Callouts & quotes from 553+ activist slides

"Spruce Point has a strong track record of exposing highly promoted technology disruptors before the sell-side and investors could figure out the business has inflected negatively."

"Spruce Point has a strong track record of exposing highly promoted technology disruptors before the sell-side and investors could figure out the business has inflected negatively."

"if Yorktown and METC’s insiders actually believe the Brook Mine is worth anywhere near $37 billion then why are they selling so many of their shares at a sub $1 billion valuation?"

"Spruce Point has a strong track record of exposing highly promoted technology disruptors before the sell-side and investors could figure out the business has inflected negatively."

"Spruce Point believes financial sell-side estimates are too high for Broadridge, and assume there has been no slowdown in business from recent changes in the economic environment."

"We were unable to determine whether any of the ultimate sellers of Allyes were entities that Mr. Jiang beneficially owned, so we are unclear as to his profit on this transaction."

"We believe the 9% upside to the average sell-side target is hardly attractive given the substantial risks we've identified and the opportunity to earn 4%-5% relatively risk free."

"Leaseback-related expenses have been the single largest add-back to PLUG’s new presentation to Company profitability, despite being inextricably linked to PLUG’s selling strategy"

"The data shows overwhelming evidence that GSX is actually not the hypergrowth, well-regarded, well-known all-star company that management or sell-side analysts have been touting."

"We use a 3.5x 2015E EV/EBITDA multiple because there are limited bidders (possibly only one) for the Eurasia and Nepal assets and TeliaSonera has signaled it is a willing seller."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"We suspect that most of Twist’s holders have little clue what it actually makes or sells, much less any grasp of the so-called “silicon DNA chip” that the entire story rests on."

"Intuit consensus estimates call for 12% revenue growth over the next two fiscal years, suggesting even the sell-side believes the boom from services adoption has run its course."

"DOL's target would imply a saturation level higher than the largest U.S. dollar stores (Dollar Tree and Dollar General), which also sell many more consumables and grocery items."

"In our experience, full spin-offs to existing shareholders are the best way to close conglomerate discounts, while selling minority stakes to “spotlight” value has poor results."

"We believe this so called "merger" is just a scheme by two desperate companies to boost AGBA’s share price and sell shares into the pump to uniformed investors to raise capital."

"We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)"

"Spruce Point was shocked to learn that Chief Accounting Officer Katz has been selling stock in an oblique manner through filing FORM 144s that do not appear on the SEC website."

"Sell-side analysts have eaten up INGN management’s COPD narrative along with the other fairytales, penning bullish reports touting the “Robust, Long-Tailed Sales Growth Story”."

"Technology is nothing special; just an expensive mash-up of cheap, lab tools like flow cytometers and fluidics; dismissed it as a glorified cytometer, which sell for $50-$500K."

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"Momo insiders have sold $2 billion of stock since the IPO. Momo Executives and Directors, except for Tang Yan, are on pace in 2018 to sell more than 2x what they sold in 2017."

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"Some of its 100-year-old products look familiar (though they no longer sell heroin) but you’re likely to recognize its current drugs only if you or a loved one suffers from..."

"DuPont transferred >$5bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"DuPont transferred >$5bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"DuPont transferred ~$7bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin"

"One KOL after another labeled Nevro a “one-trick pony” and pointed to the influx of paresthesia-free waveforms from key competitors as eliminating Nevro’s sole selling point."

"We believe this is additional evidence of financial control concerns at GFL, or at worst management cherry-picking more flattering figures to sell the WCA deal to investors."

"We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers"

"Regardless of which board shareholders choose, the Community Proposal will be put to a shareholder vote so all holders of record may decide the merits of selling the company"

"Maxar is already pushing out its deleveraging process, as illustrated with subtle revisions to a key chart it used to sell investors on its ability to rapidly pay down debt."

"Vitek extinguished debts in the tens of millions of euro his proxy-owed entity owed to CPI PG. He then possibly extracted even more cash by selling a receivable back to CPI!"

"Quantumscape’s valuation of $15B requires a leap of faith from making lab prototypes to selling billions of dollars of batteries within 5-6 years, with Google-like margins."

"In other words, if DKNG pivots into exchanges in the coming years, the TAM expansion opportunity touted by sell-side equity analysts and others might not meet expectations."

"Insiders have been selling aggressively over the last six months, just as Ally cut back on its lending to Carvana and as earnings became more dependent on one-off drivers."

"The spread between sell-in and sell-out prices increased $10 per tire, equating to ~$400 million on 40 million U.S. replacement units (~205 basis points on 2023E revenue)."

"Spruce Point has a successful track record of identifying inflection points in consumer and medical product companies well ahead of sell-side analysts and other investors."

"We highlight that iRhythm management rushed to sell stock immediately after its recent Q2 results. $4.8 million of the $5.8 million in stock sales came from CEO Blackford."

"Should investors interpret accelerated executive turnover and heavy insider selling as a signal that management is preparing to re-set investor expectations for the worse?"

"Should investors interpret accelerated executive turnover and heavy insider selling as a signal that management is preparing to re-set investor expectations for the worse?"

"While Pershing Square believes Chipotle remains a great business with a long growth runway, the wide range of potential future outcomes led us to sell our remaining shares"

"The majority of ROVI’s limited “growth” in “core” product revenue is due to subscriber growth at ROVI’s customers, not ROVI acquiring new customers or selling new products"

"Under Mr. Gallogly's leadership, LyondellBasell created tremendous value for its shareholders and significantly outperformed both the chemicals and broader market indices"

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares"

"Under Mr. Gallogly's leadership, LyondellBasell created tremendous value for its shareholders and significantly outperformed both the chemicals and broader market indices"

"It appears that Solvency II did not anticipate negative bond yields, as holding debt with locked in negative yields can’t possibly be safer than selling and holding cash."

"Our thesis remains unchanged: that ONP is a fraud and thus we maintain our “Strong Sell” rating in light of the following items we detailed in our initial research report"

"We worry when we read sell-side research that crafts bull case arguments with data points that have been directly contradicted by company management or our own research."

"Mettler has exceeded sell-side quarterly EPS targets 100% of the time since 2008, and by no coincidence, management has always met 100% of its annual cash bonus targets."

"We don't believe Mettler's share repurchase strategy is disciplined, particularly as it buys its stock at 26x EBITDA and 37x book value, and while insiders rapidly sell."

"So how does Herbalife sell so much of its unadvertised, commodity products at such inflated prices? Answer: Herbalife bundles its products with a ‘business opportunity.’"

"We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth."

"In terms of profitability (or lack thereof), Carvana has historically made money selling used car loans at a premium while losing a tremendous amount selling used cars."

"Tessera's current strategy of developing and selling products in Digital Optics creates a clear conflict as customers for Digital Optics may also be licensing targets."

"We reached out to the review sellers, masquerading us as interested customers and asked for their service to buy “about 100 5-star reviews per month” for our business."