Callouts & quotes from 528+ activist slides

"There is so little competition that the opportunities to buy fine companies with double-digit cash-on-cash returns are more abundant than at any time in my career, other than at the bottom of a bear market."

"While management says "holistically, this portfolio provides a platform for balanced growth, margin and return improvement...all of which leads to top-tier total shareholder return," it simply is not true."

"The biggest hurdle to consumer adoption of cloud streaming services historically has been input latency – the time it takes for controller inputs to reach the cloud and return to affect the action onscreen"

"Selling WELL and buying VTR and AHR is not a bet against senior housing. It is a bet against paying a 144% premium for the privilege of funding a compensation plan that may ultimately dilute your returns."

"Trian recommends that management explore share repurchases beyond GE’s initial guidance; we believe there is an opportunity to return over 40% of the current market cap to shareholders by the end of 2018"

"Trian recommends that management explore share repurchases beyond GE’s initial guidance; we believe there is an opportunity to return over 40% of the current market cap to shareholders by the end of 2018"

"Retail’s leading position in a structurally attractive, fragmented distribution landscape amplifies the return on resolution of this cost issue, enhancing Retail’s position as a long-term secular winner."

"We believe IPX’s story of reshoring the titanium industry from mine and scrap to product is a noble cause, but one which, under current market conditions, may not generate attractive returns on capital."

"HHH will be a well-capitalized company with access to equity and debt capital and excess free cash flow from HHC, which will be reinvested in high-return, controlling investments in operating businesses"

"We believe that SBUX’s robust unit growth pipeline combined with management’s sizeable capital return plan will drive EPS growth including dividends in the mid-teens or higher over the next four years"

"Some investors are protesting that Darden’s idea of ‘direct engagement’ amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters."

"...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders."

"In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail on the following page"

"We note that Internal Revenue Code §6713 imposes a civil penalty on any tax preparer who uses tax return information for "any purpose other than to prepare, or assist in preparing, any such return.""

"CEO Gus Kelly runs the business in a disciplined, shareholder-friendly way. Within the leasing industry, AerCap stands out for its record of excellent risk-adjusted returns and opportunistic growth."

"Assuming the average store real estate costs $26mm, of which $13mm is allocated to the land and $13mm to the building, we believe store level return on investment would increase from 23.0% to 39.8%"

"In a hypothetical year where BREIT generates a target return of 12.0%, we estimate an investor would pay an “all-in” fee ratio, including both management fees plus performance fees, of 2.7% of NAV"

"Spruce Point believes management's long-term performance should be measured by EBITDA return on capital investment, or some measure of capital efficiency linked to the increased capital spending."

"While management constantly endeavors to invent new benchmarks against which to measure historical TSR performance, the conclusion remains the same: Returns under Dr. Kleinfeld are epically poor"

"Arconic needs more than an "owner's mindset" – it needs to understand how its business generates returns on capital and then ensure that its investments earn more than the firm's cost of capital"

"However, State Street's shareholders paid a high price subsidizing growth in revenue and assets at the expense of profitability, return on invested capital ("ROIC") and total shareholder returns"

"Policy makers and mainstream economists are stuck in GroupThink that easy money always helps the economy, despite basic economic principles that suggest diminishing or negative marginal returns."

"Crown Castle’s tower business has been an “enabler” for excessive fiber capex. Peers chose to exercise much greater prudence in allocating capital and ensure that fiber projects earned returns"

"Hess's cumulative CEO compensation over the past 5 years ranks in the 73rd percentile relative to peers, while total shareholder returns over the same 5 year period rank in the 20th percentile"

"Assuming 2% comps and the Company’s unit growth plan, if EBITDA margins were to improve 100bps by 2008 (returning to 5-year average levels), EBITDA could increase by 41% from “reported” levels"

"Through FY2026, Salesforce will have an additional $20 - $25 billion of cash to deploy on either value-accretive M&A or further capital return, beyond the $10 billion share repurchase program"

"Equity holders, however, have literally nothing to celebrate. They receive no return during the contract period – and what remains afterward amounts to little more than residual option value."

