Callouts & quotes from 26,677+ activist slides

"The TIP-like Security should trade at a small spread to TIPS of 165 – 215 bps"

"REZI is now offering no details on its latest multiyear commercial agreement."

"We estimate the value of the assets transferred was at least RMB 150 million."

"LIKE MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING ENERGY COMPANY"

"Only 2 of 15 companies spend less than 4% and only none spend less than 3.5%."

"I don't know about you, but I really don't like the look of that yield curve."

"As states crack down on opioids, the stimulator market gets hammered as well."

"The Board and management should be held accountable for their lack of urgency"

"Despite revenue growth, adjusted EPS has declined over the past several years"

"A Board's job is to look over the horizon instead of reacting after the fact."

"GoDaddy is expected to miss its 2024 revenue target by more than $500 million"

"We believe that there is significant share price upside potential at Fortrea."

"LIKE MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING ENERGY COMPANY"

"Post ‘all-in’ dropdown, TCP will be a premier natural gas and oil-focused MLP"

"Valuation increase is permanent and stock price compounds from a higher level"

"UCSF surgeons only use occasionally for convenience, not for clinical reasons"

"CMG’s share price increased 66% in 2020 and increased 7% year-to-date in 2021"

"We arrive at a price target range of $20 - $25 per share (20 – 40% downside)."

"the company cannot shrink its way to surviving an over-levered balance sheet."

"By 1990 Japan held nearly 40% market share of the global semiconductor market"

"Was this deal in the best interest of public shareholders, or iNovia Capital?"

"We believe low revenue per merchant reduces the opportunity for cross-selling"

"The TIP-like Security should trade at a small spread to TIPS of 195 – 245 bps"

"ちなみに、Isteqもレーザーテックと同じく、ライセンス契約が結ばれたのは2、3年前だったにもかかわらず、当該技術を「新しい取り組み」として偽装している。"

"The following factors will increase the likelihood of a “for” recommendation:"

"This supports our opinion that Amcor appears to be facing a liquidity crunch."

"PSH’s broker-traded volume is double the exchange-traded volume at 68% vs 32%"

"Over 90% of GreenPower Vehicle Deliveries Go To One Customer – Green Commuter"

"GreenPower presented the BEAST school bus and didn't pass the technical test."

"We’re valuing a cheap vehicle importer/reseller at 1x revenues plus net cash."

"Anything less than complete transparency leaves Valeant susceptible to attack"

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

"MJardin seems to be in severe financial troubles, on the brink of insolvency."

"CEO Seifi Ghasemi continues his impressive progress transforming Air Products"

"In other words, NBEV is reliant on equity raises to keep the business afloat."

"Doses less than 100 mg/kg do not look effective in generating tumor response."

"In other words, NBEV is reliant on equity raises to keep the business afloat."

"In other words: no PPB, no customers. The loss of these incentives will crush"

"SGH has obfuscated the margins of its segments through simple non-disclosure."

"We think DVLT will soon give Mbugua a hat-trick for shareholder annihilation."

"Kunxiang’s real operations appear to be a fraction of what is claimed online."

"We believe it is undeniable that these are the exact same hobby grade motors."

"Note: The use of the vouchers should have constituted another major red flag."

"STRONG RENTAL GROWTH EXPECTATIONS FOR APARTMENTS, SELF-STORAGE AND WAREHOUSES"

"Recent same-store sales growth has been below BWLD's 10-year average of 5.3%"

"We do not believe Pfizer achieved “constant” and “breakthrough” innovations."

"We do not believe Pfizer achieved “constant” and “breakthrough” innovations."

"Sales declines have accelerated with most recent quarter down a shocking 14%"

"Juicero shut down upon discovery that its technology was basically worthless"

"A common theme of these SEC investigations appears to be impairment charges."

"FIGS is not disclosed as a public benefit corporation in its IPO prospectus."

"Excessive equity issuance directly and adversely impacts common stockholders"

"Procept reference doctor Elterman suggests Zenflow can displace Aquablation."

"Our #Streamline66 plan could unlock that value, boosting PSX stock to $200+."

"Tianjin SAIC shows that Superb Summit’s ownership claim is completely false."

"When was the last time you exercised something other than a purchase option?"

"ADP should be an HCM technology leader given its vast spending and resources"

"We are at your complete disposal if you wish to receive further information."

"Canadian Tire is exposed to all of the debt and leverage at the Dealer level"

"Our next report will detail why we believe TAL has fabricated Peiyou results"