Callouts & quotes from 26,677+ activist slides

"Mall segment Adjusted EBITDA margins in 2005 were 3%, having fallen ~60% since 2003"

"Since the initial benefit of COVID-19, price and volume are declining ~10-15% Y-o-Y"

"We believe the Company is signaling accounting strain and issuing a subtle warning."

"We believe this underinvestment points to material organic decline in legacy Amcor."

"Majority of responses to the HMG Restructuring Plan have expressed similar concerns"

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"Tafamidis was successful though Phase 3 readout had already occurred prior to 2019."

"HHH's share price increased 4% in 2025 and has increased 6% year-to-date in 2026(1)"

"we are concerned that management’s strategy carries the potential to bankrupt MPLN."

"That the study's results were a sham appears to be an open secret in the SCS field."

"Ströer SE & Co. KGaA (“Ströer”) is not the company the market seems to think it is."

"When a store adds a website, it does not magically become a "cloud-based retailer"."

"Another anti-trust concern is that there are a lot of agricultural deals right now:"

"Disney’s Plan for Value Creation Appears to Lack Commitments, Guidance, and Clarity"

"Red Cat Teal’s SRR contract will be shorter and less exclusive than they’ve implied"

"We believe there is significant value in these assets within News Corp’s portfolio."

"However, the Viteks appear to have set an artificially high price (see next slide)."

"Four-year runway with a pro-business administration led by the consummate dealmaker"

"HHH's share price decreased 6% in 2024 and has decreased 2% year-to-date in 2025(1)"

"'New' TransCanada: Three Entities Well Positioned To Dominate Respective Industries"

"CEO/COO "play hardball" and alienated surgeons who now use other perfusion machines"

"The upcoming UK rail franchise tenders are a significant opportunity for FirstGroup"

"He’s not putting his money where his mouth is – he’s just putting it in his pocket."

"Is this a sustainable practice as value-oriented customers lose faith in Dollarama?"

"We believe there is significant value in these assets within News Corp’s portfolio."

"Avago highlights operational benefit of Sony Semis operating as a standalone entity"

"We interviewed 9 clinicians listed in the papers – most are the same across the two"

"At baseline, 60% of study participants were identified as having evidence of PD/DM."

"We believe PepsiCo Beverages has many similar traits and can be modeled after Kraft"

">Pitolisant’s origin: an old, failed compound no reputable drug company would touch"

"There's just not a lot of open running room for Wakix in the setting of narcolepsy."

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"We suspect something has gone wrong here and METC is kicking the can down the road."

"Mondelez can dramatically improve its profitability using the same tools used by 3G"

"Security guard: the hardest working EH employee we saw in during our investigation."

"Each dollar of revenue at Lasertec similarly produces far less cash than its peers."

"Slides show exactly the same conceptual diagram for A150 and A300 projection optics"

"But everything could turn around in a second if KLA comes out with a superior tool."

"The radiologists with whom we spoke uniformly viewed these assertions as laughable."

"ELEVATED MULTIPLES AND STRONG STRATEGIC DEMAND MAKE NOW A GOOD TIME TO SELL ASSETS"

"We Believe Remitly Is A Troubled And Opaque Business Experiencing Growth Pressures"

"In summary, current management had ten opportunities to deliver blockbuster drugs."

"Wall Street research analysts risk-adjusted management’s $10 billion sales target."

"The massive earnings guidance miss significantly damaged management's credibility."

"The fact that the franchisees have to provide the financials at all is suspicious."

"Scott Peters at the helm has lead to significant destruction of shareholder value."

"Incumbent Board, in their own words, has consistently failed Campbell shareholders"

"Warning: Goldman Sachs, the lead left underwriter is the biggest bear on the stock"

"As of June 30, 2023, Sunrun purportedly had 724,784 Subscribers (PPAs and Lessees)"

"Unlike industry peers below, WTRG noticeably does not discuss operating cash flow."

"In fact, Motortech has only exceeded its revenue expectations in 1 out of 6 years."

"Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers."

"We have attempted to work with Box to help from the outside for the past two years"

"Box's Board did not appear to be concerned with the rights of Class A stockholders"

"We question whether these interlocks create problematic dynamics on the Box Board."

"No current independent director of Box has ever purchased stock in the open market"

"No current independent director of Box has ever purchased stock in the open market"

"No current independent director of Box has ever purchased stock in the open market"

"UNP improved its operating ratio by ~2,400bps, leading the industry in improvement"

"UNACCEPTABLE: Olive Garden's 8% alcohol sales is less than half of its competitors"