Callouts & quotes from 533+ activist slides

"Despite it being incontrovertible that Mr. Sator and S30 were misrepresenting the nature of the reviews, S30 continued to publicly mischaracterize them as “audits.”"

"Despite superficial improvements since the June announcement, the Revised TOB continues to violate many of the core principles of the METI Guidelines and TSE Rules"

"Despite not divesting of the business until Q4, management takes credit for higher sales growth by excluding the low-growth / no-growth business for the full year"

"Despite meaningful share price appreciation since our investment, HLT continues to offer a compelling return profile given high levels of durable earnings growth"

"Despite the significant nature of these announcements, the company has held no public conference calls and has allowed for no public question and answer sessions"

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"Prior to COVID-19 pandemic, Wall Street analysts believed 2020 revenue could be less than that achieved nearly five years ago, despite strong industry tailwinds!"

"Management’s initiatives have not been enough to reverse Southwest’s declining profitability despite management’s frequent reaffirmation that they are delivering"

"Despite significant acquisitions and investments, we believe the losses in the Display business have increased from $428 million in 2009 to $545 million in 2011."

"I must object that, despite my requesting it at the information table up at the front, I was rather arrogantly refused a copy of the separate financial statement"

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"Doug Cole failed to disclose his role as a Director at Sysorex despite just joining the Board over a year ago. Sysorex is clearly a troubled company at present."

"Under the incumbent Board, McDonald's remains wed to its meat-based strategy despite a growing plant-based foods market, which is now over $40 billion worldwide"

"Despite the recent influx of competition in the space, Align appears to continue to behave as a monopolistic player in the doctor-directed clear aligner market."

"Gains from economic growth have not been evenly spread. Average wages have been flat for many years despite very low unemployment and strong productivity growth"

"Home Depot is an “A” credit vs. FND’s BB credit. Despite FND increasing its lease duration, why has its discount rate increased by 20bps less than Home Depot’s?"

"GCP received a “D” from Glass Lewis on executive compensation, as the Board has compensated the CEO in-line with peers, despite significantly worse performance."

"Despite claiming implementation of Blue Ocean in Switzerland in 2012, there is evidence that Mettler is still struggling with implementation seven years later."

"Arconic generates far fewer sales from its assets than peers despite a recently refreshed capital stock that is younger than that utilized by its competitors."

"Despite being identical products, IKEA’s buyer catalogue is between 18% and 35% cheaper than the regular CSTE agent’s retail price, and includes installation!"

"Our model assumes the base business will earn ~57% EBITA margins through 2020, implying continued spend on promotion and R&D, despite no pipeline contribution"

"Despite having the best rail franchise in North America, UNP has unequivocally been the worst performing Class I railroad under current eight-year leadership"

"As a result, Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group, despite a growing franchise and a net cash balance sheet."

"Cintas credit facility size has tripled from $300m (pre G&K) to now $1.0 billion, despite the size of sales only growing ~40% and accounts receivable by 67%."

"BN’s valuation of ~15x earnings is a significant discount to intrinsic value and comparable U.S. peers, despite similar cash flow profile (e.g., KKR and APO)"

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"The CEO of Phillips 66 (NYSE: PSX) is talking down the value of his own company’s shares, saying they are fully valued despite 10 years of underperformance."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Total Company performance has continued to deteriorate despite a single year of improvement in SCC, which still remains far below its optimal profitability."

"MSCI trades at the highest valuation among its financial services peer group despite clear evidence of business and financial challenges facing the Company."

"Despite the CEO claiming in late 2018 and in 2021 that the story would change dramatically for Stryker’s spine business, the numbers tell a different story."

"Heska is trading at a material premium to some of the most innovative diagnostic equipment companies despite having a margin profile closer to distributors."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Despite foreign exchange revenue impact of approximately -10%1 since inception, ZTS has increased 49% from when we purchased our first shares in July 20162"

"Despite ranking favorably in this category, we will show why we believe Generac is losing market share and margins are under pressure from price deflation."

"This decision limited both the overall scale and the strategic upside of the partnership for Tempus, despite the extended timeline and repeated amendments."

"Despite the Company’s claims of being an attractive investment proposition, Elliott’s conversations with midstream investors suggest the complete opposite."

"Altogether these data suggest that despite the increased number of HDC cells, extracellular histamine levels are likely normal in patients with narcolepsy."

"Despite foreign exchange revenue impact of approximately -10%¹ since inception, ZTS has increased 49% from when we purchased our first shares in July 2014²"

"Despite stronger economic trends and better affordability ratios, Alberta's housing prices have underperformed Toronto and Vancouver since peaking in 2007"

"Despite committing to these targets repeatedly over the course of multiple years, the Company ultimately missed the midpoint of all of its FY2023 targets."

"Despite substantial business progress and a high-quality board & management team, the company's share price has underperformed since its spin-off from GGP"

"Norfolk Southern has averaged more than 4.3x the number of unplanned recrews relative to CSX, despite having >800 more train and engine service employees."

"In fact two peers, Colgate-Palmolive and Kimberly-Clark, have grown EPS at a much faster rate than P&G despite having more significant currency headwinds"

"Despite the estimated massive losses in Display, AOL appears solely focused on continuing to pursue its high-cost, value-destroying status quo strategy."

"The co-working operator rent24 is likely a related party of Vivion’s, and despite being one of its largest tenants in Germany, has never been disclosed."

"Phillips 66's (NYSE: PSX) CEOs reaped an eye-popping $140M from 2020-2024—despite ongoing stock and operating underperformance and missed cost targets."

"Despite poor organic revenue growth, management has seen healthy increases in its base salary. Why is management being rewarded while investors suffer?"

"Inadvertently revealed several red flags about the trials, while continuing to defend the drug despite an almost 100% discontinuation rate at the site."

"Edgewater's legacy directors represent a tired and broken Board that has failed to maximize shareholder value despite having over ten years to deliver"

"Despite the attractive cash flow characteristics of OUTR’s core Redbox and Coinstar operations, shareholders have NOTHING to show for their investment"

"Why did the Compensation Committee decide, out of thin air, that management should receive its full 50% revenue bonus despite missing on STIC Revenue?"

"Despite meaningful share price appreciation since our investment, SBUX still trades at a discount to its average valuation over the last several years"

"Two discrete periods of plateauing growth, one of which we caught the IR claiming was due to seasonality despite prior periods showing no such effect"

"Perhaps purely coincidental, REZI implemented multiple restructuring programs after buying First Alert despite the business performing ahead of plan."

"Despite the quality of BHP’s assets, BHP has underperformed a portfolio of comparable mineral and petroleum companies over a variety of time periods"

"Despite delivering the worst operating performance in the industry and (5.1%) TSR over his CEO tenure, Mr. Shaw has been paid more than $23 million."

"Despite having TWC within the portfolio of the Parent, other Turner networks (TCM and Boomerang) have not yet been able to reach full distribution."

"TWX, despite the full implementation of the Management Repurchase Plan, would continue to be overcapitalized with significant excess debt capacity."