Callouts & quotes from 26,677+ activist slides

"We believe this is an outlier and unlikely to be sustained"

"ONP overstated its 2008 revenue by approximately 27 times."

"Thus, this image is clearly not the phantom being scanned."

"Time to #RefreshTheRecipe and elect the Independent Slate"

"WTRG's Bad Debt Allowance Skyrocketed From 20.6% to 29.2%"

"ADP’s Service Organization is Overstaffed and Inefficient"

"The best predictor of future behavior is past behavior..."

"A sale would generate a needed injection of cash proceeds"

"Quantumscape hypes VW’s involvement at every opportunity."

"Hess is one of the largest acreage holders in the Bakken."

"Further development is likely to destroy additional value"

"BXMT seemingly will have to choose between bad and worse."

"The board is not the CEO's friend — it is the CEO's boss."

"ACAP Management Contract Income Stream will be Vulnerable"

"The best predictor of future behavior is past behavior..."

"They could cannibalize existing higher margin K-cup sales"

"In some places, the rocks hold oil. Lots and lots of oil."

"Any way you look at ATI’s results, it outgrew Arconic EPS"

"Losing David Hebert to PCC is a key loss for Firth Rixson"

"Optimistic buzzwords do not amount to a credible strategy"

"ARNC Net PP&E = PCC + Novelis, but Gets Much Less Revenue"

"How loyal will customers be if they can't purchase Oatly?"

"Leproust’s only superpower seems to be incinerating cash."

"BK's Tier 1 capital ratio has approached multi-year highs"

"Inability to pursue stock-based M&A limits growth options"

"Management’s Arguments Against Unification Don’t Stack Up"

"These segments comprise ~75% of GE’s Industrial EBITDA(1)"

"HOW COULD 2 WEEKS BE SUFFICIENT FOR FULL DUE DILIGENCE???"

"Black Saturday (9/24/1983) HKD hits an all time low: 9.60"

"A falling USD puts more pressure on HK authorities to act"

"CP's performance targets are meaningfully lower than CN's"

"We Question The Quality of “Healthcare” Delivered By HIMS"

"Special committee acts as agent for minority shareholders"

"Projected to generate nearly $50M of net operating income"

"DuPont "shuffles the deck chairs" with operating segments"

"Yet these benefits have not accrued to TI's shareholders."

"DuPont "shuffles the deck chairs" with operating segments"

"Disney's Near Decade of Negative Absolute TSR Performance"

"THE MAJORITY OF TOUTED CUSTOMERS ARE REPORTEDLY INACTIVE:"

"Referral rates contracted materially ahead of TASK's IPO."

"Spruce Point's Questions For Aegon's Management and Board"

"Yet, Herbalife Spends “de minimis” Dollars on Advertising"

"Distributors cannot advance past this line w/o recruiting"

"In some markets, Herbalife has added even more Surcharges"

"We estimate $2-$4bn of excess corporate costs (annually)."

"このような条件が揃った上状況で、長年舵取りをしてきたCEOが退任するのは、当該企業の終わりが近いと強く連想される。"

"これを聞いてナイーブな投資家は、アクティニックのマスク検査装置の“独占体制”で“日本版ASML”だと早とちりした。"

"論文は、装置を実際に使った成果の報告を記載しないかわりに、数学のモデルとそれに基づいたシミュレーションを紹介する。"

"主要な顧客は「葛藤している」。「過酷な選択」に迫られている。追加装置を「購入するのがばかばかしい」と言われている。"

"TSMCは基本的にレーザーテック製からKLA製に切り替えている。TSMCにおけるKLAのシェアが伸びつづけている。"

"マーベル・テクノロジーの上席従業員はレーザーテック製の装置の諸々の問題についてASMLから裏付けが取れた、という。"

"TSMCは基本的にレーザーテック製からKLA製に切り替えている。TSMCにおけるKLAのシェアが伸びづづけている。"

"TSMCでは、レーザーテック製装置への信頼性が低いため、他社製の複数の装置を併用して、検査を行わなければならない。"

"In our opinion, Nidec effected a bailout of Mr. Nagamori."

"Realidades Sobre Herbalife: Las historias de las víctimas"

"We believe this framing was designed to convey sacrifice."

"Why Broadridge Is Overvalued With 65% – 75% Downside Risk"

"Management’s Projections Appear to Ignore Key Assumptions"

"Dividend cut has caused forced selling by yield investors"

"Here is a photo of the WinterGreen Research headquarters."