Callouts & quotes from 26,677+ activist slides

"The acquisition of Celgene is the antithesis of Bristol-Myers’ “String of Pearls” strategy"

"While we understand management's math, we believe there is still risk to these assumptions"

"By moving to newer Cell Line processes, peers have seen cost of goods improvements of >35%"

"We believe this deal has too much risk. Shareholders should vote AGAINST this transaction."

"Delays in subsidy payments are resulting in FCV manufacturers being short working capital."

"The Economist ranks HK near the top of its list of emerging-markets at risk of overheating"

"We believe that now is an appropriate time for BHP to consider unifying the DLC structure."

"Oasis research indicates that as few as 6 brands account for the majority of sales of G11."

"Even though we have moved up in market cap, our core investments are getting less complex:"

"Are you satisfied with CP's performance over the last 5½ years of Fred Green's leadership?"

"FIA relies on an implicit government guarantee to access the capital markets at a low cost"

"We estimate the GSEs' FIA business will earn $51bn over the next 10 years as it winds down"

"We Believe HIMS Has No Real Product Differentiation While Massive Competitive Threats Loom"

"Opex/bbl, largely in Phillips 66’s control, is the highest among their core refining peers"

"FND's sales return allowance declined in 2023, thereby improving net sales by ~$6 million."

"Great Midwest Cheese has net eliminated three products from its specialty cheese offering."

"Only investment getting the CFO's oversight could indicate financial problems / challenges"

"GCP needs a truly independent Board that can mitigate any potential conflicts of interest."

"Spruce Point has a track record of calls in the technology hardware and services industry."

"While a leader in WAN optimization, growth has slowed for Riverbed and the broader market."

"Even Disney’s Last Twelve Months Financials Are Significantly Worse than Five Years Ago..."

"We expect Phillips 66 will continue to trade at the multiple of its lowest-valued segment."

"Gray Oak pipeline faced cost overruns of ~$700mm, demonstrating poor development execution"

"Phillips 66 has been a consistent underweight against both peer groups for nearly a decade"

"For years, ALL directors had overlooked numerous concerning conflicts among Board members."

"The Company's commitments regarding the separation of its TiO2 business were also not met."

"TWX does not provide any cost structure or profitability metrics for AOL's business units."

"We Believe TASK Is Not Being Transparent About Pressures With Facebook, Its Largest Client"

"Recruiting is the first commitment listed, emphasizing its importance within WFG's system."

"We don't track this number and do not believe it is relevant to the business or investors."

"Note, however, that Herbalife makes no mention of fast food competitors in its SEC filings"

"Herbalife has only three company operated distribution centers of 150k sq. ft or less each"

"John Pike and Geoff Sorbello share final take as shareholders vote on Phillips 66's future"

"Cosentino spent c. €33.5m (US$43m, assuming a conservative €1 = US$1.3) on PPE in FY 2014."

"Waterpik had a lot of cats and dogs, a lot of SKUs and a lot of potential liability issues"

"Our total Amazon revenue falls short of Kornit's $24.2M reported Amazon revenues for 2018."

"We expect Phillips 66 will continue to trade at the multiple of its lowest-valued segment."

"Phillips 66 has been a consistent underweight against both peer groups for nearly a decade"

"Note: This highest % In Real Assets Where MSCI Just Made The Expensive Burgiss Acquisition"

"UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption"

"FIA relied on an implicit government guarantee to access the capital markets at a low cost"

"We doubt the company can avoid an expensive debt restructuring in the next 12 - 18 months."

"半導体製造装置分野のトップ5社（ASML、アプライド マテリアルズ、ラムリサーチ、東京エレクトロン、KLA）と比較した場合、レーザーテックの棚卸資産高が正当なものとは到底思えない。"

"KLAは2015年〜2017年頃にアクティニック検査装置の開発を進めていた。しかし、開発を必要とする資源の投入と比較して、潜在的な市場規模が小さいとの判断により、一旦保留となった。"

"In fact, Porch does not provide one single and specific company which it competes against."

"We believe News Corp trades at a meaningful discount to the value of the sum of its parts."

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

"The New York Office Market Isn’t Facing ‘Headwinds’ – It’s Facing an Existential Hurricane"

"Notice carefully, Magnite refrained from quantifying any early view on CTV Q4 2020 growth."

"CFM was bleeding money and appears to have been on the ropes at the time Olam acquired it."

"Zhonghuan: Sham Transaction Routed through Straw Entity controlled by Likely Company Proxy"

"Holdco, within 2 years of being established, increases stakes in all OpCos to at least 30%"

"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"

"Teck trades at two-thirds of Freeport's P/E multiple and has much better growth prospects."

"3. Extensive share repurchase program and newly hired CEO should help drive value creation"

"Good thing PGNY doesn’t actually operate clinics or they’d be violating SART guidelines..."

"Sum-of-The Parts Analysis Suggests 25% - 50% Downside Risk Potential To REZI's Share Price"

"Anything that reduces the aging time to bring new whiskey to market is bearish for supply."

"Why Wasn't The $0.15 Cents Benefit From ASU Adoption Called Out As A Driver Of EPS Growth?"