Callouts & quotes from 528+ activist slides

"Our analysis shows that diversification does not lead to superior risk-adjusted returns for companies like BHP"

"In 2020, PSH returned $367 million of capital through its quarterly dividend and opportunistic share buybacks"

"2020 was an outstanding year for PSH with NAV appreciation of 70.2% and a total shareholder return of 84.8%1"

"Dye & Durham's total shareholder returns have been disappointing over every relevant period, as seen below."

"HMA’s total shareholder return has sharply and consistently lagged other publicly traded hospital companies"

"Something doesn't seem correct here: Cintas produced a 35x cash return on investment and won't explain how."

"At the analyst day in December, the bullish highlight was that bookings growth would return to 30% in 2015."

"Financial regulation and increased competition from shadow banking led to a material reduction in returns"

"Unique culture which is extremely supportive of returning to our roots as a smaller focused organization"

"Unique culture which is extremely supportive of returning to our roots as a smaller focused organization"

"Unique culture which is extremely supportive of returning to our roots as a smaller focused organization"

"The computer returned 5 as the answer to 2 + 3 only about 50% of the time across each of the five runs."

"BHP's total shareholder return has consistently surpassed Rio's since completion of the BHP unification"

"Lowering your cost of capital and increasing your returns on capital grows the value of the enterprise"

"We would review the Company’s investment strategy given the large focus in its lower return business."

"Return control to Vincent Bolloré’s Vivendi, an entity that oversaw massive value destruction at TIM"

"The amount of mercury disposed was caused by the large quantity of product returned from a customer."

"Despite claiming confidence in a return to historical gross margins, Box quickly lowered its target"

"Future capital allocation decisions by the Board and CEO determine returns for current Shareholders"

"A board focused on shareholder returns would not allow undervaluation of this magnitude to persist"

"Consumers are returning to malls as evidenced by positive mall traffic trends year-to-date in 2010"

"The Compensation Committee is clearly not focused on aligning incentives with stockholder returns"

"We believe that a strong push into Europe by Dexcom would be expensive and yield limited returns."

"We believe GE can return more than 40% of its current ~$260bn market cap to shareholders by 2018"

"HMA demonstrated 86% EBITDA growth in the 10 years ending 2012, but <1% total shareholder return"

"Customers returning to Genscript after trying Twist suggest its antibody offering is a disaster"

"Poor Total Shareholder Returns reflect... Poor Operating Results which are a consequence of..."

"Brinker’s focus on operations and shareholder value has led to 550%+ total shareholder return"

"Brinker’s focus on operations and shareholder value has led to 550%+ total shareholder return"

"More effective working capital management could unlock almost $2 bn to return to shareholders"

"ADT should borrow at 3% and invest / re-invest in itself at ~14-21% returns as much as it can"

"Under Dr. Klaus Kleinfeld, Alcoa had among the worst shareholder returns of any U.S. company"

"CP's low profitability and poor asset utilization result in low returns on invested capital"

"We did not have any detractors in 2019. Every portfolio company generated positive returns"

"Given its current $480 million valuation, the returns over that time will be electrifying."

"Lack of a coherent strategy results in assets that do not generate their potential returns"

"FND's sales return allowance declined in 2023, thereby improving net sales by ~$6 million."

"8 Year Compound Annual Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return"

"Box's stockholder returns continued to lag that of its peer group and the broader market."

"Many commentators think that these high rates of return suggest the market is overvalued"

"What is an infinite supply of negative return investment opportunities worth? Not much."

"The Board has already committed to returning 75-100% of free cash flow to shareholders"

"We believe Bristol-Myers can improve returns on R&D through more external partnerships"

"HMA returned <1% total shareholder value from 2003 to 2012 – making it a “Lost Decade”"

"Returning capital and addressing operational challenges would yield significant return"

"If a company cannot find these opportunities, it must return capital to shareholders."

"Phillips 66 Annual Report tells a different story about relative shareholder returns"

"Buffalo Wild Wings senior management is taking the company down a path of no return."

"Phillips 66 Annual Report tells a different story about relative shareholder returns"

"Box would have to have annual returns of ~35% for the KKR Financing to be accretive"

"ADP’s total shareholder return is in-line with Paychex but trails Ultimate Software"

"Since Hess has paid limited dividends, exclusion of dividends distorts peer returns"

"We object to oil fracking because the investment can contaminate portfolio returns."

"The GSEs' guarantee business has recently returned to a high level of profitability"

"5 Year Compound Annual Return: PSH NAV Net of Fees vs. Indices Total Return in USD"

"BWLD should cease investing in high risk initiatives that have earned low returns"

"NEOs Have Been Paid $1 Billion Despite Total Shareholder Return Underperformance"

"NEOs Have Been Paid $1 Billion Despite Total Shareholder Return Underperformance"

"Pershing Square, L.P. Net Returns vs. S&P 500 (1/1/2004 through 12/31/2017)(1)"

"Management’s best investments = 4.3% return on incremental invested capital"