Callouts & quotes from 26,677+ activist slides

"Bristol-Myers is acquiring one of the largest patent cliffs in the history of the pharmaceutical industry."

"Investors should be concerned by the unexpected and abrupt resignation of CEO Gabi Seligsohn in June 2018."

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

"PSH's discount to NAV widened by 4.9% from 28.3% in the beginning of 2022 to 33.2% as of December 31, 2022"

"Continued store growth in Starbucks' largest owned markets is supported by industry-leading unit economics"

"Investors should be highly alarmed that ONP is making this change without apparent business justification."

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

"Government-granted benefits that do not serve a vital purpose for the mortgage market should be eliminated"

"The net impact was -2.8%, -140,000 oz. equating to a loss of $160 million of reserve ounces in the ground."

"The Board opted to maintain onerous provisions and weaken shareholders’ ability to call a special meeting."

"サムスンは、KLAが近いうちにレーザーテックの装置に対して競争力のある装置を発売すると期待しており、その生産開始を急かしているようだ。関連装置の半分はKLAに発注すると決めており、すでに予約注文をしているという。"

"This was a clear case of a company saying one thing to investors and doing something completely different."

"No matter the card you have, vote for Brian Coffman, Sigmund Cornelius, Michael Heim, and Stacy Nieuwoudt."

"Management's plan to spin off Red Lobster is the wrong spin-off, at the wrong time, for the wrong reasons."

"Management's plan to spin off Red Lobster is the wrong spin-off, at the wrong time, for the wrong reasons."

"We question whether compensation decisions are motivating management to rush the separation of Red Lobster"

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

"Regardless of Whether New Pacific Controls Its Bolivian Concessions, We Still See 85% Fundamental Downside"

"INGN management’s claim that 90% of ambulatory patients are potential POC users seems greatly unrealistic."

"The compensation plan’s structure directly enhances the metric that determines its own payout in our view."

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

"Essentially, Yahoo shareholders got a watered down version of the Media strategy and a less valuable Yahoo"

"We would like to see someone like a Liberty Media come on to the Yahoo board as a partner for two reasons."

"We find it telling when a one-product platform company tries to plug slowing growth with bespoke projects."

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

"Vocera shareholders received $79.25 per share, which in our view points to Stryker having wildly overpaid."

"KLA's impending launch of an EUV actinic patterned mask inspection tool will be catastrophic for Lasertec."

"We take this as an indication that they had been instructed or even threatened not to speak of the matter."

"When a critical cash flow line item doesn’t add up, it calls into question the accuracy of Telaria’s cash."

"This presentation outlines the plan that we believe Macy's should follow to create value for shareholders."

"Olam's staff costs are material to its operations, but they are also quixotic with little rhyme or reason."

"In a pool of six bidders for a recent project, Ferebee was dead last with a bid +37.8% above the estimate."

"Reading Core’s annual reports is like opening a time capsule preserving the history of energy market hype."

"This change to the Equity Method enabled Fairfax to avoid booking a $372 million loss during Q2 – Q4 2018."

"This Mis-Marking Has Enabled Fairfax to Avoid Losses (and Overstate Book Value) by More Than $245 Million."

"The consequence follows. There was an error of law (as in Milne-Skillman) vitiating any planning judgment."

"We believe Vertiv’s poor Q4 results are not structural and can be fixed with proper operational execution."

"Therefore, based on the collected data we estimate that BEKE inflated GTV by at least ~126% in Q2-Q3 2021."

"Aeroprise and Neon Enterprise were acquired for combined purchase consideration of $21.0mm per BMC filings"

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

"Code reveals APPs collection of Google, Facebook, Instagram, Snap, TikTok as well as other platforms' IDs."

"APP's name changing process appears intended to obfuscate its collection and transmission of 3P user data."

"The SONAR authors have omitted some important indicators of renal health from their primary renal outcome."

"As of April 18, 2017, HHC’s share price increased 234% (3.34x) since the spinoff from GGP in November 2010"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price"

"The answer could be that CSC employees see themselves as working for IQE, supporting our alter ego theory."

"The number of homes with installed systems appears to have grown from 475k to 500k, or just 5% since 2021."

"Chipotle’s continued focus on exceptional food and operational excellence fueled impressive growth in 2023"

"The executive indicated he and his team personally signed 20 collaborations and “zero percent panned out.”"

"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?"

"There are good reasons for shareholders to be highly concerned about the current strategic review process."

"Does a legitimate S&P 500 company need to prominently feature endorsements from Jim Cramer on its website?"

"Now, the company cannot pay any compensation to distributors until they complete a company training course"

"Spruce Point Has Found 3DMT Financials, Which Reveal It To Be Money-Losing With Minimal Capital Investment"

"The executive described the resulting patient support burden as a driver of Nevro's broken business model."

"We base these assumptions on NQ's past reptilian pumping behavior, two recent examples of which are below."

"Despite spending over $600m of shareholder capital, Deckers' market cap and EPS have declined dramatically"

"To the extent that CCME does not have major competition, it is because the business model is unattractive."

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