Callouts & quotes from 26,677+ activist slides

"Real estate companies trade at substantially higher multiples of EBITDA compared to Target or other retailers"

"Yet What Investments or Digital Acquisitions has Viacom Made In The Last 10 Years Since These Empty Promises?"

"Elliott estimates tax savings equivalent to approximately 60% of 2011 Net Income guidance provided by Company"

"BXMT's market cap, which is currently $4.0 billion, is at risk of being completely wiped out by these losses."

"BXMT's market cap, which is currently $4.0 billion, is at risk of being completely wiped out by these losses."

"It should be obvious that what lies behind the doors EY could not open is highly problematic for the company."

"Mr. Shaw's most "decisive action" has been pivoting to a value-destructive and operationally flawed strategy."

"BOOT's New Store Economics Are Struggling And New Stores Look Nothing Like They Were Represented To Investors"

"Discount stores primarily appeal to women bargain hunters whereas BOOT's core customer has skewed to 65% men."

"Houghton Mifflin is a higher quality business than McGraw Hill’s K-12 business and deserves a higher multiple"

"ACAS' compensation expense ratio is one of the highest compared to publicly traded alternative asset managers"

"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"

"Prices stopped reflecting this a few years ago because we ran out of places where we could switch oil to gas."

"Brand partnering could cannibalize higher profit GMCR K-cup sales with lower profit brand partner K-cup sales"

"Management deployed capital worth ~60% of the market cap. That investment is now worth <20% of the market cap"

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

"Why is AMR showing $21.8m of cash outflows associated with its share repurchase program when it spent $23.8m?"

"In 2017, Pershing Square established multiple investment positions that reflect our core investing principles"

"We believe change is warranted and necessary as a result of Edgewater's entrenched Board and management team."

"The Board should have fired Mr. Proud for cause instead of rewarding him with a $10 million 'ransom' payment."

"Total available space for lease in Alexandria's portfolio has risen to 18% currently from 9% at year-end 2021"

"BlackRock omits to say that the outperformance relative to the S&P500 stopped with the BGI deal 15 years ago."

"In June 2015, the CEO resigned, and Boulder was acquired for $11/share, or 52% below Chappell’s price target."

"It is imperative that the Board swiftly announces a strategic review to address the Company's undervaluation."

"Toyota Industries' Stakes in Publicly Traded Companies Have Increased in Value by 43% Since June Announcement"

"However, the press release was recently retracted and replaced with some notable revised quotes (next slide)."

"McOpCo’s Estimated Average Unit EBITDA margins versus U.S. Franchisees’ Estimated Average Unit EBITDA margins"

"How can TIM minorities trust that this deal is in their best interest given Mediaset lawsuit against Vivendi?"

"Inventory declines, coupled with cost reduction measures, has resulted in materially higher tenant cash flows"

"Inventory declines, coupled with cost reduction measures, has resulted in materially higher tenant cash flows"

"If scrip acquisitions are “entirely doable”, why have 100% of Rio Tinto’s acquisitions been funded with cash?"

"...Yet, operating margins are only ~250bps ahead of the peer average, and substantially below “best-in-class”"

"P&G must ensure those outside leaders are accepted and can succeed within the company’s structure and culture"

"Perhaps to obscure the transaction, CPI PG misleadingly reported a nominal purchase price of €1 for Pietroni."

"These combined misclassifications boosted operating cash flow by RMB 88.3 million (US$12.9million), or 57.6%."

"We believe much of the costs have circumvented the income statement and been accounted for as capex spending."

"KPMG explains that it has encountered an "Untersuchungshemmnis" (in English: obstacles to the investigation)."

"Unparalleled record of seeing through the stock promotion hype machine with insightful short-selling opinions"

"We believe that Bristol-Myers spending on R&D per employee needs to be reduced through organizational changes"

"We believe that software contract buyouts are an extremely expensive and dubious customer acquisition tactic."

"CP’s longer hauls and bulk / unit train mix should give CP a much lower unit cost profile than current levels"

"The GSEs’ guarantee business could generate significantly higher long-term earnings at increased g-fee levels"

"In less than two years between May 2020 and March 2022, FND dramatically changed its customer profile claims."

"Issuing in-the-money stock options gives executives more downside protection when DOX's share price declines."

"Despite capital expenditures continuing to grow on both an absolute and relative basis, revenue has declined."

"OSIS's response to our December 6, 2017 report in no way changes our opinion that OSIS is rotten to the core."

"Despite significant core capital generation, State Street's share count has increased ~50% since January 2007"

"GGP has over 24,000 tenants, with its largest tenant accounting for only 2.7% of revenue as of March 31, 2009"

"Pipeline capacity, not ownership, is the key to securing favorable crude differentials in basis dislocations."

"Disney's elevated content spend does not appear to be driving ancillary sales in other parts of the business."

"Investors Reacted Negatively to Disney's $60 Billion CapEx Announcement As Key Questions Were Left Unanswered"

"Disney has used a methodology for evaluating prior Trian investments that we view as flawed for many reasons."

"Directors with the appropriate skills, unaffiliated with the CEO and who bring a fresh perspective are needed"

"We are concerned that even newly-appointed directors have seemingly agreed to shareholder-unfriendly actions."

"The culture clash between TWX and AOL proved insurmountable. As a result, the operations were not integrated."

"The proposed share repurchases are integral to support the premium valuations of New TWX and certain SpinCos."

"Herbalife records “Retail Profit” as Distributor Allowances, which represents a ~50% discount to Retail Sales"

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

"We believe Freedonia’s marketing material is a redundant exercise, and the SEC should seek more clarity into:"