Callouts & quotes from 26,677+ activist slides

"Because of strong NAV and stock price performance, PSH was added to the FTSE 100 index on December 21, 2020"

"We expect companies in which we invest to have a credible, publicly-disclosed plan to reduce GHG emissions."

"We believe that there is near-term potential for a favorable resolution of the status of Fannie and Freddie"

"When major/minor publications start writing about “revolutions,” this is often a signal of toppy sentiment:"

"We also caution investors that IRBT does not appear to have good internal controls on its patent portfolio."

"Pure-play gaming and entertainment comps suggest consolidated "New Sony" would trade between 12x - 15x EBIT"

"Leidos has been losing market share to Smiths Detection in the U.S. baggage detection market for some time."

"The label alludes to GH combination therapy with Vykat as a precipitating factor for diabetic ketoacidosis."

"A handful of trial sites enrolled a substantial percentage of patients for phase 3 and the withdrawal study"

"We Believe Lightspeed Is A Poor Man’s Shopify And Will See Increased Pressure From Square, Adobe And Amazon"

"A key driver of pitolisant’s hERG-related cardiotoxicity is the piperidine ring in its molecular structure."

"There is this cardiovascular signal, which was known - I'm sure it was known as soon as people profiled it."

">Cardiac safety data submitted to the FDA was a sham, and the agency’s interpretation exhibits grave errors"

"The players who will survive and ultimately prosper are the ones on the low end of the regional cost curve."

"Monster's UK filings no longer reference goal achievement or a successful business in its existing markets."

"They develop hairiness. They develop diabetes. They develop edema. We had to give diuretics to some people."

"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:"

"We believe there is absolutely no way to refute the fact that Globe Teleservices is a related party to INS."

"The peculiarity of how EGH was able to sell a property to IIPR before even owning it is already disturbing."

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

"We believe the new administration will work with Congress to successfully reform Fannie and Freddie (cont.)"

"Ceres touted the “scale-changing” potential of a Chinese manufacturing JV with Weichai, yet it led nowhere."

"Unbilled receivables are growing and Enfusion recently removed reference to them being due within one year."

"Lasertec light source is highly instable due to electrode erosion where the tin is ignited to create plasma"

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

"Based on our analysis, we estimate approximately 35% to 60% potential downside risk ($14 to $22 per share)."

"Spruce Point has a track record of short calls with publicly traded companies promoting payment solutions."

"Spruce Point questions why Remitly appointed Peggy Smyth to its Board of Directors and as its Audit Chair."

"Agilent’s margins are significantly below its closest peer, Waters, despite being more than twice its size"

"Declining new gross member adds, coupled with constant churn, has caused the total member base to flatline"

"There is a major disconnect between Avery's retail business struggling and its shares near all-time highs."

"Selling product online is not unique to FIGS. There are many DTC brands and major online shopping options."

"From the inception of our short position on May 1, 2012, HLF stock has declined by 41% including dividends"

"Therefore, HBOP's profits and tax situations are the key to determining whether ONP falsified its results."

"Box’s Board has overseen severe deficiencies in compensation, governance, and capital allocation practices"

"Despite claims of “cost optimization” programs, Box has not been able to deliver gross margin improvements"

"Despite “driving infrastructure efficiencies”, Box’s gross margin has deteriorated by 700bps since its IPO"

"We are confident in our ability to identify high-quality directors committed to creating stockholder value"

"We are short PRTA. The publicly-available data, in our opinion, does not show that NEOD001 is efficacious."

"We see the days of carriers blowing through their built-in escalators as largely a phenomenon of the past."

"Charging more to customers who do not elect GAP coverage to make up for loss of 100% gross margin revenue?"

"Oil and gas production targets are obviously considered key price-sensitive information for oil companies."

"We demand that BP immediately issue a press release confirming or denying the 'rumor' reported by Reuters."

"Supply/demand balance will remain very tight given 5 to 7-year lead time needed to bring on new ore mines."

"Energy infrastructure GPs trade at a 4.2% 2015E dividend yield on average, with high teens dividend growth"

"DY's Recent Chief Accounting Officers And New Board Appointment Are No Strangers To Financial Restatements"

"ADP is not achieving leverage on its overall associate headcount, particularly in its service organization"

"PSH’s discount to NAV widened by 5.3% from 23.0% in the beginning of 2021 to 28.3% as of December 31, 2021"

"Disclose details of Eurofins’ operations at, and spending for, each real estate asset owned by Dr. Martin."

"An oversized non-synergistic US$5.0bn stake in OLC – accounting for c.63% of the Company's intrinsic value"

"The peer group that the Board has chosen to compensate management off of does not even pass the smell test"

"Allow us to improve Darden for the benefit of all shareholders. Vote on Starboard's WHITE proxy card today"

"Though Darden has largely ignored the international market, it represents a significant growth opportunity"

"BP lacks financial discipline and appears more concerned with gaining scale, as opposed to creating value."

"We believe GoDaddy should target Adj. EBITDA margins increasing from 28% exiting 2023 to 33%+ exiting 2024"

"Infinera strikes us as a classic VC pump and dump, and it appears the band is back together for an encore."

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

"Closed-loop systems are used primarily by Type 1 diabetics. Most CGM users do not use closed-loop systems."

"Elliott Put Forward a Proposal in January: Hess Reacted Defensively and Has Failed to Address Its Problems"