Callouts & quotes from 528+ activist slides

"For how much longer will the Board allow management to make aggressive investments in a money-losing business with little, if any, visibility for an acceptable return on capital?"

"Under his leadership as CEO, total shareholder returns have been abysmal, and Mr. Simmons has done nothing other than to reiterate that the Company is at “an inflection point.”"

"BUR selectively sets the denominator in its returns calculations, allowing it to overstate IRRs and ROICs by understating historical expenses or ignoring future funding needs."

"We assess that HASI is dumb money, making investments that yield far more narrative than financial return – excluding personal proceeds from insiders’ stock sales, of course."

"There will undoubtedly be a surge of pent-up travel activity following the vaccine, but do not be fooled – corporate travel is unlikely to return to 2019 levels anytime soon."

"We would like to see a CEO that balances the needs of customers, while at the same time generating acceptable returns for shareholders who capitalize the company's businesses"

"We do not believe the GSEs can earn an adequate return on capital to attract sustainable private investment at a 4% capital requirement unless g-fees are raised substantially"

"Target a minimum of 15% ROIC on growth opportunities (20% ROE for Sotheby's Financial Services) and allocate capital to initiatives that provide an appropriate rate of return"

"Pershing Square exited our position in Hilton earlier this year as we expect prospective returns are unlikely to meet our high return threshold given current valuation levels"

"We do not believe the GSEs can earn an adequate return on capital to attract sustainable private investment at a 4% capital requirement unless g-fees are raised substantially"

"The fact that 91% of HASI's dividends are admittedly Returns of Capital (versus ordinary income) shows the stark difference between Distributable Earnings and cash receipts."

"Assuming $160mm of cost savings and a valuation multiple of 10x – 10.5x EBITDA, Wendy’s would be worth $49 - $52 per share, a return of 75% - 85% percent from current levels"

"This $1.1bn investment represents a potentially significant sunken costs for BP and once again demonstrates the lack of discipline around targeted returns in offshore wind."

"If the $25bn of excess payments were returned to Fannie and Freddie, Fannie would not need to raise any private capital, while Freddie’s capital raise would be much smaller"

"But if you've always dreamed of owning an airplane, there is a way to own hundreds of them and generate a respectable return: You can go into the aircraft leasing business."

"If the $25bn of excess payments were returned to Fannie and Freddie, Fannie would not need to raise any private capital, while Freddie’s capital raise would be much smaller"

"We believe CTC will be unable to maintain its current level of capital return given its current leverage and need to delever in order to maintain its current credit rating"

"Whether or not the rate / volatility environment ever returns to historical levels, the new regulatory world requires BNY Mellon to reconsider many aspects of the Company:"

"Kao's Consumer Products sales have yet to return to pre-COVID levels. Peers have grown their consumer goods revenues by over 10% on a quarterly basis over the same period."

"We believe restoring the magic at Disney starts with a focused, aligned and accountable board, intensely committed to returning an 'ownership mentality' to the boardroom."

"Among top-performing restaurant companies, Buffalo Wild Wings is one of the only companies whose compensation is entirely independent of EPS, ROIC or shareholder return."

"This type of focus on “empire building” – rather than maximizing returns – may be good for Mr. Lashier, but it is dramatically out of sync with what shareholders demand."

"McGraw-Hill's diversification did not insulate shareholders during the financial crisis. McGraw-Hill's total return was 18% worse than the weighted average of its peers."

"This type of focus on “empire building” – rather than maximizing returns – may be good for Mr. Lashier, but it is dramatically out of sync with what shareholders demand."

"Arconic’s $228 million EBITDA target in 2019 is more than $200 million below original target and, even if achieved, would result in an unacceptable return on investment"

"Sumitomo Realty is the only company in its peer group that does not have a Return on Equity ("ROE") target, nor any clear strategy for maintaining or improving its ROE."

"Total shareholder returns have significantly underperformed large-cap snacks and beverages peers (along with the consumer staples index) over an extended period of time"

"Pershing Square exited our investment after prospective returns became more modest following a total shareholder return of 73% in the 19 months that we owned Starbucks"

"Significant share price underperformance driven by declining same-store sales and recent store repurchases that earn a return below Buffalo Wild Wings' cost of capital"

"The Company's underperformance relative to its peers and the broader market with respect to total stockholder return is evident over nearly every relevant time period."

"Unified Rio Tinto can crystallise c.US$4bn in latent franking credit value for shareholders with an enhanced capital return through a one-time franked special dividend"

"SCT has sufficient capacity to raise low-cost debt of KRW 2-3tr to redeploy for growth asset investing and/or shareholder returns while lowering WACC and improving RoE"

"Pershing Square exited our investment after returns became less certain amidst the current macroeconomic environment and a wider-than-typical distribution of outcomes"

"Ancora strongly believes that our director nominees will be able to help restore Forward Air to producing best-in-class results from a margin and return perspective."

"G-fees, and in turn, mortgage rates, would need to be as much as 160bps higher to deliver economic returns for new participants with significant economies of scale."

"Management claims that second-tenant and third-tenant economics will drive higher yields, but actual results demonstrate that low-return projects remain low-return"

"Immediate Share Repurchase Should Improve TWX's Return on Equity: The repurchase of shares via a dutch auction is expected to improve TWX's return on equity (ROE)."

"ADP has delivered positive returns in each of the last five years, outperforming Pershing Square, L.P. and the S&P by 117% and 48%, respectively, over that period"

"Despite meaningful share price appreciation since our investment, HLT continues to offer a compelling return profile given high levels of durable earnings growth"

"Since Martin Franklin joined Jarden in 2001, the company has achieved success as a consumer products platform, generating a ~33x total shareholder return to-date"

"Herbalife’s ‘buyback’ policy is effective at limiting product returns. Therefore, we believe the 0.4% return percentage is not a useful indicator of Retail Sales"

"Assuming PSH generates 15% gross returns, the fee offset from the illustrative new fund alone will reduce PSH's performance fee percentage from 16.0% to 13.5%(2)"

"Tessera must re-evaluate internal R&D spending to ensure that every dollar spent has an acceptable expected return on investment within a reasonable time frame."

"On Sept. 6, 2008, the government placed the GSEs into conservatorship with the objective of returning them to normal operations when their businesses stabilized"

"At the current valuation, Trian believes that management must prioritize returning capital to shareholders over M&A and should clearly signal this to the market"

"The conclusion is that the SeparateCos could borrow up to $23.0 billon of debt to be used to return capital to shareholders or for future strategic initiatives."

"We believe the following two Samsung Opco capital management and dividend policy measures are necessary to bring its shareholder returns in line with its peers:"

"On Sept. 6, 2008, the government placed the GSEs into conservatorship with the objective of returning them to normal operations when their businesses stabilized"

"On Sept. 6, 2008, the government placed the GSEs into conservatorship with the objective of returning them to normal operations when their businesses stabilized"

"The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement"

"The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement"

"Mitra's Program could be worth 10 to 25 times that amount, for a CEO with one-sixth the tenure and returns measured from a cyclically depressed starting point."

"The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement"

"PSH's 70.2% net return in 2020 is the highest since inception of the strategy and the sixth year with net returns of 39% or more (on average, every third year)"

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"TWX bondholders have reaped returns of 40% over the period (14% price appreciation plus interest) while shareholders have experienced an 8% decline in value."

"Improving the Company's capital allocation policies would unlock value and improve Sotheby's cost-return relationship, increasing long-term shareholder value"

"The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance"