Callouts & quotes from 26,677+ activist slides

"Thus, a large portion of the sweet spot for Aquablation overlaps with a very small patient population."

"Only Procept’s poor recent stock performance has created meaningful upside to sell-side price targets."

"The value of purchases made under Yunnan master agreement is overstated by approximately $800 million."

"We believe the current financial situation at the Exchange is similar to the 2000 to 2002 time period."

"Ultimate Software (“Ultimate”) is an appropriate comparable for ADP’s upper-mid and enterprise markets"

"Soroban has only one ask: install new leadership who can get the trains to operate safely and on time."

"Under new leadership, we believe UNP's stock price has the potential to double over the next two years"

"We believe Party City Canada will end in a similar unsuccessful fashion as Party City and Helly Hansen"

"Olive Garden can draw lessons from its first turnaround, while innovating to stay ahead of competitors"

"High unit and same store sales growth have led to significant share gains for the dollar store channel"

"The biggest difference is in administration and corporate costs which were apparently off by $274,000."

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."

"The 2019 changes put lipstick on the pig by appearing to pad cash flows and Direct segment recoveries."

"Marathon’s refineries exhibit no higher utilization than merchant refiner peers who do not own retail."

"In our view, the board nomination process is insular, conflicted, and unreceptive to shareholder input"

"Every $500,000 of Cost Overruns on a Bakken Well Results in ~$500 million of Value Lost if Not Checked"

"While existing box storage market is well penetrated, the remaining unvended segment is 3x IRM revenue"

"In Solutions 30, we find a number of analogs to Wirecard aside from having a cast of shady characters."

"The traffic numbers have been negative for 10 consecutive months and for 13 out of the last 14 months."

"And add the costs back as amortized adjustments to inflate EBITDA and obscure true financial leverage."

"We question whether the newly appointed directors have sufficient experience to demand accountability."

"Olive Garden can draw lessons from its first turnaround, while innovating to stay ahead of competitors"

"Xylem’s Valuation Is Extreme Relative To Water And Industrial Peers With Higher Margins, Less Leverage"

"Of the eight most senior executives at Southwest, only one has experience at another airline (3 years)"

"Annual performance demonstrates that Dr. Kleinfeld's poor TSR was not isolated to the financial crisis"

"Since 2013, Arconic management has deployed $6 billion dollars (~120% of current shareholders’ equity)"

"Gross PP&E analysis, similar result = Arconic should be capable of $19 billion to $22 billion in sales"

"Even if Arconic achieved its free cash flow goals, they would be well below that of its new peer group"

"Simon expects to lose less than 2bps of total revenue as the result of rent relief concessions in 2009"

"DND’s Q2 Results Were Positively Impacted by Macro Factors, Not the Quality of the Board or Management"

"The fact that $283 million in EBITDA is required to reach $1 billion shows leadership's state of mind."

"NMC needs to provide investors with details regarding its Short-Term Borrowings, including overdrafts."

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."

"We Believe EBITDA And Contracted Customer Value Metrics Are Completely Meaningless To Evaluate Sunnova"

"Elliott has nominated eight independent, highly qualified directors to Southwest's Board of Directors."

"McOpCo’s restaurant portfolio needs to be optimized in order to improve margins and capital allocation"

"While BK's results have significantly deteriorated, State Street's results have significantly improved"

"Simon expects to lose less than 2bps of total revenue as the result of rent relief concessions in 2009"

"ISS, Glass Lewis and ~97%(1) of BHP shareholders were in favour of BHP’s highly comparable unification"

"The below photographs show that the accumulated work in process throughout the factories is extensive:"

"Customers believe the products quality and lasting duration justify speeding a premium price for JB-80"

"There is a potential risk that Celgene could lose greater than 60% of its current revenues before 2026"

"We believe voting AGAINST the proposed acquisition of Celgene is in the best interests of shareholders"

"Kao needs to shrink the number of brands and focus on aggressively growing the revenue of what remains"

"We Believe Samsara’s Aggressive Accounting Policies Massively Inflate Gross Margins And EBITDA Margins"

"We Identify A Broad Range Of Disclosure Omissions, Reporting, Accounting And Business Practice Changes"

"Of the eight most senior executives at Southwest, only one has experience at another airline (3 years)"

"GCP has said it's now targeting smaller projects in SBM, after peers have already made strategic moves"

"Valero demonstrates the potential for significant operating upside with the right model and management"

"It seems that only a company looking for write-downs would have written these businesses down to zero."

"With the money to purchase Captain Six, FMCN could have bought a 60-meter yacht with a helipad instead"

"Globant's investors need to be cognizant that “Adjusted” EBITDA does not translate into free cash flow"

"We caution investors not to rely on Net Income since CFO and FCF are both materially below Net Income."

"Only one constituent of the S&P 500 (Oracle) has received more votes below 70% than Disney since 2011."

"Huntsman’s stock price has generally underperformed since Peter Huntsman assumed the role of Chairman."

"We question how the Board repeatedly determined Dr. Beckerle’s independence despite glaring conflicts."

"We question whether the newly appointed directors have sufficient experience to demand accountability."

"We believe this comparison would be more relevant to PeptiDream if the Jaguar were missing its wheels."

"Only one of the 14 partnerships that are at least four years old has led to a drug in clinical trials."

"Combined industry average probability of reaching market from Lead ID is one sixth of analyst estimate"