Callouts & quotes from 26,677+ activist slides

"Therefore, the gross price paid by Pisach was likely ~£18.747m."

"This strikes us as an implausibly high 78.6% year-on-year gain."

"In aggregate, EPS has grown only 6% in total since we invested."

"TSMCはレーザーテック製の極端紫外線の検査装置を生産用には使用しない。マスク工場での研究開発用のニッチ装置だと見なしている。"

"光源によって発生する汚染のために、光学系のコレクターや鏡などを頻繁に交換するか、ドイツに送って掃除してもらわなければいけない。"

"レーザーテックが使用している光源はプラズマを発生させるため、錫を発火させる工程で起きる電極を侵食する。そのためとても不安定だ。"

"TSMCでは「レーザーテック製のクティニック極端紫外線の検査装置をニッチ装置だと見なし、生産に連動した使用に適さない」という。"

"TSMCは台湾でレーザーテック製のACTIS A150装置を6台しか購入していない。最後に購入したのは2022年だったようだ。"

"TSMCはレーザーテック製の極端紫外線の検査装置を生産用には使用しない。マスク工場での研究開発用のニッチ装置だと見なしている。"

"~80% of Transactions on BILL’s Platform Are Repeat Transactions"

"We believe TheFork would attract significant strategic interest"

"It is not the next Illumina. It's probably going to fizzle out."

"We infer fraudulent intent pervades the entire chain of events."

"Yet, MGNI trades at a lofty 13.6x forward sales vs. 8.0x peers."

"It begs the question: Why wasn't this also in evidence in 2020?"

"We believe that, in substance, this is a financing transaction."

"By early 2000, JCP was pushed to the edge of financial distress"

"Reported earnings for Book Retailers understates true cash flow"

"We Have Serious Concerns About PGNY’s Management And Governance"

"By our estimate, Bunge's 2025 Adj. EBITDA fell -24% below plan."

"Target is currently trading near the midpoint of its peer group"

"There's no real business there; They don't have those products."

"Claim of Boosting Margins by Reducing Feed Costs Lacks Credence"

"Unlocking Value at One of the World's Leading Automotive Brands"

"Pfizer had a healthy pipeline of assets in clinical development"

"Management needs to be held accountable for capital allocation."

"In our opinion, Heska’s CEO Wilson does not inspire confidence."

"CFO contradicts Board's commitments on the same day of earnings"

"Vote AGAINST Proposal No. 2 and tell the Board you want iPrefs!"

"Monsanto is in a commodity business, but it is not a commodity."

"145% Discretionary Payout to CEO on “Other Performance Factors”"

"Professional Information Services now represents 35% of revenue"

"レーザーテックは不正会計の典型的な事例といえる。不正とされるための条件をほぼすべて満たしているため、模範といってもいいだろう。"

"レーザーテック製の極端紫外線検査装置の光学系全体を少なくとも毎年、交換しなければいけないことが調査取材によって明らかになった。"

"The Company's willingness to distort the facts is disappointing"

"A number of ex-employees brought the nepotism to our attention."

"The Company has also regularly missed analysts' EBIT forecasts."

"Significantly lower beta should result in lower cost of capital"

"PSTH creates a unique opportunity for the Pershing Square funds"

"Immediate action must be taken to address these serious issues."

"PSH Outperformance vs. S&P 500 in 2018 and YTD 2019 (2/12/2019)"

"Reigniting same-store sales growth is the key priority for 2019"

"Reduction in portfolio complexity will improve Sony's valuation"

"Soleno commercialization effort appears to be missing in action"

"The bioavailability was fluctuating in both animals and humans."

"Brain concentration (top) is ~20X higher than in blood (bottom)"

"What are the possible explanations for this 80% price increase?"

"All these brands that HelloFresh owns are shrinking since 2022."

"We discount 2020 rent revenue by 100% due to tenant defaulting."

"Ceres Power Fuels Investors’ Illusions With Misleading Promises"

"The Doosan Deal Reveals That Revenue Potential is Actually Tiny"

"The $4B valuation is a made-up number that is far from reality."

"PSH's share price is currently trading at a 10% discount to NAV"

"All diese Marken, die HelloFresh besitzt, schrumpfen seit 2022."

"Sample of experts we consulted as part of our research (cont’d)"

"This is what I mean by the value investing industry being dead."

"Platform is working to address the challenges it faced in 2015"

"Fannie and Freddie continued to make positive progress in 2015"

"We call on Nuvei's management to explain how this is possible?"

"Wall Street analysts believed the Company was well-positioned."