Callouts & quotes from 26,677+ activist slides

"The strong correlation and recent spike of both Helly Hansen Canada Revenue and CTC's Intersegment Revenue suggests Canadian Tire is pushing inventory to CTC retail stores in order to show strong growth in its struggling Helly Hansen brand"

"...if you want to think about our Las Vegas assets and come up with a corollary... I would encourage you to think of the corollary being theme parks... Because of the mass size, complexity, layout and development potential of these assets."

"To safeguard employees, shareholders, and other stakeholders' interests, Palliser call on Kobayashi-CEO and the Board to stem the ongoing value destruction and facilitate conditions for longer-term improvement with three immediate measures"

"We identified a variance in employees reported between the 2025 Annual Report and 20-F which were filed at the SEC just two weeks apart. Both figures reference FY 2025 (ending June 30th). The 20-F indicates 35% more employees or 70 vs. 52."

"For the stock market speculators interested in enriching themselves through manipulation, information arbitrage and a “zero sum” gain, all at the expense of our investors, I am certain that their actions will ultimately catch up with them."

"This implies that each company received debt financing ranging from approximately $10 million to $60 million. The only problem is that these companies appear to be empty boxes that would never receive loans remotely approaching this range."

"Monroe – the real heavy – appears to want his cake and eat it too: trying to preserve his scientific reputation by allegedly privately blaming the CEO and “financial types,” while publicly playing along as the scientific promoter-in-chief."

"Spruce Point believes there are intercompany sales and purchases between Xylem and Evoqua, as well as competition overlap, but that the merger proxy fails to adjust for these transactions when depicting the pro forma combined organization."

"PBT was the same in both statements. The Q4 2010 Statement of Cash Flows obviously should have included the transaction costs and impairment charges. That it did not is another example showing that Olam's accounting is incompetent at best."

"We believe Skechers deserves to trade a substantial discount to comparable apparel companies, particularly in light of its deteriorating financial performance and governance issues. We see 30% to 50% downside risk to Skechers’ share price."

"The Board has failed to recognize and address the growing risk of 'greenwashing', despite an inconsistent and contradictory approach to ESG investing: in the 10K, BlackRock neglects to identify 'greenwashing' as a standalone source of risk"

"Spruce Point believes that WSP's backlog is one of the least descriptive among its global peers. Furthermore, unlike Canadian counterparts Stantec and AtkinsRealis (SNC-Lavalin), WSP's backlog differs from remaining performance obligation."

"Twist is a ticking time bomb, a commodity DNA manufacturer with a low quality, inferior product, operating an unsustainable Ponzi-like scheme based on price dumping and customer subsidies to buy revenue and create the illusion of “growth.”"

"We find it troubling that both 3W Partners and NFT Investment Limited appear to have the same address in Hong Kong, suggesting that they are linked – both at “Jardine House, 1 Connaught Place” in Hong Kong, but with different rooms listed."

"Management compensation is a significant percentage of EBITDA and has been immune to Kratos’ struggles and poor performance. Among small cap aerospace and defense contracting peers, Kratos’ management is excessively paid relative to EBITDA"

"Investors should discount the significance of this "pipeline" as they are merely non-binding letters of interest (LOI) which contain targets for pricing, duration, and quantity of power but lack the commitments of an actual, finalized PPA."

"Assuming that DuPont achieves 40 cents per share of cost-savings in 2015, Trian estimates that the core business must grow operating earnings by ~29% in Q2-Q4 2015 to meet its revised 2015 EPS guidance of $4.00 per share (low-end of range)"

"TWC should, on a fully distributed basis, trade at a premium to Comcast (TWC's most comparable peer given its scale and competitive positioning) due primarily to the higher projected revenue and OIBDA growth at TWC over the next few years."

"Assuming that DuPont achieves 40 cents per share of cost-savings in 2015, Trian estimates that the core business must grow operating earnings by ~29% in Q2-Q4 2015 to meet its revised 2015 EPS guidance of $4.00 per share (low-end of range)"

"We believe this share price decline sends two clear messages: 1) PepsiCo is worth more and would be run better as two separate companies; and 2) the Board and management's decision not to separate goes against shareholders' best interests."

