Callouts & quotes from 553+ activist slides

"According to Mettler, it has 130,000 sellable products, and yet are we to believe it has never discontinued or written down a single product line?"

"Why would Perion reward the selling management team with destroying 440 basis points of margin and not incentivize them to increase EBITDA margin?"

"Over 60% of BEA's shareholders are Independent Shareholders or Current Sellers (whom the BEA board cannot prevent from accepting a takeover offer)"

"Shareholders should ask themselves, if management thinks it is a better trade to sell Riot shares and HODL bitcoin, why should I not do the same?"

"The sell-side analyst table reconciles to Ströer’s claimed 2014 and 2015 organic growth numbers; however, the reconciliation above is incorrect."

"Spruce Point is concerned that both co-founders, in addition to the Chief Business Officer, are currently selling stock through 10b5-1 programs."

"In a Gold Rush, the surest way to make money isn't to look for gold. It is to sell equipment to the miners. And we have a gold rush coming in..."

"Stockholders award management long-term incentives to ensure an alignment of interests. The intention is not for management to sell prematurely."

"Baker Hughes is a marriage that is not working. The people are not happy. They can't sell the C3 product. It's a nightmare for them to sell it."

"I think buyer commissions are going to become unbundled from seller commissions and buyers are going to have to pay their own agents directly."

"Generally speaking, we are cautious on the company when employees/insiders are selling stocks and multiple co-founders are leaving so quickly."

"To exacerbate this, AMT CEO Jim Taiclet sells approximately 90% of the shares he receives from option exercises, as shown in the table below."

"By mid-2016, Core was forced to reverse course and sell equity to avoid tripping an EBITDA covenant that could have put its dividend at risk."

"R&O / Russell Reitz’s lawsuit against Valeant creates the impression that R&O was not aware of Valeant’s relationship with Philidor / Isolani"

"Sales of Class B shares should also be interpreted as a form of insider selling, which sends a concerning signal to other Premier investors."

"It strikes us as odd that on a St. Tropez property with a total purchase price of €12.5 million in 2013, the seller would provide financing."

"Spruce Point believes current sell-side analyst price targets are wildly optimistic, with all but one analyst recommending buying the stock."

"Of course, Ban and Khuong aren't the only insiders that have been rapidly dumping their stock. CEO Tim Herbert is a habitual seller as well."

"Senior distributors have profitable side businesses by selling leads at high prices to low-level distributors eager to grow their downlines"

"We suspect that executives may be pooling their equity in Pines Quest to enable themselves to sell aggressively without drawing scrutiny."

"Note the emphasis on "Potential" Use and that "Selling on open market" is 3rd priority bullet with "Potential" emphasis again on 3x value"

"We believe that sell-side analysts stretch to compare CLEAR with SaaS and highly prized technology companies to justify a high valuation."

"We believe that there are serious risks to this business model that are being mostly ignored by bullish investors and sell-side analysts."

"DGW claims to sell its product to over 80 distributors in 28 provinces. In reality, its distribution network is barely existent at best."

"Looking at this analysis, we don't know if PGNY overstated the success of its selling seasons or understated the churn it was suffering?"

"Burke's product codes indicate the company is selling run-of-the-mill equipment such as hoses, piping, fuses, and electrical connectors."

"Why invest in a company with poor underlying fundamentals at these multiples? Take it from insiders: now seems to be the time to sell."

"Why invest in a company with poor underlying fundamentals at these multiples? Take it from insiders: now seems to be the time to sell."

"Below are summaries of projections from three sell-side analysts. All of these are tremendously intellectually dishonest in our view."

"Is Lowes transform old stock that CSTE were unable to sell, and is now being repackaged in the hope of avoiding inventory writedowns?"

"The terms of the settlement in no way change our business model as a direct selling company but simply build upon current procedures."

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

"Sell an overpriced, unadvertised white powder to strangers, from whom you are required to obtain name, address, and purchase details"

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

"Big Lots alienated shoppers who were seeking cut-price, name-brand goods after venturing into other areas, like selling frozen food."

"If the answer is yes, every whole-loan "sale" is a seller-financed transaction that fails the effective control test under ASC 860."

"GreenPower is limited to only selling in California since California’s state subsidy program doesn’t require Buy America standards."

"It sells a laundry list of IFC's for various lab tasks, available for as low as $55 each - while BLI prices them in the thousands."

"These companies need to buy sales growth by gobbling up smaller businesses that sell the healthy foods shoppers increasingly want."

"it will be a few more months before the stock gets crushed from what appears to be an inevitable tsunami of selling from insiders."

"Amcor sells itself to investors as being a global company, so why not act like one and benchmark itself to a world index instead?"

"We rate EDU a Strong Sell because it is probable that EDU will have a significant restatement, and that its auditor will resign."

"The competition is selling cars while BNY is proud of the fact that it sells the cheapest and fastest horse drawn buggy in town."

"The latest amendment opens up the door for more aggressive revenue recognition in regard to Baker Hughes reselling arrangements."

"Lean Shake and Formula 1 (750g) sell at almost the identical price on eBay. Further evidence that these products are commodities"

"Excluding the estimated $110M net tailwind to revenues that will not repeat in FY23, sell-side estimates look wildly optimistic."

"A direct selling company may not "have the . . . commodities purchase serve[] as the condition[] for becoming a sales promoter.""

"Goodyear sells an above industry average proportion of HVA replacement tires (Goodyear at 44% vs. U.S. industry average of 40%)"

"REZI’s “Exclusive Brands” growth story is not by accident. We believe it is because it has little edge in many brands it sells."

"We believe Leidos’ Thailand distributor M.I.T Solutions is an unusual entity that sells both Security and Planetarium products."

"If they can sell the energy for more than they spend on the land and getting it out of the ground, they make a healthy living."

"Management should sell the company... But, it can't because the stock price is too high... (it would have to be a take-under)"

"Product revenues have been basically flat for 4 quarters – typically a death knell for a company that sells a box with chips."

"Below is a video of Inogen's largest reseller bragging about how his son bought a G-Wagon... from deceiving the sick elderly."

"Despite a widespread bullish tone among analysts, the average sell-side price target offers little upside to current levels."

"Insiders have been large net sellers whose share ownership is comprised mostly of option grants -> no real economic exposure"

"One indicated that the largest clinic he sells to had an 80% explant rate with Nevro's device and "won't let Nevro back in.""

"It appears sell-side analysts’ growth estimates are giving CTC the continuous benefit of its unsustainable accounting tricks"

"Wait, so selling detection systems to airports with air travel declining is a source of growth? Do you mean negative growth?"

"The sell-side analysts above don't say how they came to their Instrument revenue % numbers, but they have their own process."