Callouts & quotes from 528+ activist slides

"With a high bar for new store ROI, Bloomin' shareholders face a win-win setup: build stores with high ROIs or return capital to shareholders"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"In Q3 2018, INGN lowered provisions in two categories, sales returns and bad debts and warranties. Doing so increased gross margin by 1.77%."

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors"

"PSH’s 58.1% net return in 2019 was the fifth time Pershing Square funds generated net returns of 39% or more (on average, every third year)"

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"We generated substantial negative returns from Q3 2015 to Q1 2016 driven largely by our Valeant investment, and positive returns thereafter"

"A financial buyer could pay 40% to 55% above the current stock price and still earn a high teens to low 20s% rate of return over four years"

"We generated substantial negative returns from Q3 2015 to Q1 2016 driven largely by our Valeant investment, and positive returns thereafter"

"State Street's investor day provided little clarity on promised initiatives and underscored the lack of focus on total shareholder returns."

"Bloomberg calculates a WACC for Intuit of 11.5%. Thus, the Company's returns on capital have fallen short of its WACC the past three years."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"We generated substantial negative returns from Q3 2015 to Q1 2016 driven largely by our Valeant investment, and positive returns thereafter"

"The project was underwritten by TECK to a $3.00 a pound copper price. The forward curve today is around $4.50, so the returns are better."

"Significant excess capital could be returned to shareholders without disrupting the balance sheet or the future growth of BHP’s business"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream."

"We believe Southwest’s stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"We believe Southwest's stock can achieve $49 per share within 12 months, representing a highly attractive 77% return during the period."

"22% - 27% annual returns and 1.8x - 2.1x MOIC over 3 years in 80% AFFO scenario at exit yields of 3.5% - 4.0% (higher short-term IRRs)"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream"

"Samsung Electronics has a sub-optimal track record when it comes to capital returns, which fall well short of some of its global peers"

"Refining and midstream have contrasting risk/return propositions, with weak capital returns vs. refiners and poor growth vs. midstream"

"The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table)."

"Spruce Point observes that Stryker stopped presenting Adjusted Return on Invested Capital (ROIC) as a metric to investors after 2017."

"The Board & Management’s myopic focus on EBITDA growth has failed: over the last 10 years, total shareholder return has increased <1%"

"It is possible for private equity to pay an attractive premium to stockholders and still realize suitable returns for their investors"

"Arconic wants to turn GRP into a "value-add" producer, but in doing so, it is sacrificing utilization and producing inferior returns"

"We will closely monitor PepsiCo’s performance and hold management publicly accountable for delivering top-tier shareholder returns."

"Listed real estate has generated a 9.9% average annual return the past 30 years, well ahead of private real estate equity at 7.0%."

"It is a weakness of CAPM to understate ERP when looking at high interest rate local markets coupled with low equity index returns."

"Crown Castle's new LTIP must incorporate relative returns to American Tower and SBA to establish the appropriate bar for "success""

"To return to an industry leading and profitable position, Olive Garden must address the basics of operating efficient restaurants."

"To return to an industry leading and profitable position, Olive Garden must address the basics of operating efficient restaurants."

"We are not telling P&G to stop investing; we are suggesting actionable ideas to ensure future investments drive an adequate return"

"Activist engagement could help realize latent potential and generate attractive returns with modest risk of permanent capital loss"

"We’re pleased that DuPont has more recently acted on our recommendation to adopt a more shareholder-friendly capital return policy"

"We believe the Board needs to actively hold management accountable for earning appropriate returns on R&D and M&A moving forward."

"Valeant has earned a >20% unleveraged return on the $20bn+ it has invested in acquisitions since 2008 (excluding tax benefits)(1)"

"A Caesarstone product search on Lowe’s website returned no results, and instead offered a healthy range of competitors’ products."

"Thoughtful and Disciplined Capital Allocation to ensure capital is directed to optimal projects with healthy return on investment"

"We believe the Board needs to actively hold management accountable for earning appropriate returns on R&D and M&A moving forward."

"We would question why the Board and management are so satisfied with returns that can only be charitably referred to as mediocre."

"Valeant has earned a >20% unleveraged return on the $20bn+ it has invested in acquisitions since 2008 (excluding tax benefits)(1)"

"The ongoing conflict has not helped TIM shares in another clear sign that Vivendi’s interests lie outside of shareholder returns"

"A non-refundable Surcharge and a 10% restocking fee mean that Sales Leaders only get 79% of their money back on returned product"

"The GSEs’ guarantee business experienced extraordinary losses during the financial crisis, but returned to profitability in 2013"

"Since initiating its cost realignment, capital return, and product portfolio review, Brocade's stock price has increased by ~67%"

"Engaged Capital has delivered an over 14% annualized return since launch and an over 32% average return on exited core positions"