Callouts & quotes from 26,677+ activist slides

"Herbalife's Niteworks (L-Arginine Supplement) is Nearly 3x the Price of Comparable Products"

"The probability of a new distributor getting to these levels is statistically insignificant"

"Significant value can be unlocked when large companies separate businesses to create focus."

"CACC is the only lender in this space that publishes the data to prove when this rolls off."

"We believe management could be using repurchases to hit bonus targets to reap rich payouts."

"Substantial risk that costs are more than planned and stock dilution is likely to intensify"

"AlloSure is fundamentally incapable of identifying the most common type of kidney rejection"

"The divergence in experiences between GCP and its closest peers is difficult to understand."

"Is this really a sign that Darden is looking out for the best interest of its shareholders?"

"Excluding the market value of its stake in NuScale, Fluor is trading at just 3x CY27 EBITDA"

"We believe Nidec's inventory write-offs were largely unjustified for the following reasons:"

"In reality, these areas are a tiny portion of Nidec’s present (and likely future) business."

"By doing three elementary-school division problems, we again disprove the growth narrative."

"This begs the question of who actually formulated the estimates in the WinterGreen reports."

"We find that BR's 2022E Gross Margin of 28.0% looks nothing like its peer average of 55.3%."

"We believe large scale and global CROs will disproportionately benefit from industry growth"

"It is evident that TAL is starving its auditor, Deloitte China, of resources for the audit."

"Management was paid 108% of incentive compensation despite missing all key guidance metrics"

"Our Research and Sell-Side Show that DLO's Pricing is Comparable to that of its Competitors"

"Fairfax Paid a Friend to Buy APR Energy so Fairfax Could Avoid Booking a $109 Million Loss."

"Disney and other Studios have common problems, common solutions, and a common competitor..."

"Therefore, we believe that likely only ~34% of purchases attributed to APP are incremental."

"HGV traded at a comparable EBITDA multiple to VAC prior to COVID, only widening since COVID"

"The following videos prove by self admission that Gary owns and operates 1st Class Medical."

"Ginkgo still recorded $21MM of foundry revenue from it for 2020 - about $1MM per Motif FTE."

"We believe the Company should prioritize improving its own performance over speculative M&A"

"ADP's Dividend Payout Ratio Is Significantly Higher Than the S&P 500 and S&P 500 IT Indices"

"Why is Verint management reluctant to adopt the same performance metrics as its peer group?"

"From 2001 to 2017 Hyundai Motor Group has: Doubled global retail market share from 4% to 8%"

"If the sovereign debt trades to a negative yield, it would be wise to sell it to hold cash."

"We believe the Company’s COVID breakthroughs were monumental to ending the global pandemic."

"Peers have been successful at developing and commercializing GLP-1s whereas Pfizer has not."

"3G's principal and executive partners and BKWH management will retain 70%+ equity ownership"

"BLC has a clear conflict between its cash accounting policy and its actual cash accounting."

"The uniformity of negative comments suggests that an Omnia-fueled turnaround is a delusion."

"ROVI is selling investors HOPE its new strategy will work despite limited tangible evidence"

"At current levels, it takes 2.0x as long as its next closest peer for goods to be paid for."

"Brent price is ~40% higher today than when the original acquisition was agreed (March 2021)"

"Sandell Estimates Intrinsic Value of up to $49/Share by Employing the PropCo/OpCo Structure"

"We have identified these six customers that we believe athena may lose in the coming years."

"Wendy’s / Arby’s combination could be worth over $50 per share after achieving cost savings"

"Our goal is to work with other members of the Board and focus on the following initiatives:"

"We believe large scale and global CROs will disproportionately benefit from industry growth"

"By getting involved with Napo and Jaguar, both Invesco and BUR had gone decidedly low rent."

"Similat middlemen are at the center of recent trafficking scandals at Apollo and elsewhere."

"when it came to reporting, everything was done to basically not report as much as possible."

"Management & the Board must take immediate action to reverse the cycle of value destruction"

"3/12/20: PSH’s hedge value increased to $2.0bn to become our largest position at 34% of NAV"

"Inspire appears to conflate total and annual data points to support its self-serving claims"

"Our Opinion: Mid-Quarter Discounting Cannot Be Good! How Much Old Inventory In the Channel?"

"Condemned Vykat as an utter failure on all counts with a 100% patient discontinuation rate."

"you're saying the parents knew what score they needed to be included in the study, correct?"

"The size of the blue footprint of solar panel coverage was a principal controversial issue."

"In June 2001, investors could have purchased Jarden’s shares at ~0.4x 2016 Consensus EPS(1)"

"Our research shows that RILY’s equity portfolios lost nearly $400 million in 2022 (-38.2%)."

"We acknowledge improvements made but are discounting 2020’s rent by 48% due to overpayment."

"We see that the previous transaction value was much more in line with county's assed value."

"It’s evident to us that someone is trying to cover up Pathak’s true role at Flexopt/Payopt."

"The oddity of the global and unusual purchases is not addressed in any of the review texts."

"It is clear to us that government handouts are an integral part of SMART Brazil’s business."