Callouts & quotes from 528+ activist slides

"Poor shareholder returns, persistent undervaluation and governance concerns"

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

"The Company is expected to generate worst-in-class returns on R&D and M&A."

"Family Dollar has a strong track record of earning high returns on capital"

"$83mm Total Compensation Paid to NEOs Despite Negative Shareholder Returns"

"Using 12x our 2026E EBITDA estimate returns $16, -77% from current levels."

"The Company is expected to generate worst-in-class returns on R&D and M&A."

"Only 4 of 24 firms showed a net positive return since report publication."

"Nearly all (~97%) book inventory is returnable to the publishers at cost"

"2025 Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return"

"The Company is expected to generate lower returns on R&D already spent."

"3 Year Compound Annual Return: PSH Net of Fees vs. Indices Total Return"

"Darden needs to follow Brinker's asset-light, return-focused philosophy"

"The Company is expected to generate lower returns on R&D already spent."

"ACAS' net return to shareholders has been poor compared to other BDCs"

"A major source of past revenue is unlikely to return to past levels."

"Total return to shareholders including dividends: negative 18%(1)"

"2023 Return: PSH NAV Net of Fees vs. Indices Total Return in USD"

"Approximately $750 million deployed for $28 million in returns"

"Apple has a number of ways it can return cash to shareholders."

"Bottom quartile among peers in returning cash to shareholders"

"Analysts want Hess to return cash and halt failed exploration"

"Valuing pro-forma FCF at 16x, implies a ~90% unlevered return"

"Valuing pro-forma FCF at 16x, implies a ~90% unlevered return"

"PSLP / PSH Net Returns vs. S&P 500 through December 31, 2021"

"Significant opportunity for low-risk, high-return innovation"

"PSLP / PSH Net Returns vs. S&P 500 through December 31, 2020"

"New initiatives have generated minimal-to-negative returns"

"2024 Return: PSH NAV Net of Fees vs. Indices Total Return"

"HASI's Rosie JV Preferred Return Takes Effect in 2035..."

"Correct answer of 2 returned only 59% to 70% of the time"

"Correct answer of 5 returned only about 50% of the time"

"He didn't return to complete his undergraduate degree."

"2021 Return: PSH Net of Fees vs. Indices Total Return"

"2022 Return: PSH Net of Fees vs. Indices Total Return"

"CN's return on equity has fallen significantly"

"Base case within three years is a ~3x return"

"IR Shareholder Returns Outperform The Market"

"Heinz Shareholder Returns Led the Peer Group"

"Heinz Shareholder Returns Led the Peer Group"

"IR Shareholder Returns Outperform The Market"

"IR Shareholder Returns Outperform The Market"

"Heinz Shareholder Returns Led the Peer Group"

"There's no return on investment, zero."

"Median Return Since Offering: (25.7%)"

"Hess's consistently poor returns..."

"Target price $46.00 Return -67%"

"High-risk, low-return"