Callouts & quotes from 26,677+ activist slides

"We have identified opportunities that we believe would improve margins by approximately 900bps."

"We believe streamlining the research process will lead to lower costs and enhanced productivity"

"Spruce Point's analysis shows that without Baker Hughes, C3's margins are in the mid 60% range."

"The guarantee business model is most effective with large, well-established market participants"

"What is accounting for the other $160m of estimated costs to hit the $350m total cost forecast?"

"Located nine miles from downtown Las Vegas, Summerlin is the premier place to live in Las Vegas"

"We estimate the net value of GGP’s MPC segment to be anywhere between $0.27 and $6.72 per share"

"Outlines a Superior Plan for Shareholders that Could Result in $42 Per Share Within Three Years"

"Unlike its pure media industry players, Disney generates ~70% of EBIT from Parks & Experiences."

"Disney’s Board Appears Far More Focused on Gamesmanship Than Substantive Shareholder Engagement"

"PHILLIPS 66'S OWN PERFORMANCE METRICS DEMONSTRATE THAT THEY ARE UNDERPERFORMING ON COST SAVINGS"

"The Board has failed to hold management accountable for the Company's promises to shareholders."

"We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis."

"We believe the Board’s compensation practices must be changed in order to drive accountability."

"We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis."

"Huntsman CEO receives a disproportionately large annual pension benefit compared to Proxy Peers"

"Follow the money carefully, especially when both its largest owner and management sell together"

"We understand from former employees that at least 18 of 33 customers XL featured were inactive."

"We think this analogy would be more appropriate if PeptiDream’s Jaguar were missing its wheels."

"What other factors might the FTC consider in determining whether a company is a pyramid scheme?"

"Distributors incur substantial non-refundable, non-product expenses in their attempt to succeed"

"A former Axon exec gave the analogy of asking someone to give up your Windows operating system."

"Prudence dictates that these legal claims should be risked into any price target going forward."

"Recent channel checks show that FLAWLESS receives terrible product placement on retail shelves."

"PHILLIPS 66'S OWN PERFORMANCE METRICS DEMONSTRATE THAT THEY ARE UNDERPERFORMING ON COST SAVINGS"

"MSCI's revenue valuation premium is difficult to reconcile in relation to its projected growth."

"The Facts: Vivion Holdings' entire shareholder loan balance was in fact seeded by two entities."

"Peter Breese and Colin Steyn have sold a substantial portion of their original holdings in AKG."

"Rather than considering Goff's ideas, Phillips 66's Board has responded with a personal attack."

"Breaking up large energy companies is not only possible, but it also unlocks significant value."

"レーザーテックは、正常に作動する極端紫外線マスク検査装置を完成できていない。主要な顧客はACTIS装置を買わなくなっており、以前に発注したものについても、受け入れを拒否あるいは延期している。"

"As a result of its scale and leading market position, BILL processes more than 1% of the US GDP"

"Our price target for New Pacific is C$0.37, representing over 90% downside from current levels."

"We calculated the organic growth CAGR from FY 2011 through FY 2015 as 0.05% - essentially zero."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"Re-cast Yahoo management and the board to have a clear focus on properly operating the business"

"BLI appears to have little knowledge of complex antibodies and can’t properly support customers"

"Lasertec's flagship ACTIS EUV product line is defective with a fatally flawed EUV light source."

"We estimate that during FY2016 through FY2018, TAL has overstated net income by at least 43.6%."

"Even on a combined basis, the Guangzhou entities show no evidence of the accounting TAL claims."

"We believe that a consequence of the above is that Quintis is actually buying its own revenues!"

"Macy's has an ability to pay down most of its debt and still maintain a $1 billion cash balance"

"Elect a blue-chip Board – to serve for the benefit of ALL shareholders, not for ONE shareholder"

"Establish an interim management team with experience in transitional and transformational roles"

"Elect a blue-chip Board – to serve for the benefit of ALL shareholders, not for ONE shareholder"

"We believe this is evidence that the fundamentals of core Aerospace Products have deteriorated."

"Splunk is a highly recurring business that works with more than 95 of the Fortune 100 companies"

"Parks and Consumer Products provide... An "Extra Window" for monetizing characters and story IP"

"Shareholders and investors should demand transparency from O’s management regarding its tenants"

"The old model was excessively promotional, which hurt the JCP brand and complicated the company"

"VRX’s share price has declined 94% from our average cost at announcement through March 14, 2017"

"And that control has become a barrier to accountability, strategic clarity, and value creation."

"Various methodologies imply a TIP REIT reference range of $25 – $30bn, or $35 – $42/share today"

"We believe Allonnia is a shell with almost no employees, as we detail elsewhere in this report."

"The Board has failed to install executive compensation practices that properly align incentives"

"In this case, it is unusual to see that PwC England and Singapore did not audit PBH's entities."

"Not surprisingly, AIG concluded that ILFC was a non-core asset and last year sold it to AerCap."

"We Believe Heska is Poorly Positioned, And Our Analysis Contradicts Heska’s Market Share Claims"