Callouts & quotes from 26,677+ activist slides

"Spruce Point believes the Street’s bullish sentiment on BOOT is extended in both the short and long-term."

"Ms. Schnabel is an incredibly seasoned public board member with significant chemical industry experience."

"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."

"EBITDA should settle at around $425 million per year and EBITDA less Capex should be around $280 million."

"Tripadvisor was controlled by Expedia, Barry Diller, and Liberty over the course of the past two decades."

"How can performance be expected to improve if the Company refuses to acknowledge that it has been so bad?"

"Management's pitch appears to be: "We will not spend as much on capex and we will beat numbers we devise""

"Arconic’s new board and management team should undertake a comprehensive strategic and operational review"

"Today, PAH trades at $27.40 per share, a ~175% increase from its public offering price just two years ago"

"Yet, when Spruce Point benchmarked recent Mine Safety Disclosures, we found AMR to have the worst record."

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

"We find the timing of these changes suspicious given the other decreases in transparency to be discussed."

"We Do Not Believe iRhythm Senior Management is Credible: The FDA Actions Should Not be a Survivable Event"

"Despite these operating improvements, Smiths continues to trade at a significant "conglomerate discount.""

"The reporting of GTT’s pro forma numbers became more creative after the Interoute deal closed in Q2 2018."

"Our Initial Proposal is available on the internet at http://www.valueinvestingcongress.com/Final-Pres.pdf"

"Given the estimated tax basis in McOpCo, we believe that no taxes would need to paid in an IPO of McOpCo."

"We are not seeking control of the Board, we seek to liberate it from Vivendi's reign of value destruction"

"A significant portion of these project losses appears to have stemmed from mark-to-market hedging losses."

"Predictably, the company has established a beat-and-raise narrative around its gross margin achievements."

"Store closures that have arisen in bankruptcy have tended to be in low-quality, underperforming locations"

"The competitive landscape is intensifying, with bifurcation between full and ala carte service providers."

"Financial regulation and increased competition from shadow banking led to a material reduction in returns"

"It is clear that Ms. Xu is part of the inner circle of NQ, and not just the marketing advisor NQ claimed."

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

"We Believe WD-40 Has Few, If Any, Growth Avenues Left And The Company Is Leaving Subtle Hints We’re Right"

"Bristol-Myers subsequently admitted that the reason for the CHECKMATE-026 failure was due to trial design"

"We believe Bristol-Myers also has opportunities to streamline its IT and Corporate Services organizations"

"The current LERS is simple, transparent, and credible so a continuation of the current system makes sense"

"Management has taken our Proposal seriously – our Proposal was presented to McDonald’s Board of Directors"

"We are concerned that Samsara makes no disclosure of its financing activities in its reported financials."

"C3 significantly modified its definition of a customer and we believe the language gets looser over time."

"We estimate that the GSEs’ combined long-term earnings power would be about $17bn at current g-fee levels"

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

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

"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 finds clear evidence of a shrinking brand portfolio after its acquisition by Saputo in 2019."

"This election contest is the result of numerous failed efforts to constructively engage with the Company."

"Disney's Board reportedly expedited Bob Chapek's interview process for CEO based on Mr. Iger's suggestion"

"Relying on Price Increases & Cutting Content is Not a Sustainable Strategy to Maintain Quality and Demand"

"Investors are overwhelmingly supportive of exploring a spin of midstream and/or chemicals to unlock value"

"The Company seemed very confident in the financial and strategic merits of its Rockwood TiO2 acquisition."

"Stagnant sales mix in Advanced Materials could be the result of a volume-focused commercial organization."

"TWC's basic ARPU is expected to grow 13% over the period despite pricing pressure from DBS and the RBOCs."

"Content, as a standalone company, should seek to maintain an investment grade rating and pay no dividend."

"TWX is not likely to maximize long-term shareholder value by maintaining its current corporate structure."

"Buy the stock and get the Peanut Butter for free. Actually, you get a discount on the Chocolate, as well."

"We find clear evidence that CEO and Co-Founder Bryce Maddock has embellished his educational credentials."

"A closer look shows that of the total $29.7m increase in receivables in Q2'21, $23.1m came from Facebook."

"When agents first join WFG, they start at the bottom of a downline, making it difficult to earn a living."

"For all periods presented, research and development costs were expensed as incurred and were not material"

"The FTC recommends considering whether the MLM has a history of lawsuits that allege deceptive practices?"

"All nutrition clubs serve the same three products: aloe water, tea, and Formula 1 as a “meal replacement”"

"CHD management did not call out an inventory accounting change as a 10bp benefit to gross profit in 2018."

"Kornit received $35m of payments in FY 2018 which was 105% of its reported operating cash flow of $33.4m."

"Investors are overwhelmingly supportive of exploring a spin of midstream and/or chemicals to unlock value"

"Investors are fed up with the lack of accountability and oversight from the current Board and Management."

"Global and International equity asset mix (70% of AUM) place Lazard in the sweet spot of asset management"

"Contrary to CPI PG’s claims, the buyer, Diro International Ltd, does not appear to be a “local investor.”"