Callouts & quotes from 26,677+ activist slides

"NPV of shifting 4 years of declining deductions out to the years when Bakken is taxpayer is ~$0.13 / share"

"Mike Pearson and his team own significant stock in Valeant, further aligning management with shareholders."

"A 150-250bps reduction by scaling back sales and marketing effort is in line with declining growth outlook"

"Why has Autodesk underperformed despite its advantageous market position and strong business fundamentals?"

"How has the $2.4 billion of acquisition spend benefitted shareholder value creation over the last 5 years?"

"We believe Fluor is well positioned within the EPCM landscape and should trade at least in line with peers"

"A former tech darling that’s become tired and legacy, the purest thing about PSTG shares is pure downside."

"This suggests that the partnership that would be nearly impossible to beat would be NVIDIA and BlackBerry."

"Our research indicates that, not only is BOOT deemphasizing omnichannel, but also acknowledging struggles."

"While other BDC(1) median prices have recovered to NAV or above, ACAS has remained at a pervasive discount"

"We believe Huntsman’s claims of beating its 2020 Adjusted EBITDA target is blatantly misleading and false."

"Contrary to information TRE released on June 17, 2011, Huaihua Yuda, appears to be closely related to TRE."

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

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

"Just as with the oil frackers, we believe the most accurate way to measure value is to do a long-term DCF."

"Ms. Harker is no longer on the Board, but we cannot find any evidence that Stride disclosed her departure."

"Given an inability to generate consistent cash flow, and weakening end markets, Maxar is a potential zero."

"When we allocate this, the adjusted Capex for the horizontal drilling program works out to $20.66 per BOE."

"22 of Dr. Kleinfeld's 34 quarterly earnings releases as CEO of Alcoa have seemingly disappointed investors"

"However, Arconic has simply been unable to close the gap with Precision Castparts under current management"

"TCS wheels sales were down 2% since 2013, while aluminum penetration grew at a ~10% CAGR from 2010 to 2015"

"The Shareholder Slate would bring the expertise and fresh perspectives necessary to move Sotheby's forward"

"ONP and its attendant hype opened our eyes to the massive need for due diligence in China equity research."

"For brevity, we note that the government eviscerated this defense (see Case 3:24-cv-03967-AMO document 5)."

"We have Smoking Gun evidence that ANTA secretly controls a significant portion of its Tier 1 distributors."

"The executive also raised concerns about Zebra getting more product replacement demand than new customers."

"HASI's preferred non-GAAP metric, “Distributable Earnings”, has almost no relationship with cash earnings."

"Twist's main competitors are low-cost Chinese players with cheap labor vs. Twist's Bay Area cost structure"

"Cost cutting and inventory management initiatives will help tenant margins expand despite lower 2009 sales"

"Why are "Corporate Activity" assets up 236% in 3yrs, the fastest growing segment without any depreciation?"

"Kratos is on its fourth Chief Accounting Officer / Corporate Controller in a decade, and third since 2013!"

"Want to stump NQ customer service? Ask them where to buy prepaid cards in Beijing, Shanghai, or Guangzhou."

"Wall Street analysts were incredibly positive on the Bristol-Myers strategy, pipeline, and management team"

"Shareholders must be absolutely certain before allowing management to take all other options off the table"

"The RMB has appreciated by 30% since 2005 and officials have indicated that it will continue to appreciate"

"The proposed scheme appears to be the only practical method of stabilising the exchange rate at this time."

"We estimate that the Company is overstating gross and EBITDA margins by 664bps and 1,176bps, respectively."

"The intensity of Phillips 66's attacks on Mr. Goff reflects extremely poorly on the Company and its Board."

"At best, the current stock price implies a meager ~2x consensus 2015 EBITDA multiple on the Core Business."

"GGMI likely deserves a higher multiple given that CB Richard Ellis’s fee stream is more transaction driven"

"Ask yourself: If the CEO and Board members truly believed in their strategy wouldn’t they be buying stock?"

"Ask yourself: If the CEO and Board members truly believed in their strategy wouldn’t they be buying stock?"

"Funds managed by Pershing Square are short the stock of Herbalife Ltd. and own put options on the company."

"However, in our opinion, SMCI makes some of the more aggressive and laughable adjustments we’ve ever seen."

"Valero and Marathon are the primary and, for many investors, the only comparable companies to Phillips 66."

"Taubman's underperformance is squarely the result of management and its board of directors, NOT the assets"

"Wall Street analysts estimated Adjusted EBITDA be 30% BELOW the Company's initial 2018 Investor Day target"

"The Company's Adjusted EBITDA not only failed to improve, but had deteriorated after the 2014 Investor Day"

"Huntsman management receives other valuable perks, such as personal use of the Company's private aircraft."

"Given their actions to date, we believe these four directors are highly unlikely to demand accountability."

"Filmed Entertainment theatrical film OIBDA growth rate, however, is not expected to exceed its peer group."

"In summary, TWC requires freedom of movement if it is to realize the full intrinsic value of the business."

"We Estimate That DV's EPS Met Consensus If Not For Underestimating / Delaying $2.8M of Expense Recognition"

"Core use case of nearby people and instant messaging are limited. There goes the baby with the bath water."

"We believe a significant number of these partnerships - possibly over half - are close to dormant or dead."

"Our analysis suggests that revenue per employee has been down since 2018, and essentially flat thereafter."

"Are you able to identify the controversial symbolism used in these screenshots of WFG associated material?"

"So if Herbalife Nutrition Clubs are not “stealing a meal a day from fast food” what are they really doing?"

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

"Ask yourself: If the CEO and Board members truly believed in their strategy wouldn’t they be buying stock?"