Callouts & quotes from 26,677+ activist slides

"Wall Street analysts estimated Adjusted EBITDA be ~35% BELOW the Company’s initial 2018 Investor Day target"

"We believe PET applications for water, drinks, and carbonated beverages should be excluded from DNMR’s TAM."

"The opportunity to increase alcohol sales could drive an estimated $56 million in annual EBITDA improvement"

"We believe a multi-step separation would maximize value while enhancing Darden's credit rating and dividend"

"But since production from existing wells decline about 25% per year, supply and demand can correct quickly."

"Celebrity CEOs, at those same decision points, are more likely to favor self and ego over company and work."

"Using market multiples for the rest of Phillips' assets implies its Refining system is valued at $1bn today"

"It suggests that some operations and management had been comingled and were under the common control of YY."

"Even market data services take Dropbox's figures at face value, leading to incorrect measures of valuation."

"The main problem is that GTT does not generate organic growth or enough free cash flow to service its debt."

"His eagerness to move away from this issue reflects his desire to avoid any further inquiry into the issue."

"Higher interest rates may also potentially drive improvements in securities lending and FX trading revenues"

"Citigroup performed a bottoms-up analysis to project 2009e holiday same-store sales of positive 2.5 percent"

"Rio Tinto's DLC structure has led to tens of billions of dollars in wasted franking credits since inception"

"Vitek Clearly Screwed CPI PG Through Petroni – the Next Year, the Real Estate Was Impaired by €13.6 million"

"We conclude that at least 72% of NQ’s reported $32.2 million in 2012 China security software is fraudulent."

"Software engineers simulated a Man in the Middle Attack disguised as a software update to the user's phone."

"NQ's purported $36.5 million on 2012 international revenue is absurd, and to be almost entirely fabricated."

"We believe the overpayment was to undisclosed insiders with a history of ripping off minority shareholders."

"Share price stagnation reflects ongoing concerns about the impact of low oil prices on HHC’s Houston assets"

"The findings of the FTC substantially agree with our assertion that Herbalife operates as a pyramid scheme:"

"Bristol-Myers’ proposed acquisition of Celgene is directly contradictory to the “String of Pearls” strategy"

"This still assumes ~$7 billion of revenue from five unidentified blockbusters in the earlier-stage pipeline"

"Hong Kong’s trade with America has fallen as a percentage of total trade, while trade with China is booming"

"We observe after 2019, FND's contractual purchase obligations (primarily inventory) increased dramatically."

"We believe the Company should act decisively and expeditiously to unwind its cross-shareholdings portfolio."

"Spruce Point's fair value price target for Saputo's stock price is approximately $13.75 to $20.50 per share"

"If a Disney shareholder bought stock on 93% of those days, their shares would be worth less than they paid."

"Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets."

"The pattern of troubling behavior has not changed. Strong, capable, and independent directors are required."

"The Board refused to use a universal proxy card, despite widely being accepted as governance best practice."

"Wall Street analysts have referred to Celanese and Eastman as having a comparable business mix to Huntsman."

"We believe ~35% of the Company’s revenue is tied to high volume / low-margin raw material-indexed contracts"

"WFG coaches its leaders to utilize subliminal messaging when giving presentations or meeting with recruits."

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"CHD has two of its "Power Brands" – Spinbrush and Waterpik – are sourced from China and exposed to tariffs."

"Phillips 66 boasts a collection of high-quality energy assets - but is falling well short of its potential."

"What is most important is even at $100 million, this would be the largest clean energy fraud in US history."

"Significant price volatility due to the macroeconomic environment has been a major inhibitor of M&A volumes"

"Vivion is egregiously misleading in its rebuttal to our revelation of rent24’s outsized occupancy at Fürst."

"Investors should be cautioned that UEC's audit fees in relation to its reported total assets are miniscule."

"Large revenue collapse in Q4'2018. Total revenues substantially less than $35m cited at time of acquisition"

"We have made several illustrative modeling assumptions to estimate the long-term earnings power of the GSEs"

"コンピュータ支援設計による構成図と実物の写真により、わかることがある。レーザーテック製の装置に採用されているウシオ製の極端紫外線光源の電気的・機械的な複雑さと、液体錫、気体、飛沫の“雲”が発生する。これらは弱点だ。"

"The TAM for AlloSure is a fraction of CareDx’s claims and Medicare coverage will be scaled back accordingly"

"GCP’s share price performance has compared poorly to peers and broader indices over almost any time period."

"Please Consent to the calling of the Special Meeting on Starboard's White Request Card as soon as possible."

"Please Consent to the calling of the Special Meeting on Starboard's White Request Card as soon as possible."

"Please Consent to the calling of the Special Meeting on Starboard's White Request Card as soon as possible."

"We believe BILL has an opportunity to drive sustainable growth and significant improvement in profitability"

"We believe Fluor is well-positioned, with far fewer competitors for full-service, integrated EPCM contracts"

"We also believe that companies engaging in such practices are vastly more likely to have something to hide."

"In our opinion, it is difficult to justify the bulk of these charges, and they could therefore be improper."

"Asserts Parkland Could Be Worth $45 Per Share if the Board Follows Engine's Value-Enhancing Recommendations"

"The $500 is a pretty good rule of thumb to use for drayage cost at each side of the autonomous middle mile."

"We believed there was significant opportunity to improve these companies on a growth + profitability basis."

"There are definite weak points from a biological standpoint that would potentially encourage contamination."

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"This, of course, explains the statistical omissions in the SPIE papers lauding the tool's purported uptime."

"The insights we gathered are not as "bullish" as the promotional sell-side analysts would have you believe."