Callouts & quotes from 3,339+ activist slides

"Spruce Point believes the bull case has been misguided ever since Dropbox’s highly promoted IPO, and that cracks are finally emerging everywhere in the story."

"We are short Skillz, Inc. (Nasdaq: SKLZ) because its top games appear to be stagnant to declining, leading us to believe its revenue projections are farcical."

"Trian believes P&G’s decade-long record of underperformance relates in great part to a culture that is insular – rejecting outsiders and new ways of thinking."

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"Spruce Point believes Stryker is becoming dangerously levered as it pays hefty premiums for low quality acquisitions that it has failed to properly integrate."

"We believe Magnite’s shares represent an incredibly poor risk / reward. The current sell-side consensus price is $21.71 which is ~20% below the current price."

"WE BELIEVE THE BOARD'S SEEMING DISINTEREST IN DEMANDING ACCOUNTABILITY IS DUE TO STRONG INTERCONNECTS AND PERSONAL LOYALTIES BETWEEN BOARD MEMBERS AND THE CEO"

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"We believe the previous purchase price of $2.95M just months prior to the IIPR purchase to be more accurate value of the property at the time of the purchase."

"We fail to understand why Holistic would rather pay 10x on rent and believe an overpayment of property + inflated rent look more like a financing transaction."

"Though there are valid concerns in the near term, we believe buying Danone at 1.5-2.0x P/E and ~33% FCF discount to European food peers more than compensates"

"We agree with Mr. Eisman’s comments on the current credit conditions and believe the market has not paid enough attention to Canadian Tire’s credit portfolio"

"If Val-gan’s durable portfolio were valued similar to businesses that we believe to be comparable, then its resulting range of multiples could be as follows:"

"We believe our recommendations to Nestlé management, if taken together, would dramatically improve both the growth profile and earnings power of the company."

"We are hard pressed to believe how it is possible that BOOT's customer is “pretty solid” as he says with no income growth after 8 years and record inflation."

"We believe ADT's margins will continue to expand over time, as they have done steadily over the past 5 years, driving EBITDA growth in excess of the top-line"

"Assuming $150,000 of Net Working Capital on average per Waldenbooks store, we believe there is $90mm of total Net Working Capital trapped in the Mall segment"

"We believe it is reasonable to adjust 1H 2017 net income down by approximately £5 million or 69% to account for likely aggressive capitalization of expenses."

"We believe that Bunge has not been fully transparent about poorly timed and large capital bets on plant-based foods and processed meats that it made in 2022."

"Spruce Point believes it will be critical for CLEAR's business to have the TSA lift the legal definition of the traveler document checker (i.e. TSA officer)."

"We believe management loses credibility when tossing out outlandish numbers such as $20 billion of revenue per year while falling wildly short of its target."

"We believe last month’s Lehigh Valley accident was preventable and represents an indictment of Norfolk Southern’s current operations, management and culture."

"Does Taubman also believe that "patience" is needed when it comes to its pattern of reductions of development yields, delayed stabilizations and impairments?"

"FTAI's 2023 Module pricing is cited above. Former employees and industry experts we spoke with believe most modules swaps will be for LPTs, followed by fans."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"We believe ERIE's share price has benefited from multiple index inclusion catalysts and the belief that its increasing financial performance is sustainable."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"We believe the push of the financing program is the major root of CTC's credit risk and it is evident by the growth of higher risk loans in CTC's portfolio."

"We believe that without these controlled entities, ANTA’s financials would show materially lower margins, belying the notion that ANTA is a strong operator."

"We believe dual-class share structures are NOT in the best interests of shareholders and are NOT reflective of best-in-class corporate governance practices."

"Spruce Point believes the Street is structurally too bullish on PowerSchool's prospects, which is reflected by the Company's lack of "sell" recommendations."

"Spruce Point believes the need for cost driven mergers, rather than revenue driven synergies, is a bearish sign of the competitive pressure in the industry."

"Spruce Point finds that WSP's working capital to LTM gross revenues has been on a steady increase which we believe is a sign of increasing financial strain."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Specifically, we believe that Cognizant can achieve a value of $80–$90+ per share by the end of 2017, representing upside of 50% to 69% in just over a year."

"Spruce Point believes that Momo has a demonstrated track record of monetizing and hyping product applications only to see interest levels plateau over time."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"To the contrary, we believe this analysis is critical for shareholders to fully review as part of any constructive discussion about the proposed separation."

"We believe this is a major input into the growth story. According to industry experts, the value of a customer lead may be closer to $14 - $15 or 40% lower."

"We do not believe executives should earn any TSR-related performance share units (“PSUs”) unless Parkland’s relative TSR is at or above the 50th percentile."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"Assuming a 7x Forward EBITDA multiple, even if the recovery is protracted or prolonged, we believe we will earn an attractive IRR at the current share price"

"Contrary to DWAC's perpetually future intentions, we believe it has never had any reasonable hope of filing an S-4 that the SEC would allow to go effective."

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"

"We believe a major reason for FirstGroup’s consistent underperformance since 2008 is the Company’s increased complexity following the acquisition of Laidlaw"

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"We believe Simpson Nursery and May Nursery were only involved to help Trulieve get it’s license, and show no signs of operational contributions to Trulieve."

"Spruce Point believes Nuvei's financial reporting and disclosures are insufficient to allow investors to assess the quality of, and risks to, its business."

"Genius compares itself to "Online Gaming" peers, however, we believe these consumer-focused companies with brand recognition are not direct peers to Genius"

"Spruce Point believes Stan Avery, the founder of the Company would not be happy with the direction the current management and Board have taken the Company."

"Spruce Point believes the market is overvaluing GFL, in part by not accurately modeling the impact of its TEUs which further increase its enterprise value."

"Despite ranking favorably in this category, we will show why we believe Generac is losing market share and margins are under pressure from price deflation."

"We believe LODE's CEO Corrado De Gasperis has an abysmal track record of failure. After promising a turnaround at Barzel, it abruptly fell into bankruptcy."

"We believe Frontier's $153.2m credit exposure should have been reported in the 10-K as it was quantitatively larger than other customers that were reported"

"We believe the Red Lobster transaction highlights the incumbent Board members' attitudes towards shareholders and their inability to create value at Darden"

"Trian believes that Disney's recent performance reflects the hard truth that it is a company in crisis with many challenges weighing on investor sentiment."