Teach Claude to argue like an activist investor.

callout executive summary

"Hope is not a plan."

Danimer Scientific · DNMR Muddy Waters · p. 2

callout ceo quote

"But the truth is..."

Arconic Inc. · ARNC Elliott Management · p. 179

callout transition

"A Little Context..."

General Growth Properties · GGP Pershing Square · p. 8

callout cover

"A SKECHY INVESTMENT"

Skechers U.S.A., Inc. · SKX Spruce Point Capital · p. 1

callout cover

"VOTE THE BLUE PROXY"

Dye & Durham Limited · DND Engine Capital · p. 1

callout demand list

"A Plan to Win / Win"

McDonald's Corporation · MCD Pershing Square · p. 45

callout other

"Down 28% Since 2008"

General Electric · GE Trian Partners · p. 29

callout kpi overview

"自動化システム市場で世界シェアNo.2"

Toyota Industries Corporation · 6201.T Elliott Management · p. 11

callout cover

"STRONG SELL OPINION"

Saputo Inc. · TSX:SAP Spruce Point Capital · p. 1

callout section divider

"Why Do We Like GGP?"

General Growth Properties · GGWPQ Pershing Square · p. 4

callout cover

"DuPont Can Be Great"

E.I. du Pont de Nemours and Company (DuPont) · DD Trian Partners · p. 1

callout cover

"STRONG SELL OPINION"

Super Micro Computer, Inc. · SMCI Spruce Point Capital · p. 1

callout cover

"STRONG SELL OPINION"

TaskUs, Inc. · TASK Spruce Point Capital · p. 1

callout ceo quote

"They're recruiters."

Herbalife Ltd. · HLF Pershing Square · p. 76

callout precedent table

"Anybody Can’t Do it"

Herbalife Ltd. · HLF Pershing Square · p. 214

callout cover

"STRONG SELL OPINION"

Axon Enterprise (formerly TASER) · AAXN Spruce Point Capital · p. 1

callout cover

"STRONG SELL OPINION"

Mettler-Toledo International, Inc. · MTD Spruce Point Capital · p. 1

callout cover

"STRONG SELL OPINION"

Perion Network Ltd. · PERI Spruce Point Capital · p. 1

callout cover

"STRONG SELL OPINION"

Hill-Rom Holdings, Inc. · HRC Spruce Point Capital · p. 1

callout precedent table

"48% outperformance!"

GoDaddy · GDDY Starboard Value · p. 66

callout villain critique

"Total: $2.8 Billion"

Yahoo! Inc. · YHOO SpringOwl · p. 39

callout demand list

"Maintain continuity"

Health Management Associates · HMA Glenview · p. 39

callout cover

"A Short Call Report"

Verint Systems, Inc. · VRNT Spruce Point Capital · p. 1

callout cover

"Ready, Aim, Blow-Up"

Aerojet Rocketdyne Holdings, Inc. · AJRD Spruce Point Capital · p. 1

callout precedent table

"48% outperformance!"

Multiple (GoDaddy, News Corp, Fortrea) · GDDY, NWSA, FTRE Starboard Value · p. 66

callout cover

"STRONG SELL OPINION"

A.O. Smith Corporation · AOS Spruce Point Capital · p. 1

callout filler

"The second man died"

Solvay SA · SOLB BB Greenlight Capital · p. 31

callout nominee bio

"Investor Relations"

Unknown · p. 76

callout other

"Vivint acquisition"

Sunrun Inc. · RUN Muddy Waters · p. 13

callout villain critique

"New Language Added"

Mercury Systems Inc. · MRCY Spruce Point Capital · p. 19

callout sop buildup

"94% to 153% Upside"

Hess Corporation · HES Elliott Management · p. 7

callout sop buildup

"= $14.26 per share"

Yahoo! Inc. · YHOO Third Point · p. 5

callout villain critique

"-50% since Q3 2017"

GTT Communications, Inc. · GTT Wolfpack Research · p. 16

callout demand list

"本改定後TOBに応募しないでください"

Toyota Industries Corporation · 6201.T Elliott Management · p. 2

callout sop buildup

"+63% 現在の1株あたりNAVから"

Toyota Industries Corporation · 6201.T Elliott Management · p. 36

callout demand list

"本改定後TOBに応募しないでください"

Toyota Industries Corporation · 6201.T Elliott Management · p. 32

callout demand list

"VOTE THE GOLD CARD"

Phillips 66 · PSX Elliott Management · p. 9

callout ceo quote

"What reinvestment?"

Hill-Rom Holdings, Inc. · HRC Spruce Point Capital · p. 45

callout villain critique

"Selling is selling"

Yahoo! Inc. · YHOO SpringOwl · p. 56

callout ceo quote

"花王の経営陣は努力すらしていません。"

Kao Corporation · 4452.JP Oasis Management · p. 38

callout other

"Culture > Strategy"

Norfolk Southern Corporation · NSC Ancora · p. 158

callout section divider

"(~10% of Capital)"

Unknown · p. 35

callout section divider

"(~17% of Capital)"

Unknown · p. 30

callout kpi overview

"6% CAGR ('04-'14)"

General Electric · GE Trian Partners · p. 21

callout section divider

"(~17% of Capital)"

Unknown · p. 30

callout other

"Retail Customers?"

Herbalife Ltd. · HLF Pershing Square · p. 115

callout kpi overview

"Each KPI Down YoY"

MSCI Inc. · MSCI Spruce Point Capital · p. 38

callout transition

"残念ながら“ペリクル説”は幻想だ。"

Lasertec Corporation · 6920 Scorpion Capital · p. 58

callout villain critique

"株価が暴落中、出来高が記録的に高い"

Lasertec Corporation · 6920 Scorpion Capital · p. 306

callout other

"56% Net Reduction"

Automatic Data Processing (ADP) · ADP Trian Partners · p. 28

callout timeline

"(31%) vs. S&P 500"

Sotheby's · BID Marcato · p. 9

callout section divider

"Injunctive Relief"

Unknown · p. 24

callout peer gap

"花王は国内市場に過度に依存している"

Kao Corporation · 4452.JP Oasis Management · p. 20

callout matrix 2x2

"Kao's Opportunity"

Kao Corporation · 4452.JP Oasis Management · p. 38

callout section divider

"(~17% of Capital)"

Pershing Square Holdings Portfolio (multi-position) · PSH Pershing Square · p. 30

callout section divider

"(~10% of Capital)"

Pershing Square Holdings Portfolio (multi-position) · PSH Pershing Square · p. 35

callout section divider

"(~21% of Capital)"

Pershing Square Holdings Portfolio (MDLZ, APD, CMG, HHC, NOMD, HLF short, FNMA/FMCC) · PSH Pershing Square · p. 16

callout villain critique

"0% 5-year EBITDA"

Viacom · VIAB SpringOwl · p. 35

callout villain critique

"0% for Hess ?!?!"

Hess Corporation · HES Elliott Management · p. 12

callout sop buildup

"+39% 公正価値までの上昇余地"

Toyota Industries Corporation · 6201 Elliott Management · p. 10