Callouts & quotes from 26,677+ activist slides

"The Apple Watch Already Offers Seven of the Eight Sensor Capabilities on iRhythm’s “Roadmap”"

"The stock is trading at such a discount to peers because of management – no one trusts Matt."

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

"Spruce Point believes that WSP's Adj. EBITDA margin increase is purely an accounting mirage."

"Based on our analysis, Zebra's cumulative Cash Earnings over the past 5 years is ~19% lower."

"Colluding counterparties are the bedrock of almost all stock fraud committed by PRC issuers."

"WGA has cumulatively closed or relocated +1,300 stores since 2013 (~16% of U.S. Retail base)"

"Retailers on the sidelines are just like those investors who didn't buy stocks in the spring"

"Implied Operating Profit Opportunity: Achieve Peer Margin: $1.5bn; Achieve Top Third: $4.1bn"

"Creates "no place to hide" dynamic as GBU leaders will produce strong results or be replaced"

"However, this benchmarking analysis does not take into account P&G's massive scale advantage"

"Lemonade has not earned the trust necessary to operate a consumer facing insurance business."

"Something looks incredibly wrong with the magnitude of WD-40's recent full credit draw-down."

"There is nothing new here since West Side Story... except... the wild card in the AGO story."

"Given today's drug pricing environment, we believe that CAR-T pricing will remain a headwind"

"Relative Value Yields Make Commercial R.E. a Real Bargain Compared to Other Financial Assets"

"If CP had no CEO, and it could hire any executive to run the company, whom would you choose?"

"We are confident that with a shareholder mandate, the Board will make the right CEO decision"

"CP's longer hauls and bulk / unit train mix should give CP a LOWER unit cost profile than CN"

"Spruce Point interviewed a former sales executive knowledgeable about C3's European business"

"Unfortunately, we don’t believe Southwest is eager to meaningfully engage in such changes..."

"There have been other product quality concerns raised around mold identified in the product."

"In total Saputo acquired 26 brands from DCI and 14 brands are still offered by Saputo today."

"We believe GCP can improve margins by reallocating resources to more attractive geographies."

"It is completely unjustifiable and abusive for insiders to (yet again) trade in FMCN assets."

"Phillips 66 has destroyed investor value through its poor execution of the Rodeo conversion."

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

"Using its aggressive revenue estimates, XL provides a misleading comparison to EV companies."

"Concerns about content could be a contributing factor in Momo's transition towards agencies."

"How much product purchased by Herbalife distributors is actually resold to Retail Customers?"

"There is no justification for CHD’s stock trading 8% above its average analyst price target."

"CP is trading at a meaningful discount to its intrinsic value and long-term growth potential"

"Arguably Disingenuous Coming From a Company Aggressively Lobbying Against Tax Simplification"

"We believe such actions result in reduced transparency and may foreshadow future challenges."

"Investors cannot trust Vivendi’s alignment of interest with other TIM minority shareholders."

"Management’s statements regarding the Nkran Village Relocation Plan (RAP) are contradictory."

"独立系の業界団体あるいは半導体コンソーシアムによる実用のケーススタディーはないようです。したがって、あえて買い替えるコストに匹敵するほどの付加価値があるかどうかを判断しようがありません"

"レーザーテックはKLAと直接競合するとなると、苦労するでしょう。極端紫外線はレーザーテックには無理でしょう。レーザーテックは製品の問題を解決しなければ、5年以内に消えてしまうでしょう。"

"CareDx, reliant on a single ineffective test, will soon confront its own terminal diagnosis."

"This exchange shows that if you work for CPI PG, you have to have a little Vitek in you too."

"Debt-Fueled Acquisition Roll-Up Is Hitting A Wall And No Longer Producing An Attractive ROIC"

"Shujia’s 2015 financials show revenue was too small to be consolidating the GZ 1-1 business."

"Could GZ 1-1’s December 2016 revenue have been Rmb 33 million? That seems highly improbable."

"Spruce Point estimates that Magnite's true organic revenue growth in 2020E is a meager 1.7%."

"We believe this was done just before year end 2023 to inflate Q4 and full year 2023 numbers."

"Looking at the 10-year history, it’s arguable that there is no secular earnings growth here."

"These are clearly the same store. However, both stores appear separately on BEKE’s platform."

"Four Co-CEOs/leaders – one for each business segment, but no clear CEO for the whole company"

"With Met Coal, there is no substitute. If we want steel, we have to burn metallurgical coal."

"The notion that patients cannot exhaust their coverage mid-treatment is simply not accurate."

"What we get from them is "How can we make this as expensive as possible," to be quite frank."

"Mid-year compensation adjustments are extremely rare and reflect poor compensation practices"

"Huishan has a high chance of defaulting in the next year due to its massive short-term debt."

"With costs 60% higher than forecasted, this appears to be more than just a casual oversight."

"At 12.0x 2015 FCF / share, Dillard's shares would be worth roughly $155 / share (72% upside)"

"We believe the implementation of the Settlement Agreement will cause the pyramid to collapse"

"Southwest has the fundamental attributes necessary to restore its industry-leading position."

"Unfortunately, we don’t believe Southwest is eager to meaningfully engage in such changes..."

"Under Solvency II, the impact would be an additional capital charge of over 1 billion euros."

"Unfortunately, Pfizer was unable to be successful with IBRANCE in early stage breast cancer."