$535 million of normalized annual recurring net cash flow for just ~$1.25 billion"

"We think it's because our analyst sent a similar version of this model to TAL IR for comment prior to the Q4 call"

"Spruce Point finds a parallel between what sparked shareholder enthusiasm at Piedmont Lithium (PLL) and IperionX."

"We noted the QS data fails to meet almost every criteria, which even warns against the Y-axis trick QS uses here."

"Without their “celebrity endorsement” and star power, we believe QS would trade at a fraction its $15B valuation."

"Net present value benefit of dropping today versus after January is ~$750-900MM assuming 10-15 years of deferral."

"SHAREHOLDERS OF TARGET ARE URGED TO READ THE PROXY STATEMENT CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION."

"Benefits to doctors and patients have made specialty pharmacies an increasingly popular drug distribution channel"

"What do you do when Ad Growth Stalls? At Spike, They Started Stuffing More Ads Into Their Shows as Early as 2010:"

"In the past 5 yrs, management has destroyed 20+% of its market capitalization through failed exploration ventures"

"Conclusion: Buyer Beware, We Think Tempus AI Is Built On Hype, Aggressive Accounting, And Unsustainable Practices"

"Elliott believes in the value of ACAS and is committed to helping the Company realize full value for shareholders"

"At the beginning of the year, producers reacted to lower prices and dramatically slowed drilling for natural gas."

"This was the quarter where the former MBlock worker described the 500,000 brewers that were not to be inventoried"

"Align's implied comprehensive case mix overstates the share of its cases which cannot be addressed by competitors"

"Arconic's 2017 targets are a desperate attempt to set the bar so low that even this management team can hop over."

"Only 7% of Arconic employees are on LinkedIn, yet we found 26 communications professionals. By contrast PCC had 3"

"Dr. Kleinfeld’s resistance to a separation of the Upstream and Downstream business dates back all the way to 2008"

"Against YY's reported Bigo revenue of $417.0 million, this yields an estimate that 59.1% of Bigo revenue is fake."

"The University of Michigan Survey of Consumer Confidence Sentiment Index has improved since the beginning of 2009"

"Disproportionate OLC investment has consequences unintended by management, that have worsened Keisei's Value Gap."

"We are unsure how deep the rot at NMC goes, but we do not believe that its insiders or financials can be trusted."

"We believe that under any reasonable set of conditions, the representations made by management do not make sense."

"The biggest challenge that our clients and the industry face headed into 2024 is finding and keeping good talent."

"Twist’s pricing doesn’t cover cost of goods sold, given errors and quality control; putting in “a lot more money”"

"Twist’s NGS business model is to slash prices on panels and upsell a library prep kit that they’re a reseller for"

"BNY went from being a relatively popular company in the public sphere, to losing its cache soon after the merger."

"The first reason SCP Reflects seems improper is that Pietroni bought it only eight days before selling it to CPI."

"Recall, our view is that the cash probably is no there at all and this is just a book keeping/balancing exercise."

"We continue to believe that a reformed Fannie and Freddie is the only viable solution for mortgage finance reform"

"ZTS share price including dividends increased 40% from our average cost at announcement date to November 9, 2016*"

"About 30% is GOs or General Obligation bonds. These are generally believed to be the best positioned of the debt."

"~30% of total drugs highlighted and greater than $5.5 billion of peak sales has been terminated or de-prioritized"