Callouts & quotes from 26,677+ activist slides

"Significantly increase shareholder value by establishing momentum in strong top-line and bottom-line performance"

"Thickness negates the entire rationale for a solid-state cell – without it, all key QS claims go out the window."

"IonQ’s homepage leads with a picture of what its quantum computers actually look like – a sleek, standalone box."

"As we shall detail, we believe that the UMD Q-Lab deal is a sham to manufacture bookings growth out of thin air."

"It claims to have "bookings" of $17MM, having magically tripled in September 2021 right before it began trading."

"AC installed export capacity should not be seen as an appropriate tool to constrain the impacts of a solar farm."

"McDonald's lacks comprehensive welfare indicators across all significant animal protein sources for its business"

"BOOT's Executives Have A Troubling History Mired In Controversy Spanning Educational And Financial Misstatements"

"Spruce Point never likes when executives and directors have little skin in the game when evaluating investments."

"Spruce Point does not believe the market appreciates how quickly competitors are growing at Boot Barn's expense."

"This high level of leverage highlights the lenders' confidence in the business and its free cash flow generation"

"We believe Huntsman is trying to fool its shareholders, operating expense ratio is not the same as profitability"

"Significantly increase shareholder value by establishing momentum in strong top-line and bottom-line performance"

"Even under conservative projections, 20 years from now coal will still provide 25% of the country's electricity."

"We believe that Bigo’s corrupted origin story and grossly overstated revenues make it YY’s most rotten business."

"The ill-conceived Convergent procedure will fail to gain any traction against catheter ablation in persistent AF"

"Yundong’s General Manager is Wang Huayou (王华友), who was listed in ANTA’s prospectus as a senior company manager."

"A common financial shenanigan is to overstate inventory to understate Cost of Goods Sold and inflate Net Income."

"Spruce Point has uncovered schematics of Oatly's wastewater treatment facility. They are using Bosco Architects."

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

"We believe Salesforce can reach the Rule of 50 and generate more than $20 of free cash flow per share in FY2028."

"It Is Time for the Board to Announce a Strategic Alternatives Process Aimed at Maximizing Value for Shareholders"

"Spruce Point estimates that after a period of growth, WSP's organic employee headcount was flat to down in 2023."

"The most logical conclusion by far is that ANTA intended to lie to investors about its ownership of Fila stores."

"Spruce Point has identified three recent REITS that revised organic growth lower > Share prices declined 40%-50%"

"Twist is nothing more than an oligo manufacturing company, and claims it can make one million oligos per “chip.”"

"Lead times due to quality issues, forcing rework and multiple builds, resulting in “losing money on every order”"

"BK's loan portfolio has consistently experienced less charge-offs through a cycle than a typical commercial bank"

"Kratos has historically used a very aggressive definition of backlog to sell investors on its investment merits."

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

"This effectively ended the rating arbitrage and the opportunity to insure a large number of new municipal bonds."

"Synergies cannot be greater than costs! Therefore, the synergies cannot be fully allocated to marketed products."

"A peg depends on confidence and credibility. Any hint of devaluation would compromise the integrity of the link:"

"Underinvesting during recession when steel prices, crew costs, and opportunity costs of closing track are lowest"

"Why After Three Contract Amendments, We Believe C3's Relationship With Its Largest Customer Will Eventually Fail"

"Housing finance reform should achieve several additional objectives beyond those articulated in recent proposals"

"He recently made a large sale of 60,000 shares after the recent earnings report and increase in the share price."

"We believe there is an opportunity to create significant value under the leadership of a new and improved Board."

"Starboard reconstituted a majority of Marvell's Board with capable directors who guided a successful turnaround."

"We see a lot of potential in the Phillips 66 refining company. I mean, there's just tremendous capability there."

"Significant data errors allowed P&G to grossly overstate both the peer median and the expansion of peer margins."

"In the absence of information, investors have voted with their capital, as demonstrated by TI’s TSR performance."

"We are concerned that the Company has been caught flat-footed during a period of seismic change in the industry."

"Disney's studio business, which historically had the best margins in the industry, has turned into a "black box""

"The Board has failed to respond to shareholders’ repeated requests for significant environmental risk oversight."

"The Board has failed to respond to shareholders’ repeated requests for significant environmental risk oversight."

"Since 2002, TWX has returned significantly less capital to its shareholders than other major US media companies."

"As everyone knows, EVs are expected to grow from 11% of vehicles last year to over 40% by the end of the decade."

"SG&A's Lockstep Move with Royalty Overrides Provides a Clue as to Where Herbalife Conceals Other Reward Payments"

"Axon has rapidly inflated its Total Addressable Market (TAM) from $4.8bn (2016), $6.5bn (2017) to $8.4bn (2019)."

"We believe there is an ample amount of low hanging fruit; so much fruit that it may even be touching the ground."

"We believe the gap between current performance and long-term potential can be closed with disciplined execution."

"Qontigo makes no secret that it wants to challenge MSCI and is claiming market share gains by winning customers."

"We believe it may be a negative sign when a creditor begins receiving more than 25 bankruptcy notices per month."

"We believe investors have failed to scrutinize the new business generation implications of this strategy change."

"We believe Salesforce can reach the Rule of 50 and generate more than $20 of free cash flow per share in FY2028."

"Spruce Point questions what exactly is Content IQ ("CIQ") since Perion has presented two different descriptions."

"We believe Fannie and Freddie should be valued somewhere between P&C insurance companies and regulated utilities"

"仮に、Fab 4A内で装置の試験あるいは最終微調整が行われていれば、そのラップを外し、出荷前に装置を再度シュリンクラップで包まなければいけない。装置ごとにそうしていれば、ラップの大量のゴミが発生するはずだが、その気配はない。"

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