Callouts & quotes from 26,677+ activist slides

"The Defendant failed to take into account a material consideration, namely, that it was approving more panels over a larger area than were required to produce the stated (and a lawful) electricity generating capacity."

"we believe Marathon is severely undervalued and that there are readily available steps by which the Board can unlock $14 – $19 billion in value for shareholders (yielding a ~60 – 80+% increase to today’s stock price)."

"Hess conglomerate structure has yielded cost overruns, operational hiccups, and an affinity for overbuilding Pure play (CLR) achieved similar production growth and acquired more acres at lower cost and greater benefit"

"This is simply not true. From our very first interaction with the Company, we have cited poor operating performance and poor management credibility as a fundamental driver of poor shareholder returns and low valuation"

"In the course of our investigation, we frequently encountered Mr. Lin Sankuang’s name associated with a variety of ANTA controlled distributors, and were subsequently informed that he is a cousin (表弟) of the Chairman."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"The IFRS deferred tax liability on the balance sheet of Toyota Industries is mechanically overstated by >¥800bn (pro forma as of January 16, 2026) – equating to an excess IFRS book value deduction of ~¥2,700 per share"

"By embracing the proposed actions, PepsiCo possesses a unique opportunity to accelerate revenue and earnings growth and drive a meaningful valuation re-rating, which could deliver more than 50% upside to shareholders."

"Chips are the Wall Street equivalent of a charm or amulet, an object believed to confer extraordinary powers and riches upon whoever possesses it, as well as the ability to cast spells and part fools from their money."

"Twist focuses on the worst, extreme commodity end of the DNA synthesis market; ongoing price war; no one has a differentiated offering; "continue to be a commodity"; Twist's market focus is "not a successful strategy""

"Key competitor sees through Twist's strategy and is waiting them out; thinks Twist will either blow up or only capture the worst customers with "insane prices," given they're "not as reliable," "lower quality," slower"

"Successful execution against this plan will produce a more powerful franchise with higher growth, a more efficient expense base, higher returns on capital, and a market value that is more than double the current price"

"It is critical that P&G dedicate more resources, rather than cut digital spending as it did in Q4 2017, to contemporize marketing. If money in one area is ineffective, it should be reinvested elsewhere to drive growth"

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"The valuation of PF McDonald's suggests a valuation range of $45–$50 per share. Based on the midpoint of the valuation analysis, PF McDonald's could be worth $47.50 per share, a 44% premium over where it trades today."

"We estimate that, assuming management has tolerance for conservative leverage, Amdocs has sufficient debt capacity to grow sales by 2.9% annually over three years via acquisitions even if it records 0% organic growth."

"We observe that a number of cash flow line items which ought to correspond directly to changes in balance sheet line items at times demonstrate inexplicable discrepancies. These discrepancies are at times significant."

"It is possible that management was instead not recognizing revenue appropriately, and building a source of inorganic growth which could gradually be recognized as seemingly organic revenue through subsequent quarters."

"The reality is that today, Southwest needs fresh, proven executive leadership from outside of the Company to restore its once-industry-leading performance and return it to its rightful place atop the airline industry."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"Globant is the highest valued outsourced IT servicing company. Globant is currently priced for perfection and we believe the stock will re-rate when investors come to the realization that its organic growth is slowing"

"The market appears to lack confidence in Disney’s $7.5 billion cost reduction plan; Wall Street consensus estimates for FY 2024 and FY 2025 are now lower than they were when the commitments were made in February 2023."

"Mr. Rasulo is not looking for an executive position in the Company. If elected to the Board, Mr. Rasulo will be solely focused on being an objective, passionate, and aligned representative of shareholders on the Board"

"If the Company had sold midstream before recent market volatility, it could be sitting on net cash proceeds of ~$30 billion (70% current market capitalization) that could be used for debt paydown and stock repurchases"

"Phillips, rather than engaging on solutions to an arcane and disfavored governance structure, has responded with false and misleading claims that a non-binding proposal regarding a non-binding Board policy is illegal."

"Publicly, Kornit has promoted the careful language as warrants vesting based on “payments”. Yet, the fine print of the Warrant Agreement clarifies “gross payments” by Amazon to Kornit. Gross of what – rebates perhaps?"

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"With so little transparency on the paint store business, investors don't know what PPG's returns on capital are. Trian estimates that “Base Case” after-tax returns are likely about triple the company's cost of capital"

"If the Company had sold midstream before recent market volatility, it could be sitting on net cash proceeds of ~$30 billion (70% current market capitalization) that could be used for debt paydown and stock repurchases"

"Phillips, rather than engaging on solutions to an arcane and disfavored governance structure, has responded with false and misleading claims that a non-binding proposal regarding a non-binding Board policy is illegal."

