Callouts & quotes from 553+ activist slides

"In fact, nowhere do we see Generac listed among “Top Rated”, “Best Seller” or “Trending” among our searches at leading U.S. retailers including Home Depot and Lowe’s."

"Spruce Point believes WSP’s sell-side promoters are taking management’s results at face value and not critically evaluating the results with greater analytical rigor."

"Moreover, we struggle to comprehend the market's willingness to ascribe a SaaS revenue multiple to a company that neither developed or owns the product it is selling."

"Spruce Point estimates that there are upwards of 41,000 people selling C3's product suite. Yet, its revenue results imply a meager $5,100 of revenue per salesperson."

"In the same period of suspiciously increasing its GTV claims, LSPD materially changed its number of “Certified Resellers” from 200+ to 150+ in the month of Feb 2014."

"Samsara's valuation defies any reasonable explanation other than sell-side promoters and investors buying into the Kool-Aid that it is a world leading SaaS company."

"But this all worked because the data they were selling was based on choosing the exact patients they wanted. A lot of it was just biased. It wasn’t real-world data."

"Brendel and Ryans hypothesis that defamation lawsuits against short sellers are predominantly a “bluffing strategy” is strongly supported by our empirical findings."

"While ADP would report 3.7% total client growth under this scenario, client mix-adjusted revenue would be flat (before sell-in, price, pays-per-control, mix, etc.)"

"Even if sell-side margin expansion estimates include assumed M&A, future acquisitions are unlikely to be sufficient to support consensus margin expansion estimates"

"Lasertec explicitly declined to disclose it as a related-party transaction, stating “Nothing of note” for “Existing relationships between the seller and Lasertec.”"

"Insiders have unloaded hundreds of millions of dollars in stock, but the selling has been most aggressive in the past two quarters after “optically” good results."

"Sell-side estimates are now imputing FY23 growth of 40% for C3.ai customers outside of the Baker Hughes JV. Prior to the 3rd amendment, the imputed growth was 18%"

"Selling cheap imitations of more expensive brands has turned Dollarama into one of Canada's most successful retailers, earning it big bucks and plenty of lawsuits"

"This is highly alarming – shareholders need to trust that management will provide equal access to sell-side analysts and that sell-side analysts will be unbiased."

"Imagine you're trying to sell this battery to Apple. We want you to put it in your phone, but when you charge the phone, the battery is going to get 40% thicker."

"Rollins Has Relied Heavily On M&A To Grow, But No Sell-Side Analysts Are Talking About The Billions Of Dollars From Private Equity Money Flooding Into The Sector"

"Are we really to believe that Carvana operates just one business, and that originating/selling subprime auto loans is not economically different from auto sales?"

"There is an approximately US$250 million discrepancy between what AMT claims to have paid for the acquisition of towers in Brazil, and the actual selling price."

"All seller-financed transactions—Onboard Trusts 1 through 8, Skyfi Trust, CSS PL 2023-1, and the Q3 and Q4 2024 “sales”—seem to fail all three ASC 860 criteria."

"Sell-side promoters have relied on DV management's story that the international opportunity is large and growing fast. However, we believe the opposite is true."

"If New Red Lobster were to trade at 6-7x EBITDA, as projected by many sell-side analysts, then approximately $850 million of real estate value could be trapped."

"If New Red Lobster were to trade at 6-7x EBITDA, as projected by many sell-side analysts, then approximately $850 million of real estate value could be trapped."

"The inescapable conclusion we draw from AtriCure’s financials is that developing and selling surgical ablation devices is a structurally unprofitable business."

"Spruce Point believes two key sell-side assumptions are flawed. First, JP Morgan's claim that 70% of handle comes from the NFL is inconsistent with state data."

"We believe Magnite’s shares represent an incredibly poor risk / reward. The current sell-side consensus price is $21.71 which is ~20% below the current price."

"Is it possible that PGNY inflated the amount of member lives that would be added from the 2022 selling season to cover up for an underwhelming selling season?"

"The number of times PDN was hyped by the CEO and sell-side on the recent Q3 earnings call - 19 mentions of PDN - is suggestive of its importance to the story."

"The lack of entertainment sector expertise among Sony's sell-side analysts may explain the wide skew in valuation methodologies, multiples, and target prices"

"Tempus insiders have not waited long since the IPO in April 2024 to start selling stock. In fact, each of the top 5% stockholders have recently sold shares."

"Spruce Point believes the Street is structurally too bullish on PowerSchool's prospects, which is reflected by the Company's lack of "sell" recommendations."

"Given its super-premium market positioning and well-above industry average growth potential, Worldpac would likely sell for or trade at a premium multiple."

"Van Houtte’s operating expenses (which include Selling and Operating Expense and General and Administrative Expenses) ran at approximately 40% of net sales"

"We are exercising caution around the industry's recent acceleration of the direct selling or door-to-door sales channels through independent sales dealers."

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"The use of college brand ambassadors lays bare the true strategy of HIMS to sell ED pills to an audience for whom such products are likely discretionary."

"ADP Well Positioned to Capture Value From Wide Range of HCM Upsell Opportunities With Largest Client Base and Track Record of Market Leading Distribution"

"Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false."

"Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false."

"Flush with cash from selling stock at record prices, it’s easy for the CEO to purchase a lakefront mansion for $14.2m, a corporate jet and a helicopter."

"When looking at the pro forma shareholder base today, it is evident that DigitalGlobe investors have not embraced the acquisition and have been selling."

"How is it possible that Herbalife sells six times more nutrition powder than Abbott Labs (Ensure), Unilever (Slim-Fast), and GNC (Lean Shake), combined?"

"Over the years, Carl Icahn has created hundreds of billions of dollars in value for fellow shareholders through profitably buying and selling companies."

"We believe that the home centers face limited risk from online shopping because the majority of products they sell do not meet most of these conditions"

"Sizable Selling: One stock sale alone worth $14M (note that whoever filled out the document made an error in this column – reads $1.4M instead of $14M)"

"There is not a single dose of skepticism expressed with a "Sell" recommendation amongst the analyst community when it comes to Momo’s 12 month outlook."

"In addition, Herbalife's products are typically sold at a 50% discount to SRP, whereas many of its competitors sell their products at a 30–40% discount"

"Private equity is changing the landscape. They are buying companies, and way overpaying for them, and will sell them to another PE firm or a strategic."

"We Believe FTAI Is Selling Whole Engines and Telling Investors it Sold Three Modules. This Helps FTAI Sell Investors on an Aerospace Aftermarket Story."

"Our research shows that Inspire’s management exaggerates its TAM by at least 50x in order to sell investors a growth story they must know is fictional."

"All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned."

"All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned."

"We maintain our Strong Sell rating on FMCN mainly because our concerns regarding the viability of FMCN's core LCD commercial location network remain."

"In a revealing moment, he stated TransMedics is not even really a medical device company: “instead of selling devices, we started selling a service.”"

"Investigators heard from competitors that Broad Ocean has failed to sell those 400 motors and this has become a huge drag on the company's cash flow"

"The sell-side analyst at PLUG’s lead underwriter is effectively telling investors that there is no upside to the issuance as it is currently priced."

"We hope that all listed Chinese companies in the U.S. will form an anti-Muddy-Waters group, to fight against short-selling firms like Muddy Waters."

"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."