Callouts & quotes from 26,677+ activist slides

"All of the above statements are referred to as Convincing Statements and are strongly correlated to deception."

"It's like you're basically being asked to engage in the practice of medicine after a week's worth of training."

"TransMedics speaks a lot of garbage about NRP...they talk trash because it’s a big competitor and way cheaper."

"Norfolk Southern’s shares have underperformed the Company’s Class I railroad peers over every relevant period."

"National Express vs. FirstGroup stock performance since Mr Finch became National Express CEO in February 2010:"

"Our ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH"

"Without the omitted material information, it is impossible to determine the value of the awarded compensation."

"We see New Sony growing EBIT at +10% CAGR or better, driven primarily by secular tailwinds in gaming and music"

"Vykat’s mechanism of action is fundamentally incompatible with PWS patient physiology from a safety standpoint"

"Trial was essentially unblinded from side effects; investigators correctly deduced who was on drug vs. placebo"

"When we asked if the edema-related treatment unblinded these patients, the physician replied “yes...for sure.”"

"How did Lightspeed get an additional 5,000 customer locations in the span of 20 days at the end of March 2021?"

"Implied EV / Closing LTM EBITDA of 14.4x (13.3x NTM(1)) represents discount to historical food average of ~16x"

">Thirteen deaths during the pitolisant development program; case narratives are consistent with known toxicity"

"After 11 days on drug, patient was hospitalized for mania, psychotic disorder, bipolar disorder, and insomnia."

"38% of study participants were in Russia, which along with Ukraine, Turkey, Serbia and Hungary comprised ~90%."

"If I were to try and describe our approach – I think it is not so much transformation, but rather transaction."

">Wakix’s only selling point – that it’s not a controlled substance – was dismissed by physicians as irrelevant"

"We exited our investment in S&P because we were unable to establish a full-sized position at attractive prices"

"GreenPower has a fully diluted share count of 24M shares. That puts GP’s value at: $37M/24M = $1.54 per share."

"We are highly concerned that Sinch may be consciously turning a blind eye to fraudulent users of its services."

"The program will effectively become a stage for Joby to solidify its market dominance for several key reasons."

"We think ISRG’s decision to move drape purchases away from UFPT forces the company into negative sales growth."

"Assuming Brook Mine has an ace 60% recoverability rate, we believe Brook Mine will only yield $5.13 per tonne."

"We think the wisest thing any investor can do is imitate management and sell this stock while it is still hot."

"We cannot help but wonder: Are Accor’s anti-human trafficking policies just a marketing charade for investors?"

"If the bad debt allowance is being manipulated, it stands to reason that revenues may also be manipulated too."

"PHILLIPS 66 "HAS NOT GENERATED COMPETITIVE VALUE DURING THE SPAN OF [CEO MARK] LASHIER'S EXECUTIVE SERVICE...""

"Problems are caused by corrupting incentives at the original issuance of a security or derivative by an issuer"

"Lasertec valuation is “kind of nuts”; viewed as the “junior brother” to ASML or “the Japanese version of ASML”"

"While soda ash is categorized as a commodity chemical, it is much less volatile than overall commodity prices."

"We believe we have been very conservate by only taking the hold rate down to 7.2% in our most aggressive case."

"In 2019, Pershing Square established two new investment positions that reflect our core investment principles"

"A handful of top distributors take nearly all of the cash flow; almost no one joining today can reach the top"

"Pfizer decided that OXBRYTA’s benefits no longer outweighed its risks and pulled the product from the market."

"For larger leagues representing a higher percentage of total dollars waged, the revenue share is less than 2%"

"Avery is organized into three business units. Below is our assessment and key insights from former employees."

"We Believe FIGS Exaggerates Its Total Addressable Market (TAM), Gross Margins, And Glosses Over Growth Issues"

"Valeant invested the HSR limit of $75.9mm and Pershing Square contributed the balance of the required capital"

"Glass Lewis - "members of [the compensation] committee should be held accountable for this lack of oversight""

"Garcia III and Jenkins were both owners of Rewards Systems LLC (Looterang) Yet Conceal It From Their SEC Bios"

"Comparing the uptake of UroLift (a leading MIST) to Aquablation highlights the relative superiority of MISTs."

"We believe this comparison is consistent with Procept's historical reluctance to acknowledge procedure risks."

"Directionally, and on the whole, we think our analysis is correct and the broader conclusions are inescapable"

"ADP is not achieving its structural margin potential across multiple client verticals (likely including SMB)."

"ELLIOTT LAUNCHES “STREAMLINE 66” PODCAST FEATURING 1:1 CONVERSATIONS WITH ITS BEST-IN-CLASS DIRECTOR NOMINEES"

"Agilent's share price including dividends increased 30% in 2021 through our last share sale on August 5, 2021"

"Name changed: From: Guangzhou Fengxian Sporting Goods Co. Ltd. To: Guangzhou Xiangrun Sporting Goods Co. Ltd."

"What kind of volume can a business like this expect when its clientele is pet owners who never go to the vet?"

"Does the large adjustment in contingent consideration suggest that something went wrong with the acquisition?"

"We believe Darden must get its advertising on concept and stop ridiculous promotions like “buy one, take one”"

"Our valuation methodologies demonstrate a value of approximately $2.5 – $3.0 billion for Darden’s real estate"

"The multiple management communicated for the EPIC acquisition was based on 2yr forward synergized projections"

"DJ G&P rates can be ~2x greater than Permian G&P rates, allowing for high FCF generation despite lower growth"

"Standard “Coulombic efficiency” metric is once again missing, without which cycle life claims are meaningless"

"10. Retail investors are at major risk as the lockup expires and insiders can dump the shares they're pumping"

"We believe Marathon’s severe undervaluation costs shareholders $14 – 19 billion (~60 – 80+% of equity value)."

"This cascading sequence of events ultimately has the potential to cause the insurer to become insolvent . . ."

"Valuation uses CASY's current depressed multiple. Prior to missing Q1'17 earnings, CASY traded ~0.75x higher."

"Our investigators' site visits confirmed that only one building, Building C, is currently under construction."