Callouts & quotes from 3,339+ activist slides

"Despite significant share price appreciation, we believe QSR remains a compelling long-term investment"

"Despite significant share price appreciation, we believe QSR remains a compelling long-term investment"

"We believe Ferguson's blended branch business should be valued in-line with specialty RMI distributors"

"Spruce Point believes the MA case will get moved to federal court and ultimately a petition to SCOTUS."

"FIGS likes to speak about its tenured management team, but we believe the reality is quite different."

"We believe Darden needs to follow the words it once said and revive the brand with excellent leaders."

"We believe Autodesk can achieve 45%+ Adj. Operating Margins and $3.4 billion of Adj. EBITDA by FY2027"

"We believe the Company is fundamentally misvalued by Wall Street and is more levered than it appears."

"We believe Huntsman is attempting to deceive shareholders regarding its track record on relative TSR."

"We believe Darden needs to follow the words it once said and revive the brand with excellent leaders."

"With a seven-year extension, we believe the Company would be able to repay existing creditors in full"

"We believe there is an opportunity to reduce costs by increasing regional manufacturing capabilities."

"The stock is currently trading above consensus targets which we believe make it a poor risk / reward."

"We believe BR has generally gotten more aggressive in promoting its Total Addressable Market ("TAM")."

"We believe Platinum took advantage of the emerging SPAC market to begin to exit their position early."

"We believe that the approximate one-third decline on the day of the ruling was a market overreaction."

"We believe Autodesk can achieve 45%+ Adj. Operating Margins and $3.4 billion of Adj. EBITDA by FY2027"

"Our research leads us to believe that Nuvei has in fact served merchants in the adult film industry."

"We believe TROX can easily pay between $24 – $43/share in cash and remain conservatively capitalized"

"We believe that IPX has not provided a standardized schedule of operating costs across time periods."

"Huntsman is playing make-believe and crafting a deceptive narrative based on a fictitious portfolio."

"We believe Olive Garden has forgotten its main objective is to deliver value to their core customer."

"Spruce Point believes AMR's financial statements are masking an extremely low quality coal producer."

"Engine believes change at the Board level is warranted given the exceptional stock underperformance."

"Spruce Point believes that Dropbox will increasingly struggle to grow with scale as it turns to M&A."

"We believe implementation of cell culture optimization could result in a meaningful cost improvement"

"We believe restructuring sales force incentives could better incentivize margin-maximizing behavior."

"We believe Huntsman has an opportunity to streamline its legal, risk, and engineering organizations."

"If this is a failed mining venture involving CFO Man, then we believe UEC investors deserve to know."

"We believe Mr. Albertazzi has the potential to replicate his success in EMEA throughout the Company."

"I saw a lot of stuff, but I have a limited view. I believe that this was being done far more widely."

"We believe the Sandell Plan will deliver value of 156p to 191p per share for FirstGroup shareholders"

"The value of the interest savings is large, which we believe would more than offset the upfront cost"

"Do the External Directors believe Kao should develop medical treatments and enzyme-driven batteries?"

"we believe the emphasis placed on building out NutritionCo was a distraction from the core portfolio"

"Either way, we firmly believe the status quo is inferior to both options and therefore unacceptable"

"The mathematician Gil Kalai believes that quantum computers can't possibly work, even in principle."

"We believe Tripadvisor’s data could also be monetized through more significant licensing agreements"

"The net worth sweep was an illegal action that we believe will ultimately be reversed by the courts"

"we believe Yahoo should hire a financial advisor to sell the Core Business as a taxable asset sale."

"Therefore, on what basis are investors to believe anything the CEO claims about long-term revenues?"

"We believe the Board has failed to address two of the most troubling legacy directors on the Board."

"Spruce Point believes that self-indexing poses a large and growing threat to MSCI's Index business."

"We believe Tripadvisor’s data could also be monetized through more significant licensing agreements"

"Thus, we believe its peers do not exploit this accounting trick to materially boost EBITDA margins."

"We believe increased data consumption will continue, driving further demand for Vertiv’s solutions."

"We believe the new administration will work with Congress to successfully reform Fannie and Freddie"

"We believe the new administration will work with Congress to successfully reform Fannie and Freddie"

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"We believe that ADP’s retention is better than peers in SMB, but is well below peers in Enterprise"

"We believe the market is significantly undervaluing News Corp's valuable collection of businesses."

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"We believe P&G’s scale advantage should allow it to achieve our estimate of an 11% Core SG&A ratio"

"Given P&G's massive scale advantage, we believe P&G should at least approach Colgate's EBIT margin"

"We believe Bristol-Myers has the opportunity to significantly improve its manufacturing operations"

"We believe that Bristol-Myers' elevated R&D spending has not resulted in sufficient pipeline depth"

"Spruce Point believes that FND's discussion of gross profit drivers is weak and could be improved."

"Investors appear to have given up on Southwest and believe today’s performance is the “new normal”"

"We believe both the Board’s and management’s ESG oversight have proven inadequate and ineffective."

"We believe the Tantan acquisition was likely done to cover up slowing growth that started in Q2'17"