Callouts & quotes from 26,677+ activist slides

"We see a potential gain of 65% or more to Phillips 66’s stock price from the “Streamline 66” plan."

"We see a potential gain of 65% or more to Phillips 66's stock price from the "Streamline 66" plan."

"It does not appear Tessera has been actively pursuing broad based licensing opportunities for DOC."

"Time is of the essence to re-invigorate Tessera’s licensing activities to drive profitable growth."

"The sheer scale of TRE's claims regarding its Lincang City, Yunnan transaction contradict reality."

"This increase in costs explains greater than 70% of Yahoo's Core Business Adjusted EBITDA decline."

"PHILLIPS 66 LEADERSHIP IS WILLING TO UNDERMINE ITS OWN STOCK PRICE IN PURSUIT OF SELF-PRESERVATION"

"We believe that ADP’s retention is better than peers in SMB, but is well below peers in Enterprise"

"That is why we think it is imperative that four new, independent directors are added to the Board."

"Manufacturers that represent over 56% of global PC shipments don't sell printers on their websites"

"See the Appendix for further instances of Mercury wiping references to Supermicro from its website"

"WE ARE SEEKING YOUR SUPPORT TO REPLACE 4 DIRECTORS, INCLUDING 3 OF 5 REPRESENTATIVES OF CARL ICAHN"

"Brinker found that a focused operating company performed far better than a restaurant conglomerate"

"For example, Hillstone/Houston’s does a fabulous job of offering great variety with a limited menu"

"This minimizes Darden's cash flow requirements while still improving and revitalizing store image."

"Since Trian's February 15th bid, the shareholder base has changed to more opportunistic investors:"

"Goodyear manages 376 SKUs in the U.S., ~2x the number of SKUs that Michelin and Bridgestone manage"

"We believe the market is significantly undervaluing News Corp's valuable collection of businesses."

"it's one thing to show it on the research level and another thing to show that it can be scalable."

"pretty much everybody in the field is skeptical: "it's a lot of bullshit and in sort of a bubble.""

"Culture of Coziness Undermines Credibility of Board to Select Nominees; External Nominees Required"

"Sapan Could be Part of the Solution to Viacom's Creative and Digital 10 Year Paucity Of Innovation"

"Valeant does not add back stock-based compensation, depreciation, or ordinary-course legal expense"

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"

"In your view, does the actions of BP, in this example, match the rhetoric of BP on sustainability?"

"AcQMap increases the success rate of ablation procedures and improves their safety and efficiency."

"Spruce Point observes that long-term deferred revenue is in rapid decline and headed towards zero."

"Until our engagement, the Board embraced industry-worst corporate governance practices, including:"

"Expertise in regulatory, compliance, financial and operating issues facing the healthcare industry"

"Management significantly reduced sales guidance for new stores from $4M to $3M+ in just two years."

"The Company has historically made reference to Celanese, Dow, and Eastman as its main comparables."

"Brinker found that a focused operating company performed far better than a restaurant conglomerate"

"For example, Hillstone/Houston’s does a fabulous job of offering great variety with a limited menu"

"If that’s all there was, then CONSOL would be roughly fairly valued at today’s price. But, wait..."

"The CEO responded by asking: "Do you drive a Tesla?" I said that I did. He responded "Thought so.""

"Aggressive margin expansion expectations even assuming $140m of cost synergies realized in 3 years"

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

"Materially underperform peers then go on to deny by pointing to last 6 months of stock performance"

"A board focused on shareholder returns would not allow undervaluation of this magnitude to persist"

"current Align customers could increase their cash flows by over 12% by printing aligners in-house."

"Combined Chairman and CEO positions should be a privilege enjoyed by sustained top performers only"

"Mall tenant CDS spreads have narrowed approximately 400 basis points from peak levels seen in 2009"

"Consumers are returning to malls as evidenced by positive mall traffic trends year-to-date in 2010"

"We are extremely motivated for reputational and economic reasons to create value for our investors"

"These issues strain the credibility of Skechers management and our confidence in reported figures."

"Oatly's vegan ice cream was recently bumped from the top five "featured" products on the homepage."

"Spruce Point has a track record of short calls with publicly traded companies in Montreal, Canada."

"TICO is the clear market leader globally and positioned in the highest value segment of the market"

"Increase McDonald's share price to $46-$50 per share (before considering any operational benefits)"

"The analysis demonstrates that the Brand McDonald's contributed approximately 78% of total EBITDA."

"It’s just a pretty little piece of ice in the water until you hit it and find out it’s an iceberg."

"The critical factor is not precedent. It is the value of the assets and their appeal to investors."

"Twist paid Agilent $22.5MM to settle the lawsuit – we’re going to guess right on the eve of trial."

"When people worked for a major company, they say who it is, and when they don't it's for a reason."

"Guidance implies ~$250mm of incremental excess expenses will be allocated into the "Other" segment"

"Successful restructuring precedents support a strategy of targeted, impactful headcount reductions"

"GDP grew 2.8% in Q3 and Federal Reserve Chairman Bernanke said the recession is “very likely over”"

"P&G management's public tone seems uncomfortably dismissive of the long-term opportunity & threat."

"This category-level analysis suggests that our 51.5% gross margin estimate for P&G is conservative"