Callouts & quotes from 26,677+ activist slides

"When adjusting for these items, Sunnova's cash flow profile appears much worse than the Company reports."

"By April 2013, Genivar changed its name to WSP Global Inc. to distance itself from a corruption scandal."

"Large increase in financing expense that doesn't impact operating or free cash flow. No footnote detail."

"¥2.6trn of cash is enough to buy back 80% of pro forma market cap(5) after the cross-shareholding unwind"

"...Valuation discount vs. peers has increased over three times since Vivendi nominees joined TIM's board"

"Stub NTM EV/EBITDA Discount vs. Peers¹ Increased over 3 times since Vivendi nominees joined TIM Board..."

"The advantage basically disappears once you go through the labor-intensive process when you have a gene."

"The thing I kept saying is they were shipping with every gene and every oligo pool a $20 bill to people."

"Two other Asia-based players – Genewiz and Biointron – offer exactly the same menu of services as Twist."

"Develop programs that gives the press & our target audience the proof that BNY Mellon has truly evolved."

"On average, tenants have improved their net debt positions more than 30% since the same period last year"

"On average, tenants have improved their net debt positions more than 30% since the same period last year"

"Rio Tinto's ability to pursue stock-based M&A is critical for long-term resilience and shareholder value"

"€20 Million Cash and €78.6 Million Receivables Seemingly Missing From a €35 Million Landbank Acquisition"

"GE’s stock trades well below the ~$40 level it traded when Jeff Immelt became CEO almost 14 years ago(1)"

"Wall Street analysts have historically been overly optimistic in their estimates for Celgene's products."

"With a more efficient R&D process, we believe Bristol-Myers could accelerate innovation and reduce costs"

"It is not at all certain that China will develop a fuel cell vehicle market beyond an experimental phase"

"The abysmal economics of refueling stations, even with a subsidy, will discourage any large-scale uptake"

"Finally, in November 1974, without a reliable anchor, HK discarded the USD link and floated its currency"

"We think a revaluation is more likely than not, but the market price implies extremely low probabilities"

"Below are the summary projections for Pro Forma McDonald's based on the assumptions detailed on page 68."

"Based on a blended asset beta calculation we determined a range of values for the WACC of PF McDonald's."

"We arrive at a value / kg of $19.5, which is far below the ~$52 / kg value needed to plug the import gap"

"The GSEs should require significantly less capital than the PMIs because their guarantees are much safer"

"At higher g-fee levels, we estimate that the GSEs could reach a 2.5% capital ratio in fewer than 7 years"

"We view this as an indication that FND may be stretching for ways to reduce costs and increase revenues."

"It is perhaps more likely that these “fixed assets” have been manufactured through accounting practices."

"GCP’s current Board has failed across the spectrum – operations, governance, compensation, and strategy."

"We believe recent improvements in SCC margins are unsustainable without fundamental operational changes."

"Relative to other real estate asset classes, malls have historically generated the most stable cash flow"

"The US$750 million that Olam is raising merely postpones the collapse that we feel is almost inevitable."

"While They Can Be Beneficial, Shareholder Consulting Agreements are Not the Same as Board Representation"

"Consensus estimates indicate a $6.8bn shortfall. The bulk of the deficit (~$4.9bn) is driven by refining"

"We believe Peter Huntsman is directly responsible for allocating funding to Dr. Beckerle’s organization."

"Covestro believes a 300 – 600bps margin improvement opportunity is available in its downstream business."

"AOL's worldwide subscribers declined 7% in 2004 and are expected to decline 10% and 7% in 2005 and 2006."

"Feedback indicated that they have an approximately two-year lead on the industry in inverter technology."

"In a pyramid scheme, the money at the top is made from the losses of people at the bottom of the pyramid"

"In a pyramid scheme, the money at the top is made from the losses of people at the bottom of the pyramid"

"In 2014, Platform's share price increased by 69% including the attached warrants associated with the IPO"

"Citron Research is now cautious about the current valuation and warns investors of the risks, including:"

"With both investors and employees seemingly dissatisfied, PPG's leadership culture needs to be addressed"

"Management has announced a series of actions to reinvigorate U.S. SSS growth over the next several years"

"Management has announced a series of actions to reinvigorate U.S. SSS growth over the next several years"

"So the portfolios are poison. They aren’t really needed to carry out the function of Freddie and Fannie."

"We are happy to be the first analysts to publicly call bullshit on this myth of a nearly infallible CEO."

"At our forecast of peak earnings, we value INGN at $46 per share, a 67% decrease from its current price."

"At our forecast of peak earnings, we value INGN at $46 per share, a 67% decrease from its current price."

"A Willingness to go in and mercilessly cut costs to take it down to the studs and build it back up again"

"In 2014, Platform’s share price increased by 69% including the attached warrants associated with the IPO"

"Claims of Transparency are Disingenuous – Attempted “Tax Avoidance” Continues to Generate Damaging Press"

"How could auditors have signed off fictitious sales such as revenues from the German Institutional Bank?"

"The real book value of the acquired assets should have been less than S$38 million – probably much less."

"For the last 5 quarters, rather than cut the dividend, the company has paid out more than it has earned."

"PLEASE NOTE: THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD."

"Even using such a conservative assumption, we estimate that BEKE’s revenues are likely inflated by ~96%."

"Again, we find what appears to be a single location accounting for two active stores on BEKE’s platform."

"At a 9.5% Cap Rate and a 7.5% decline in NOI, Realty Income would have a stock price of ~$14 (down ~46%)"

"A combination of factors are driving the excessive valuation discount, but they can be readily addressed"