Callouts & quotes from 533+ activist slides

"Starbucks shares are down 6% over the last three years. Including dividends, shareholders have earned a 0% total return, despite EPS growth of ~50%"

"Despite Patch's target of selling 80% of its ad slots to local advertisers, less than 20% of ad placements on Patch are filled by local businesses."

"Despite stability in the size of the investment team, total headcount grew by over 50% from 2012 to 2016 as PSH was launched and capital increased"

"Cognizant maintains operating margins below HCL and Wipro, despite those being structurally lower margin businesses (low-to-mid 30% gross margin)."

"Under Mr. Kestenbaum’s leadership, Stelco continuously outperformed U.S. Steel despite facing tariff headwinds and taking on major CapEx projects."

"Heska deleted the list of suppliers in its 2020 10-K despite our belief it had virtually zero change in its dependence on these external companies"

"Despite stability in the size of the investment team, total headcount grew by over 50% from 2012 to 2016 as PSH was launched and capital increased"

"Despite stability in the size of the investment team, total headcount grew by over 50% from 2012 to 2016 as PSH was launched and capital increased"

"Monster has historically concentrated the CFO, CAO and COO role with Mr. Schlosberg despite separation of duties being a good corporate practice."

"DESPITE A LITANY OF MISSED PROMISES, THE BOARD HAS INEXPLICABLY CHOSEN TO GENEROUSLY COMPENSATE MANAGEMENT AND REWARD THEM FOR FAILED PERFORMANCE"

"After years of underperformance, Splunk is now trading far below peer multiples, despite strong top-line growth and an enviable market position."

"Despite a long history of focusing shareholders on non-GAAP financial metrics, the Board conveniently reverts to GAAP in their SG&A comparison."

"Despite the growth opportunities and its #1 share in Japan and Asia, Fuji Xerox is on pace to report two consecutive years of revenue declines"

"Management received 132% of their target bonus in 2017, despite P&G losing market share and generating EPS growth in the bottom 1/3rd of peers"

"Despite the headline saying “Fortune 500 companies” seven logos are now U.S. government related entities, and Swift is a European Cooperative."

"Current and prospective investors are ascribing a near record multiple to GLOB's share price, despite evidence that organic growth is slowing."

"Despite McDonald's strong real estate assets, number one QSR market position and leading brand, McDonald's trades at a discount to its peers."

"When adjusted for PEO pass-throughs, ADP substantially trails its competitor group in efficiency, despite ADP’s significant scale advantages"

"Lowe’s continues to trade at a significantly discounted P/E multiple relative to Home Depot despite materially higher prospective EPS growth"

"Despite repeated, bullish commentary from management on fedratinib, Wall Street analysts have overwhelmingly lower expectations for the drug"

"DESPITE HAVING A LEADING CONSUMER BRAND AND COMPETITIVE SCALE, GOODYEAR’S CONSUMER RETAIL BUSINESS HAS FAILED TO PARTICIPATE IN SHARE GAINS"

"Despite its portfolio of attractive land development and profitable Canadian operations, BRP trades at a substantial discount to U.S. peers"

"The 16% minority stake, despite TWC's relatively large capitalization, creates insufficient float for investors seeking to build positions."

"It is perplexing that both growth and margins can be down so much – despite better end markets and significant reinvestment opportunities."

"Despite issuing equity, VRX shares appreciated 47% in the six months following press reports announcing Valeant’s agreement to acquire B&L"

"Surprisingly, Huntsman’s polyurethanes business seems to have more volatile pricing than BASF, despite having greater downstream exposure."

"Despite issuing equity, VRX shares appreciated 47% in the six months following press reports announcing Valeant’s agreement to acquire B&L"

"However, despite the arguable imprecision, our rough estimate of approximately $5 billion is less than half the size of FIGS' stated TAM."

"Despite unsuccessful outcomes in the courts, we believe Fannie and Freddie remain valuable perpetual options on exit from conservatorship"

"The Company continues to highlight 370bps of operating margin improvement despite it driving only $1 million of gross profit improvement!"

"Despite significant operational progress throughout the year creating the “New Valeant,” share price performance continues to disappoint"

"Despite significant operational progress throughout the year creating the “New Valeant,” share price performance continues to disappoint"

"Kao’s allergy to growth which management exhibited within initiatives and targets (despite the ambition to sustain “Global Sharp Top”1)."

"In fact, we see recent evidence of strain leading up to the auditor change with commissions falling in 2022 despite revenues increasing."

"Publishing, despite its strong presence in print, lags the industry in its online presence given an inconsistent TWX corporate strategy."

"Mettler trades at a handsome premium, despite its opaque and complicated structure, poor disclosures, and aggressive accounting choices."

"Despite significant operational progress throughout the year creating the “New Valeant,” share price performance continues to disappoint"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Box’s revenue growth rate continues to decline despite repeated promises from management regarding a reacceleration of revenue growth."

"More items on the menu contribute to additional labor costs and food waste. Despite this, Olive Garden gets low menu variety scores..."

"More items on the menu contribute to additional labor costs and food waste. Despite this, Olive Garden gets low menu variety scores..."

"Edgewater is significantly less profitable on a per employee basis than its peers, despite generating better gross profit per employee"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"Despite recent events, we believe that all of the key drivers of Chipotle’s powerful economic moat and long-term success remain intact"

"96% of issued US patents were acquired from third parties, while only 4% were developed internally, despite massive spending in R&D."

"Despite almost unanimous bullishness among analysts, the average sell-side price target is currently 16% below current price levels."

"Despite ONP’s response, our thesis that ONP is a fraud remains unchanged, and we reiterate our “Strong Sell” rating on ONP’s shares."

"Despite multiple years of deteriorating operating results and share price underperformance, CEO compensation has increased each year"

"Despite the inhospitable terrain, Nova has surprisingly only referenced challenges three times in eight years of recent exploration."

"XPO giving itself 100% credit for something, despite only owning 86.25% and adds these items to EBITDA when they should be deducted"

"Despite a surging economy and 3.4% unemployment, the Chief Executive of Hong Kong has a lower approval rating than President Obama"

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"Despite generating higher sales per square foot than OfficeMax, Office Depot’s operating margins are less than half of OfficeMax."

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"Despite having come to market only recently, FLAWLESS products are already experiencing pricing pressure from fierce competition."

"Despite positive progress, Platform trades at discount to its publicly-traded segment peers and private market transaction values"

"The reluctance, despite Soleno’s over-the-top bombardment of patients and prescribers, indicates significant challenges for Vykat"

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"