Callouts & quotes from 3,339+ activist slides

"We strongly believe the Shareholder Slate can reinvigorate the Board and help Sotheby’s achieve its substantial potential"

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"GE has undertaken a massive change in its business model. We believe this change is underappreciated in the market today."

"Citron believes it is merely for the purpose of phantom sales or stuff the channel, and avoid scrutiny from the auditors."

"We do not believe that the Mergers covenant in either the public or private bonds is a material concern for shareholders."

"We believe it is extremely unlikely Olam can achieve the targeted production levels, especially across the full 6,000 Ha."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"We believe Ferguson can be one of the leading US RMI-oriented specialty distributors publicly traded in the United States"

"The cash flow generating capacity is just not there, and we caution “don’t believe everything you hear from management.”"

"We continue to believe that a tax-efficient sale or merger is likely to be the best alternative for Darden shareholders."

"To evaluate Valeant’s business performance, we believe one first needs to translate GAAP earnings into economic earnings"

"Spruce Point believes there is a reason behind BOOT no longer referencing itself as a "Dominant Player In The Industry.""

"We continue to believe that a tax-efficient sale or merger is likely to be the best alternative for Darden shareholders."

"We do not believe the regulatory failures of the past three years should be a survivable event for Blackford and others."

"We Believe DND’s New Nominees Lack the Industry Expertise and Independence Necessary to Effectively Overseer the Company"

"Given the substantial entanglements detailed above, we believe that Modular Concepts is a de facto Related Party of NMC."

"We believe there are specific initiatives that Bristol-Myers can undertake to bring R&D spending more in-line with peers"

"Spruce Point doesn't believe that SMCI is a high-quality company and that investors should not chase its revenue growth."

"We believe XL's proposed commercial charging product, XL Grid, is another attempt to generate hype through exaggeration."

"Spruce Point believes that MSCI's segment reporting gives management wide latitude to manipulate margins to its benefit."

"We believe it is potentially Intuit and that the incident further highlights Intuit’s reliance on questionable partners."

"We Believe Broadridge Is Not A Leading SaaS/Fintech As Promoted, But Rather A Low-Tech Business Process Outsourcer (BPO)"

"As we discuss in this report, we believe that fewer than half of the buses in CCME's network actually show CCME content."

"We believe the true "cash-on-cash" returns to equity holders on new stores fail to clear management's 20% return hurdle"

"We believe Generac’s peers are claiming more eyeballs and likes on social media based on followers and ad interactions."

"We believe there is a clear pattern of misreporting of acquisition revenue contribution by Generac between 2019 - 2021."

"Spruce Point warns that despite the CEO's bullish tone around Off Grid, we believe the deal has been a failure to date."

"As a first step, we believe there must be Board change at Box, including direct representation for common stockholders."

"We do not believe these candidates are the most capable or experienced executives to lead Darden through its turnaround"

"We believe Darden can reduce food costs through simple operational controls that will also enhance the guest experience"

"We do not believe these candidates are the most capable or experienced executives to lead Darden through its turnaround"

"We believe Darden can reduce food costs through simple operational controls that will also enhance the guest experience"

"Spruce Point believes Xylem's EPS guidance gives an incomplete picture of the true economics of the Evoqua acquisition."

"We believe that even a family medicine physician with a special interest in dermatology is NOT an actual dermatologist."

"PERI reported “new publishers” to its advertising search network, but we believe it should report “net new” publishers."

"Spruce Point believes that Advent can, and should, use this as leverage to renegotiate the deal price lower by 35%-50%."

"We believe Wix has an opportunity to significantly improve its profitability and grow FCF per share in the coming years"

"We believe investors fail to appreciate the full range of potential competitors and competitive threats faced by Heska."

"We believe the previous purchase price of $1.92M better reflects the value of the property at the time of the purchase."

"Irrespective of court case developments, we believe reform and restructuring of Fannie and Freddie are likely to occur:"

"We believe management is misrepresenting the economic opportunities of this new acquisition to pump up the stock price."

"We believe that calculating ITCs in a recursive manner contradicts the intent of the legislation that created the ITC."

"Spruce Point believes this news came at an opportune time for the Company, days ahead of the beginning of its lock-up."

"While we acknowledge FIGS has strong brand awareness, we believe the Company understates its reliance on social media."

"As a result, we believe it would be appropriate for the company to set a formal margin target range of 18-20% by 2020."

"We believe Fluor is one of the few remaining EPCM firms positioned to capitalize on accelerating construction activity"

"Spruce Point believes that Xylem’s talk of margin expansion and operating leverage is a mirage that has not succeeded."

"Muddy Waters, LLC believes that DGW is the biggest fraud we have encountered so far in terms of revenue overstatement."

"We believe the US petroleum business would be more efficiently managed and appropriately valued as a standalone entity"

"We believe Dudum has a special knack for exaggeration which should undermine confidence and credibility in its leader."

"we believe using conservative assumptions that Cognizant can achieve a value of $80–$90+ per share by the end of 2017."

"We believe Momo owned entities may own Illuminar Interactive International Inc. based on the above chain of ownership."

"We believe that inconsistent product placement and messaging bodes poorly for long-term branding and consumer loyalty."

"We believe with new regulation and the heightened focus on conflicts of interest, MSCI could face increased pressures."

"Spruce Point believes that MSCI should disclose the terms of this acquisition and Fabric's number of paying customers."

"We believe Fluor is one of the few remaining EPCM firms positioned to capitalize on accelerating construction activity"

"We believe that separating News Corp’s Digital Real Estate businesses would help unlock significant shareholder value."

"We believe Leido's current Chief Accounting Officer has a pattern of risky behavior that investors should be aware of."

"What's left, we believe, is nothing more than a blue and white can which can be easily replicated as we’ll show later."