Callouts & quotes from 26,677+ activist slides

"Herbalife highlights Niteworks, introduced in 2003, as one of its most significant product innovations"

"Why are sales at the "competition" not impacted by the exponential expansion of HLF's Nutrition Clubs?"

"The bull-case is highly predicated on growth and taking more market share despite lower profitability."

"Even the CFO quips that the accounting is "funny", but Spruce Point cannot reconcile what is going on."

"93,000 locations and 110,000 screens. So it is pretty much a little more than one screen per location."

"There are plenty of recent testimonials by merchants as to the struggles they are facing making money."

"CN has the best network in North America and should be the most efficient and fastest growing railroad"

"CN has the best network in North America and should be the most efficient and fastest growing railroad"

"Claimed customer relationships of 20 years for accounting purposes despite firm history only 21 years."

"Relationship Too Close With PwC, An Auditor Slapped With Dozens of Lawsuits For Failing To Catch Fraud"

"We have concerns about inconsistent and changing disclosure style related to the Troemner acquisition."

"Rather than considering Goff's ideas, Phillips 66's (NYSE: PSX) Board reacts with baseless complaints."

"Darden's recent Bylaw amendments underscore the Company's blatant disregard for shareholder interests."

"We consider the Company to be in material default of its technical disclosure and filing requirements."

"In fact, our base case is that New Pacific’s deal for the expanded mining area will never be ratified."

"We consider the Company to be in material default of its technical disclosure and filing requirements."

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

"Virtually every former employee we interviewed indicated BLI's total addressable market is negligible."

"Spruce Point believes this shows a clear misalignment of interests between shareholders and investors."

"The details that Marvell provided suggest that Lasertec is desperate to offload bloated EUV inventory."

"Not an activist fund – HMA is the first time Glenview Capital has proposed fully replacing BOD members"

"Latest investor presentation mentions technology ZERO times. Any investment made in IOT, AI, Big Data?"

"However, by our estimate Fox accounted for nearly all (or more) than the entire 40bps YoY improvement."

"Despite significant share price appreciation, we believe QSR remains a compelling long-term investment"

"Remodeling program will reduce Music category exposure by ~50% and improve Coffee and Paperchase sales"

"Our Analysis Suggests That PGNY’s Key Marketing Claims, Particularly Its Outcomes Data, Are Disputable"

"The implied Target Corp valuation range based on DCF analysis is $26 – $35bn, or $37 – $49/share today"

"Jason Kelly has promised a manufacturing revolution with DNA. Just don't ask him to make any products."

"Lowering your cost of capital and increasing your returns on capital grows the value of the enterprise"

"Unsustainable multiple expansion driven by broad misunderstanding of LHCG's post-merger organic growth"

"Engine recommends the Board immediately implement a $750 million accelerated share repurchase program."

"We find it telling that patients report overstimulation symptoms vanish when they turn off the device,"

"The SCS market growth story fueled by Wall Street is false and undermined by escalating payor backlash"

"This latest deception is just another in a string of misrepresentations about the state of NQ's audit."

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

"On that basis, the DCF falls to $14 per share or about a market multiple on current non-GAAP earnings."

"CCME seems to pay extra attention to Beijing operation because it uses it as a showcase for investors."

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

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

"We observe the Company omits press releases between 2012 and 2017 from its investor relations website."

"If Pepsi still owns >5%, why haven't they filed a 13D and why don't they show up as major shareholder?"

"We are troubled to see that the real growth in Nova’s spending is in marketing and investor relations."

"Our investigator, who visited the property, reported that the hotel “looks like a third world prison”."

"Over half of the sales volume at BEF Foods over the last year was from refrigerated side dish products"

"NSC’s volume of loaded cars that dwell longer than 48 hours without movement was 3.3x larger than CSX."

"The Company's bond covenants do not prohibit a spin-off of the nature contemplated under the Proposals"

"The current Board has overseen an extended period of underperformance and real change is necessary now"

"Sony currently is largely exposed to smartphones (>90% of revenue), but is gaining share in automotive"

"Spruce Point will pledge a portion of any profits derived from this report to the following charities."

"It’s like a second punch and your drug dealer is giving you your first hit and now you’re on your own."

"I've been impressed with the data so far, and I am looking forward to getting more experience with it."

"For Kao to succeed, it must have the right leadership, incentives, oversight, and strategic direction."

"This supports our belief that LSPD had lingering problems with its financial accounting and reporting."

"We estimate sales declined 24% and losses almost doubled in the quarter after LSPD acquired Gastrofix."

"County assessment histories show that the property is worth $10M, compared to the $13M IIPR is paying."

"Despite significant share price appreciation, we believe QSR remains a compelling long-term investment"

"Washington State’s $38 Million Fine On PLTK Signals Regulatory Risks Catching On With PLTK In The U.S."

"This check can easily be automated for all review profiles but apparently Trustpilot fails to do that."

"It has been one-way traffic, a firehose of insider equity jammed down the throat of the public market."

"How Does This End? Without A Major Improvement in Cash Flows, We Think Every Option is Dilutive to NAV"