Callouts & quotes from 3,339+ activist slides

"Based on our extensive investigation over the past three years, we believe Herbalife operates the largest and best-managed pyramid scheme in the world."

"Instead of yet another half measure, we believe Tripadvisor should be formally exploring a sale of the entire company, in one or multiple transactions."

"We believe there are three obvious and credible ways for Bristol-Myers shareholders to lose significant value if the Celgene acquisition is consummated"

"We believe BR will be in violation of its Leverage Ratio covenant at 3.5x but has avoided tripping it through an aggressive cost capitalization policy."

"We Believe FTAI Is Selling Whole Engines and Telling Investors it Sold Three Modules. This Helps FTAI Sell Investors on an Aerospace Aftermarket Story."

"We believe this is the latest accounting lever Fairfax will pull in Q4 2023 and note the stock trades lower than the price Fairfax paid for the buyout."

"36% incremental margins are not acceptable and not fully explained by the agency transition. We believe Autodesk should target 55% incremental margins."

"RSUs not being captured by Zillow’s Diluted Share Count; We Believe They Should Since The Current Share Price Is Greater Than The Grant Date Fair Value"

"Ultimately, we believe that if Dollar Tree executes the key points of our proposed plan, the Company would be worth as much as $150 per share or more."

"We believe international franchising could add more than $5 per share in value over time – this value is not included in our $67 – $86 valuation range"

"We believe it is obvious that holders of the PIPE shares – purchased at $10/share – raced for the exits the very next trading day, crushing the stock."

"The executive didn't state the customer's identity, but we believe it to be Goldman Sachs, perhaps the highest profile "customer" that IonQ has hyped."

"We do not believe the analysts fully factor in the concerns we've identified which we believe make owning Tempus at these levels a poor risk / reward."

"We believe international franchising could add more than $5 per share in value over time – this value is not included in our $67 – $86 valuation range"

"We believe Xylem may have misrepresented revenue dis-synergies by failing to disclose and quantify intercompany sales and competitive product overlap."

"Warning: We believe Oatly’s Chairman of the Board provides a disingenuous biography that fails to capture his recent experience with Genius Foods Ltd."

"Why We Believe The Global Strategic Plan Will Fail. Saputo's Upside Opportunities In Plant-Based Cheeses And Direct-To-Consumer Are Already Struggling"

"Spruce Point believes that Saputo’s ambitions to grow its U.S. dairy-free cheese business will be problematic given its current distribution partners."

"The Company believed that it would nearly double Adjusted EBITDA in the Textile Effects business and raise Adjusted EBITDA margins into the mid-teens."

"We believe that Treasury’s warrants could generate over $300 billion over time, providing a meaningful source of funds for other government priorities"

"We believe Porch's business was falling apart in the second half of 2020 and it burned a massive $31.7m in the quarter leading up to the deal closing."

"Spruce Point believes “Supply Path Optimization” is nothing more than the latest fancy buzz word to get investors excited about Magnite’s “potential”."

"While this contribution margin analysis implies $230mm of incremental EBITDA, we believe the actual number will be somewhere between $100mm and $230mm"

"Given Walmart is PBH's largest customer and the choice for the most cost-conscious customer, we believe there is significant pressure on PBH's prices."

"Spruce Point believes Danimer's current share price is unsustainable, and a result of hype around ESG businesses and unrealistic financial assumptions"

"We believe that Treasury's warrants could generate over $300 billion over time, providing a meaningful source of funds for other government priorities"

"The only value we see in this company is its publicly traded Nevada shell, and believe there is severe downside risk for MOXC shares in the near term."

"We believe Jeffrey Jolcover is related to Scott Jolcover.(1,2) Jeffrey Jolcover pleaded guilty to securities fraud and was scrutinized by the FTC.(3)"

"We believe the surge in viewership of the Yellowstone drama series has served as a tailwind for BOOT's sales, a phenomenon that looks to have peaked."

"This was the proposal that initiated Alcoa's apparent cat and mouse game of what we believe was a disingenuous effort to improve corporate governance"

"We believe Valeant can earn ~$28 to ~$39 per share in 2020, if management is able to continue its historically successful capital allocation strategy"

"Elliott believes a board composed of truly independent directors is the most efficient and effective way to improve governance and performance at TIM"

"We believe there are improvement opportunities that are applicable across all Huntsman divisions, as well as opportunities that are segment-specific."

"We believe that these “loans” were actually ways of providing YDT a way to pay down fictitious ARs until cash could be raised from sales of NQ stock."

"We believe this may be part of the reason why investors seem not to have noticed the disparity between CapEx announced and the amount actually spent."

"We believe that Rollins' 12% global market share accounting for nearly 85% of the total global pest control market turnover appears extremely frothy."

"In his current PGNY bio, we believe Holstein both exaggerates his role and leaves out his prior role at Medical Manager during the fraudulent scheme."

"For both financial and operational reasons, we believe the Company should pay back as much of the bonds as possible (see slide 42 for details of why)"

"The #1 recipient of payments from Harmony is Haramandeep Singh, who we believe to one of their highest volume prescribers and most prolific speakers."

"We believe Valeant can earn ~$28 to ~$39 per share in 2020, if management is able to continue its historically successful capital allocation strategy"

"Based on our proprietary Vets First Choice algorithm, we believe Vets First Choice is onboarding +80 vet practices per week to their online pharmacy"

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"We believe that the dividend declaration was made to preempt a report from Muddy Waters that EDU knew would be damning to the Company's credibility."

"Because TRE has $2.1 billion in debt outstanding, which we believe exceeds the potential recovery, we value its equity at less than $1.00 per share."

"For the record, we believe that Carlyle and the other sponsors' investors will experience a significant loss on the FMCN transaction if consummated."

"QS has an early lockup expiration that we believe is fast approaching. We expect insiders to dump stock and race for the exits, as is their pattern."

"As a diversified holding company, HHH will have an attractive investment universe, which we believe Pershing Square is uniquely advantaged to pursue"

"It is unclear if any new Corporate Integrity Agreement will be put in place, but Novartis does not believe the settlement will impact their business"

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"We believe there is an elegant solution to achieve these objectives through administrative action, utilizing authorities already granted by Congress"

"Spruce Point believes that the Aspen-related goodwill should be written down to reflect the value destroyed by management over the last seven years."

"Spruce Point believes management should address the following important questions pertaining to suspect financial reporting and accounting practices"

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"We believe there is an elegant solution to achieve these objectives through administrative action, utilizing authorities already granted by Congress"

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"We believe that the Chipotle brand is still in its growth phase with significant opportunity to increase its unit count and its average unit volume."

"Elliott believes a 100-200bps cut by consolidation of facilities and reduction in corporate overhead should be achievable as growth is deemphasized"

"BXMT would like you to believe that the only issues are in older office properties, but newer properties in struggling markets also pose a problem."

"As the single most cited source for travel data, we believe Tripadvisor has an opportunity to monetize its unique dataset of user-generated content"

"A ratio below 100% does not signal strength and we do not believe investors should buy into the praise showered on WSP's M&A discipline by the CEO."