Callouts & quotes from 26,677+ activist slides

"once again illustrating the naivete of those who mistakenly think Lasertec is the monopoly."

"It is therefore no surprise that Intel and TSMC are both delaying Lasertec EUV tool orders."

"once again illustrating the naivete of those who mistakenly think Lasertec is the monopoly."

"Sampo underperformed its peer average TSR by 65p.p. and underperformed Tryg by over 80p.p."

"Remitly's core business has not changed much since 2021, but its flywheel depiction has..."

"We did not have any detractors in 2019. Every portfolio company generated positive returns"

"GoDaddy's 2022E EBITDA margin of 18% is significantly below the peer group average of 36%."

"Both our Long and Short investments have meaningfully contributed to performance over time"

"Mondelez has the most attractive stable of sweet snack brands of any packaged food company"

"Nuvei Paid A 77% Premium To SafeCharge’s Historical Average Share Price (Pre-Announcement)"

"Mondelez has the most attractive stable of sweet snack brands of any packaged food company"

"We are currently Chipotle's largest shareholder with a ~10% ownership stake in the company"

"Chipotle has a number of other attractive attributes that help to mitigate investment risk"

"Here’s an example of how WTRG approaches rate increases: an 87% increase over three years."

"Why earnings multiple contraction and a low multiple if earnings are real and sustainable?"

"It is difficult to overstate the threat Wi-Fi and small cell pose to AMT’s economic model."

"Both our Long and Short investments have meaningfully contributed to performance over time"

"Management at Phillips 66 lacks the credibility to do what it takes. Bold action is needed"

"Spruce Point has serious concerns with DY's new Chief Accounting Officer Heather M. Floyd."

"ADP’s Claims Services Group expanded margins by ~2,000bps within 5 years after sale by ADP"

"We believe Dow Jones is well-positioned to continue delivering healthy growth and margins."

"HOW CAN MANAGEMENT CONTINUE TO ASSERT THE ADVANTAGES OF THIS STRUCTURE WITH THESE RESULTS?"

"A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)"

"The lab-scale prototype Quantumscape has shown is easy to make but commercially irrelevant"

"Red flag 4: QS misrepresents standard lithium-ion charge times to make theirs look faster."

"Determination of compliance with the complex regulatory requirements is very fact specific"

"John Hess's Plan All Shareholders Can Hope to Get And No Confidence in Timing or Execution"

"Idiosyncratic Events Make Apache (APA) and BP Not Comparable to Hess Over The Last 5 Years"

"58 pharmaceutical and medical device companies with a combined market cap of $3.2 trillion"

"Given its current $480 million valuation, the returns over that time will be electrifying."

"COVID-19 Has Supercharged the Already-Growing Trend Towards Living in a Single-Family Home"

"It seems the Board and Mr. Shaw are misleading shareholders about Mr. Orr's PSR expertise."

"We believe any significant expansion into India would present a meaningful risk to margin."

"this does not look like someone who is babysitting a bankruptcy, rather ready to kick ass."

"Focus should be on making the experience special for customers to drive recurring traffic."

"We believe it has embarked on a multi-pronged strategy to attempt to maintain its position"

"However... GMCR will no longer be able to rely on the two patents after September 16, 2012"

"Spruce Point Believes Maxar Technologies (MAXR) Is A "Strong Sell" With 100% Downside Risk"

"At $25 billion, Yahoo’s 40% stake is worth nearly $7 billion after-tax, or $5.24 per share"

"The result is a value of $78 per share, less than half of the $172 where the stock trades."

"Anadarko has created $6.7 billion of value for shareholders through midstream monetization"

"This resulted in core Expedited LTL EBIT per ton/shipment declining ~35% from 2019 levels."

"Lack of a coherent strategy results in assets that do not generate their potential returns"

"Only by putting Warrick into Alcoa Corp. does management claim to hit the EBITDA/MT target"

"Severe Disconnect Between Dr. Kleinfeld’s Rhetoric and the Reality of Business Performance"

"Severe Disconnect Between Dr. Kleinfeld’s Rhetoric and the Reality of Business Performance"

"Severe Disconnect Between Dr. Kleinfeld’s Rhetoric and the Reality of Business Performance"

"HOW CAN MANAGEMENT CONTINUE TO ASSERT THE ADVANTAGES OF THIS STRUCTURE WITH THESE RESULTS?"

"A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)"

"Near-Identical Gifts from Neighboring IPs to Same Performers Suggest These PUs Are FU Bots"

"Directors who approve such tactics should be barred from serving on public company boards."

"Sunnova lists interest, a core operating expense and largest expense, below operating loss"

"Structure being pursued in TOB that should also be executed as part of the Standalone Plan"

"A minority IPO of McOpCo would have minimal execution risk and negligible frictional costs"

"In the U.S. where “End-to-End” has been in-place for 2 years, results remain mixed at best"

"Bloomin’s primary concepts have 145 years of operating history and cumulative brand equity"

"This consistent share price underperformance is the result of relentless execution issues."

"We are currently Chipotle's largest shareholder with a ~10% ownership stake in the company"

"Mondelez has the most attractive stable of sweet snack brands of any packaged food company"

"Chipotle has a number of other attractive attributes that help to mitigate investment risk"