Callouts & quotes from 26,677+ activist slides

"How can the Board justify continuing to lose over $500 million in its Display business?"

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

"We use a conservative multiple range of 10-12x EBIT for Sony’s gaming segment valuation"

"Streaming to drive continued acceleration in total revenue for each of the big 3 labels"

"A winning sprint at the finish line is suspicious, raising concern of data fabrication."

"Patients with PWS are more susceptible to heart failure, edema, and oxygen desaturation"

"As such, we believe its cash collection cycle is at least a month longer then depicted."

"It did peak maybe like a year ago or so, but now I think it's tapered off a little bit."

"In 2008, investors could have purchased Valeant's shares at ~0.3x 2016 Consensus EPS(1)"

"Valeant’s durable business has few peers among publicly traded pharmaceutical companies"

"Claim that VRX “stuffed the channel” and falsely recognized revenue is verifiably false"

"But like the other deals, the Nissan collaboration was all talk and no tangible result."

"In addition, we strongly believe that PLTK’s shares were indirectly pledged by Mr. Shi."

"Since the IPO on the London Stock Exchange in May 2013, Platform stock has increased 1%"

"In other words, the net profit GSX reported to the SEC in 2018 was overstated by 74.6%!"

"The content of these posts and allegations are pretty detailed and look credible to us."

"NOMD stock has declined 21% from our average cost announcement date to April 21, 2016*"

"We call on Nuvei to explain how Smart2Pay experienced such dramatic margin improvement"

"Accounting for lower sales expectations highlights the lofty multiples paid by Pfizer."

"We believe that a good time to buy a great business is when it is in temporary trouble"

"Absent greater change, analysts see little hope for shares (under the incumbent Board)"

"There are clear examples of companies properly tax-affecting the pension contribution."

"GFL's CEO Has An Incomplete Biography And Has Connections To Many Controversial People"

"We are concerned by the Board’s inability to craft well-designed compensation programs"

"We are concerned by the Board’s inability to craft well-designed compensation programs"

"It is clear that Board change is required to address Box’s serious compensation issues"

"Sales today are significantly more Repair & Maintenance items than Discretionary items"

"AMT is destroying billions of investor dollars through its international (ad)ventures."

"XPO could have flushed bad debts and labelled them as acquisition costs to be ignored."

"MDC Partners Reported Bank Overdrafts Before Shares Tanked + SEC Investigation Started"

"QScore above 70 typically indicates patents that are high value and litigation worthy."

"Higher payout ratio would clearly increase appeal of CCI to REIT investors in our view"

"Dycom offers limited details about its capabilities in, or financial impact from, FWA."

"The charts below illustrate the premium valuation received by Dycom relative to peers."

"Vivendi is incentivised to shift profits to the detriment of TIM minority shareholders"

"NQ has always been a bit player in mobile security with a tiny amount of real revenue."

"Xerox shareholders sold control for $9.80 in cash and a stub share worth a few dollars"

"Could earnings have been shifted from VIP to PetIQ in anticipation of the acquisition?"

"Implied price of Dell Class C Shares $56.52 vs Management Claimed Class C price $79.77"

"Despite its scale, Darden spends more than twice the % of sales as the industry median"

"Keys to casual dining success: LEADERSHIP – INNOVATION – VISION – EXECUTION (L.I.V.E.)"

"Olive Garden needs to tailor its guest experience to both current and future customers"

"Despite similar sales mix, geography, unit count, and store size: Dollar General has -"

"SG&A includes ~$45mm (~50bps of sales) of renovation and new store pre-opening expense"

"We believe Dow Jones is a high-quality business and should garner a premium valuation."

"ALLEGATION: Fewer than half of the buses in CCME’s network actually show CCME content."

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

"We note concerns that 3 former employees shared on the use of cherry-picked lab tests."

"QS is cherry-picking a dendrites sample versus showing data that’s actually convincing"

"It is clear to me that the IonQ SPAC has gone too far in what is...morally acceptable."

"In 1H 2012, Hess well costs were 39% above Continental when drilling same type of well"

"For all That Money, Viacom's Stock is up 3% Over Those 5 Years vs. 64% for the S&P 500"

"There are numerous examples of acquisition-intensive companies that have not succeeded"

"A disciplined capital allocation approach can deliver further upside to current levels"

"We believe Autodesk can meaningfully improve its combination of growth + profitability"

"Autodesk's quality of earnings is subpar and a point of frustration among shareholders"

"At least 500bps of S&M cost savings (~$275mm) and 300bps of G&A cost savings (~$165mm)"

"At least 500bps of S&M cost savings (~$275mm) and 300bps of G&A cost savings (~$165mm)"

"We believe Fluor has significantly less competition in the construction industry today"

"It can't build, it can't sell and it can't generate value to cover its operating costs"