Callouts & quotes from 26,677+ activist slides

"Shareholders deserve a focused board with a sense of urgency and mandate to maximize value"

"Nearly twelve turns of EV/EBITDA multiple expansion despite just a 2.2% organic sales CAGR"

"8 Year Compound Annual Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return"

"He stated that patients started off well, only to experience a quick collapse in efficacy."

"マーケティングキャンペーンを打ち出し、従来のヘアサロン以外の販売経路まで拡大させた場合、オリベの収益は上記ブランドと同程度の規模にまで成長する可能性があるとオアシスは考えています。"

"Deckers has missed earnings targets in 3 of the past 5 years, and each of the last 2 years"

"Long pattern of irresponsible governance practices necessitates a replacement of the Board"

"At $600 of total value, iPrefs unlock $61 per share more than the second best alternative."

"We believe that these assumptions are quite aggressive and likely to prove too optimistic."

"These businesses have, on average, a 10% operating margin before stock-based compensation."

"Our adjusted DCF value for the established ambulatory business is therefore $43 per share."

"FBHS is well-positioned to accelerate profit growth as volumes grow in a recovery scenario"

"it is the only streaming offering that approaches Netflix's core viewership and engagement"

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

"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)"

"If Phillips is able to execute the "Marathon Path" the stock price could increase to $300+"

"$800 million in savings from utilizing assets as well as Norfolk Southern’s Class I peers."

"Upcoming business separation should be a catalyst for significant share price appreciation"

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

"Under the thoughtful leadership of Yoshida-san and team, Sony has grown EBIT at a 17% CAGR"

"There was certainly some pressure on all the investigators to downplay the adverse effects"

"We believe this demonstrates that iKentoo did not experience much growth under Lightspeed."

"Highly focused food companies trade at premium multiples vs. peers with diverse portfolios"

"the problem starts with bioavailability but then the toxicity starts appearing after that."

"Pitolisant data shows a highly unusual 15-fold higher concentration in brain than in blood"

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

"Companies generally prefer not to use Stock because Cash and Debt are cheaper than Stocks."

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

"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"

"Vireo will need to raise a significant amount of money to operate these licenses properly."

"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"

"Kindly share with us the adults' passports at least to make the booking under their names."

"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"

"AXDX shares are overpriced and we expect will be declining 70% down in the next 6-9 month."

"The quantum component, according to multiple sources, contributes no differentiated value."

"Marvell noted the same light source defects and technical problems as other large players."

"However, this time we believe that this is a trough result, rather than a midcycle result."

"That means that RUN would be a company that can sell its product, but it cannot get paid."

"CURRENT PORTFOLIO UNLIKELY TO SUSTAINABLY DELIVER MID-SINGLE DIGIT % ORGANIC SALES GROWTH"

"HLF stock has increased 28% from our average cost* at announcement date to April 21, 2016"

"At worst, there is evidence of substantial merchant customer decline in Nuvei's business."

"FNMA and FMCC share prices increased 138% (2.38x) and 131% (2.31x), respectively, in 2016"

"Campbell lowered accretion guidance twice in the first six months after deal announcement"

"Avery Dennison Showing Multiple Classic Spruce Point Signs of Increasing Financial Strain"

"We believe that this provides further indication that the current Board is dysfunctional."

"After years of aversion to change, the Company's strategy and operations are now outdated"

"In the most recent Q4'2022 quarter, there was a substantial decline in the quality ratio."

"Box's stockholder returns continued to lag that of its peer group and the broader market."

"Lowe’s recent share price of $21.50 is nearly 40% below its peak of ~$35 in February 2007"

"Lowe's level of same-store sales growth outpaced Home Depot's each year from 2001 to 2008"

"We believe the Company really did not know what it was buying in some large transactions."

"We continue to believe that Carvana could be a zero given its significant financing risk."

"CVNA should trade in-line with other auto dealers, not asset-light auto e-commerce sites."

"From 2008 to 2020, Erie Exchange experienced a period of stability and consistent growth."

"We use a common-size model to show how this data implies YoY offline enrollment decreases"

"Why can PetIQ’s products business support EBITDA margins more than double those of peers?"