Callouts & quotes from 363+ activist slides

"The demotions, which are likely due to poor underlying geology or significant pre-stripping costs demonstrate wide-ranging problems across the Obotan area."

"Analysts have poorly forecasted USCR's financial results, which we believe lowers their credibility in valuing the Company. Estimates continue to contract."

"Poor M&A and slow response to consumer trends has reduced margins from high teens to single digits over the last four years with no clear turnaround plan."

"This pattern suggests insiders with advanced knowledge of the poor results shorted the stock late on October 29 and covered aggressively the next morning."

"This bid represented a 46% premium to Disney’s original offer and a 104% premium to the Unaffected Sky share price – another example of poor M&A judgement"

"We believe Sotheby's weak performance can be tied back to poor corporate governance, irresponsible cost expenditures, and missed opportunities for growth"

"At a minimum, this illustrates poor due diligence on the part of GFL, and a consistent theme Spruce Point believes is occurring with GFL's acquisitions."

"Despite poor organic revenue growth, management has seen healthy increases in its base salary. Why is management being rewarded while investors suffer?"

"Why would Darden spend money to attract customers into the restaurant, only to disappoint them with more the same underwhelming food and poor service?"

"The Board has failed to effectively oversee the Company’s ESG and sustainability efforts, resulting in poor disclosures and little meaningful progress"

"We do not believe the analysts fully factor in the concerns we've identified which we believe make owning Tempus at these levels a poor risk / reward."

"Why would Darden spend money to attract customers into the restaurant, only to disappoint them with more the same underwhelming food and poor service?"

"Phillips 66 has been a perennial underperformer – weighed down by operational missteps, a flawed conglomerate structure and poor corporate governance."

"PHILLIPS’ REFINING KIT IS COMPARABLE TO PEERS MARATHON AND VALERO – UNDERPERFORMANCE IS PRIMARILY DRIVEN BY POOR OPERATIONS, RATHER THAN WORSE ASSETS"

"To meet its projected 61.4% YoY growth in 1Q21 after such poor numbers in January and February, SKLZ would need 3.6 million downloads in March alone."

"Investors are concerned over management's slow response to poor performance & missed targets, leading to doubts about leadership's execution ability."

"AMT’s compensation structure goes a long way toward explaining why it is destroying value through poor quality and risky international acquisitions."

"Contends the Dual-Class Structure and Croatti Family's Control over UniFirst is a Textbook Example of How Poor Governance Destroys Shareholder Value"

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"Regression formula (see slide __) indicates 38-80 msec QT prolongation at plasma levels within the range for poor CYP2D6 metabolizers of pitolisant"

"Investors are concerned that this structure inherently carries the risk of poor capital allocation decisions as one business subsidizes the other"

"In our view, as a result of poor underwriting decisions and exposure to credit risk, Target’s credit card operating profits declined 65% in 2008"

"Management has done a poor job creating value through this changing environment and offers no new ideas for facing current and future challenges"

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"We struggle to understand the market's perception of Heska as a growth company when the Company has such a poor track record of organic growth."

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"Monster is trading at an extremely elevated valuation and at the consensus average price target which we believe is a very poor risk / reward."

"We do not believe that Olam is really that savvy of a shopper, and we also believe that most of Olam’s NCAG acquisitions are poor investments."

"BEA shareholders have long suffered from poor returns as a result of an entrenched executive management team which has mismanaged the business"

"Spruce Point believes PBH is challenged in the food store channel, which represents ~15% of sales, due to poor product placement and pricing."

"Recall that Spruce Point called out XPO and its poor disclosures about overdrafts as a signal that it appeared to be facing financial strain."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"In our opinion, GFL's announced acquisition of WCA right after Q2 2020 earnings illustrates its desperation to paper over poor performance."

"Nearly half of Elanco’s proxy peers are poorly correlated with Elanco’s stock price and as such, do not make for an appropriate comparison."

"Twist has no value proposition beyond price and is a bottom-tier vendor with a poor reputation, viewed as inferior to even Chinese vendors."

"We Believe Change Is Needed After Years Of Missed Expectations And Poor Results. We Believe We Have A Superior Slate Of Director Nominees"

"While ADP has grown its client count in SMB and international (including acquisitions), its Mid-Market and Enterprise performance is poor"

"As the growth + profitability profile of each of the companies declined in 2022, each company saw extremely poor share price performance."

"We believe that Kao is either misleading shareholders today, or it misled Oasis in November. Either way, this is clearly poor governance."

"Based on our review of past incidents, we believe Intuit has a poor track record of defending customer information from external threats."

"As the growth + profitability profile of each of the companies declined in 2022, each company saw extremely poor share price performance."

"As the growth + profitability profile of each of the companies declined in 2022, each company saw extremely poor share price performance."

"Mettler trades at a handsome premium, despite its opaque and complicated structure, poor disclosures, and aggressive accounting choices."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream"

"Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?"

"Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?"

"Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?"

"The basic problem with Casino is that its financial statements are literally meaningless to understanding the company's (poor) health."

"The basic problem with Casino is that its financial statements are literally meaningless to understanding the company's (poor) health."

"Does this make sense? How can it be that the Company is doing poorly operationally but management as individuals are each doing great?"