Callouts & quotes from 26,677+ activist slides

"Red Lobster's frustrating results started to affect management's compensation."

"These assumptions are critical to determine the value of Darden's real estate."

"Absent these unexplained savings, segment margins declined from 16.9% to 9.1%."

"Fortrea Is a Large Scale CRO with a Global Presence Spanning Over 90 Countries"

"We began to notice a pattern of press releases that appear grossly misleading."

"Stryker revalued Entellus' inventory higher by 63% from $8.6 to $14.0 million."

"For a one-time cost of $12, you can convert your existing bike into a Peloton."

"These facts are extraordinary. They weigh heavily in favor of our conclusions."

"Were HMA's Board's actions in 2011 appropriate and in shareholders' interests?"

"Similarweb’s data also indicates more social traffic for Terminix vs. Rollins."

"Our ideas from last year have outperformed the market over the past 12 months."

"Vertiv sells into some of the most attractive areas of the data center market."

"Margins have been stuck at ~21% but should be higher given $1bn+ revenue scale"

"Our estimate of fair value is $0. We believe Lumen is fundamentally insolvent."

"~52% of E-commerce Sales Are Retargeting, Only ~25-35% Incremental (Not ~100%)"

"Zero value is currently attributed to SCT's well-managed operating businesses."

"Historical 650 bps+ operating margin gap to comparable Praxair could be closed"

"And, while Teck shares have done well this year, they have underperformed FCX."

"So, it’s hard to know how much of the copper rise is due to the copper future."

"In 2019, Autodesk committed to growing revenue at a 15-19% CAGR through FY2023"

"In 2019, Autodesk committed to reaching growth + profit of 55% - 65% by FY2023"

"After missing its prior margin targets, Autodesk tried to buy itself more time"

"Company is saying the right things but its actions do not support its rhetoric"

"Wall Street research analysts expect Pfizer's revenue to decline through 2030."

"Pfizer achieves consensus sales expectations less consistently than its peers."

"After adjusting for the scil and CVM contributions, Heska only grew 5% in 2020"

"This is a shitty place - I always have to swivel my chair back and forth here."

"The aforementioned actions demonstrate an unconscionable lack of transparency."

"Independent fashion, apparel, retail, marketing, and finance experts who have:"

"Under President Hasebe Kao has substantially underperformed the broader index."

"Fortrea Is a Large Scale CRO with a Global Presence Spanning Over 90 Countries"

"If it was, what was the ultimate source of the cash (if any) used to repay it?"

"It’s time for board changes at PSX so your investment can earn what it should."

"レーザーテックが目指した極端紫外線の事業展開には、そもそも無理があった。数十億ドル相当の投資を行わずに極端紫外線光源の開発を目指すのは、非現実的な夢物語だ。"

"「粗利益率を守りたいために、貸借対照表で在庫に対して引当金を設けず、減損処理を行わないこと。残念ながらこの分野ではよく見ることです。能動的な利益操作です。」"

"the trial cherrypicked the best donors to manipulate the outcomes on the pump."

"Top liver centers who were involved with TransMedics have defected to LifePort"

"The Company's Buyout of Mr. Orr Ranks Among Some of the Worst Governance Moves"

"HHC’s share price decreased 38% in 2020 and increased 26% year-to-date in 2021"

"I’m concerned about the edema...heart arrhythmia, muscle spasms, and seizures."

"Thus, we conclude it is fabricated data – a sloppy, amateur cut-and-paste job."

"A couple of these comments are going to torpedo the launch program for Soleno."

"I’m concerned about the edema...heart arrhythmia, muscle spasms, and seizures."

"The trials indicate a troubling QTc prolongation signal as well as fatalities."

"I’m surprised there hasn’t been regulatory pressure put on them…I’m surprised."

"Pershing Square, L.P. Net Returns vs. S&P 500 (1/1/2004 through 12/31/2017)(1)"

"We wonder if the Company was pressured by an investor to provide more details."

"Management has been unable to quantify the benefit of the logistics transition"

"Management should clarify if it still believes its service is price inelastic."

"GreenPower school buses – notice no machinery anywhere, it’s just a warehouse."

"To our astonishment, the property was still in very early age of construction."

"Historical 650 bps+ operating margin gap to comparable Praxair could be closed"

"Excluding the ethylene spreads, PTOI was flat and margins only expanded ~58bps"

"Accordingly, we estimate that RUN’s Cost Approach FMV is overstated by 25.7%."

"HHC's share price increased 30% in 2019 and decreased 3% year-to-date in 2020"

"We believe the new administration will successfully reform Fannie and Freddie"

"Responsibility for current predicament lies squarely with the incumbent Board"

"#wearfigs mentions on Instagram have declined YoY every month since July 2021"

"Dovigi and Ford are in a small circle, centered around Campus Auto Collision."

"Spruce Point believes Generac massively overpaid for ecobee at 4.5x revenues."