Callouts & quotes from 26,677+ activist slides

"The Pershing Square leadership team joining HHH will receive no cash or equity compensation as employees of HHH."

"We don't think Mongolian supply is all that relevant because the transportation costs to Europe are prohibitive."

"This reflects, we believe, management putting its self-interest ahead of the best interests of all shareholders."

"EBIT margin of ~9% versus management's medium-term target of 12% and Home Depot's current EBIT margin of ~14.5%"

"Valeant shares have declined 83% from our average cost of $196 per share at announcement date to April 21, 2016"

"Since the IPO on the London Stock Exchange in May 2013 to January 20, 2017, PAH's share price has increased 11%"

"This could suggest phantom restructuring charges, or mistiming of charges and reversals to manipulate earnings."

"It appears that in 2022, Sunrun claimed ITCs of approximately $205 million on 14,390 systems that didn't exist!"

"Apart from Nigel Travis and Kathleen Mason, the rest of the Board lacks substantial retail operating experience"

"MacLellan was Chair of the Audit Committee during a period of events the SEC characterized as accounting fraud."

"Analysts and investors appeared excited to see Starboard involved in Box after years of stockholder frustration"

"We suspect that the improvements in biomarker levels could be attributable to PCD therapy, rather than NEOD001."

"When AMT lends money to a carrier as part of a sale and leaseback, it creates two impediments to future growth."

"For Crown Castle, the opposite is happening, with capex yields driving the total yield down further and further"

"In Spruce Point's opinion, XPO's secret sauce is stock promotion and accounting gimmickry to embellish results."

"We believe that Tessera’s high level of executive turnover evidences a dysfunctional Board and management team."

"The fact that it is taking longer to collect receivables does not reconcile with a lower reserve for bad debts."

"Geographic Revenue Reporting Potentially Misleading, Enabling MPWR To Lower Taxes And Understate Customer Risks"

"A google search of “FPPM technologies” produces nothing in the way of information or relevance to Telecom apps."

"Monolithic's ability to issue such narrow sales and gross margin guidance in a cyclical industry is remarkable."

"Domino’s is a high-quality business with significant long-term growth potential led by a strong management team"

"Post-acquisition margins largely flat following inter-company eliminations (and gross margin down through FY18)"

"Management was certainly aware that up to 45% of VIP revenue was attributable to the sale of products to PetIQ."

"Note that vendor rebates exploded just as one supplier (Merial) became an increasingly dominant supplier to VIP"

"This value gap between Keisei’s market and intrinsic value has grown over time and currently stands at US$3.0bn"

"But Dell also knows that any attempt to manipulate the IPO process will be met by us with immediate litigation."

"We believe these quantifiable EBITDA improvement initiatives alone will create ~$15 - $26 per share in value(1)"

"In our view, BUR always intended to deceive investors about its Napo returns and its overall investing prowess."

"We believe Darden's current challenges highlight an opportunity to execute a turnaround very similar to Brinker"

"Changing the interior and logo without first improving the food and service is not the right long-term approach"

"Technology has proven itself a key tool for driving traffic, improving the guest experience, and reducing costs"

"Red flag 1: Multiple former employees indicate that QS has tried to make multilayer cells for years but flopped"

"We calculate the lost margin arbitrage opportunity from divesting retail and midstream at ~$20 – 45MM per year."

"Pershing Square concludes that the Revised Transaction was not adequately explored by the board or its advisors"

"With its $900 million primary investment, Pershing Square’s ownership of HHH would increase from 37.6% to 48.0%"

"We note that while the pics remains the same, the phrase “Featuring a capacity of 32-qubits” has been expunged."

"A key trick that IonQ has used to entice investors is the use of algorithms to demonstrate quantum superiority."

"Organic growth, excluding the impact of new generic competition, has been consistently mid to high single-digit"

"Elliott believes a 150-250bps cut by reducing sales and marketing effort is in line with slowing growth outlook"

"In our view, this is a major red flag, and a sign that the company may be delaying a major goodwill impairment."

"Huntsman’s profit contribution from differentiated businesses looks the same today as it did fifteen years ago."

"We believe Darden’s current challenges highlight an opportunity to execute a turnaround very similar to Brinker"

"Changing the interior and logo without first improving the food and service is not the right long-term approach"

"Technology has proven itself a key tool for driving traffic, improving the guest experience, and reducing costs"

"If good insight, why is it increasing when you said it would decrease. First ever mention of "excess" inventory"

"printing aligners in-house allows dentists and orthodontists to save over 75% versus Align on a per-case basis."

"Could 11.5% of Align's orthodontic case starts in the Americas be at risk to the loss of a single DSO customer?"

"Printing aligners in-house allows dentists and orthodontists to save over 75% versus Align on a per-case basis."

"Could 11.5% of Align's orthodontic case starts in the Americas be at risk to the loss of a single DSO customer?"

"We believe the disconnect between message and facts is alarming: both shareholders and customers deserve better"

"The Company has yet to make fulsome public disclosure to resolve concerns regarding the vote buying impropriety"

"The current attempt to represent performance as excellent is an absolute scandal in and of itself, in our view."

"Assuming management continues to make attractive acquisitions, Valeant trades at a large discount to fair value"

"Only a handful of public healthcare companies have durability comparable to Valeant's durable product portfolio"

"We believe Skechers has dramatically increased its purchase commitments right as revenue growth begins to slow."

"We believe the aggregate impact of all these trends and changes has resulted in a worsening of revenue quality."

"Two of the former senior managers confirmed that ZZ Anfa was, in practice, under the control of the Anta Group."

"Spruce Point believes it is a classic red flag when a company changes its inventory accounting policy language."

"There are very few businesses in the world with all the attractive business characteristics of Brand McDonald's"

"Pershing's valuation is based on the business as it exists today, assuming no further operational improvements."