Callouts & quotes from 26,677+ activist slides

"We believe P&G’s scale advantage should allow it to achieve our estimate of an 11% Core SG&A ratio"

"Given P&G's massive scale advantage, we believe P&G should at least approach Colgate's EBIT margin"

"Vast majority of the Company’s $2.2B in property inventory consists of long-lived land investments"

"KDDIとデータセクションの関係が次第に希薄になっていったことは、KDDIが9月から10月にかけてデータセクション株の保有比率を9.5%から3.7%へと引き下げた理由を説明するものと考えられます。"

"...but the Board has not shared in this pain as directors only own around 60k shares of OUTR stock"

"The value (in green) should not be the same—it should be unique to the user for each site visited."

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

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

"On average, Bristol-Myers is assuming each Celgene pipeline product launched will be a blockbuster"

"This is critically important because it means the deal is far riskier than management has implied!"

"Management’s base case implies significant risk for Bristol-Myers shareholders with minimal reward"

"Bristol-Myers stock was a strong performer as the Company executed its “String of Pearls” strategy"

"We understand how Bristol-Myers arrives at a greater than $20 billion valuation for cost synergies"

"Only 15% of total drugs highlighted in early 2017 by Celgene have been approved or remain on-track"

"On average, Bristol-Myers is assuming each Celgene pipeline product launched will be a blockbuster"

"There are questions around whether fedratinib adds any incremental value to existing MF treatments"

"Only 15% of total drugs highlighted in early 2017 by Celgene have been approved or remain on-track"

"We believe Bristol-Myers has the opportunity to significantly improve its manufacturing operations"

"We believe that Bristol-Myers' elevated R&D spending has not resulted in sufficient pipeline depth"

"The increase in net working capital was primarily driven by a $93.9 million increase in inventory."

"However, the GSEs’ guarantee business experienced extraordinary losses during the financial crisis"

"Lowe’s is also doubling down on efforts to build deeper relationships with PROs and DIY customers."

"Spruce Point believes that FND's discussion of gross profit drivers is weak and could be improved."

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

"At the consolidated level, Saputo does not disclose research and development ("R&D") expenditures."

"Capex significantly above consensus expectations with the peak misforecast in Deloitte's last year"

"Phillips 66's midstream business would be attractive to a buyer or as a standalone public company."

"Since 2000, Peter Huntsman has been CEO of the Company, and in 2018, he was also elected Chairman."

"The Company failed to deliver on Adjusted EBITDA commitments from three consecutive investor days."

"A Board riddled with conflicts failed to hold management accountable for years of missed promises."

"Huntsman continues to be perceived by investors as a lower-quality business relative to its peers."

"The Company repeatedly assured shareholders that $2.0 billion Adjusted EBITDA would be achievable."

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

"The Company failed to deliver on Adjusted EBITDA commitments from three consecutive investor days."

"Wall Street consensus estimates for Adjusted EBITDA margins are BELOW the Company’s targeted range"

"We believe both the Board’s and management’s ESG oversight have proven inadequate and ineffective."

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

"The most problematic account is the $156.5 million Payable to Rino International to be eliminated."

"Telephony ARPU throughout the industry has declined slightly in 2005 as competition has increased."

"We believe the Tantan acquisition was likely done to cover up slowing growth that started in Q2'17"

"This product is sold under license of U.S. patents 5,428,070; 5,891,459; 6,117,872; and 6,646,006."

"Powell purchases just enough Personal Volume to earn his Production Bonus (“pay-for-his-paycheck”)"

"Credible competition is emerging from Motorola where we believe it is winning more deals from Axon"

"FMCN's partial response to our 80-page November 21, 2011 report reinforces our Strong Sell rating."

"Phillips 66's midstream business would be attractive to a buyer or as a standalone public company."

"We wonder why a niche, unexceptional, low-growth business is deserving of an 11x revenue multiple?"

"We believe Perion is unlikely to win the global partner award if it didn't make the regional list."

"Notice carefully that Vidazoo's actual 2022 Adj. EBITDA margin fell below plan at 15.9% vs. 17.3%."

"したがって、レーザーテックがインテルの支援を受けて開発した、ACTISの極端紫外線マスク検査装置が大失敗となったとき、インテルもレーザーテックと同様に、その事実を伏せるための動機付けが強くあった。"

"レーザーテックは自社で13.5ナノメートルの極端紫外線光源を開発したことがない。ASMLとは異なり、極端紫外線技術に関して、レーザーテックは自社での開発能力もなく、これというほどの知的財産もない。"

"TSMCはレーザーテックの装置は高額なのに生産性が低い、と不満を抱いている。ファブでは、解像度が低くても迅速に生産性の高い対応ができる装置を必要としており、レーザーテックはその要求に対応できない。"

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

"This M&A has resulted in Zero Additional Value Implied in the Core Business For Yahoo Shareholders"

"You spend $2-million on a machine, but you can't even trust that the data it produces is accurate?"

"We Estimate Stryker Acquired OrthoSensor At Less Than The Total Capital Invested Into The Business"

"Defrauding U.S. investors from China has proven to be a “heads I win, tails you lose” proposition."

"all statements contained therein are solely the opinion of Bonitas and are not statements of fact."

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

"The Company has continually missed its own projections on key operational metrics by wide margins."

"While only 1% of current revenues, we don't view it as a strong growth driver to the equity story."