Callouts & quotes from 26,677+ activist slides

"We suspect this refinancing was done opportunistically by management before its financial condition deteriorates."

"Former senior executives with whom we spoke stated that Eurofins generally paid above market rents to Dr. Martin."

"Rounding out Eurofins’ governance shortcomings, its Board of Directors includes Dr. Martin’s brother and ex-wife."

"The patient burden and resulting non-compliance and dissatisfaction were a recurring theme of our KOL interviews."

"Proven operator with successful cost reduction experience that will add value to Deckers' cost savings initiative"

"Here is how athena seems reasonable next to its peers. But the implication is that its peers are properly valued."

"The idea that there's some vast market for $15,000 - $20,000 drones anywhere outside the SRR program is a mirage."

"Giscard d'Estaing's use of the phrase “could have” in reference to his own statement made in Q3 2015 is peculiar."

"it's not like we have a slew of organs in California, Oregon, Hawaii that are getting transplanted here, for sure"

"FirstGroup began to underperform following the Laidlaw acquisition when the group grew significantly more complex"

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

"Highly resilient and focused organization seamlessly navigated the impact of COVID-19 with no business disruption"

"We believe that Alberto Ibargüen and Patricia Mitchell have limited relevant industry and operational experience."

"Market share appears overstated in Asia, and competition in its core US vacuum market appears to be intensifying."

"PlayStation owners are more loyal than Xbox owners, which bodes well for 2020 console cycle and post-2020 profits"

"Cost reduction / margin improvement (Achieved synergies: 13% of sales. Consolidated margin improvement: ~830 bps)"

"Unreported case of drug-induced arrhythmia and hospitalization is a striking signal, given n=16 doctor interviews"

"Unreported case of drug-induced arrhythmia and hospitalization is a striking signal, given n=16 doctor interviews"

"Multiple internet sites were created by merchants that lost money and were affected by the failure of PaySystems."

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

"U.S. Google searches for HelloFresh have fallen to just 16% of their January 2022 peak, levels last seen in 2016."

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

"Under the bad case, we discount 2020 rent by 65% due to potential default and their cash burn of around 4 months."

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

"We visited the site on 03/20/2020. To our astonishment, the property was still in very early age of construction."

"The numbers tell us that INOD's claims that it has developed a proprietary AI platform cannot be taken seriously."

"We believe the vast majority consists of low-quality hoop houses that a prone to infestations and weather damage."

"There were several related party groups that funded the company that investors should be very uncomfortable with."

"What Is Even Worse Is That The Large Pay Day To Insiders Was Financed By Debt Taken On By PLTK Shortly Before IPO"

"The client support replies with generic, pre-made responses leaving the players feeling unheard and disappointed."

"Our conclusion is the market is not excited by the future of IRE technology in ablative soft tissue applications."

"Both of these convicted felons, James Rogers and Dennis DiRicco, own an obscene amount of ADOM stock and options."

"Please kindly be informed that we are unable to accommodate underage guests in our hotel under any circumstances."

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

"Accelerate claims 75% faster AST results; we believe the actual time difference is less than 40% for a modern lab"

"Das Ergebnis dieser Probleme ist eine miserable Kundenbindungsrate, das das Geschäftsmodell undurchführbar macht."

"Intern opportunity on Social Media Chatgroup Operation by Jiazhang Jia (aka Beijing Youlian) on November 27, 2018"

""Simulation" or "Simulator" is used six times in the short paragraph on the A300's High NA inspection performance"

"Remitly provides vastly less commentary about factors driving its send volume than it did in its IPO prospectus."

"Despite weak operating performance, robust multiple expansion drove significant share price appreciation in 2015"

"Nuvei didn't disclose any material restructuring charges that would lead us to believe it cut significant labor."

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"The more important point though is that (registered or not), EDU has already proven that the pledge is cosmetic."

"The franchise fee is generally 600,000-800,000, and it remains the same regardless of how many branches we open."

"We believe this supports our concerns that AVY’s Free Cash Flow is overstated and cannot be taken at face value."

"Sunrun has consistently reported higher Subscribers than EIA Net Metering and Sales & Revenue by ~20% on average"

"We believe that WTRG implicitly recognizes that its ability to pay its dividend is dependent on outside capital."

"Yet, Per the Board's own assessment below, Mr. Jagdfeld lacks strengths both in M&A and the clean energy market."

"A MacLellan company accused of fraud, completed financing with a fraudulent fund, and later declared bankruptcy."

"Since 2008, SandRidge has disclosed $9.5 million of payments to entities related to Tom Ward and the Ward family"

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

"Being a superficial “tech business” does not insulate Carvana from the harsh economics of the used car industry."

"Procept highlights the “high” value as opposed to the materially lower risk implied by the low end of the range."

"Herbert Chang was the biggest shareholder at IPO of Oplink and of Monolithic, and is still on Monolithic's Board"

"ADP’s Focus on “Hitting the Numbers” Has Led to Value-Destructive Decisions with Negative Long-Term Consequences"

"Under Lance Fritz's eight-year tenure as CEO, UNP has repeatedly and significantly failed to reach its potential"

"Including pro-rata distributed warrants, PSTH declined 31% in 2021, and has increased 1% year-to-date in 2022(1)"

"Despite an adverse Supreme Court ruling in June, we believe Fannie and Freddie remain valuable perpetual options"

"We believe achieving 10%+ ROIC is overly optimistic given Retail's declining margins and increasing competition."

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"