Callouts & quotes from 26,677+ activist slides

"At about $0.50/mile, the entire addressable market for autonomous trucking in a hub-and-spoke system is somewhere between $8-13 billion, which is less than Aurora's current market capitalization of $13 billion."

"If GoDaddy can improve its growth + profitability rate to 40%, GoDaddy should trade more in-line with other predictable, recurring technology businesses that have strong leadership positions in growing markets."

"we believe that the evidence already known to the public may itself both suggest, and justify, that terminating or renegotiating the acquisition is in your best interest as a fiduciary for public pension funds."

"Our conversations with a selling shareholder and a former AMT employee involved in the transaction confirm that AMT paid the selling shareholders approximately $300 million, and not the $585 million AMT claims."

"Instrument often fails, including with standard assays that "just flat out didn't work"; incorrect signals; "confounded the algorithm"; numerous problems with mysterious causes; every run has something crop up."

"Lasertec is an extreme, textbook accounting fraud that checks off every box: claiming to have the highest margins in the industry; but alarmingly little cash flow and the lowest cash conversion among its peers."

"Assuming that Olam requires a minimum of S$100 million in cash on hand to continue operating, we believe that Olam may have to raise or refinance S$4.6 billion in debt in the next twelve months to stay solvent."

"We recommend that investors disregard S$94.5 million (26%) of profit after taxes for the 2010 financial year (and associated shareholders’ equity) because it resulted from highly questionable negative goodwill."

"Therefore, either DLO's disclosures are inadequate (i.e., more detail is needed to disaggregate merchant account balances from those of DLO), inaccurate, or DLO likely used client funds for its 2020 cash needs."

"BMC management repeats the same old story year after year, with no demonstrable progress, whether it's extolling the benefits of separating ESM and MSM, or repeating the benefits of investing in its sales force"

"Shareholders should be asking whether a board truly interested in good governance would spend more time attacking practical ideas to achieving de-staggering than actually finding solutions to achieve this goal."

"SCT Leisure owns c.$1.3bn worth land in the region surrounding Everland (in-use + undeveloped), c. 4x the Leisure business's estimated intrinsic value (not currently included in our intrinsic value calculation)"

"Our range of estimates assumes that female utilization could decrease to 0.98% vs. the 1.02% female utilization we estimate for FY22. Each 0.01% of utilization decline equates to approximately $10M of revenues."

"Pershing has improved its initial Transaction to address issues raised by the Company. Today, we are presenting this revised Transaction to the Company, its shareholders, and members of the investment community"

"Astra has never generated any revenue and has no track record of reliability – to date, just one of seven of Astra's attempted rocket launches has reached orbit, and that was after a series of notable failures."

"Since the most recent acquisition of Fleet closed in 2017 PBH’s share price has underperformed. We believe PBH will continue to underperform as headwinds result in negative organic growth and declining margins."

"It is also worth noting that, when KANA traded publicly in the mid-2000s, the company disclosed a number of material weaknesses related to its financial reporting, and was subsequently delisted from the NASDAQ."

"Amcor's projected synergies as a percentage of pro forma sales and EBITDA are the highest relative to recent paper and packaging transactions over $1 billion, and significantly higher than the peer set average."

"scil revenue declined at a -1% CAGR from 2014 to 2019 during its ownership by Henry Schein and Covetrus. Moreover, the business only grew 1% in 2020 despite the supposed trend toward Covid-driven pet ownership."

"If GoDaddy can improve its growth + profitability rate to 40%, GoDaddy should trade more in-line with other predictable, recurring technology businesses that have strong leadership positions in growing markets."

"2.5% of equity capital, or ~$170 billion, to support ~$6.7 trillion of single-family guarantees would provide the GSEs with a fortress balance sheet with more than 5.5 times as much capital as historical levels"

"Unsurprisingly, OPO's and centers are flocking to NRP, either training their own staff or contracting with inexpensive, third-party NRP perfusion services which are proliferating – and marketing via Google ads."

"Indicated lack of interest in Vykat at a recent, internal Journal Club meeting to review the phase 3 paper with “20 doctors that were in the room” – “people are a little hesitant when they hear the cost of it.”"

"Close observation of the chart indicates the claim is dubious. As an initial red flag, the mean hbA1c at week 13 – the end of the Phase 3 double-blind portion – is shown only as pooled average mixed population."

"The medical director stated that directors at Blue Cross affiliates around the country are in close touch, and that a domino effect would occur once of them forced usage of regular diazoxide suspension instead."

"The sequence of events suggests a potential attempt to conceal the severity of the event, as the initial adverse event report by the physician and company did not appear to mention the patient was hospitalized."

"We want to point out QTT's biggest lies, as well its key omissions and non-responses to many of our most important points because, as a long-held maxim of common law says, silence is a tacit admission of guilt."

"Если у сопровождающих есть какой-либо документ о том, что они несут ответственность за детей — будут выданы документы, с подписью и мокрой печатью от глав ЛНР и ДНР о направлении детей республик на усыновления."

"A CAD schematic and actual photograph of the Ushio EUV light source that powers Lasertec’s tool illustrates its electrical/mechanical complexity and its vulnerability to clouds of molten tin, gas, and splatter."

"The papers provide representative images of what molten tin splatter and debris looks like when it coats, contaminates, and damages the numerous mirrors and optics inside Lasertec’s EUV mask inspection machine."

