Callouts & quotes from 26,677+ activist slides

"In the near term, I would expect less profitability at the bottom line than what was previously disclosed."

"If PHA suppliers reduce prices to compete with conventional plastic, their margins will surely take a hit."

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

"We have the right team in place to compound our capital for years without any meaningful headcount changes"

"I didn't see $500,000 worth of – or $5,000 worth of benefit; I've been around a long time. I won't use it."

"We believe our Revised Transaction addresses all of Target’s concerns and achieves enormous value creation"

"A Minority IPO would offer Target significant control and flexibility in executing the Revised Transaction"

">Pitolisant’s pharmacokinetic profile is a disaster – bioavailability problems and blood-brain penetration"

"Continued unwillingness to disclose the identity of its financial backers despite questions from investors"

"TransMedics is going to die because people are so pissed off with the company and this predatory behavior."

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

"What a wonderful example for the old mantra “Heads I (Jinbao Yao) win, tails you (WUBA shareholders) lose."

"From 2011 through 2015, Dr. Kleinfeld was paid $79 million while delivering a loss of 32% for shareholders"

"Questionable tenant reflects bad investment due diligence, abnormally large reimbursement for improvement."

"MBC Danville LP previously purchased the property from TRW Automotive U.S. LLC on 12/17/2007 for $775,000."

"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"

"In Q4 2015, FX adjusted revenue growth was 6%, while FX adjusted SG&A and R&D fell 7% and 9%, respectively"

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

"The SEC charged Withrow in an alleged scheme to defraud investors as part of an “elaborate pump-and-dump.”"

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

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

"Lasertec is once again an anomaly – it spends almost nothing on R&D and even less on capital expenditures."

"Lasertec has the most inflated inventory level of any public semiconductor equipment company in the world."

"Senior executive who recently met with TSMC indicates they are having severe problems with Lasertec’s tool"

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

"The aforementioned quotation is perhaps the best criticism one could level at Olam's accounting practices."

"Based on Starboard's margin improvement plan, AAP trades at less than half of ORLY's EV / EBITDA multiple"

"SEE ADDITIONAL DISCLAIMERS AND NOTES AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION"

"Campbell probably has more challenges/weaknesses in its immediate future than any other company we cover."

"Even With ~$215m of short and long-term cost reductions, Avery still cannot fill the share repurchase gap"

"A ton of work is needed to right-size this company, but it is fixable; they just have to want to do it..."

"Spruce Point believes that Generac paid way more cash in acquiring ecobee than it reported on face value."

"eWellness Healthcare has a history of poor financial management and a CFO with a questionable background."

"Box took stockholder-unfriendly actions in a misguided attempt to defend any challenges to the status quo"

"It took extensive negotiation to overcome Box’s resistance to change even a few poor governance practices"

"Spruce Point does not believe management is best suited to run a large, capital-intensive public company."

"Despite our skepticism, we determined after extensive research that Valeant meets our investment criteria"

"We expect to hear details of a broader restructuring at Yahoo including elements laid out in this letter."

"We also believe energy infrastructure GPs provide an attractive template which CCI could choose to adopt."

"We believe towers should be seen by investors as “utilities of the 21st century,” with much faster growth"

"Think of this as your fitness waiver. Please consult your physician before beginning any fitness routine."

"Monolithic sits on more cash than any of its semiconductor peers: so what does it do with all this money?"

"Elect shareholder-nominated directors empowered to drive accountability and improve long-term performance"

"Improve accountability of Phillips 66’s management by adding credible directors with a mandate for change"

"The veneer of U.S. management has been integral to taking NQ's fraud to a one-time value of $1.1 billion."

"SEE ADDITIONAL DISCLAIMERS AND NOTES AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION"

"LOW's share price including dividends increased 63% in 2021 and has decreased 10% year-to-date in 2022(1)"

"SBUX's share price including dividends increased 1% in 2021 through our last share sale on March 26, 2021"

"Wayfair is a prime example of the growing e-commerce threat to Canadian Tire’s brick-and-mortar business."

"Brinker has also recognized the importance of great leaders driving engagement with employees and guests."

"Our nominees, if elected, are excited to bring back the inspiration and camaraderie that Darden once had."

"Darden's costs as a % of sales would still be above peers even AFTER implementing our identified savings."

"This leads us to conclude that IonQ’s total cumulative revenue since inception to 9/30/21 was only $451K."

"Peers trade at an average 5.8x EV/Sales multiple on FY20 sales, versus Dexcom at 9.1x – a premium of 57%."

"The suggestion that IAA is on the verge of losing another top customer is a highly misleading conjecture."

"It is hard to take Luxor seriously when its actions and analysis reflect the work of an activist imposter"

"PAH has increased in value by ~100% in the six months since the announcement of the MacDermid acquisition"

"Services business contributed to ServiceCo, which elects to be treated as a taxable REIT subsidiary (TRS)"

"This is particularly important in light of Pure’s accounting shenanigans used to embellish profitability."