Callouts & quotes from 26,677+ activist slides

"Language buried in Avery's recent 2020 quarterly filings suggest greater tax challenges on the horizon."

"Far beyond simple complaints about workload, there are many references to a fundamentally poor culture."

"FIGS trades at a material premium to DTC and retail/apparel peers at approximately 4.0x 2022E revenues."

"P&G’s share price increased by 30% including dividends from inception of our initial investment to exit"

"We believe Southwest represents the most compelling airline turnaround opportunity in the last 20 years"

"This is particularly true for industrial customers who have the ability to switch to alternative fuels."

"Despite the CEO's overly bullish comments, we find no organic growth driving the Other Revenue segment."

"If such a competitor were none other than the CEO’s family, shouldn’t stockholders be deeply concerned?"

"CELLULAR TOWERS ARE SOON TO BECOME THE MOST EXPENSIVE OPTION OF LAST RESORT; THE HALCYON DAYS ARE OVER."

"Tessera has failed to achieve every commitment it has made in its DOC business over the past few years."

"Years of losses ensued. Management was changed a couple times, and the shares bottomed at $2.70 in May."

"Dycom frequently promotes quotes from Frontier Communications executives in its investor presentations."

"3M Health Care had grown organically every single year for more than 20 years, even through recessions."

"Unfortunately for shareholders, Solventum's performance since the spin has not lived up to its promise."

"Despite MPWR talking sustainable 40-50% revenue CAGRs, actual results are decelerating fast in H1 2019."

"We have little confidence that the CEO's buddy Herbert Chang would stand in the way of pay he received."

"We look at Paychex's business model and think that that's one that we can emulate as we grow over time."

"Multinational is a highly differentiated and rapidly growing product scaling to 35%+ structural margins"

"Shareholders have already seen what happens when Bolloré and Vivendi control TIM No one wants round two"

"Autodesk is plagued by a stunning lack of accountability to shareholders from management and the Board."

"Dell is really just an over-leveraged secularly challenged business facing massive competitive threats."

"We believe that with the right Board in place, substantial value can be created for Darden shareholders"

"Profitability will suffer if traffic continues to decline – raising prices will not offset weak traffic"

"Combined with the $350 million portfolio sale, a REIT spinoff would improve Darden's key credit metrics"

"This level of executive turnover is yet another clear sign of a broken culture and terrible leadership."

"Each business is denied the capital, investor base, focus and oversight needed to achieve its potential"

"Any Value Ascribed to Speedway and Refining Will Drive a Substantial Increase in Marathon’s Share Price"

"Past analogs of retail divestitures and acquisitions do not demonstrate any causal link to utilization."

"Bill Ackman, if elected, does not intend to support any action that will impair Target’s credit ratings"

"On a look-through basis, Bill Ackman will own 8.5 million shares of HHH ($764 million at $90 per share)"

"$10,000 invested in the illustrative PSLP / PSH strategy in January 2004 would be worth ~$455,100 today"

"Ex-executive suggested concern in the industry that IonQ's claim of a 32-qubit computer is “fraudulent”"

"IonQ’s trapped ion approach doesn’t scale and the technology quickly “buckles” as you try to add qubits"

"The computer returned 5 as the answer to 2 + 3 only about 50% of the time across each of the five runs."

"This is a clear indication that CGMs are becoming a commoditized component of insulin delivery systems."

"Valeant's superior R&D productivity is indicative of its investment discipline and cost-focused culture"

"Unfortunately, the Company Has Missed or Is on Pace to Miss ALL of the Commitments Made to Shareholders"

"Acutus’s cardiac mapping is a massive technological leap from legacy high-resolution mapping modalities"

"We extrapolate that ~70% to 75% of U.S. borrowers are unable to pay interest expense without the swaps."

"We believe 444 Michigan Ave, which matures in January 2024, is a harbinger of the near future for BXMT."

"If we are right, we expect the Taylor Swift benefits from 2023 to become headwinds to comps in H2 2024."

"We Believe BOOT Is Struggling More Than It Cares To Admit Because Of Its Deeply Flawed Big-Box Strategy"

"We believe consensus expectations on revenue growth and Adj. EBITDA margin expansion are not realistic."

"Wall Street consensus estimates for Adjusted EBITDA margins are WELL BELOW the Company's targeted range"

"The definition of insanity is doing the same thing over and over again and expecting different results!"

"Shareholders overwhelmingly voted to replace a majority of GCP's board after years of underperformance."

"Profitability will suffer if traffic continues to decline – raising prices will not offset weak traffic"

"Combined with the $350 million portfolio sale, a REIT spinoff would improve Darden's key credit metrics"

"Similar to the oil frackers, drilling now destroys value. But it’s not as bad for gas as it is for oil."

"We believe Southwest represents the most compelling airline turnaround opportunity in the last 20 years"

"The goal of the new system is to have a new portion pack that would extend patent protection until 2021"

"We call it the Mother-Fracker, but everyone else will know it as Pioneer Natural Resources, ticker PXD."

"Many dentists and orthodontists report a high level of dissatisfaction with Align’s business practices."

"Arconic management is simply taking credit for the natural cyclical recovery from the financial crisis."

"Each business is denied the capital, investor base, focus and oversight needed to achieve its potential"

"The Shareholder Slate recommends seriously analyzing both the organizational structure and expense base"

"HHC’s share price has increased 250% (3.5x) from the November 2010 spinoff from GGP to January 19, 2018"

"AI is Coming For iRhythm by Decoupling Results Analysis From Devices and Enabling Competitive Solutions"

"The reality is that NMC does engage in reverse factoring, and it goes beyond the Credit Suisse amounts."

"The following table shows individuals in the network who appear in two or more controlled distributors:"