Callouts & quotes from 528+ activist slides

"We believe that if corn returns to a normal price of $4.50 a bushel, it will add more than a dollar to those projected earnings."

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

"Strong operational execution and new product launches coupled with deleveraging should drive equity returns from current levels"

"Strong operational execution and new product launches coupled with deleveraging should drive equity returns from current levels"

"For these reasons, we believe specialized industry expertise is key to drive a fast return to profitable growth at the Company."

"Strong operational execution and new product launches coupled with deleveraging should drive equity returns from current levels"

"increase cash to be returned to shareholders relative to the existing 2023-2030 plan by a cumulative ~$ 16 bn (~$ 2.0 bn p.a.)"

"The data does not support the board's argument that the integrated strategy results in superior returns over the long-term..."

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods)."

"Middleby returned over 12,000% during his 18-year tenure, with the market cap growing from $40 million to nearly $7 billion"

"In our view, a business with a long-term return on equity of ~14% should trade significantly above 0.73x price / book value"

"BHP has sufficient capacity to return excess capital to shareholders without disrupting the balance sheet or future growth"

"The proposal is silent on any details that would address HMG’s suboptimal balance sheets and declining shareholder returns"

"LIKE IN ELLIOTT'S ENGAGEMENT WITH MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING COMPANY WITH RETURNS TO MATCH"

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"SBUX has generated an annualized TSR of 26% over the last ten years, twice the return of the S&P 500 over the same period"

"LIKE IN ELLIOTT’S ENGAGEMENT WITH MARATHON, PHILLIPS 66 CAN BE RESTORED TO A TOP-PERFORMING COMPANY WITH RETURNS TO MATCH"

"Shareholder returns delivered by the current management team have been nowhere near the often cited US$5.5 billion amount"

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"Management believes it can return to FY22 profitability by the end of FY24 and move toward peer margin levels thereafter."

"New leadership with a disciplined focus on operational excellence and returns on capital is desperately needed at Darden"

"New leadership with a disciplined focus on operational excellence and returns on capital is desperately needed at Darden"

"We believe the true "cash-on-cash" returns to equity holders on new stores fail to clear management's 20% return hurdle"

"Will represent a small percentage of fund capital in the aggregate and an appropriate "return on invested brain damage""

"Valeant's disciplined focus on lower-risk, higher-return R&D projects has led to an R&D ratio that is lower than peers'"

"Will represent a small percentage of fund capital in the aggregate and an appropriate “return on invested brain damage”"

"Parkland’s shareholder returns have been a disappointment over every relevant period, as the following table indicates."

"Herbalife's return percentage would be twice as high if the company reported returns as a percent of GAAP Product Sales"

"Will represent a small percentage of fund capital in the aggregate and an appropriate “return on invested brain damage”"

"The CEOs chronicled in The Outsiders produced returns of over 20x the S&P 500 and over 7x their respective peer groups"

"Total shareholder returns have significantly underperformed snacks and beverages peers over an extended period of time"

"The current plan to cancel these shares over 5 years is far too long and has been mischaracterised as a capital return"

"Management has historically been compensated on the basis of overall growth, irrespective of returns or profitability"

"ADT represents an attractive risk-adjusted return investment with multiple ways to win and strong downside protection"

"Based on the first year of remodel activity, the New Format Superstores should have over 22% return on remodel cap ex"

"Pretax return on assets is almost 7% after subtracting leasing costs, which include credit losses and corporate SG&A."

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"Disney has clearly not earned an adequate return on the $200bn of capital invested in M&A, CapEx, and content spend."

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"Disney has clearly not earned an adequate return on the $200bn of capital invested in M&A, CapEx, and content spend."

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"Liu Yishou said if he didn't return to YY he might have been gone forever. This time, he came back to "scam money.""

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"This raises the concern that much of Fairfax's dividend income is return OF capital, rather than return ON capital."

"Specifically, the Company Would Have to Generate $79 Billion in 2030 Revenue to Achieve Peer Median Revenue Returns"

"Return to double digit revenue growth seems optimistic. Even analysts don't believe Zillow's 45% Adj. EBITDA target"

"An enterprise whose returns fail to exceed the cost of equity destroys shareholder value, regardless of its growth"

"Collectively, since 2008, Valeant has earned a >20% unlevered return (before tax efficiencies) on its acquisitions"

"We think that in the current environment Pioneer earns a negative economic return on its Capex. Let’s do the math."

"Management is expecting to return approximately 1/3 of the current ~$260bn market cap to shareholders through 2018"

"A standalone AOL should not declare dividends or directly return capital to shareholders in the intermediate term."

"Opportunity to return significant value to shareholders through a combination of dividends and share repurchases."

"PSH delivered strong 2020 performance with a net return of 70.2%, outperforming the S&P 500 by 5,180 basis points"

"PSH delivered strong 2020 performance with a net return of 70.2%, outperforming the S&P 500 by 5,180 basis points"

"Since 2002, TWX has returned significantly less capital to its shareholders than other major US media companies."

"In our view, BUR always intended to deceive investors about its Napo returns and its overall investing prowess."

"McGraw Hill’s three year total return of 2% was 29% less than the weighted average of its peers over the period"

"The price has gone up significantly by $800K, or 67% in three days, representing an annualized return of 8151%."