Callouts & quotes from 216+ activist slides

"Huntsman repeatedly told shareholders that it would not take on leverage to execute large M&A."

"We have used a conservative 9.5% discount factor to apply to the unleveraged free cash flow."

"That said, we remain very committed to driving leverage below 4x as quickly as possible."

"Gain leverage through either price and innovation. Use leverage to drive volume or price"

"Asset managers have lower compensation ratios due to the operating leverage in the model"

"Publishing should target a long-term leverage ratio of 3.25x - 3.50x total debt/OIBDA."

"It’s just volume leverage; Days Improvement (DI) system and gross productivity = talk"

"Investors are still paying for the Fox deal as Disney works to reduce its leverage"

"Revenue and unit growth have not provided the operating leverage Darden promised"

"Revenue and unit growth have not provided the operating leverage Darden promised"

"Agilent's net leverage of <1x is significantly below average peer levels of ~3x"

"Reduce leverage to industry-standard levels of approximately 5x gross leverage."

"~1.5x incremental leverage at DuPont yields earnings accretion of 9% by 2017(3)"

"Ensuring momentum is key to employee morale and creating incremental leverage"

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

"Management has re-defined “operating leverage” three times in the past year"

"Immense operating leverage: EBITDA can be 3x in a normalized housing market"

"Leverage Rising And Valuation Downside Increasing: 35% – 75% Downside Risk"

"As a result, we believe its true leverage is closer to 2.3x and not 1.5x."

"Phillips leverage today is reasonable when considering its business mix"

"Phillips leverage today is reasonable when considering its business mix"

"Revenue and unit growth have not provided the leverage Darden promised."

"We believe its leverage is even higher than optically being portrayed."

"Trian recommends ~$20 billion in incremental net leverage by 2018(1)"

"Mall REIT leverage ratios have decreased meaningfully since May"

"Too Bad Viacom Doesn't Have Lower Leverage Now To Do Buybacks"

"PF GGP’s leverage will be meaningfully reduced upon emergence"

"We find no evidence of operating leverage being created."

"Current leverage is >5.5x Net Debt/Pro-Forma LTM EBITDA"

"CoreWeave's business runs on leverage, not innovation."

"And what happened to the intended margin leverage?"

"Each half a turn of leverage adds 3%+ of accretion"

"Leverage is significantly higher than it appears"

"Leverage is significantly higher than it appears"

"PPG's two closest peers have leverage of ~4x"

"Where is the operating leverage?"