Callouts & quotes from 26,677+ activist slides

"TIP REIT’s high quality locations and strong tenant profile will support its premium valuation"

"The market is underestimating the long-term earnings potential of CPKC’s one-of-a-kind network"

"The company appears to lack a CEO and is devoid of any management at all, much less employees."

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"Summer Eve found on lower shelves while competitors' products are found on the premium shelves"

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

"Why should Verint add back acquisition-related sales which, per GAAP rules, it will never see?"

"Based on our analysis, we observe that R&D spend is down materially from $115m to $83m (-28%)."

"Our View That Heska Is A Distributor That Has Made Minimal Investment In Innovation And Growth"

"IDEXX's Catalyst One analyzer can perform 36% more tests than Heska's Element Series analyzer."

"Our Detailed Analysis to Date Has Indicated that Starboard’s Proposals Would Not Enhance Value"

"The ex-executive pointed to several factors that make it impossible to reverse price declines."

"The Board’s settlement offer fell woefully short of the boardroom change we believed necessary"

"Consolidated EBIT margins are currently at ~5%, well below peak levels of 14% reached in 2006."

"Savic had a 50/50 JV with (purportedly independent) CPI PG Chairman Edward Hughes' Lexxus a.s."

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

"We believe the Student Transportation of America model is an ideal structure for FirstGroup US"

"The #1 Robot Vacuum in China Finally Added! How Did Market Share Rise 4% with its Inclusion!?!"

"Price unjustified for repurposed, generic diazoxide – “disgusted” and unlikely to recommend it"

"I don't know how much success they're going to have with insurance covering these medications."

"We believe PepsiCo significantly overpaid for exposure to perhaps the riskiest emerging market"

"Tellingly, he stated that "drug companies remained essentially uninterested in this research.""

"As we note later, the Apple Watch sleep apnea monitor received FDA approval in September 2024."

"In our opinion, management has misrepresented an accurate picture of Adj. EBITDA to investors."

"We note, however, that this outperformance is erased when looking back over a longer timespan."

"I do not run any EKG's... I don't check lab work... I personally don't do additional lab work."

"The traditional multiple-of-earnings valuation methodology does not incorporate Platform Value"

"A common theme at Bolloré companies: Pay is opaque and not aligned with minority shareholders."

"As part of the Cresco IL portfolio, we discounted 2020 rent revenue by 48% due to overpayment."

"The licensing process was very shady, and involved multiple undisclosed conflicts of interest."

"The Trustpilot reviews are dominated by the usual 5-star “this-changed-my-life” fake postings."

"Lasertec “cannot deliver” on their backlog due to their lack of a functioning EUV light source"

"Solvay is an essential chemicals company that holds the #1 position across all of its markets."

"We find that the Partnership Flip is a convenient, non-arms-length conduit for overvaluation."

"Phillips 66’s CEO Mark Lashier and his management team have been richly rewarded for failure."

"The Company generated ~$40 billion in cumulative incremental free cash flow in 2021 and 2022."

"We believe the Company should seek to improve R&D and innovation to improve growth prospects."

"MISSED guidance by $9 billion... and expects further ~$4 billion reduction instead of growth!"

"We Believe FIGS Has Little Sustainable Competitive Advantage And Faces Increasing Competition"

"Problems are still occurring at Enviro-Smart according to a recently filed citizen complaint."

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Organic operating performance has begun to deteriorate led by Herbalife's most mature markets"

"According to MW’s report, this is overstating the actual revenue by more than 27 times and 40"

"Dividend Deficit Filled by circularity of payments from external parties back to shareholders"

"Compensation committee IGNORES Glass Lewis request and continuous objections to its STI plan."

"Doug Cole's historical disclosures regarding NetAmerica are both inconsistent and inaccurate."

"The deferred revenue in the Firstleap acquisition appears to be inflated by 2x to 3x or more."

"Our only goal has been to help Box create long-term value for the benefit of all stockholders"

"Neither of Box’s two major product launches are borne from the Company’s internal R&D efforts"

"if nothing else, this shows how a Best Response Analysis overstates the results of the trial."

"The practical reality is that most urologists don't do that many surgical procedures a month."

"Organic operating performance has begun to deteriorate led by Herbalife's most mature markets"

"G.C. Andersen's firm employed a known felon to assist in "private placements" from 2015-2017."

"Tessera must take immediate action to reverse years of declining revenues in its IP business."

"Peloton had stock compensation expense of $305 million, which is over double the peer median."

"Paying HK$1.5 Billion for Jinfeite would be like Paying for a Bentley and Getting a Bus Pass."

"Over time, Monolithic has become less transparent and now omits key information to investors."

"Kuo Wei (Herbert) Chang’s C Squared Management Corp is listed in the offshore leaks database."

"CEO Hsing is paid handsomely for running a small company a fraction of the size of his peers."

"It is likely customer deposits will decline in the case CT Bank is downgraded to junk status."