Callouts & quotes from 3,339+ activist slides

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"We believe management’s refusal to acknowledge ongoing costs is intentional, and it masks the fact that EHTH is a fundamentally value destructive business."

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

"Thus, we believe the audio livestreaming and China-PRC revenues are essentially the same and should be predominantly, if not substantially all, from Hello."

"We believe investors should be concerned when former employees note that “safety is in jeopardy”, suggesting insourcing may not improve HIMS’ risk profile."

"Because of Lianjia’s claims of an extensive national network, we believe Sanhe Langhang’s examples indicate a systemic inflation of store and agent counts."

"If the S&P can maintain structurally higher earnings growth driven by the top ten companies, we believe the P/E multiple should also be structurally higher"

"We believe if home-buyers had to contract with agents directly, a significant number would either seek to negotiate fees or go without an agent altogether."

"Analysts have poorly forecasted USCR's financial results, which we believe lowers their credibility in valuing the Company. Estimates continue to contract."

"We believe that Remitly trades at an unsupported valuation premium to peers on the belief that its high revenue growth rate is sustainable and attractive."

"We believe investors should have very low confidence that ABML will reach even a fraction of its oft-discussed $200m revenue plan from its first facility."

"While Dealer loans are backed by CTC, each Dealers’ equity is pooled as collateral, which we believe could present challenges during an economic downturn."

"Based on IBM’s recent offer for Red Hat, a deal we believe should have a comparable valuation to a future VMware deal, VMW should be worth $300 per share."

"We believe GoDaddy has an opportunity to drive significant value creation through a combination of improved growth, profitability, and capital allocation."

"Spruce Point believes that Xylem investors should be highly concerned about the fact pattern of events leading up to Xylem’s recent acquisition of Evoqua."

"We believe Bristol-Myers should closely scrutinize the ROI of every marketing campaign in order to ensure they are productive and the best use of capital."

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Spruce Point believes that each of these factors – whether fundamental, accounting-driven, or otherwise – are nearing the end of their respective runways."

"We believe GoDaddy has an opportunity to drive significant value creation through a combination of improved growth, profitability, and capital allocation."

"We believe the market's current evaluation of REZI's capital structure is incorrect as it fails to treat the convertible preferred as in-the-money equity."

"For this reason, along with our forensic analysis detailing multiple reporting concerns, we believe REZI should be valued at a discount to industry peers."

"We believe GoDaddy has an opportunity to drive significant value creation through a combination of improved growth, profitability, and capital allocation."

"Spruce Point believes that since bioplastics still require compost recycling, the technology is not the answer to solve the world's environmental problem."

"In our view, BUR investors are effectively paying a roughly 9% fund expense ratio. We believe that return metrics excluding these expenses are misleading."

"However, as we pointed out, we have serious concerns with Nova's consulting geologist and believe the resource estimates should be viewed with skepticism."

"We believe Remitly's competitors already have a long history of focusing on small and medium-sized businesses and institutional knowledge which it lacks."

"Spruce Point believes Generac is caught in a classic over-expansion trap whereby it increased capacity 4x for home standby generators since the pandemic."

"We believe there is a big divergence between the consensus of analysts’ projections and the Company’s likeliness for a reduction in capital return plans."

"We believe that Darden's remaining real estate is worth $2.5 to $3 billion, and that separating the real estate could create ~$6 - $10 of value per share"

"We believe the simplified transaction delivers a better-capitalized post-closing HHH that will be able to begin executing on its new strategy immediately"

"We believe the proposed transaction offers shareholders a highly compelling alternative to HHH’s limited strategic options as a standalone public company"

"We Believe Almost 75% of the VIAB board are not independent by a reasonable definition; ISS recommends a “substantial majority of a board be independent”"

"For these reasons, we believe that the odds that non-Glenview shareholders support a combination of HMA and Community are increased by changing the Board"

"We believe that Darden's remaining real estate is worth $2.5 to $3 billion, and that separating the real estate could create ~$6 - $10 of value per share"

"We believe Sotheby's weak performance can be tied back to poor corporate governance, irresponsible cost expenditures, and missed opportunities for growth"

"We believe it is now at the point where painting itself as the “New Dropbox” towards content collaboration will fail, and require expensive acquisitions."

"Bristol-Myers appointed several new, Company-friendly directors to appease an active shareholder, but we believe that management may have felt vulnerable"

"Trian believes that Lazard's strong free cash flow and limited need for capital investment should allow the company to decrease its share count each year"

"We believe that to an extent Olam Management might be using desired income and cash balances as inputs into its financial statements rather than outputs."

"By delaying releasing this information, we believe NQ China side insiders were able to dump significant amounts of stock before NQ made the announcement."

"Spruce Point believes there is a big disconnect with what is happening in the airline travel industry and expectations for CLEAR's financial performance."

"We believe the recent increase in AOL’s stock price is directly attributable to Starboard’s involvement and plans to significantly increase value at AOL."

"At a minimum, this illustrates poor due diligence on the part of GFL, and a consistent theme Spruce Point believes is occurring with GFL's acquisitions."

"As a general business principle, we believe it is inappropriate and unethical for any management to compete with the shareholders they are paid to serve"

"However, we believe - and will demonstrate - that the Street is severely underestimating the pace with which competitors are taking share from Penumbra."

"In its quest to grow and rush an IPO so investors can cash out, we believe there is clear evidence of Oatly disregarding these enormous climate factors."

"We have every reason to believe HK decision makers will approach the HKD peg question with the same diligence and rationality they have used in the past"

"Samsara's Board wins the trophy for being experts in nearly everything. Its self-assessment is glowing, and we believe reflects a disingenuous critique."

"We believe the 2013 write off acted as an “earnings bath” which allowed TFS to continue booking biological asset gains in FY 2014, FY 2015, and FY 2016."

"We Believe Rollins' Recent Levered Acquisition of Fox Pest Control In Door-To-Door Sales Looks Troubled And Could Be Used To Obscure Underlying Problems"

"Huishan's disclosures about Liaoning Muhejia refer to it by an informal English name, Liaoning Ainyveal, which we also believe is an attempt to obscure."

"Is management being aggressive in its accounting definition of "cloud revenue" to inflate what investors would believe to be true "cloud-based" revenue?"

"Spruce Point believes that analysts are downplaying the tectonic shift that we believe is occurring in the sports betting market and its impact on DKNG."

"Spruce Point believes that if revenue cannot be accurately depicted, then investors should have limited confidence in GFL's entire financial reporting."

"To make matters worse, we believe the CEO may have insulted the homebuilding industry by referring to them as "land developers" interested in flipping."

"We believe that the home centers face limited risk from online shopping because the majority of products they sell do not meet most of these conditions"

"36% incremental margins are not acceptable and not fully explained by the agency transition. We believe Autodesk should target 55% incremental margins."