Callouts & quotes from 3,339+ activist slides

"We continue to believe that the opportunity for productivity improvements and margin expansion at Mondelez is significant even beyond 2018"

"We believe new leadership is required at Southwest after years of consistent disappointments and a steadfast commitment to the status quo."

"While competition in China has recently intensified, we believe that Starbucks has a defensible moat underpinned by several key advantages"

"Spruce Point believes that PERI's recent 2023 outlook suggests that the best operating leverage and growth potential is already behind it."

"Over the intermediate-term, with a revamped Board and c-suite, we believe Forward Air's value creation opportunity is $140-$145 per share."

"We continue to believe that the opportunity for productivity improvements and margin expansion at Mondelez is significant even beyond 2018"

"While bulls may point to a variety of factors working in Bunge's favor, we believe they are largely incorporated into Bunge's share price."

"We expect 67% - 87% share price upside as Southwest restores its best-in-class margins and we believe a turnaround is eminently achievable"

"Our adjustment is to counterbalance a blowout in 2015 payables, which causes us to believe Ströer could have been stretching its payables."

"We believe AOL's Display business is highly unprofitable due to its operating expenses that are estimated to exceed $1.1 billion per year."

"We believe new leadership is required at Southwest after years of consistent disappointments and a steadfast commitment to the status quo."

"We continue to believe that the opportunity for productivity improvements and margin expansion at Mondelez is significant even beyond 2018"

"Specifically, we believe that INS is engaging in several undisclosed related party transactions between itself and its employees in India."

"We continue to believe that the opportunity for productivity improvements and margin expansion at Mondelez is significant even beyond 2018"

"We believe GSX overstates its capex investment in order to wash off the cash that was exaggerated on its balance sheet in the first place."

"it is difficult to believe that Telia’s current board is so equivocal about whether Telia engaged in large scale corruption in Azerbaijan."

"We believe this complete misstatement and twisting of the facts is typical of management's seemingly estranged relationship to the truth."

"We believe AVY's free cash flow presentation is highly aggressive and analytically flawed in a manner that vastly overstates performance."

"We believe LODE's promotion of its new expansion into EV battery recycling is fraught with risks and a high degree of likelihood to fail."

"We Believe Change Is Needed After Years Of Missed Expectations And Poor Results. We Believe We Have A Superior Slate Of Director Nominees"

"As shown below, we believe the Dell offer they claim is worth $109 is worth only $90 per share, a 42% discount to DVMT's intrinsic value!"

"Spruce Point believes it is a classic red flag that PowerSchool recently moved to obscure critical line items in its cash flow statement."

"We believe Oatly’s grand ambitions to grow in the U.S. are being challenged by Califia Farms, a California plant-based food manufacturer."

"Many industry observers believe Bristol-Myers would be an attractive acquisition target due to the Company’s leading position in oncology"

"We believe that either Bristol-Myers’ R&D facilities are not as productive as peers or the Company has too many R&D facilities...or both."

"In fact, based on some of Mr. Buffett's own quotes, investing principles and maxims, we believe FND falls short of a suitable investment."

"Our forensic analysis has identified that Momo owns at least two, including what we believe to be one of their top five, talent agencies."

"We believe that Kao is either misleading shareholders today, or it misled Oasis in November. Either way, this is clearly poor governance."

"Despite unsuccessful outcomes in the courts, we believe Fannie and Freddie remain valuable perpetual options on exit from conservatorship"

"Based on our review of past incidents, we believe Intuit has a poor track record of defending customer information from external threats."

"We believe that Starbucks is one of the most well-positioned retailers if minimum wages rise due to its “partner” compensation philosophy"

"Spruce Point believes that REZI is being pressured by significant capital flows into its core distribution, security, and safety markets."

"The growing gap each year causes us to believe that an increasing percentage of Operational EBITDA is low quality and / or unsustainable."

"We believe that sell-side analysts stretch to compare CLEAR with SaaS and highly prized technology companies to justify a high valuation."

"We believe that there are serious risks to this business model that are being mostly ignored by bullish investors and sell-side analysts."

"We believe this structure was an attempt to create a wide discount between DVMT and VMW, and it should be noted, it was very successful."

"As a public company, we believe that IPX should be taking greater measures to safeguard its assets, intellectual property, and know how."

"Accordingly, we believe that DXCM shares would be more properly valued at 5-6x sales – about where they traded prior to the 2018 run-up."

"After years of underperformance, we believe GE finally has the right collection of businesses and structure... now it is time to execute"

"Oasis believes this fact alone demonstrates the significant limitations facing Kao brands to expand and diversify their revenue streams."

"Spruce Point believes that current market data services fail to account for Saputo's growing $724 million unfunded U.K. debt obligation."

"We believe Intuit may have attempted to boost Credit Karma revenue just as operating results in that segment were rapidly deteriorating."

"We believe ADT should immediately increase leverage to 3.0x Net Debt / EBITDA and maintain a fixed leverage target of 3.0x going forward"

"We believe the Company should introduce a 25% EBITDA margin target as a medium-term goal, with the appropriate budgeting and incentives."

"Regardless of the analytical approach adopted by the Agencies, we believe that Target Corp will maintain Investment Grade credit ratings"

"We question her experience auditing large public, consumer products companies and believe a new audit partner should be assigned to PBH."

"We believe that mortgages obtained well in excess of the purchase price indicate a combination of a bargain purchase and elevated rents."

"As a result, we believe investors should carefully evaluate who is the person in charge of leading its eCommerce partnership expansion."

"If, as suggested by an industry observer, more than half of GFL’s deals are failures, we believe its market cap could easily be halved."

"We believe that underestimated competition could cut Penumbra’s expected sales growth by nearly half in FY20, from 20% to close to 10%."

"We believe that IonQ has therefore engaged in a campaign to dupe investors into thinking the device's size will soon make it practical."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Spruce Point believes competition will continue to intensify, further pressuring Sunnova to grow and maintain its current market share."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe a person or party having this much voting control as well as changes in the voting control should be disclosed to investors."

"We See Multiple Headwinds To Margins And Believe Rollins Is Underinvesting In Its Business While Technology Equalizes The Playing Field"

"We believe one reason that Huishan cannot grow enough alfalfa for its needs is that northeastern China isn’t a good area for this crop."