Callouts & quotes from 26,677+ activist slides

"While we acknowledge that revisions to the PP&E accounts were small, they were not called out or highlighted by Monster, but rather had to be identified by a careful comparison of the 2021 and 2022 10-Ks."

"Because creditors are not entitled to get more than 100% of their claim, valuation will play an important role in determining the extent to which GGP equity holders receive value in the bankruptcy process"

"Not surprisingly, ELF's core customer is women. Based on Similarweb data, we see that 82% of traffic to its website www.elfcosmetics.com are women. The age range skews towards a younger Gen Z demographic."

"The Board and management have failed to optimize Parkland's profitability by allowing its expenses to grow faster than its gross profit from 2019 to 2023, which is the opposite of what peer companies did."

"We could not match Momo's reported performance of Hunan Qindao Culture Spread (Hunan Qindao) with the company's statutory fillings in China in a couple of instances. The differences appear to be material."

"TASK's reported Content Security segment growth rate shows signs of business slowing. This could suggest that Facebook is insourcing some of the work, consolidating, or redistributing it to other vendors."

"Dr Spaide completely discredits the questionable studies of Syfovre in relation to real life practice, but more importantly he ALSO discredits the efficacy of the treatment quoting the classic movie line."

"If we illustratively assume TheFork is sold at 5x CY26E revenue, similar to peer transactions, it would imply Tripadvisor trades at just ~4.5x EBITDA on a pro forma basis, an even larger discount to peers"

"In Potosi, where New Pacific’s mining operations are based, the electoral court building in the region was burned to the ground, giving a sense of how the region had become a literal political tinder box."

"Selling WELL and buying VTR and AHR is not a bet against senior housing. It is a bet against paying a 144% premium for the privilege of funding a compensation plan that may ultimately dilute your returns."

"If GoDaddy executes against a long-term strategy focused on margin expansion, we believe the Company can generate a growth + profitability rate in-line with the broader set of scaled technology companies."

"Spruce Point has identified and alarming pattern of recalls with Mobius Imaging CT X-Ray equipment. The issues are continuing post-acquisition and into 2021. We’ve identified two recent recalls in Canada."

"Whereas Stryker management has long preached about cost optimization, according to a former employee it is really a sales driven organization, and problems of too much inventory were present pre COVID-19."

"Olam is not a child - it is a public company. And we cannot tell it that it just has dare to dream in order to pull off the Gabon fertilizer project when - to our minds - it lacks the capability to do so."

"You don't have to take our word and research at face value that Rollins acquisition opportunities are changing. Consider that Rollins added a new Forward-Looking Statement around its acquisition pipeline."

"Spruce Point has significant concerns about Rollins’ mosquito revenue claims. For 2013, the former CFO claimed revenues were $20 million. Years later in 2018, a chart showed revenues at just $7.9 million."

"ROAD is headquartered in Dothan, Alabama and operates under Wiregrass Construction Company, Inc. In November 2024, Wiregrass was the low bid on only 2 of 14 projects and 3 of 15 projects in December 2024."

"In December, Fairfax Continues its Gonzo Mode by Buying out the Portion of Gulf Insurance it Did Not Already Own at a Very Rich Multiple of ~2.4x Book Value, Taking a ~$300 Million Gain on Existing Shares"

"For these reasons, we believe investors who have spoken to industry participants understandably may have formed an overly positive, uncritical view of the PGNY solution and the Company's growth prospects."

"Ginkgo hypes the number of “collaborations” it has signed – an elaborate word for serving as a contract research organization (CRO) that attempts to engineer strains of yeast to excrete various compounds."

"The launch of Saluda Medical’s “closed loop” spinal cord stimulator – supported by the best pain relief data ever published in the space - is an impending disruptive threat to Nevro within 6 to 12 months."

"We are unable to reconcile certain balance sheet and cash flow statement accounts. The balance sheet accounts show additions that are €24.8 million greater than what the cash flow statement seems to show."

"By adjusting CLEAR's gross margins for labor and transaction fees, we see that its gross margin is 2,430 basis points lower than the promoted margin and 800 basis points lower than the peer group average."

"At a minimum, industry leading FMCG companies should achieve normalized gross margins of over 45%. Currently, we estimate Consumer Products Gross Margins remain below pre-Covid levels and far below peers."

"We doubt BIS has given them any such license considering that if BIS had granted a license we think they would announce it with tremendous fanfare and then talk about it in every subsequent press release."

"If GoDaddy executes against a long-term strategy focused on margin expansion, we believe the Company can generate a growth + profitability rate in-line with the broader set of scaled technology companies."

"Not only is Zillow.com experiencing a decline in site visitors, its key KPI, revenue per visitor, is challenged. We believe this is strong evidence that the market should view Zillow as a mature business."

"We are concerned with the increase in gross profit write-ups from contract estimate revisions in recent quarters and the outsized impacts these management decisions had on the Company’s reported earnings."

"Ownership by insiders decreases nearly every year. With little “at risk” we can understand why management appears, at best sloppy with the numbers, and at worst gaming them to extract unjust compensation."

"Reclassifying hump yards is not enough. Implementing PSR at Norfolk Southern requires a complete network restructuring and overhaul. This makes hands-on PSR experience, dedication and competence critical."

"Mr. Clyburn would be a valuable addition to the Board given his extensive legislative and regulatory experience (with a focus on the railroad industry) stemming from his 30-year career in Washington, D.C."

"By implementing its high operating cost strategy at The Huffington Post, we believe AOL has eroded the business model that made The Huffington Post successful pre-acquisition: low-cost content generation."

"As a result of the mismatch between the high cost structure of the Display businesses and the primarily low-CPM ad sales it generates, we estimate that AOL loses over $500 million in its Display business."

"PSCM affiliates have purchased more than $520 million of PSH shares in the open market since May 2018. This investment demonstrates our confidence in the undervaluation of PSH and its long-term potential."

"The investigator harshly criticized the Soleno trials; implied that all or most patients discontinued Vykat and dropped out of the trial; indicated “massive concern” about cardiac risk and pulmonary edema"

"Nonetheless, despite the imprecise methodology, it would be unusual for the number of case reports to fall sharply in 2021/2022 with patient counts spiking, suggesting the true figure is multiples higher."

"We believe the counterintuitive DSO trend is likely indicative of Procept pushing systems on customers or relaxing payment terms, possibly as an attempt to boost sales to meet Street revenue expectations."

"Therefore, we want to be assured that you are attending to your responsibility to understand what Dr. Kleinfeld actually did, what he intended to do, and to make sure whatever he set in motion is stopped."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"Kim Rivers, and her soon to be husband John Thomas Burnette were the third and first individual mentioned in the subpoena, and both are heavily involved in the network of companies the FBI is going after."

"We identified a profile on Trustpilot for a company named 24yield, which describes itself as “a regulated forex broker committed to providing a secure, transparent, and client-focused trading experience.”"

"Dieses Muster deutet darauf hin, dass Insider mit fortgeschrittenem Wissen über die schlechten Ergebnisse die Aktie am späten Abend des 29. Oktober leerverkauften und am nächsten Morgen aggressiv deckten."

"Comically, the “new” 193nm source in the X9 is as unreliable as its EUV source, as we detail later, illustrating why Lasertec was irrelevant even in the previous DUV era with only a $100-200MM market cap."

"Lasertec’s book-to-bill ratio – the ratio of orders to sales, a common measure in the industry – was regularly above 2 in recent years, hitting a preposterous and unheard of 3, 6, and 16 in some quarters."

"Thus, either ONP is purchasing a line (at far lower capacity than claimed) and misappropriating most of the $26.9 million; or, ONP is not purchasing any line and misappropriating all of the $26.9 million."

"When Nuvei acquired SafeCharge in 2019, by far its largest acquisition for approximately $900 million - which we will explore later in this report - it was blessed by SafeCharge's Chairman Roger Withers."

"A few years later in Texas, a pair of businessmen named John Cooper and Richard Cesario were found guilty of fraud and each sentenced to prison for a “kickback scheme” that defrauded the U.S. government."

"Despite claiming to have high levels of visibility into revenue drivers and trends, Box failed to meet its commitments, but continued to claim that the business was on the right track and executing well."

"If Box’s goal was truly to lower the share count and boost EPS, Box could have replicated the intended impact simply by repurchasing $11-$66 million of stock via the Company’s $600+ million cash balance."

"A major bull case argument for Procept is that inflecting utilization will drive growth in consumable sales. However, we see numerous headwinds to increasing Aquablation (and resective procedure) growth."

"Based on our research we believe there is an opportunity for Tessera to deliver double-digit revenue growth, achieve best-in-class EBITDA margins of 60-70%, and create significant value for shareholders."

"Compared to the investor day guidance from less than 2 years ago, investors are now expecting UNP to grow volumes at only one-third of guided levels and grow revenue at half of guided incremental margins"

"If volume growth accelerates to UNP's potential, we believe investors will reward this higher growth with a valuation more in line with UNP's Canadian peers and other high-quality US industrial companies"

"It is prudent for CTC to reduce its leverage to maintain its current rating. A downgrade would result in a rating on the cusp of non-investment grade (junk) status and potentially higher cost of capital."

"Given the sheer number of red flags, we are not surprised that QS struggles to reliably make small-scale test samples that work, according to ex-employees, much less cells that are commercially relevant."

"We have submitted this proposal to give shareholders the opportunity to stand up for their rights and to communicate to the Board that the time for News Corp’s dual-class share structure has long passed."

"We Assume Even a Modest Push Into Launching OTT Channels (Beyond Noggin Aimed At Pre-schoolers for $5.99 A Month) Will Result in Additional Market Cap for Viacom of At Least $600 Million or $1.50 a Share"

"On the day the patent expires (the “patent cliff”), low-cost, generic products can enter the market. If generics enter, sales of more expensive, previously patented products usually decline substantially"

"The Company has labeled our reasonable request to eliminate gestation crates “completely unfeasible” – but the truth is many leading suppliers have already adapted to be in compliance with Proposition 12"