Callouts & quotes from 26,677+ activist slides

"Widespread acknowledgement that Hess is cheap but significant strategic change is necessary to close the gap"

"Additionally, here are operating principles that would govern leadership’s differentiated Scheduled Network:"

"THE INCUMBENT BOARD AND CURRENT MANAGEMENT TEAM DO NOT DESERVE MORE TIME TO TRY TO TURN AROUND THE RAILROAD."

"The $(50) million of Q4 Adj. EBITDA is inconsistent with history and the improved operations of the business"

"Using management's forecasts, Veritas could pay $26-$29 per share and still earn a 5-year IRR north of 17.5%"

"We believe this represents a significant premium to pay for low-grade technology with limited pricing power."

"Company conveniently picks the 2011 low point as the start of its analysis to seemingly deceive shareholders"

"Darden has a great collection of brands and assets that, if managed correctly, would drive significant value"

"Olive Garden does a poor job of converting searches into visits, and converting visits into repeat customers"

"With the right leaders in place and with a culture of innovation, we believe Olive Garden will be successful"

"Refranchising can generate capital and improve the quality of earnings with a limited reduction in cash flow"

"Elliott intends to pursue all available pathways to deliver the leadership changes that the Company requires"

"The next generation brewer clearly uses a different K-cup; in this example it would require a sonic receiver"

"Management and bullish sell-side analysts like to tout the so-called “well economics” which show great IRRs."

"Flattish art market suggests Sotheby's has done a poor job making art more accessible and appealing to HNWIs"

"S&P should continue to advocate for banks to disclose climate change risks associated with their loan books."

"Removing these benefits, we see that AMR’s core business operations is not nearly as profitable as it seems."

"Despite the dispositions of SCPs and GGO assets, PF GGP’s net operating income will be relatively unaffected"

"Our 3-Step Plan presents a unique “all-around win” opportunity for all stakeholders – not just shareholders."

"We believe that 39% of employees operating as CCTs is not consistent with what the Company has communicated."

"Since 2/1/25, iRhythm has increased its 2025E revenue guidance by 6.6%, yet its stock price has climbed 43%."

"We Believe DND’s Nominees Have Presided Over Significant Value Destruction and Drawn the Company Into Crisis"

"M&A and capital markets hiatus in the short term will drive material reduction in transaction-related costs."

"There is evidence to suggest that Zebra may downplaying and/or minimizing its exposure to the retail sector."

"There a few instances where Zebra’s venture investments received public scrutiny for reducing its workforce."

"The chart below illustrates Zebra's cumulative inventory growth vs. revenue growth between 2018 and H1 2024."

"There have been several mischaracterizations of our Initial Proposal which we believe need to be cleared up."

"Tenant Sales are Down, but Inventories are Down Even More While Retailer Cash Flows Have Improved Materially"

"Elliott sees a path to a significantly higher Phillips 66 share price – but Company leadership needs to act."

"Despite recent weakness, large-cap multi-industrials have historically traded at ~13% premium to the S&P 500"

"We expect a substantial re-rating lower in the share price once investors critically analyze its financials."

"Omitting a tax preference from the prospectus is much less likely when the company's financials are genuine."

"The CRT/alert/art value creates an identifiable link from the device to the Zynga game to the Shopify store."

"As of January 20, 2017, HHC’s share price increased 190% (2.90x) since the spinoff from GGP in November 2010"

"Since the beginning of Caforio's tenure as CEO, Bristol-Myers has stagnated, and shareholders have suffered."

"Throughout all stages, representatives of Kao Corp and executive management have been obstinate in response."

"Turner realized in the mid 70s that owning too many McOpCo units was not in the best interest of the Company"

"Pershing has assumed the following structural and tax assumptions with respect to an IPO spin-off of McOpCo."

"Stock Promotion vs. Reality: Why We Believe Key Aspects Of The C3.ai Story Are Exaggerated Or Irreconcilable"

"Fannie Mae was chartered to support liquidity, stability, and affordability in the secondary mortgage market"

"An effective solution for housing finance reform should not need to rely on an explicit government guarantee"

"Like many of its SPAC brethren, we believe HIMS has done all it can to create the illusion of a massive TAM."

"We believe HIMS' current structure would not be legal and allowed to operate under such a regulatory regime."

"We also find that Baird clearly prioritizes business over medical considerations, an apparent CPoM conflict."

"Amdocs is an IT services business, not an innovative technology business - it's more call center than coder."

"Elliott intends to pursue all available pathways to deliver the leadership changes that the Company requires"

"Mr. McPherson serves as Vice Chairman of a Board that is majority composed of Lone Star-affiliated employees"

"We spoke with multiple companies in this group, and each confirmed that FMCN never owned or controlled them."

"M&A represented approximately 50% of its total growth in 2017. More alarming: organic growth is decelerating"

"The current directors have shown an inability to hold management accountable and have accepted poor results."

"Beware of overly glowing “upside” carrots from sell-side brokers that haven’t fully explored past history..."

"Spruce Point Has Identified Many Flaws In The Flawless Acquisition That Should Give Investors Grave Concerns"

"Developing and emerging markets represent 40% of global GDP but only 12% of industry assets under management"

"Over the past three years M&A volumes have been curtailed by significant macroeconomic and market volatility"

"Based on the analysis above, we believe Intuit management’s long-term growth guidance has not been credible."

"Fannie Mae was chartered to support liquidity, stability, and affordability in the secondary mortgage market"

"Autodesk's recently concluded Investigation makes clear the extent to which the Company misled shareholders."

"If the acquisition were performing as well as touted by Porch, why would HAH settle for half the amount due?"

"We believe this strategy resulted in a significant shift in business mix that ultimately proved unsuccessful"

"New Pacific Metals: Bolivia Looks Friendly Until A Coup Forces Your Friends to Flee to Mexico– 90%+ Downside"