Callouts & quotes from 26,677+ activist slides

"Bristol-Myers may be forced to make another large acquisition in order to mitigate the impact of the patent cliff"

"The only effective way to mitigate inflation and a potential real estate bubble is to allow the HKD to appreciate"

"McOpCo would likely be valued at $6.0 billion to $7.1 billion of equity market value or 6.5x–7.5x EV/’06E EBITDA."

"We believe Samsara's stock price has rallied recently largely due to the perception that it is an AI beneficiary."

"We obtained import data from two major platforms and calculated average quarterly imported data by weight in kgs."

"Hunter Harrison led CN's operational and cultural transformation into the best operating railroad in the industry"

"Assuming a mid-60% OR by year 4 (2015), CP's intrinsic value could be ~$140 per share in three years (12/31/2014)"

"Recent proposals are not only impractical, but also less effective and riskier than a reformed Fannie and Freddie"

"Spruce Point believes Saputo is struggling to grow its branded sales given significant private label discounting."

"Like The Irvine Ranch, in light of the complexity and long-term nature of HHC’s assets, HHC is difficult to value"

"These three directors hold ALL leadership positions on the Board, including Chairman and chair of all committees."

"Non-compensation expenses have grown faster than revenue (+34% expense growth vs. +21% revenue growth) since 2006"

"Trian has been a shareholder of Wendy's for nearly 12 years, a testament to the long-term nature of our strategy."

"Each business can reset its relationship with shareholders and embrace modern corporate governance best practices"

"Renewal rates and panel removal costs are the two largest adjustments in our recreation of RUN's Investor Models."

"If you dial the fax # on the R&O website and press 1, you will get Philidor RX. It does not stop at an R&O phone."

"Phillips 66's refining kit exhibits similar capabilities to Marathon and Valero, and should perform equally well."

"Taubman's dominant malls cannot be painted with the same brush as media portrays 2,000 malls in the United States"

"As of September 2009, top 5 customers account for [36%] of its total revenues, dramatically down from 88% in 2007"

"Together, these factors have resulted in a corporate inferno that could exceed a staggering $40 billion in value."

"This repurchase would result in pro forma TWX total debt rising to $43.6 billion or 3.8x total debt/2005PF OIBDA."

"Why We Believe There Is 35% - 45% Downside Risk To DV’s Share Price And IAS Is A Better Long Play On The Industry"

"However, TASK is saying nothing about the pressures we've observed in the Facebook and Content Security business."

"Happy Days Are OVER for Apellis, as the Experts Give a Thumbs Down to Syfovre. Citron Expects FDA Warning Letter."

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

"2013 Constant Currency EPS Growth, Normalized For Tax, is Below Peers and Long-Term Guidance (Despite 2012 Reset)"

"Historically, we do not believe snacks has helped beverages grow internationally nor has beverages helped snacks."

"Spruce Point has repeatedly warned to be wary when assets are churned and eventually flipped to corporate buyers."

"Phillips 66's refining kit exhibits similar capabilities to Marathon and Valero, and should perform equally well."

"Would a Board truly interested in good governance be so concerned about an advisory vote on a non-binding policy?"

"Shorter time-period and no hard specifics provided on what the cumulative metrics targets are to trigger payments"

"PSH delivered strong 2020 performance with a net return of 70.2%, outperforming the S&P 500 by 5,180 basis points"

"In the opinion of former Intuit executives, CEO Goodarzi has a highly aggressive, "win at all costs" personality."

"Since 2010, Starbucks has grown units at an 8% annual rate, with balanced growth between owned and licensed units"

"Regardless of the denial, booking gains from sale on these transactions seems exactly like financial engineering."

"We believe this suggest a high likelihood that Mettler’s EBITDA margins are overstated and cannot be relied upon."

"We question where over half of Burford's cash went, and we encourage investors to remain focused on cash on hand."

"Fannie and Freddie (collectively, the “GSEs”) have evolved significantly since the creation of Fannie Mae in 1938"

"グローバルファウンドリーズの幹部は、KLAはレーザーテックにとって非常に大きな脅威で、レーザーテックのマーケットシェアに「食い込むだろう」と見ている。レーザーテックは在庫の評価を切り下げて、減損処理をする必要が出てくるだろう。"

"Ex-employees indicated the instrument is wildly overpriced at $2MM and that BLI needs to slash pricing by 50-80%."

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

"By lowering inventory cost assumptions, the effect would be lower Cost of Goods Sold and increased Gross Margins."

"In this scenario, Macy's would receive approximately $409 million of cash flow through distributions from the JVs"

"In our view, poorly understood and highly leveraged companies are a potentially lethal combination for investors."

"Olam jumped into a very troubled business, but one which offered the prospect of booking negative goodwill gains."

"The results speak for themselves: Mr. Burritt and the senior leadership team have failed at running the business."

"In the Final Days of December, FTAI Seemingly Parked Aircraft With an Intermediary to Record Questionable Revenue"

"We believe that BEKE intentionally creates inconsistencies such as these to misrepresent its actual store counts."

"The product of a series of M&A transactions, SCT has limited synergies between its various attractive businesses."

"Ron Johnson has personally invested a material portion of his net worth in JCP warrants purchased at market value"

"This is yet another example of the Board's level of entrenchment and only underscores the urgent need for change."

"Target Corp can better focus on retailing while TIP REIT can focus on facilities management and land acquisitions"

"We see that an increasing number of Huishan shares were moved into CCASS from September 2013 through August 2016."

"EBITDA growth lower than sales growth shows diminishing earnings leverage; Underlying margins for Cintas are flat"

"Having To Borrow Commercial Paper To Pay Down Long-Term Debt Is Worrisome. Why Couldn't Amcor Issue More LT Debt?"

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

"During the last twelve months, we completed the acquisitions of three new investments and exited four investments"

"Pershing Square is a collaborative and investment-centric organization with a highly experienced and aligned team"

"We find it hard to have confidence in Heska’s subscription data given the number of inconsistencies and mistakes."

"We believe this compromises the objectivity of Piper's stock price and rating and believe it should be suspended."