Callouts & quotes from 26,677+ activist slides

"WCT Resources is just one of several entities controlled by members of the Ward family which appear to be active participants in the purchase and sale of land and mineral rights in the Mississippian"

"At last year's analyst day, management guided to $3.40 of EPS in 2015, driven by a 4% average growth rate in same-store sales, a 10% EBIT margin, and an $18bn share repurchase program (2011 to 2015)"

"AMT pulls the wool over investors' eyes by operating a de facto lending business overseas, often entering into transactions where it will overpay for towers in exchange for carriers overpaying rent."

"Given our observations and concerns about revenue reporting and quality, we observe that DY has been increasing its audit-related fees for audit review and internal control over financial reporting."

"We note that distributor acquisitions are a common signal of managerial aggressiveness in the face of financial strain, and a sign that management may be looking to paper over underlying weaknesses."

"As has been historically demonstrated, installing experienced operational leadership across the railroad industry has consistently and dramatically improved outcomes – it will be no different at UNP"

"If losses accelerate from increasing capacity through increased capital spending with no revenues, at 0.5x to 1.0x tangible book value, IPX's share price could see 70% – 95% potential downside risk."

"To believe Quantumscape’s timeline and financial projections, one has to assume that this “Nobel Prize-winning work” has already been done and that giant solid-state factories are around the corner."

"The transaction appears to be another de facto lending transaction, making AMT management’s pronouncements about growth potential misleading because additional tenants will not move the needle much."

"As of June 2017, Mr. Rehbeli, a Manulife expert witness, estimated that a $100 million deposit into the Carrier Fund would cause “an immediate reported loss to the insurer in excess of $45 million.”"

"Based on our reading of the contract and basic principles of contract interpretation, we believe that Mosten's first claim has merit and potentially exposes Manulife to a significant amount of risk."

"In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail on the following page"

"Management touts the international expansion potential as a significant portion of its growth opportunity, yet the international business hasn’t grown as a percentage of revenue since at least 2019."

"Spruce Point observes that Evoqua changed how it discussed gross margin post-IPO. At first, it gave a more detailed discussion about factors that drove costs, including the impact from acquisitions."

"We strongly believe our slate, with its legal technology and operating software expertise and experience running successful CEO searches, is best placed to hire, guide and oversee a world-class CEO."

"Our director candidates are committed to improving corporate governance and instilling a culture of trust and transparency between senior management and shareholders, by taking actions that include:"

"We strongly believe our slate, with its legal technology and operating software expertise and experience running successful CEO searches, is best placed to hire, guide and oversee a world-class CEO."

"The unfortunate implication for investors is that while AtriCure's core business has grown at a double-digit rate for over a decade, that growth will come to a screeching halt in the very near term."

"the things that we had to do in those days with respect to taking a deep dive and looking really critically at aspects of our business, I think are very much what needs to happen today at Southwest."

"Prisoners allegedly make 10-50 cents an hour, working for a “state-owned company called Arizona Correctional Industries” that “sells prisoners to private companies that want cheap or captive labor.”"

"Yet in 2010, Zolty was identified by name as “the primary source of the nominee entities and false documents” by U.S. federal attorney Wifredo Ferrer during a criminal trial for massive tax evasion."

"Muddy Waters caught DGW red handed (and hopefully red faced, but we doubt that Chairman Guo really cares). It replaced the genuine 2009 audit report in its SAIC file with a forged 2009 audit report."

"The survey found that investors rank Phillips 66 last among its peers on operational execution, CEO effectiveness, capital-allocation strategy and overall delivery against its value-creation agenda."

"The survey found that investors rank Phillips 66 last among its peers on operational execution, CEO effectiveness, capital-allocation strategy and overall delivery against its value-creation agenda."

"Since the Board announced its intended promotion of Mr. Shaw to CEO, Norfolk Southern has only changed for the worse and shareholders have only suffered, as evidenced by an objective review of data."

"NQ reported accounts receivable from YDT of $9.3 million as of FY 2012, but YDT’s financials show total accounts payable of $3.7 million, once again showing the fraudulent nature of NQ’s financials."

"Otherwise, in our opinion, the supervisory board commits a breach of duty of care for which its members are liable to the company pursuant to Sections 116 and 93 of the German Stock Corporation Act."

"[T]he HKMA might choose a hot and boring Friday afternoon in mid-summer, when most fund managers and top government officials had gone vacationing, and announce the floating of the Hong Kong dollar."

"The sole thematic ETF dedicated to tracking the biggest IoT players does not even have Samsara as a top 10 holding despite its $15 billion market cap and pure play exposure to industry fundamentals."

"The CGEN transaction provides insight to FMCN's standard operating procedures. First, massively overpay for the business. Next, crash the business. Finally, divest the business for no consideration."

"Under the failed oversight of the Board’s ESG Committee, Huntsman has reactively made a carbon neutral pledge and an unfulfilled promise of TCFD reporting in order to appease institutional investors"

"TWX, by any measure, is undervalued. There appears to be a significant valuation gap between the current stock price of TWX and the estimated intrinsic value of the underlying assets of the Company."

"The following is a summary of analyst valuations for the AOL business. Analysts assign valuations ranging from $13.7 - $21.7 billion, or $13.5 - $21.5 billion after the impact of corporate expenses."

"Four of the agencies our consultant interviewed gave the unsolicited opinion that Momo has a reputation as a (sex) cam site. We believe that this has directly contributed to Momo's advertising woes."

"We have to. This is just the same as Taobao fake sales. Everyone does it. Each month about 10-20% of our revenue is us spending money on broadcasters. We share the loss equally with the broadcaster."

"YOUR ATTENTION IS DRAWN TO THE IMPORTANT INFORMATION SET OUT ON THE FOLLOWING SLIDE. BY READING ANY PART OF THIS PRESENTATION, YOU ARE DEEMED TO HAVE READ, UNDERSTOOD AND AGREED TO SUCH INFORMATION."

"We note that Internal Revenue Code §6713 imposes a civil penalty on any tax preparer who uses tax return information for "any purpose other than to prepare, or assist in preparing, any such return.""

"Consider that over the past decade, Phillips 66 shares have managed to underperform Valero Energy ("Valero") and Marathon Petroleum ("Marathon"), its closest peers, by -138% and -188%, respectively."

"We estimate that the GSEs’ minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans"

"Shareholders expect the Board to expedite the sale process and capitalize on expressions of interest – especially since Forward Air already has multiple private equity firms in its shareholder base."

"A newly refreshed Board with the experience we envision will be far better equipped to maximize value for Parkland’s shareholders and close the meaningful valuation discount that continues to exist."

"Fleecing Customers And IPO Bagholders With A $2 Million Black Box That’s A Clunker, While Insiders and Silicon Valley Bigwigs Race To Dump Stock. Just Another VC Pump at 27X Sales. Target Price: $0."

"We find it difficult to believe that the accounting team could overlook $19.7 million in cash and payments collected from customers, and at the same time also forget about an equal amount of assets."

"Other major tenants are mostly regional discretionary retailers, including several 2005-2007 vintage LBOs. