Callouts & quotes from 26,677+ activist slides

"Leadership cannot hide behind recent defensive maneuvers and the veil of improved governance. Elanco needs Board and management changes to ensure accountability and deliver a long-term, multi-year turnaround."

"The latest in Elliott Investment Management’s efforts to help streamline Phillips 66 and enhance shareholder value, featuring conversations with industry experts and Elliott’s exceptional director candidates."

"Much of that spending was funneled into technology that would help districts manage the transition to a virtual learning environment. Many districts saw unprecedented increases in technology-related spending."

"We have assembled a team of extremely talented restaurant operators, turnaround specialists, real estate experts, and corporate governance veterans who are ready, willing, and able to tackle each opportunity."

"Darden’s massive scale, high AUV, and 100% company-operated store base should make Darden the leader in all revenue per employee categories – we believe the only reason it is not is poor corporate discipline."

"The takeaway from stock action and, in our opinion, sentiment since 12/20/13 is the stock rallies when there is movement toward replacing management and sells off when management publicly digs their heels in."

"The result has been extreme shareholder value destruction and sustained share price underperformance versus peers - despite Avantor having a higher mix of recurring revenue and defensive consumables exposure."

"We believe that, by surveying only high-volume users, our analysis captures the behavior and sentiment of dental practitioners whose buying patterns will be most material to Align's performance going forward."

"We believe that, by surveying only high-volume users, our analysis captures the behavior and sentiment of dental practitioners whose buying patterns will be most material to Align's performance going forward."

"We believe Arconic management thinks the key to shareholders’ hearts is by returning capital. They do not understand investors. The issue is not the amount of capital invested but the returns on that capital."

"While Martin Franklin and other intelligent capital allocators have created tremendous value through platforms, there are many examples of acquisition-intensive companies that have destroyed shareholder value"

"Official AMR Brazil import records suggest $95 - $99 million of Brazilian revenue. The Company is claiming significantly more revenue, even inclusive of freight revenue which it does not break out by country."

"Spruce Point finds that AMR's CCO Horn has also engaged in undisclosed stock sales contrary to SEC guidelines which mandate that a Form 4 must be filed with two business days following an insider transaction."

"To the extent our concerns about CCT operations necessitate a re-shoring to comply with government regulations, or even customer preferences, it would represent another profitability headwind for the Company."

"iRhythm's practice of slowly leaking out increasingly serious regulatory sanctions resulted in a gradual crescendo of bad news that we believe was orchestrated to soften the blow on the Company's stock price."

"D&D is currently trading at a significant discount to its peers, based on FY2024 consensus EBITDA estimates. Illustratively, at the peer median of 19.2x EV / FY2024 EBITDA, D&D would trade at $71.54 per share"

"At the beginning of 2009, Bon-Ton was perceived to be on the verge of bankruptcy. Today, it’s stock has increased more than 10 times. In November, it secured a 3.5 year extension on its $750mm credit facility"

"While management has been dismissive of this threat, we believe P&G must go on the offensive with digital capabilities to stay ahead of these small but growing brands – especially in categories at higher risk"

"The latest in Elliott Investment Management's efforts to help streamline Phillips 66 and enhance shareholder value, featuring conversations with industry experts and Elliott's exceptional director candidates."

"The latest in Elliott Investment Management’s efforts to help streamline Phillips 66 and enhance shareholder value, featuring conversations with industry experts and Elliott’s exceptional director candidates."

"The latest in Elliott Investment Management's efforts to help streamline Phillips 66 and enhance shareholder value, featuring conversations with industry experts and Elliott's exceptional director candidates."

"Trian believes GE could be worth approximately $40 to $45 of implied value per share by the end of 2017 and will seek to work collaboratively with GE’s management to help positively influence corporate events"

"It is a common tactic in China Fraud to use villagers as fake shareholders – sometimes they are paid small sums for their cooperation, other times their identities are used without their knowledge or consent."

"If any of the three assumptions listed above is not successfully realized, even if the remaining assumptions are achieved, Bristol-Myers shareholders could lose substantial value from the Celgene acquisition."

"When we adjust for Amdocs' questionable one-off tax benefits, the Company's effective tax rate grows from its observed level of ~15% to a more realistic ~26%. EPS falls by ~15% after we apply our adjustments."

"From local filings, we see that its EBITDA margin has fallen sharply over the past three years from 7.8% to 3.9% (Adj EBITDA from 8.2% to 6.0%), while operating cash flow amounted to just A$3 million in 2022."

"GCP has owned Verifi for almost a decade, but still describes it as a new technology with a ~$1 billion market opportunity. So far, GCP has not disclosed how much revenue or profit loss the business generates"

"Taking the inverse of this metric implies that State Street’s Investment Servicing segment’s costs exceeded its servicing fees by 40% compared to only 22% at Bank of New York Mellon’s Asset Servicing division"

"We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes all information required under the Securities Exchange Act of 1934."

"We also find it concerning that Disney's culture seemingly rewards executives and directors for avoiding conflict and punishes those who respectfully challenge the assumptions of leaders – even when justified"

"In a meeting with Elliott, Phillips management openly acknowledged that Phillips 66's value proposition fails to resonate with either refining or midstream investors—the very core audiences for this business."

"Our research has revealed that there is very little benefit to the conglomerate structure at Phillips 66 and no material reason that the midstream and/or chemicals businesses can't be separated from refining."

"Publishing as a stand-alone company, given its premier franchise and leading position, is assumed to trade, on a fully distributed basis, at a 9.5x - 11.0x 2006E OIBDA multiple as illustrated in Exhibit 4.68."

"The DCF Analysis, assuming a terminal exit multiple of 9.5x - 11.0x trailing 2010E OIBDA, generates an enterprise value range of $12.7 - $15.4 billion which translates in a 1.8% - 4.4% perpetuity growth rate."

"Although PeptiDream has the technology to synthesize trillions of different peptides, experience has shown that the size of the library is not the key factor in developing commercially viable pharmaceuticals."

"In a follow-up survey this March, a senior industry consultant remarked that not picking Peanut Butter as a supplier, given their recent track record of delivery, might be dangerous from a career perspective."

"In 2019, the FTC charged long-time MLM AdvoCare with operating as a pyramid scheme. Its leaders were banned from operating an MLM in the future and were forced to refund $150 million back to its distributors."

"it does represent the key components of the market (largest and most direct competitors) with data contributed from the most significant market participants. McGraw-Hill adoptions share per Q4 earnings calls."

"In a meeting with Elliott, Phillips management openly acknowledged that Phillips 66’s value proposition fails to resonate with either refining or midstream investors—the very core audiences for this business."

"Over a more relevant five-year time horizon, Phillips 66 has underperformed both refining and midstream peers, with the underperformance especially stark after adjusting for midstream's lower cost of capital."

"Our research has revealed that there is very little benefit to the conglomerate structure at Phillips 66 and no material reason that the midstream and/or chemicals businesses can't be separated from refining."

"It’s time for some fresh outside eyes and thinking at the Company from someone who isn’t looking to squander corporate assets on share buybacks at rich multiples, so that he can sell stock at inflated values."

"SGHC has a complex corporate structure with subsidiaries in jurisdictions that Transparency.org ranks low such as Paraguay and Cameroon, and in notorious tax havens like Alderney, Malta, Guernsey, and Cyprus."

"SGHC's FY24 Form 20-F identifies Raging River Trading Proprietary Limited (“Raging River”) as a “principal subsidiary” and represents that the Company owns 100% of its equity interest as of December 31, 2024."

"Spruce Point observes that Forescout appears to have experienced higher-than-average employee departures of late, particularly among its sales staff – confirming employee anecdotes that we’ve heard elsewhere."

"Stryker continued making bold claims in 2018 about its "commitment" to the ERP saying "we're not going to stop" and that consolidating systems to 1 ERP was important for the businesses to continue to perform."

"Still, Core management knows a sexy number when it sees one, so in Core's last earnings release, the company trumpeted its 32% sequential growth in the U.S. land portion of its Production Enhancement segment."

"What Carvana needs and its stock price implicitly discounts, is not only profitability enhancements which we believe are running out of steam, but acceleration of volume far in excess of "slight" unit growth."

"The strategic imperative of WFE self-sufficiency (ie, sourcing chipmaking equipment from domestic rather than foreign suppliers) ensures that ACMR will continue to take share from U.S. and Japanese suppliers."

"Investors should be cautioned that Weis is on its third auditor in the last four years. It also appears unusual to us that E&Y has served as its auditor twice, with the first time declining to be reappointed."

"There is clear evidence that REZI has fewer engineers and fewer patents and patent pending applications since the spin-off. We believe this is a troubling development for a Company named Resideo Technologies."

"Allonnia needs no further elaboration on its self-evident role as a front, given that it has almost no employees yet Ginkgo still reported a preposterous $38MM of deferred revenue and $5MM of revenue from it."

"An investment in PSH will entail substantial risks, including, but not limited to, those listed below, and a prospective investor should carefully consider the following summary of certain risk factors below."

"Management has historically been compensated on higher EBITDAP figures than reported to investors, and the proxy statement doesn't provide detailed calculations allowing investors to reconcile the difference."

"In our opinion, analysts incorrectly believe Aerojet is cheap by comparing it with overvalued “small cap” A&D peers, none of which even compete within its rocket propulsion or missile defense market segments."

"If his description of reps' role before, during, and after the implant is even half accurate, we believe Nevro is one internal whistleblower or inquisitive DOJ attorney away from its business model imploding."

"The accounts receivable balance has been declining year-over-year for eight of the last nine quarters. In contrast, revenue has been increasing year-over-year in every quarter, but at a declining growth rate."

"Most concerning, President Hasebe's position on the Compensation Advisory Committee creates a clear conflict of interest in the setting and oversight of long-term incentives critical to driving Kao's revival."

"We also find it concerning that Disney’s culture seemingly rewards executives and directors for avoiding conflict and punishes those who respectfully challenge the assumptions of leaders – even when justified"

"A large portion of the credit losses in the GSEs’ guarantee business during the financial crisis resulted from the small portion of subprime and Alt-A loans in their portfolios, which they no longer guarantee"