Callouts & quotes from 26,677+ activist slides

"In 2019, AIP target weighting was changed to favor "Total Revenues" and rewards lower margin growth"

"Low interest rates make workers save more, as they can't anticipate earning safe income on savings."

"So this is the key. We're not going to develop a system to take them on. We are building a network."

"HTZ is a leading vehicle rental provider in the early stages of a turnaround with asymmetric upside"

"Since FY2013, revenue has increased by 37% while operating income has declined dramatically by 37%."

"Another high volume KOL provided a separate data point substantiating Nevro's abnormal explant rate"

"Nevro's business model is predicated on employees engaging in the unauthorized practice of medicine"

"Nevro's business model is predicated on employees engaging in the unauthorized practice of medicine"

"Kao is failing to effectively convert its large R&D spend into products that customers want to buy."

"To date, this growth potential has not been capitalized on, and Kao has fallen behind global peers."

"Leading Kao brands are limited in their global reach compared to competing brands from Kao's peers."

"For every share of Apple common stock you own, you will get one $50 iPref with a $2 annual dividend"

"Current management at Phillips 66 lacks the credibility to do what it takes. Bold action is needed."

"Datasection has explicitly denied that NNJ is a related party, but that does not appear to be true."

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

"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"

"Post-transaction, we will eliminate the management fees PSH pays to PSCM on HHH shares owned by PSH"

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

"レーザーテックのキャッシュ変換率は着実に下がっている。とりわけ過去2年間は下降のペースが速まって、直近の2四半期にはさらに下落した。23年10～12月は30%、2024年1～3月は28%も下がった。"

"「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」。"

"Why a Separation of Timken’s Bearings and Steel Businesses Can Unlock Significant Shareholder Value"

"Hello, can anyone hear me? There's gold, copper, silver, critical minerals and much much more here!"

"Persistent attempts to pay for travel and other expenses for transplant surgeons and administrators"

"Norfolk Southern has missed consensus EBIT in SIX out of EIGHT quarters since Alan Shaw became CEO."

"We think this is a textbook case of how unscrupulous actors like RILY can exploit retail investors."

"BOL is highly opaque, and therefore leaves a decent bit to be desired in the governance department."

"Slammed Vykat’s cost as unjustifiable versus generic diazoxide or its inexpensive Proglycem version"

"Vykat is a “horse pill” that is problematic for PWS patients to swallow; results in chewing instead"

"Vykat is a “horse pill” that is problematic for PWS patients to swallow; results in chewing instead"

"LinkedIn data shows Upserve’s total employee count falling steadily from the onset of the pandemic."

"Increases free cash flow at Target Corp by nearly $500mm, thereby decreasing Target’s capital needs"

"After-tax frictional costs are small in light of total value creation of $28-plus dollars per share"

"We are shortly filing a Citizen’s Petition with the FDA requesting withdrawal of approval of Wakix."

"Harmony 1 (top) and CTP (bottom) both use unexplained “centre effect” to adjust the endpoint values"

"The unexplained and arbitrary cut-off suggests an attempt to cherry-pick a favorable data interval."

"I don't know that it's going to grow much...compared to the percentage of the market it already had"

"Current management at Phillips 66 lacks the credibility to do what it takes. Bold action is needed."

"QSR’s intrinsic value continued to meaningfully increase in 2016, with organic EBITDA growth of 16%"

"Joby's motors are almost 1.7 times more power dense than Archer's. That is a staggering difference."

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

"Investors beware! In our experience, liabilities tend to almost always be real, but not the assets."

"Investors beware! In our experience, liabilities tend to almost always be real, but not the assets."

"Presently, Ben Bernanke and Tim Geithner have become the quintessential short-term decision makers."

"We think this is total crap and that the idea that any business revolving around it must be a joke."

"Opportunity on Social Media Chatgroup Operation by Jiazhang Jia (aka Beijing Youlian) on zhipin.com"

"At a slightly discounted price of $40MM each, Intel’s fabs could drive $100MM/year revenue at most."

"I think we struck oratorical gold finding a cartoon that covers Solvay’s top two business segments!"

"While this segment is small at 13% of revenues, it is very profitable with mid-30's EBITDA margins."

"Only 5 out of 16 analyst that publish price targets have the equivalent of a “Buy” rating on HSIC."

"However, it is possible that takeout is cannibalizing core sales—and could undermine profitability"

"HLF stock declined ~26% from the closing price on the day of the FTC announcement through year-end"

"The lower EBITDA stems from the high licensing fees Sportradar has to pay to professional leagues."

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"The president of Pika's Puerto Rician distributor Dynamic Solar was arrested in a kickback scheme."

"Box has an uncompetitive workforce location strategy and has been slow to address this opportunity"

"Support levels skewed by dual-class structure which provided Class B stock with 10 votes per share"

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

"We applaud Morgan Stanley for being the most realistic analyst on the Street in reviewing Carvana."