Callouts & quotes from 26,677+ activist slides

"Low-yielding cash and interbank investments have accumulated on the balance sheet"

"Which is better for the landlord, tenant sales growth or tenant cash flow growth?"

"FY2023 reported franking credit balance: >US$8.7bn (~16% of shareholders’ equity)"

"P&G's people have historically been a source of significant competitive advantage"

"At <14x pro forma 2015 earnings, we believe the market underestimates this change"

"Management has virtually nothing at risk and limited alignment with shareholders."

"The CRT becomes the main persistent identifier and is the focus of this analysis."

"トヨタのみが顧客で低収益の車両・エンジン・部品事業は、ガバナンス(利益を高めるインセンティブがあるか)懸念も加わり現在はディスカウント要因。事業再編の有無が注目。"

"The GSEs’ FIA business was demonstrated to be risky prior to the financial crisis"

"We Have Identified At Least 10 Reasons Why Floor & Decor’s Strategy Is Struggling"

"Best-in-class margin target is still below levels Southwest historically achieved"

"Management Has Historically Ruled Out Industry-Standard Commercial Initiatives..."

"HHC maintains a conservatively funded balance sheet with mostly non-recourse debt"

"Overall, insiders have dumped $96.3 million in stock since the start of November."

"Trian’s operating plan results in 18% EPS growth per annum over the next 5 years:"

"Marathon's integrated strategy has failed despite enormous runway to make it work"

"Despite poor performance, executives continue to be paid well above target levels"

"The Board of Phillips 66 believes these results are acceptable. Investors do not."

"Herbalife’s compensation plan incentivizes orders without regard to retail demand"

"2010 margins impacted by acquisition of lower margin business during fiscal year."

"Eliminating corporate bureaucracy empowers management and speeds decision-making."

"We encourage you and the board to set this as a budgeted and incentivized target."

"The Board of Phillips 66 believes these results are acceptable. Investors do not."

"CN is the only railroad that remains below pre-pandemic levels on all key metrics"

"Most audit fees typically increase as companies grow. MSCI's audit fees declined."

"$37bn in net inflows over 5 years and a 7.0% AUM Growth CAGR (through 3/31/2012)."

"We believe Salesforce can and should commit to achieving the Rule of 50 by FY2028"

"Our concerns about the closeness of PwC with Mettler have already been discussed."

"Analysts concur with our recommendation for a minimum capital requirement of 2.5%"

"棚卸資産高を繰延収入（前受金）に照らし合わせて見れば、そのおかしさがより鮮明に見えてくる。棚卸資産高が繰延収入に翻弄されているような動きが従来の関係の崩壊を示す。"

"These metrics scream "undervalued," especially with upcoming Tesla-driven growth."

"We will present a comprehensive plan designed to ensure long-term value creation."

"Neither his current, nor possible future, role should be reassuring to investors."

"Within the top 45 shareholders asset managers hold a cumulated 40% of BLK Capital"

"Stryker appears to be working sell-side analysts to keep the equity story afloat."

"The supposedly independent business continues to use TAL's web domain as its own."

"In summary, TFS was born out of the East Kimberley Sandalwood tax evasion scheme."

"Olam is now riding the tiger. We think the only way off at this point is to fall."

"FTAI Appears to Move Inventory Back Into Leasing, Further Gaming Carrying Values."

"We believe cable threat is manageable, which is not necessarily a contrarian view"

"Federal demand alone could fill CXW's ~12,000 bed inventory over the coming years"

"We feel that IQE dominates CSC, and CSC is therefore likely an alter ego for IQE."

"Target does not need access to the capital markets to consummate this Transaction"

"In limited situations, we may not be fully compensated for such changes in costs."

"These related party entities comprised a shocking 72% of Foundry revenue in 2020."

"The website appears to be hosted by Ginkgo, stating “Powered by Ginkgo Bioworks.”"

"Ginkgo is just another commodity CRO that thinks it has “a unique business model”"

"PBH has poor revenue disclosure practices and fails to disclose pricing or volume"

"Huishan is resorting to creative financing that we believe shows its desperation."

"Recent trades by CEO Bodner suggest that he thinks the stock is getting frothy..."

"Best-in-class margin target is still below levels Southwest historically achieved"

"Management Has Historically Ruled Out Industry-Standard Commercial Initiatives..."

"Management repeatedly told investors Pfizer had the best pipeline in its history."

"So which is it? There is a material difference between 7,000 and 9,000 customers."

"We believe a $3 billion stock repurchase program could be 15-20% accretive to EPS"

"Despite poor performance, executives continue to be paid well above target levels"

"Analysts concur with our recommendation for a minimum capital requirement of 2.5%"

"The Streamline 66 plan, if executed, could lift Phillips 66 stock by 75% or more."

"Digging Beneath The Surface We Find Evidence To Suggest Overstated Organic Growth"

"Energy segment will be a significant pure-play in North American power generation"