"By reducing its asset base and returning capital to shareholders, rather than wasting shareholders’ money on excessive capex and acquisitions, Brinker has driven superior returns on capital."

"Based on public import records, we find irrefutable evidence that international customers have been returning “defective parts” related to Leidos SD&A X-Ray systems for MV3D™ and ClearScan™."

"We believe the time has come for Yahoo’s management and Board to narrow Yahoo’s focus to areas where it can demonstrate a high return on investment and a sustainable competitive advantage."

"Since Martin Franklin joined Jarden in 2001, the company has achieved success as a well-managed consolidator of consumer products assets, generating a ~45x total shareholder return to-date"

"Capital return (cash dividend + buyback) of 40 to 50% of net income is the minimum level that should be targeted immediately for each of Mobis, HMC and Kia to be comparable to global peers"

"Since Martin Franklin joined Jarden in 2001, the company has achieved success as a well-managed consolidator of consumer products assets, generating a ~45x total shareholder return to-date"

"In December 2019, PSH sold its total return swap position in HHC and acquired common stock and equity forward contracts. Pershing Square now has a 15% beneficial ownership interest in HHC"

"It is instructive to recognize that Crown Castle’s tower peers have chosen not to pursue low-return small cell projects and have instead decided to allocate capital to higher-return areas"

"RBA shares have returned an average annual rate of 14.3% over Ms. Fandozzi's tenure, which is +409 basis points greater than the S&P 500's total return of 10.2% over the same time period."

"We strongly encourage the Board to incorporate return-based metrics in management's compensation framework and ensure bonus payouts are better aligned with satisfactory operating results."

"CCI offers shareholders attractive risk-adjusted returns, with steady and predictable secular growth, an inexpensive valuation, strong downside protection, and increasing capital returns"

"The vast majority of HASI's dividends have been financed by returns of capital, not returns on capital - in other words, HASI primarily pays its dividends through equity and debt raises."

"The Company should provide investors with tangible evidence that projects such as these will be economically viable and provide a strong return on capital...within a reasonable timeframe"

"Arconic’s most recent investor presentation utilizes every “trick in the book” (and then some), in a desperate attempt to spin Dr. Kleinfeld’s abysmal track record of shareholder return"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont’s inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"Excessive overhead and significant investments outside the core Digital Telephony businesses have failed to generate returns, and instead have resulted in massive losses for the Company"

"Product sales revenues increased by 97%, maintenance contract renewal rates increased to 92% and the business was sold to Concord Communications in 2005 for an 8.5x return to investors."

"Because AMT books these loan repayments (i.e. return legs of financial round trips) as rent revenue, the repayments artificially inflate AMT’s revenue, gross profit, EBITDA, and AFFO."

"In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail below."

"Riot's business model is dysfunctional, characterized by seemingly endless capital spending, lack of operating leverage, unpredictable revenue, poor returns, and negative cash flow."

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"Assuming the average store real estate costs $26mm, of which $13mm is allocated to the land and $13mm to the building, store-level return on investment increases from 23.0% to 39.8%"

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"Buffalo Wild Wings needs to be disciplined in how it allocates its capital and focus on risk-adjusted returns relative to both its cost of capital as well as all other alternatives"

"G-fees, and in turn, mortgage rates, may need to be as much as 240bps higher to produce economic returns that might attract private sector capital to new, small-scale participants"

"2019 was a productive year for PSH with NAV appreciation of 58.1% and a total share return of 51.2%. Despite strong performance, PSH's discount to NAV widened from 25.2% to 28.9%"

"Capital locked in the OLC Stake should be used to improve and grow Keisei’s railway and other operating businesses and/or be returned to shareholders in a value accretive manner."

"The BMS imaging agent illustrates that even when PeptiDream identifies a potentially useful compound, the structures of its partnerships might not lead to a return for investors."