"Given our concerns about the reliability of Kornit's financials, we believe the most conservative way to value the Company is on its revenues and cash flow, both of which we believe will normalize for the large Amazon contribution in 2018."

"MSCI's Real Assets segment seems to be in disarray. While its website prominently touts its game-changing data for infrastructure assets, it has no further information and an inactive link under core capabilities related to infrastructure."

"Assuming that DuPont achieves 40 cents per share of cost-savings in 2015, Trian estimates that the core business must grow operating earnings by ~29% in Q2-Q4 2015 to meet its revised 2015 EPS guidance of $4.00 per share (low-end of range)"

"If SGHC is improperly consolidating 100% of Raging River’s financial results rather than 89.29%, we estimate it may be overstating 2025E EBITDA by approximately $30.7 million which represents the 10.71% non-controlling (minority) interest."

"He said New Pacific’s legal team had already been in touch about rescuing the contract deal but was insistent that if a new deal was reached, the Bolivian state’s percentage share of production or the profits would be significantly higher."

"The Board has failed to recognize and address the growing risk of 'greenwashing', despite an inconsistent and contradictory approach to ESG investing: in the 10K, BlackRock neglects to identify 'greenwashing' as a standalone source of risk"

"Error rate is a shocking “50% higher than a standard instrument”; massive downtime due to contamination and other malfunctions; complexity and difficulty create widespread reluctance within Amgen; prone to a long list of mysterious errors."

"The TSMC executive repeatedly and strongly emphasized that Lasertec's tool is a failure that cannot be used inside the fab to inspect masks during production, given its low throughput and inability to inspect more than a few masks per day."

"We argue $5bn in custom networks contracts is a defensive “back to basics” maneuver – an acknowledgement that Lumen’s ambition to turn more into a cloudified “techco” isn’t gaining traction and its core business remains selling dumb pipes."

"A qualitative impairment analysis was performed on all reporting units for the fiscal year ended 2019, while a quantitative analysis was performed for fiscal years ended 2018 and 2017. The analysis concluded that goodwill was not impaired."

"We are unsure whether Keith Grossman, during his ongoing ~2 year repetition of “execution issues” as the driver of no growth in 3 years, is ignorant of high frequency’s lack of efficacy and resulting explants, or simply lying to investors."

"Part 8. The NOP service, we believe, traffics in and pushes unsafe, damaged organs rejected by reputable centers, as an unplaced organ means loss of device and aircraft fees; with TransMedics allegedly concealing adverse organ information."

"Square's current international revenues account for approximately 3%. The company has stated it has international expansion plans and recently announced a further push into LSPD's home turf of Canada with an integrated POS hardware system."

"Became alarmed after a 42-year old patient was hospitalized for QT prolongation. We note the patient did not meet any of the QT-related precautions on the label. He disclosed the risk to his patients - and all but two quickly discontinued."

"Your cost per lead over the past 5 years has probably quadrupled. D2D would cost you 55%-70% of first year revenue, but a Google lead would cost 25%. But now Google is starting to get to 50%-60% so now there’s almost an indifference point."

"The SOC PPM did not disclose that Dennis Ronald DiRicco (“DiRicco”), a principal officer of Adomani, was also a director and officer of SOC, according to securities notices SOC filed with both the Commissioner and the SEC in December 2012."

"In November 2018, consistent with Trian's recommendations, P&G unveiled a new organization structure designed to "de-matrix" the company and create end-to-end P&L and operational responsibility, including a reduced number of business units"

"Across ~20 field visits, our investigators found that the 5-building complex was generally deserted and empty, except for one floor of a small 5-story office building that appeared to house low-level clerical or back-office staff, not R&D."

"These appointments would bring fresh perspectives to the Board to facilitate a comprehensive re-evaluation of the optimal corporate strategy and the executive leadership required to ensure that Capricorn's full value potential is realised."