"Head of Intel’s EUV mask shop was allegedly so angry with the Lasertec tool and it’s low uptime that he was banned from attending meetings “for blowing up on people”; “definitely a lot of frustration around it”"

"On average, Kalshi generated $277 million of handle per week in the first four weeks of the 2025 NFL season. This represents ~30% of the weekly NFL handle that the OSB operators generated during Sept.-Dec. ‘24."

"Rarely has Spruce Point witnessed such competitive intensity among peers. Wise has launched a social media campaign and provided tools on its website to allow potential customers to compare value propositions."

"Warning: Why Are Charges From 2015/16 Restructuring Programs Suddenly Ignored? Per the 2015 10-K: Charges From 2015/16 Were Expected “To Continue Through 2016 and be substantially complete by 2016” – Not 2018!"

"GFL's capex listed through the cash flow statement does not reconcile with capex additions through the PP&E accounts. As a result, we believe capex is being capitalized on the balance sheet by at least C$41.1m"

"The other key members of ABML management have yet to commit their full time to the Company. Given ABML's ambitious (to say the least) operating plans, we find the lack of dedicated effort an enormous red flag."

"The invigoration of both investors and companies as a result of the Stewardship and Corporate Governance Code will make the Japanese market one of the best places in the world to be a long-term equity investor"

"The internet is international. So with this digital business model we must quickly and rigorously tear down the boundaries in our heads and in geographical movement. I don't see that at the moment. Am I wrong?"

"Indeed, it would have been wrong if we had done it. But we would not do that of course. I may remind you again that 80% or our assets are part of Ströer. It would be kind of insane to impair 80% of our assets."

"The majority of Keisei’s incumbent Board are insiders, led by a tenured President, Toshiya Kobayashi. Within the outside director cohort, both ISS and Glass Lewis have flagged significant independence concerns"

"The Delaware courts are clear that controlling stockholder transactions must be reviewed under the stringent entire fairness standard, not business judgment, unless certain procedural safeguards are satisfied."

"Goodyear continues to win electric vehicle (EV) fitments at a higher rate than on traditional ICE vehicles (approximately 60% win-rate on EVs), which should result in outsized growth as EV adoption accelerates"

"We enlarged the QS fast charge curve (blue) and the lithium ion one (gray) – blue QS data points are perfectly, evenly spaced which suggests they are fabricated, while gray data points appear to be actual data"

"Question: Why does the Services Agreement contemplate a 1.5% advisory fee rather than paying the new management team with a more typical cash and stock compensation construct used by most operating businesses?"

"Assuming Valeant de-levers and maintains 3.5 turns of leverage, allocates free cash flow to acquisitions, and grows at a rate reflective of the strength of its franchises, the stock is tremendously undervalued"

"At best, we suspect that IonQ concocted an exterior shell for photo ops, to conceal the delicate and crude interior, after these employees left, as the photo first appeared on their site right before the SPAC."

"Every ex-employee and leading expert we interviewed slammed the benchmarks as rubbish and “hype” - “contrived” self-serving exercises based on “mock problems” or “a toy problem” that “has no real application.”"

"Singleton was an iconoclast and the idiosyncratic path he chose to follow caused much comment and consternation on Wall Street and in the business press. It turned out that he was right to ignore the skeptics."

"Our independent and highly qualified nominees have the right skills and experience to help the Board hold McDonald's accountable and establish realistic targets, verify progress and meet stated ESG commitments"

"Our independent and highly qualified nominees have the right skills and experience to help the Board hold McDonald's accountable and establish realistic targets, verify progress and meet stated ESG commitments"

"We believe Ms. Penrose's disappointing record as Chair of the SCR Committee and lack of relevant animal welfare, supply chain and labor practices expertise warrant her removal from the Board and SCR Committee."

"Arconic management traded legal claims belonging to the Company and its shareholders in exchange for a voting lock-up agreement personally benefiting themselves. What does that say about "the tone at the top"?"

"If VRX is able to continue its historic success allocating capital, Valeant’s stock today is worth $330+ per share excluding substantial pipeline upside or the potential for a large, transformative acquisition"

"Skechers' advertising campaigns rely heavily on retired or past-their-prime sports or entertainment personalities. However, we believe these efforts do little to generate brand appeal in international markets."

"Spruce Point finds that companies claiming superior margins that poorly plan and execute against capex projections have underlying problems or poor visibility, which ultimately lead to earnings disappointment."

"Our definition represents the true economic performance of the property base and therefore does not ignore vacancies. The magnitude of the overstatement is 2% which is the difference between growth vs. decline"

"We believe Samsara is trying to give the impression that its facility visibility solutions are growing rapidly, when in fact the "non-vehicle" ARR growth is simply coming from other fleet-related applications."

"Three key directors of C3, with otherwise impressive credentials, fail to disclose their corporate director roles at companies that went through accounting scandals and/or were alleged to have committed fraud."

"Fixing Phillips 66's broken corporate governance and culture of hostility toward shareholders who advocate for needed changes is a critical element of setting it on a path to a dramatically higher stock price."

"HIMS came up woefully short of its goal of 100% of fulfillment through affiliated pharmacies by year-end 2022. As of Q1 2023, over 60% of orders were fulfilled in-house, with the goal of 80%+ by year end 2023."