Callouts & quotes from 26,677+ activist slides

"Agencies primary complaint in regards to Momo is that their share of revenue is too low"

"Herbalife has cited its UCLA affiliation 440 times in SEC filings since its IPO in 2004"

"Nutrition Clubs, an increasingly important channel for Herbalife, are expensive to open"

"ISS, Glass Lewis and Egan-Jones Unanimously Endorse Significant Changes at Phillips 66."

"Restaurant Brands International’s share price increased 72% including dividends in 2014"

"Separating snacks and beverages increases probability of a valuation multiple re-rating"

"Enormous $20m Stock Dump By Chairman Craigie Just Three Days Ahead of the Passport Deal"

"We Believe Intuit’s SBSE Segment Has Become A Black Box And Is Decreasingly A SaaS Play"

"Our Valuation Analyses Suggest Intuit’s Share Price Has 40%-80% Potential Downside Risk"

"ONP is abjectly lying to investors about what it is purchasing, and has been all along."

"Put another way, management can use corporate funds to buy its way toward a cash bonus!"

"In our view, Autodesk can improve its operating margins by at least 1,000 basis points."

"収入を前倒しにして売上原価を後回しにしつづければ、貸借対照表上の棚卸資産高は次第に膨らむ。事実上、棚卸関連の費用の計上を先延ばしにしている。棚卸資産高がどんどん膨らんでいく。"

"レーザーテックは、Urashimaは「新たに設計された」極端紫外線光源だと主張する。しかし実際のところは、Isteqが10年以上前に開発したレーザー生成プラズマ方式の光源だ。"

"レーザーテックはIsteqから獲得した光源技術を「新たに設計された」光源としてACTIS A300に採用し、日本発の技術として見せかけるために「Urashima」と名付けた。"

"レーザーテックは、Urashimaは「新たに設計された」極端紫外線光源だと主張する。しかし実際のところは、Isteqが10年以上前に開発したレーザー生成プラズマ方式の光源だ。"

"(To Be Viewed In Combination With Starboard Investor Presentation Dated April 30, 2020)"

"From 2007 to 2012, Darden’s stock price underperformed its Proxy Peer Group by over 40%"

"2015 Core Business Adjusted EBITDA is expected to decline (72%) compared to 2012 levels"

"Viator is a highly strategic asset and is the leader in the online experiences category"

"We believe Fluor should be able to grow EBITDA following the reset in the base business"

"In our opinion, Kyoto Audit is to audit failures what Michael Jordan was to basketball."

"Attempting to replicate Uber’s capabilities (vs. partnering) is economically irrational"

"The characters for “Yidatong” are “易大通”. Those characters are not in evidence anywhere."

"However, from day one, Mr. Zhou Xu seems to have had no involvement in NQ’s management."

"We believe Dow Jones is meaningfully undervalued inside of News Corp's portfolio today."

"Why to vote “FOR” Bluebell Capital Partners proposal to separate Chair/CEO at BlackRock"

"Restaurant Brands International’s share price increased 72% including dividends in 2014"

"Thus, we don't believe view the research report as credibly independent of the Company."

"We suspect that in 2016, its revenues might have been temporarily moved over to Shujia."

"Time provides an effective barrier to entry as it takes c15 years to grow a mature tree"

"One might wonder whether Olam sought this reappraisal to support the negative goodwill."

"FTAI’s per employee revenue and EBITDA is ~3x and ~7x higher, respectively, than peers."

"The Officer Report was entirely adequate in law, was in no sense materially misleading."

"Realty Income’s stated business purpose is to maintain and grow its monthly dividend..."

"We believe that O’s stock price depends on its ability to maintain its monthly dividend"

"Solidifies our belief that the transaction is not in the best interests of shareholders"

"Thus, we see little near-term threat to ACMR's cleaning franchise from local suppliers."

"Significant value embedded in real estate, not accounted for in public market valuation"

"Overall, it appears that REZI's growth vectors are starting to meaningfully decelerate."

"Why did the Board accept growth + profit – the “hallmark” of value – declining so much?"

"Shareholders deserve answers and a Board that will protect their interests at all times"

"Performance compensation increased 10% in FY2020 despite organic revenue growth of 1.3%"

"MGPI's foray into branded liquor products is at best a way out-of-the-money call option"

"Accordingly, we find no evidence that this transaction was ever disclosed to investors."

"Management appears to have no problem leading the sell-side on, even if not explicitly."

"We believe Pfizer is a great American business that plays an important role in society."

"The Company spent nearly $70 billion on M&A at an implied ~3.3x “peak” revenue multiple"

"EPS growth has averaged 10% over the past six years versus 7% over the pre-COVID period"

"We believe high Street growth expectations are setting up investors for disappointment."

"Eurofins' internal audit function, which is based in Poland, leaves much to be desired."

"Kao owns strong BRANDS but is focused on creating KAO FANS rather than brand loyalists."

"More often than not, a substantial dividend increase at best puts a floor under a stock"

"We think a meaningful recovery in housing starts could happen in the next several years"

"We believe Dow Jones is meaningfully undervalued inside of News Corp’s portfolio today."

"As shown infra, they also visited the site and confirmed there had been no development."

"Lack of trust in third-party procurement surgeons is an insurmountable barrier in heart"

"To date, TransMedics and XVIVO have no device even in trials for kidney that I know of."

"DuPont has grown capacity in commoditized markets where demand dynamics are unfavorable"

"Without an employee-led focus on safety, all other corporate functions are in jeopardy."