"Citron examined the American Carbon Registry in order to audit these projects listed on Clean Advantage’s website and not one of the projects listed on Clean Advantage’s website exists on the American Carbon Registry."

"Curiously, we see that in the footnote to its financial statements, UEC has been rapidly increasing its estimate for Asset Retirement Obligations from $29 to $89 million within seven months of closing the transaction."

"The market believes in UEC's ability to significantly ramp its production and uranium sales to deliver rapid revenue and EBITDA growth. We believe expectations are simply too high and the valuation premium is extreme."

"Mettler does not report inventory reserves at the parent level to U.S. investors, however, at the international subsidiary level we find disclosures that suggest inventory provisions from 7.7% - 27.9% of stated value."

"Mettler does not report inventory reserves at the parent level to U.S. investors, however, at the international subsidiary level we find disclosures that suggest inventory provisions from 7.7% - 27.9% of stated value."

"Before even mentioning anything about revenue, Porch cited in its SPAC deal press release “$2.2 billion of gross services volumes through its platform” in an attempt, we believe, to puff up its large market relevance."

"Using the Wayback Machine, we can observe just how challenged Porch’s business has become. To illustrate, we look carefully at its advertised partner brands and find an alarming decline in the quality of partnerships."

"In response to management's gilding the lily (to put it mildly) on Site Sharing, we introduce additional evidence that AMT's actual payment for the Company was approximately $250 million less than AMT's accounts show."

"Instead, you should be exploring a sale of Yahoo's core Search and Display advertising businesses ("Core Business") and leave Yahoo's ownership stakes in Alibaba Group and Yahoo Japan in the existing corporate entity."

"The machine’s market size is further limited by its “massive throughput limitation,” which makes it painfully slow versus typical flow cytometers and cell sorters and renders it impractical for widespread application."

"We observe that Stryker has not impaired any of the $221 million of goodwill associated with a product set that it likely knew was experiencing breakage issues, and which it received little to no value from divesting."

"We observed almost no activity, except for an occasional machine being delivered, as it serves only as a storage facility for finished goods inventory, establishing that it Inova is not staffed and is empty of people."

"We and other shareholders would like to see management take a constructive and transparent approach to the return of excess capital and the delivery of the clear strategic and shareholder value benefits of unification"

"Spruce Point believes there are recent and very material fundamental factors that are now becoming headwinds to the Rollins equity story. We don't believe the market "consensus" view incorporates most of these issues."

"Spruce Point believes there are recent and very material fundamental factors that are now becoming headwinds to the Rollins equity story. We don't believe the market "consensus" view incorporates most of these issues."

"BEKE uses many techniques to inflate its store count, including clone stores, in which BEKE sets up multiple stores on its platform with the same or similar name and/or location but a different suffix, such A, B or C."

"We spotted a red flag in Huishan's reported alfalfa production - its alfalfa production per head has decreased precipitously since its IPO, once again supporting our conclusion that Huishan's alfalfa claims are false."

"MGPI has a weak financial profile that cannot fund its own growth. Its cumulative free cash flow since 2012 is just $1.5 million! As a result, MGPI is becoming more dependent on short-term revolving credit borrowings."

"Note that, even as both Verint and NICE increasingly embrace industry-wide technological shifts – specifically, the shift to the cloud – Nice continues to demonstrate a visibly stronger commitment to cloud technology."

"Amcor has had two unresolved material weakness of accounting, disclosure and financial control matters. The Company has not resolved the issue over the course of 18 months. Investors should demand more accountability."

"We look at all different options. We've looked at contributing into the pension plan. We've looked at joint ventures. We've looked at just selling it out right to developers. We've looked at can you sell it to a REIT."

"An anonymous source, who is a disgruntled former employee of Ströer, alleged that Ströer is suing a former senior executive in Turkey for using the OOH ad network to advertise for companies in which he is an investor."

"The market appears to lack confidence in Disney’s $7.5 billion cost reduction plan; Wall Street consensus estimates for FY 2024 and FY 2025 are now lower than they were when the commitments were made in February 2023."

"Vivion has booked €958.4 million of net fair value gains on its properties. Presumably the larger asset base enables Vivion to take on more debt – particularly given that it touts its “Net LTV” of 36.0% as of H1 2022."

"THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"The experience Mr. Barber has bringing new methods and procedures to a new employee base, gaining buy-in and achieving dramatic productivity improvements is directly relevant to the task before us at Norfolk Southern."