Callouts & quotes from 26,677+ activist slides

"豊田自動織機の貸借対照表における繰延税金負債は、2026年1月16日時点の推定額で8,000億円超過大に算定されている。この過剰な税額による簿価の控除額は1株あたり約2,700円に相当する"

"This gamble resulted in COMPLETE FAILURE, and CHECKMATE-026 failed its first-line NSCLC study."

"High negative real interest rates have contributed Hong Kong’s current and prior asset bubbles"

"Management lack expertise in specialized skill areas, such as consumer marketing, and Digital."

"Update packaging to something that’s more recognizable, ownable, and—most importantly—sharable"

"The real reason for the elevated inventory is likely a result of overstated revenue and profit"

"Added only after Pershing Square's involvement, despite significant operating underperformance"

"Spruce Point believes the 3rd Amendment to the BH agreement triggered a contract modification."

"Private label securitization is unlikely to experience a resurgence in the near to medium term"

"The Company’s intransigence at every turn is an illustration of its broken governance culture."

"Board and management is overtly satisfied with current performance and sees no need for change"

"We believe that FND is playing a dangerous game of expanding stores faster than store workers."

"Something seems off 40.7% was reported for Q3 2022, but then a year later they said it was 43%"

"GCP's struggles seem to be unique as peers have benefitted from a favorable industry backdrop."

"GCP's product development process creates friction and unnecessary costs for the organization."

"Brook Mine has the lowest concentration of critical battery metals amongst its clay REE peers."

"Marathon must initiate a public and transparent process to unlock the value of its businesses."

"FMCN paid at least 7.4x as much as the implied value of the previously negotiated transaction."

"Trian believes it already has had a significant impact, but there is more value to be unlocked"

"The elimination of just these excess costs implies 26% to 55% of incremental shareholder value"

"The elimination of just these excess costs implies 26% to 55% of incremental shareholder value"

"Analysts see GLOB shares as fully valued, representing a poor risk/reward at the current level"

"Despite claims of success, Phillips 66 has not closed any of the profitability gap with Valero"

"Under CEO Mark Lashier, Phillips 66 is nowhere near meeting its 2022/2023 Analyst Day targets."

"Despite the solid fundamentals, Class A Mall REIT stocks have declined 11% throughout the year"

"The Company’s share price declined significantly in the years following the 2018 Investor Day."

"Huntsman repeatedly told shareholders that it would not take on leverage to execute large M&A."

"In partnering with Google, AOL neglected to invest in its own proprietary search capabilities."

"AOL's search market share has been declining on a quarterly basis since the beginning of 2004."

"Publishing is expected to generate steady free cash flow at a conversion rate of 40% of OIBDA."

"The total share repurchases by TWX and the SpinCos is proposed to be $20.0 billion as follows:"

"WE UNDERSTAND FROM FORMER EMPLOYEES THAT AT LEAST 18 OF 33 CUSTOMERS XL FEATURED WERE INACTIVE"

"WE UNDERSTAND THAT FLEET-WIDE SAVINGS ARE GENERALLY ONLY 5% to 10%, AND ARE SOMETIMES NEGATIVE"

"Going fwd 2022: "Moving forward, we expect capital expenditures to approximate 3% of revenue.""

"Non-Sales Leaders are encouraged to work their way up the Herbalife chain to get to Supervisor"

"If the goal is consumption, why does Herbalife make it virtually impossible to generate sales?"

"The elimination of just these excess costs implies 26% to 55% of incremental shareholder value"

"We therefore call on the Board to immediately put the proposed spin-off to a shareholder vote."

"Despite claims of success, Phillips 66 has not closed any of the profitability gap with Valero"

"Under CEO Mark Lashier, Phillips 66 is nowhere near meeting its 2022/2023 Analyst Day targets."

"Intuit does NOT update the chart with IRS actual figures or disclose a different "as of" date."

"We believe UEC investors should demand a fresh and younger set of eyes on its Audit Committee."

"The elimination of just these excess costs implies 26% to 55% of incremental shareholder value"

"「あっちこっち」に保管しなければいけなかった在庫をレーザーテック・イノベーション・パークに置く場所ができて助かっている、という。一方、本社の完成品出荷ドックは部外者立ち入り禁止と言われた。"

"GCP's struggles seem to be unique as peers have benefitted from a favorable industry backdrop."

"This plan does not specifically address how to accomplish a successful operational turnaround."

"We fear management's current plan to spinoff Red Lobster is reactionary and lacking integrity."

"We applaud Fluor for making the investment in NuScale, but believe it is a non-strategic asset"

"we said, and I have always been loud on this, we are not going to support Scope 3 at this time"

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

"Before we even start with the narrative, we are obligated to show the only chart that matters."

"We present this segment noting that the payment for the 610-then-580ha lot was never received."

"Management allegedly "beat" its 2012 Performance Target by including HITECH incentive payments"

"These occurrences strongly reinforce our opinion that Olam's accounting is highly problematic."

"It seems that SK did not just produce tainted tomatoes, but also a tainted company reputation."

"Do you think that industrialising hectares of a natural area is part of your green objectives?"

"Salesforce trades at a discount to its peers and has an outsized margin expansion opportunity."

"The Company’s intransigence at every turn is an illustration of its broken governance culture."

"The $900mm cost opportunity alone generates ~$2.50 of EPS or $30 per share of value at 12x EPS"

"At the current share price, investors are getting this ex-China international upside for free."