"The bottom line is that coal liquefaction is a challenging technology. While JFT might be a nice consulting gig for Mr. Jin, JFT is not even close to playing in the top tier of major projects in China - and almost certainly never will be."

"With limited ability to bundle on its own, Penumbra could face significant price compression in its core aspiration vertical without an opportunity to compensate by growing share in its relatively underpenetrated stent retriever vertical."

"With limited ability to bundle on its own, Penumbra could face significant price compression in its core aspiration vertical without an opportunity to compensate by growing share in its relatively underpenetrated stent retriever vertical."

"In the face of a growing wall of tangible and qualified evidence, BP's Board of Directors, as a fiduciary of BP shareholders, cannot continue to close its eyes and follow a strategic plan based on assumptions which are simply unrealistic."

"IPX has no raw materials, in process, or finished goods inventory on the balance sheet at June 30, 2025 and reported no cash flows from operating activities related to production, development or inventory purchases through September 30th."

"A second expert – Prof. Jeff Dahn, a world-respected solid state researcher – states that symmetric cells have zero average voltage and are “useless from a practical point of view,” although they can provide other significant information."

"Shareholders have expressed disappointment with Target’s position. Target and its nominees should consent to have all nominees named on one proxy card. Even now, this can still be achieved. Shareholders should press this issue with Target"

"Because the role of a General Manager is usually to oversee day-to-day operations, given Li Yuxiong’s extensive business in Sichuan, he would seem an unlikely General Manager for BJ Jiyuan Shengbao - unless his real role is to be a proxy."

"Spruce Point believes the market is under-estimating the likelihood of rising churn from recent price increases, sales and marketing costs to acquire new customers, and increasing deferred capex / lease repayment costs in the coming year."

"Part I: Twist is a ticking time bomb, a commodity synthetic DNA manufacturer and glorified CMO, operating an unsustainable Ponzi-like scheme based on price dumping and customer subsidies to buy revenue and create the illusion of “growth.”"

"Misclassifying expenses, particularly as capex, is one of the oldest accounting frauds in the book – causing Worldcom’s rapid collapse into bankruptcy when it was revealed, and landing its CEO, CFO, and various accounting staff in prison."

"This would be highly unusual for a company of appreciable scale in China, and directly contradicts the map of DGW's purported distribution contained in its 20-F and F-1 in which Shanghai and its neighboring provinces have 23 distributors."

"Brazil is the world's fourth largest cosmetics market and due to its population mix has some of the greatest diversity in skin and hair types of any nation globally making it potentially a very interesting market for mass market sun care."

"FND claimed that rigid core vinyl was its hottest product and highest ticket with sales growing from 12% of total to 28% of sales. FND no longer calls out the category growth, but last referenced that it continued to take share from wood."

"Amdocs appears to be engaging in the same behavior today as was described in the 2002 lawsuit – and, with turnover at Amdocs relatively low at the top, these practices are being put into place by many of the same executives and directors."

"Collectively, our Board nominees are a powerful group of leading executives, chairmen and directors of well-performing industrial companies with the necessary experience and independence to oversee a value-enhancing transformation of GCP."

"All in all, this suggests that if METC were to mine $37 billion worth of REEs from their Brook Mine, we estimate they would lose ~$88 billion in the process, which would forever cement METC as the most capital destructive mine in history."

"Momo's growth during 2015 was impressive, albeit shy of 2016 levels, but the internals of membership subscription services, mobile games and mobile marketing (per monthly active user “MAU”) were all showing signs of fatigue in early 2016."

"So if you are manager, you can technically shop around and you can go to Sustainalytics, ISS, Thompson Reuters, Bloomberg, et cetera. But why would you do that? Your client is using MSCI and ESG is not a very standardized area yet, right?"

"PERI’s audit engagement partner has been associated with multiple controversial companies whose price behavior has characteristics of a pump and dump with strong share price appreciation post-IPO, followed by a swift share price collapse."

"Losses would need to exceed $600bn before both first-loss private capital and PSPA funding would be extinguished, or ~23x adjusted cumulative losses in the single-family guarantee segment during the Great Financial Crisis (i.e. 2007-2011)"