Callouts & quotes from 26,677+ activist slides

"We found Genius to be an outlier with significantly higher figures for both metrics."

"Move into fresh food with $1.55 billion deal for Bolthouse Farms has been a disaster"

"Strategic and operational blunders have tanked sales, operating profit, and earnings"

"Actual Income Taxes, Net of Refunds Keeps Rising Despite Negative Effective Tax Rate"

"We believe the Preferred Financing was done to “buy the vote” and entrench the Board"

"Box must make its customers’ business outcomes the singular focus of every employee."

"The magnitude of this unique benefit amplifies the importance of capital allocation."

"Crown Castle would have $1B+ more EBITDA today if it achieved the yield of its peers"

"It ultimately attracted a bunch of lower-quality subscribers with much higher churn."

"The JFT acquisition seems likely to be a sham transaction for the following reasons:"

"If UNP fully recaptures its volume underperformance vs. US Class I railroads by 2025"

"Phillips 66 Annual Report tells a different story about relative shareholder returns"

"HHC's share price increased 29% in 2021 and has decreased 7% year-to-date in 2022(1)"

"A $350 million portfolio sale would generate little-to-no tax or debt breakage costs"

"This rapid transition remains a massive challenge and appears increasingly unlikely."

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"If they chose 30C, like the other slides, it would be harder to achieve this result."

"Elliott valuation assumption conservative compared to yield implied by public peers."

"Fuel supply agreement with CST establishes a long-term customer for ratable volumes."

"We believe this decision was ill-advised, and shareholders have suffered as a result"

"We add 1 + 1 using a 2 bit classical adder circuit mapped on to the quantum circuit."

"Without this Q4 contribution, IonQ’s illusion of “growth” would instantly evaporate."

"Hess is incapable of managing both (evidenced by severe cost overruns in the Bakken)"

"Viacom Still Needs to Reduce Headcount by Another 10% to Bring it in Line With Peers"

"IAA Requires Significant Capital to Have a Chance at Stabilizing Market Share Losses"

"In 2020, Autodesk again committed to reaching growth + profit of 55% - 65% by FY2023"

"$41,768,000 = JOE's carrying value of residential real estate for Franklin County(1)"

"The Market’s Reaction to News of Ancora’s Involvement Shows Shareholders Want Change"

"Huntsman CLEARLY promises to Monetize Its REMAINING Stake in Venator for ~$1 Billion"

"A $350 million portfolio sale would generate little-to-no tax or debt breakage costs"

"It is not only the most prolific acreage; its gas is by far the cheapest to produce."

"CONSOL has done even worse because the market insists it's nothing but a coal stock."

"It is difficult to justify current super-premium multiple (36x FY2012 EPS estimates)"

"The top 16 oil frackers alone drilled a third of a trillion dollars' worth of holes."

"In 3 separate votes, 90+% of outside shareholders voted to declassify the Hess board"

"Buffalo Wild Wings senior management is taking the company down a path of no return."

"Only by excluding Warrick was management able to claim it “hit” its EBITDA/MT target"

"More importantly, relative to 2007 (prior peak), revenue is down and expenses are up"

"SamKoo Development has purchased several Kapiolani Boulevard parcels for $42 million"

"HHC continues to create value across its portfolio of core trophy real estate assets"

"We Question iRhythm’s Prospects For Continued High Growth And Improved Profitability"

"Executing on these will aid in restoring stakeholder trust and resetting the culture"

"Limited useful life means DBX will have to re-invest in these assets every 3-5 years"

"If GTT's rep productivity is truly “industry leading” why wouldn't they disclose it?"

"TICO has 3rd largest cross-shareholding portfolio as % of net assets in the TOPIX(2)"

"BNY Mellon went from a 2%+ margin surplus versus State Street to a 5% margin deficit"

"A bottoms-up analysis requires an assessment of three different categories of assets"

"We believe TMC is an old NMI story repackaged and regurgitated for new US investors."

"Spruce Point Believes WD-40 Is The Exact Opposite Of What A Good Business Looks Like"

"The amortization of its old business is greater than the acquired plus new business."

"Bristol-Myers is assuming an unprecedented rate of pipeline success in its base case"

"Bristol-Myers has significantly underperformed its peers during Caforio's leadership"

"The multiple sclerosis market is highly competitive with numerous approved therapies"

"CP’s efficiency & cost control dramatically lag its already best-in-class competitor"

"Spruce Point believes current sell-side analyst price targets are wildly optimistic."

"GCP had enviable products and was well positioned to succeed at the time of spinoff."

"GCP stock price has significantly underperformed since spinning off from W.R. Grace."

"GCP needs to invest in its pioneering product and differentiate it from competitors."

"FMCN really cannot find qualified directors with at least two degrees of separation?"

"These emerging brands are the next generation tenants in the class A mall portfolios"