Callouts & quotes from 26,677+ activist slides

"HLF shares appreciated by 143% including dividends in 2013..."

"We caution that customer equivalents is just WTRG's estimate."

"By almost any measure, Box has not delivered for stockholders"

"Box meaningfully missed its Net Retention Rate target of 106%"

"Control shareholder 3G is ideal operating partner and sponsor"

"HLF shares appreciated by 143% including dividends in 2013..."

"UNDERPERFORMED VALERO BY 388% UNDERPERFORMED MARATHON BY 511%"

"With No New Supply, Growing Revenues Go to Existing Operators"

"the appropriate standard is, 'what can you get for it today?'"

"We wonder whether there still may be elves in the background."

"Bottom quartile among peers in returning cash to shareholders"

"Lead "Independent" Director AND Joint Executor of Hess Estate"

"Nominee would receive compensation of $300,000 ($30,000 x 10)"

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

"The company has 32 buses. 三十二 is the chinese character for 32"

"JOE only went from being way-way overvalued to way overvalued"

"We generally exclude capex needs, which is company favorable."

"Analysts want Hess to return cash and halt failed exploration"

"It's not optional to compete with Amazon; BOOT has no choice!"

"PWSC capitalizes software at 2x-3x the rate of its comp group"

"Huntsman's margin deficit versus peers has WORSENED over time"

"We think this is unreasonable and capex will remain elevated."

"But it’s a boom and bust industry. And in the 80s, it busted."

"Which nominees are better suited for a pure-play E&P company?"

"Harvey Golub is everything that you would want in a director."

"Lead "Independent" Director AND Joint Executor of Hess Estate"

"We do believe that we operate restaurants really, really well"

"OR has declined ~825 bps since 2014 and ~1,125 bps since 2011"

"The reaction to Elliott's call for change has been astounding"

"The reaction to Elliott's call for change has been astounding"

"If EPS is not gaining on PCC, and is not gaining on Ladish..."

"Valuing pro-forma FCF at 16x, implies a ~90% unlevered return"

"This constitutes a shortfall of 85.9% compared to YY’s claim."

"Taubman’s reported tenant bankruptcies dropped to 0% in Q1’10"

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

"The authors stated that these findings had several drawbacks."

"Leading global investors broadly support Chair/CEO separation"

"Vastly under-earning relative to its intrinsic earnings power"

"After the financial crisis, AGO wobbled but didn't fall down."

"Oasis views Curél and freeplus to be Kao’s “sleeping giants”."

"Set forth herein are the assumptions for the McOpCo business."

"This is well below the ~$52/kg needed to plug the import gap."

"Consistently delivering industry-leading results, not excuses"

"Didn't management say it would finance the campus internally?"

"Celsius has really taken a big dip into the Monster business."

"Celsius has really taken a big dip into the Monster business."

"GCP’s revenue growth has fallen behind industry growth rates."

"GGP’s portfolio consists of many of the best malls in America"

"While in bankruptcy, Alexanders’ stock price appreciated 358%"

"The more Marathon integrates, the more undervalued it becomes"

"Strategic focus and a culture of excellence start at the top."

"Huntsman's margin deficit versus peers has WORSENED over time"

"Huntsman's margin deficit versus peers has WORSENED over time"

"Huntsman’s margin deficit versus peers has WORSENED over time"

"Triple Verifying DoubleVerify's Financial And Business Claims"

"Or 3.3x 2025 sales from the prior slide would be €18 billion."

"HLF shares appreciated by 143% including dividends in 2013..."

"We believe PepsiCo’s performance disproves the “Power of One”"

"Strategic focus and a culture of excellence start at the top."

"TCI has been a strong supporter of CP and its management team"