Callouts & quotes from 26,677+ activist slides

"Brand integrity is critically important to ELF and customer concentration presents a material risk:"

"Steel supports and purlins look like they may be rusting, this would shorten barn life considerably"

"There are no legitimate grounds to challenge a non-binding board policy asking directors to resign."

"Yet mere months later once subject to the pressures and influence of a broken governance culture..."

"The Company made no progress towards its $2.0 billion Adjusted EBITDA target between 2014 and 2016."

"The Company's confidence in achieving $2.0 billion of Adj. EBITDA evaporated between 2015 and 2016."

"We believe the Board has failed to address two of the most troubling legacy directors on the Board."

"In this presentation, Starboard uses Proxy Peers to benchmark the Company's executive compensation."

"TWX has further eroded the strategic competitiveness of its businesses through poor deal execution."

"It’s worth noting that TASK’s CFO has worked at three overlapping companies with SIFY’s former CFO."

"By analyzing TASK's Cost of Service per average employee, we find that it has been steadily rising."

"Since announcing our short position in late 2012, Herbalife’s financial performance has decelerated"

"In addition, in order to receive Royalty Overrides, Sales Leaders must generate Organization Volume"

"Distributors have to purchase product from Herbalife each month in order to obtain their paychecks."

"THE COMPANY HAS FAILED TO DELIVER ON ITS FINANCIAL COMMITMENTS OVER THREE CONSECUTIVE INVESTOR DAYS"

"We know now that the Georgia plant has not performed up to expectations and been a drag on margins."

"Everything looks great according to management when it comes to product placement for FLAWLESS....."

"Investors should be alarmed that his full attention is NOT on maximizing value of Passport for CHD."

"The near simultaneous turnover in 2009 among SPRD's CFO, audit committee, and auditor is troubling."

"Phillips 66 must pay high prices to acquire assets because they do not have the capability to build"

"Yet mere months later once subject to the pressures and influence of a broken governance culture..."

"Spruce Point believes that self-indexing poses a large and growing threat to MSCI's Index business."

"MSCI's recent financial guidance update was underwhelming with expenses up and cash flow unchanged."

"Lazard has the most scale among the publicly-traded boutiques as measured by total advisory revenue"

"Lean, collaborative, and investment-centric organization continues to perform at the highest levels"

"Valuing each of Intuit’s businesses at reasonable peer multiples implies significant downside risk."

"As a result, Intuit’s final adjusted CFO CAGR from FY 2015 to FY 2024 declines from 14% to just 6%."

"Spruce Point is concerned that his overarching roles did not provide adequate separation of duties."

"Fannie and Freddie guarantee the low-risk mortgages of middle-class borrowers with excellent credit"

"The government has already made more profit on the GSEs than all other bailout investments combined"

"An attempt to convert the SPS into common would be inconsistent with FHFA’s duties as a conservator"

"「プロセスとしてうまく制御されていない」。「何とか光を引き出すことはできますが、条件的には厳しいです。不良技術を採用すれば、思うように稼働しません。放電生成プラズマ方式には本来的な問題があります」。"

"We have nominated a slate of highly-qualified and experienced nominees to help create value at GCP."

"ISS has given Darden a governance Quickscore of 10, indicating the HIGHEST POSSIBLE GOVERNANCE RISK"

"Compared to Darden’s poor 7.4% LTM fully-leased EBITDA margin, Red Lobster standalone is even worse"

"Darden's statements regarding friction costs from separating its real estate are highly misleading."

"ISS has given Darden a governance Quickscore of 10, indicating the HIGHEST POSSIBLE GOVERNANCE RISK"

"Float income is largely dependent on the Fed Funds Rate, which is outside of the Company's control."

"We believe Tripadvisor’s data could also be monetized through more significant licensing agreements"

"Note how the reported OP margin is approximately 150 basis points higher than our adjusted numbers."

"As a result of a worsening growth + profitability profile, GoDaddy has underperformed peers by 37%."

"Out of the 18 indicated peers, BlackRock was in the bottom 50% group on a 1 year and 3 year horizon"

"Did Stryker Acquire Mobius Imaging / Cardan Robotics Just As Mako Surgical Growth Started Stalling?"

"In Spruce Point's experience, public company managers generally delay bad news as long as possible."

"Under the old method, Free Cash Flow in Q4'18 would have been -$8.0m instead of +$2.1m as depicted."

"NO: After the April 2014 prospectus, Mr. Frankenberg ceased disclosing his role at Daw Technologies"

"Adjusted for the credit card earnings, Macy’s core operating business is trading for ($10 billion)."

"I think they sell between 60 and 80 engines a year and they report 95% into the Aerospace business."

"Thus, we believe its peers do not exploit this accounting trick to materially boost EBITDA margins."

"We see the $261.8 million accounting gain as abusive in nature, and arbitrarily determined at best."

"We believe increased data consumption will continue, driving further demand for Vertiv’s solutions."

"We conclude that the trial data showed that atrasentan is inefficacious for chronic kidney disease."

"We believe the new administration will work with Congress to successfully reform Fannie and Freddie"

"But that’s just the pure plays. Actually, every traditional auto brand is also launching EV models."

"And here is where Teck is on the global cost curve. It sits just on the edge of the first quintile."

"The $40.0 million should be recorded as “other income” or the “gains from investment”, not revenue."

"The implied TIP REIT valuation range based on DCF analysis is $28 – $34bn, or $39 – $47/share today"

"The Company targeted $2.0 billion of Adjusted EBITDA over 2 – 3 years, and MISSED its target by 44%"

"Lean, collaborative, and investment-centric organization continues to perform at the highest levels"

"16. Each of Ginkgo’s key related-party collaborations has been a flop. We present five case studies"