Callouts & quotes from 26,677+ activist slides

"The added benefit is we call it 'quantum' and this is a benefit, to some, in the marketing department."

"The ACTIS tool’s claim-to-fame is that it is the first and only “actinic” EUV mask inspection machine."

"We believe Ferguson's blended branch business should be valued in-line with specialty RMI distributors"

"Spruce Point believes the MA case will get moved to federal court and ultimately a petition to SCOTUS."

"Recent macroeconomic concerns have caused CP’s shares to trade at a discount to their intrinsic value"

"Following a sustained period of strategic refranchising, JACK's shares have outperformed the industry"

"DKNG’s growth is accelerating and outpacing Genius’ which is growing off a significantly smaller base"

"Based on the trend of stationing, the profit of the direct owned school gets our prior consideration."

"EDU’s VIE structure deviates widely from best practices and is among the most troubling we have seen."

"FIGS likes to speak about its tenured management team, but we believe the reality is quite different."

"The bankruptcy trustee described it as a "Fraud" and having "many characteristics of a Ponzi scheme"."

"Starboard’s settlement with Box resulted in long-overdue changes, with continued room for improvement"

"Neither of Box’s two major product launches in 2021 are borne from the Company’s internal R&D efforts"

"Why were bonuses based on decelerating growth while management claimed a reacceleration was imminent?"

"The Board has significant interlocks that have created an insular environment that lacks independence"

"In the face of numerous macro concerns, food companies offer attractive risk-reward at current levels"

"Short-term cash bonuses are growing as a percent of total compensation for Procept senior executives."

"Approximately 50-60% potential upside assuming Danone trades at same FCF yield as Unilever and Nestle"

"Despite an approximately even distribution of patents, 93% of license revenue comes from Tessera Inc."

"it seems to be a shadow actor on TRE’s behalf to setup undisclosed but related subsidiaries in China."

"Mr. Ströer, are either you or those closest to you financial beneficiaries of the Sambara Foundation?"

"Navy announcement of Lenovo concerns coincides almost precisely with the peak in Lenovo’s share price"

"Debts to related companies mainly consist of cash deposits received from subsidiaries of the Company."

"We believe Darden needs to follow the words it once said and revive the brand with excellent leaders."

"In July 2007, KKR bought Dollar General. Less than four years later, let’s compare the two companies:"

"Not only has Goodyear failed to close the margin gap vs. peers, the margin gap has continued to widen"

"THIS BUSINESS WOULD LIKELY ATTRACT SIGNIFICANT INTEREST FROM THE EXISTING JV PARTNER OR ANOTHER BUYER"

"Ex employees call single-layer merely "academic" and the lack of multi-layer data "super concerning.""

"While we value LP units at the current unit price, comps-implied yields suggest upside to MPLX units."

"We believe Autodesk can achieve 45%+ Adj. Operating Margins and $3.4 billion of Adj. EBITDA by FY2027"

"The McDonald's Board has failed to prioritize ESG and ensure the Company meets its stated commitments"

"The McDonald's Board has failed to prioritize ESG and ensure the Company meets its stated commitments"

"We believe the Company is fundamentally misvalued by Wall Street and is more levered than it appears."

"We believe Huntsman is attempting to deceive shareholders regarding its track record on relative TSR."

"We believe Darden needs to follow the words it once said and revive the brand with excellent leaders."

"CONSOL is at $7.40 a share, giving it a $1.7 billion market cap, and a $5.5 billion enterprise value."

"And because gas is hard to store, we don't store very much of it – usually only about 40 days' worth."

"Unexplained revisions to key operating costs do not inspire confidence in MDA's financial statements."

"By normalizing MAXR’s results to peers, we estimate $50m of annual overcapitalization of intangibles."

"Midpoint of Company revenue guidance is for the rest of the business ex-EPS and auto sheet to shrink!"

"THIS BUSINESS WOULD LIKELY ATTRACT SIGNIFICANT INTEREST FROM THE EXISTING JV PARTNER OR ANOTHER BUYER"

"PRB and NAPP capex was mysteriously reduced upon divestiture, while NAPP capex mysteriously increased"

"With a seven-year extension, we believe the Company would be able to repay existing creditors in full"

"QSR remains an attractive investment opportunity despite significant share price appreciation in 2017"

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

"A higher-than-stated rejection rate would cast a significant shadow over NMC's financial performance."

"To plug the gap on the asset side of the balance sheet, Oatly could be inflating PP&E asset accounts."

"WSP updated its assumptions related to goodwill testing that should give investors cause for concern."

"Set forth herein is a table which details our assumptions regarding potential operating improvements."

"Twist has reported rapidly rising gross margins every year, projected to keep rising per CFO comments"

"Twist appears to be stuffing a few bodies into Oregon in an attempt to create superficial legitimacy."

"The chief executive, Joseph Yam, and I did seriously evaluate the various options including unpegging"

"A highly undervalued currency + A highly undervalued option = An extraordinary investment opportunity"

"Poor operating margins and pension mismanagement have led to negative cash flow over the last 6 years"

"Fannie and Freddie’s g-fees have averaged slightly more than 20bps for more than the last two decades"

"Our estimates suggest that nearly all of Amdocs' sales growth in FY 2014 came from inorganic sources."

"Pershing Square has owned HHC since its spin-off from GGP in November 2010 and has never sold a share"

"HHC started conducting quarterly calls this year and plans to host its first Investor Day on May 17th"

"SBM is a building products provider with leading share in bonded pre-applied waterproofing membranes."

"We believe there is an opportunity to reduce costs by increasing regional manufacturing capabilities."