Callouts & quotes from 3,339+ activist slides

"We believe this was the transformative acquisition that helped boost Sinch's financial results in the following years."

"We believe that valuing the tax credit is an absurd interpretation of the statute, and is not what Congress intended."

"Spruce Point does not believe investors should accept its CEO being distracted with real estate ventures on the side."

"We believe Darden's properties are worth more separated from Darden than the "rent subsidy" is worth inside of Darden"

"We believe Darden’s properties are worth more separated from Darden than the “rent subsidy” is worth inside of Darden"

"We believe Riot is on its way to a transformation from a bitcoin miner to a best-in-class AI/HPC data center company."

"We believe trading comparables outside of traditional healthcare can be useful for valuing Valeant’s durable business"

"We believe trading comparables outside of traditional healthcare can be useful for valuing Valeant's durable business"

"We believe Skillz did not disclose these issues because they render the company's lofty revenue projections farcical."

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Spruce Point believes that it is highly unlikely that Axon will parlay video AI to shoehorn their way into CAD / RMS."

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"We believe the market rewarded Vertiv for growth, which allowed management to continue their growth-first trajectory."

"Based on our assumptions, we believe there is approximately $110mm of Net Working Capital in the International Stores"

"We believe there are similarities between the SEC's comments to Boulder and current weak disclosure practices by PBH."

"We believe its EBITDAP margins are inflated by 610bps, and YoY growth is just 3.3%, not 16.1% depicted by management."

"Elliott believes Phillips 66, $PSX, has a significant value creation opportunity driven by the quality of its assets."

"We believe there’s no chance that the reality will even come close to unfolding in a way that justifies the euphoria."

"On all key metrics, we believe the Independent Peer Group is far more appropriate than AOL's own inflated peer group."

"We believe trading comparables outside of traditional healthcare can be useful for valuing Valeant's durable business"

"We believe trading comparables outside of traditional healthcare can be useful for valuing Valeant’s durable business"

"Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs"

"Given FIGS carefully crafted corporate image, we believe this level of exaggeration can materially harm FIGS’ brand."

"Spruce Point believes shareholders would be better served if CEO Dovigi focused all his attention and effort on GFL."

"By reducing the time it takes to bus a table by 2 minutes, we believe Olive Garden can improve EBITDA by $6 million."

"We believe Fluor has several viable options to separate its NuScale stake in a way that would benefit both companies"

"By reducing the time it takes to bus a table by 2 minutes, we believe Olive Garden can improve EBITDA by $6 million."

"We believe the current market served by iRhythm products is quite small, between 4.5 to 6.5 million patients a year."

"We believe the aged nature of the Company's land assets causes them to be understated on the Company's balance sheet"

"We believe that consistent, methodical, and well-articulated capital allocation policies improve valuation over time"

"We believe the HK government will repeg the HKD at a stronger exchange rate to the USD while leaving the LERS intact"

"We believe much of the difference is excess corporate expense, which in our view, burdens all of DuPont's businesses"

"We believe that having enormous simultaneous increases in advances from customers and deferred costs is implausible."

"We believe much of the difference is excess corporate expense, which in our view, burdens all of DuPont’s businesses"

"We believe Fluor has several viable options to separate its NuScale stake in a way that would benefit both companies"

"Spruce Point believes Stryker's recent large acquisitions of public companies either are failing, or likely to fail."

"We believe that if Realty Income’s stock price were to decline meaningfully, its business model could be in jeopardy"

"We believe the share repurchase program conflicted with promises to investors and was used as a method to boost EPS."

"With numerous inconsistencies and many of the same management team in place, what are investors supposed to believe?"

"With numerous inconsistencies and many of the same management team in place, what are investors supposed to believe?"

"We believe much of the difference is excess corporate expense, which in our view, burdens all of DuPont's businesses"

"We believe the Independent Peer Group is an appropriate peer group for AOL, unlike the Company's current peer group."

"We believe the status quo is unsustainable. PepsiCo has significantly underperformed over a prolonged period of time"

"We believe Stryker was overly optimistic with the Wright acquisition in suggesting it would grow high single digits."

"We believe this creates material execution risks as the Company seeks to grow beyond its core market and geography."

"However, we believe Procept and its cheerleaders rarely acknowledge the issues with and limitations of Aquablation."

"We believe Crown Castle's underperformance can be remedied and requires improved performance in its fiber business."

"Why We Believe Aggressive Accounting Inflates Total Contract Value And Adj. EBITDA By $600M And $250M, Respectively"

"We believe the owners are likely to continue selling shares which could act as an overhang on the upside potential."

"Spruce Point believes that current financial data providers are, at a minimum, failing to capture operating leases."

"We believe Mailchimp was an overpriced strategic blunder, and recent data suggests a marked business deterioration."

"Spruce Point believes Stryker's industry premium multiple should compress to account for the following six factors."

"Return to double digit revenue growth seems optimistic. Even analysts don't believe Zillow's 45% Adj. EBITDA target"

"We believe that FirstGroup US should trade at a premium to Laidlaw's historical valuation of ~5x - ~7x in 2005-2006"

"So why does the Board believe AOL should be compared to the world's largest companies for purposes of compensation?"

"Trian believes a merger with Mondelez and a separation of all of PepsiCo’s beverages business is the right strategy"

"Are investors really supposed to believe that the value of this empty warehouse more than quadrupled within a week?"

"We believe GSX is the worst among its peers and generates a massive amount of volume from fake student enrollments."