Callouts & quotes from 3,339+ activist slides

"While the shareholding of these two companies is different, we believe that they are intertwined, both with each other and with ANTA’s insiders."

"Trian believes that DuPont’s Board should ask whether the Lead Director has the capacity to effectively serve DuPont’s stockholders in that role"

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"We believe that CSTE is either not properly maintaining its assets, or overstating its sales volume and revenue while PPE remains underutilized."

"Spruce Point believes that if product flexibility and ease of use were not an issue, MSCI ONE would not have to be developed in the first place."

"Trian believes that DuPont's Board should ask whether the Lead Director has the capacity to effectively serve DuPont's stockholders in that role"

"We believe there are significant benefits to executing Fannie’s smaller IPO first, followed by Freddie’s larger IPO approximately one year later"

"We believe PSH's preferred investment is highly compelling both on its own merits and in the significant value creation it will catalyze for HHH"

"We believe Heska's silence is deafening. Given financial struggles and changes in ownership, we suspect Heska may be at risk of being displaced."

"What are investors to believe when Danimer has historically, and is currently, making conflicting claims about its Bainbridge, Georgia facility?"

"We believe there are significant benefits to executing Fannie’s smaller IPO first, followed by Freddie’s larger IPO approximately one year later"

"We believe investors should be discounting substantial dilution and more debt issuance into the forward valuation of WTRG's equity share price."

"We believe Olive Garden’s menu is both lackluster and confusing. By fixing this, we will drive both increases in traffic and improved execution"

"We believe that if Mosten wins and raises billions for its fund, Manulife’s annual losses from this contract could also number in the billions."

"We believe that Abbott’s demonstrated share dominance (92%) should grow even more pronounced in the near future with the release of the Libre 2"

"We believe Olive Garden’s menu is both lackluster and confusing. By fixing this, we will drive both increases in traffic and improved execution"

"With GNYHA responsible for 10% of total Premier revenue, Spruce Point believes that GNYHA has significant negotiating leverage against Premier."

"Spruce Point believes part of WD-40's international challenges, and why it will continue to disappoint expectations, is rampant counterfeiting."

"We believe analysts and investors have inadequate perspective on the competitive threat posed by Geotab since it is a private Canadian company."

"We believe there is an opportunity to reduce costs while preserving productivity by replacing managerial layers with more line-level employees."

"We believe the long-term risk from AVs is limited and estimate that Uber’s share price is likely to more than double over the next 3 to 4 years"

"We Believe Broadridge’s Billion Dollar Sink Hole Project With UBS Wealth Management Needs To Be Impaired And A Debt Covenant Breach Is Imminent"

"As it is conceivably in Advent's best interest to walk from the deal, we believe that Advent should use this as leverage renegotiate the price."

"We Believe The PGNY Treatment Model Is Not Clearly Supported By Existing Science, Is Rife With Conflicts, And Flirts With Regulatory Violations"

"Spruce Point believes that Amcor’s cash flow in the first half of calendar year 2020 (second half of its FY end June 30, 2020) will disappoint."

"We believe Heska's scil transaction exemplifies a stereotypical case of management empire-building for the sole purpose of self aggrandizement."

"We believe the long-term risk from AVs is limited and estimate that Uber’s share price is likely to more than double over the next 3 to 4 years"

"We believe Enfusion trades at an undeserved premium multiple to a broad range of financial technology peers serving the asset management space."

"We believe that a realistic range for Net Earning Assets is $426 million to $1.0 billion, an adjustment downward of between -77.5% and -90.4%."

"Spruce Point believes Genius’ revenue recognition practices and lack of financial disclosures leaves investors with many unanswered questions."

"We believe Enterprise should have consolidated operating margins of mid-20s% to 30%, including the drag from lower-margin BPO / benefits, etc."

"We believe there are many similarities between CTC's acquisition of Party City's Canadian business and its failed acquisition of Helly Hansen."

"We are not aware of any recognized authority for valuing Platform Value, but we believe that the market should assign value to Platform Value."

"We believe that significant cost savings opportunities exist across various functional areas at Bristol-Myers to substantially improve EBITDA."

"We believe REITs trade in the range of 13x-17x EV/'06E EBITDA, depending on the type of real estate and the businesses the properties support."

"Monster is trading at an extremely elevated valuation and at the consensus average price target which we believe is a very poor risk / reward."

"Based on these precedents, we believe the court could confirm a plan at a rate that is lower than GGP’s current weighted average interest rate"

"Spruce Point believes that investors should carefully consider if UEC is really the right company to entrust with handling nuclear activities."

"We believe BILL can maintain a healthy growth rate given market leading solutions, steady customer count growth, and strong customer retention"

"We do not believe that Olam is really that savvy of a shopper, and we also believe that most of Olam’s NCAG acquisitions are poor investments."

"We believe management's plan is achievable, and the ARPU tailwind from Pulse will lead to ADT exceeding revenue and profit estimates over time"

"Given Vertiv’s business quality, high-growth end market exposure, and margin opportunity, we believe the Company warrants a premium valuation."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"While there is no perfect comparable, we believe a commitment fee of ~25 basis points is conservative in light of available market benchmarks:"

"We believe that a realistic range for Net Earning Assets is $426 million to $1.0 billion, an adjustment downward of between -77.5% and -90.4%."

"Between 2017-2019, AVY portrays Free Cash Flow as having grown by approximately $91m, whereas Spruce Point believes it has declined by $118m."

"We believe investors should question his leadership ability and not give management the benefit of the doubt for CTC's planned restructuring."

"In other words, this is revenue that we believe is subject to overstatement by improperly eliminating Inter-Company receivables and payables."

"We applaud News Corp for making the investment in REA Group but believe it is not receiving full credit for the value of its REA Group stake."

"Given that both of our director candidates have animal welfare expertise, we believe they can help McDonald's achieve industry best practices"

"Ultimately, we believe that the Company's failure to achieve its potential is the result of a Board that has not held management accountable."

"We believe EBITDA is the incorrect metric for the Company and estimated customer value is calculated with numerous unpredictable assumptions."

"Pershing believes that a publicly traded arm's-length McOpCo, which remains controlled by McDonald's, would strengthen the McDonald's System."

"We believe that the proposed acquisition of Celgene is a bad deal for shareholders and that there is a better path forward for Bristol-Myers."

"We believe the Nominating and Corporate Governance Committee has proved unwilling or incapable of addressing seemingly obvious interconnects."

"Oasis believes this timing was intentionally designed to bypass meaningful consideration of independent profiles and limit shareholder input."

"We applaud News Corp for making the investment in REA Group but believe it is not receiving full credit for the value of its REA Group stake."

"Once normalization of results become more evident, we believe Magnite could trade back in the 5x – 7x forward multiple range vs. 11x current."

"Spruce Point believes PBH is challenged in the food store channel, which represents ~15% of sales, due to poor product placement and pricing."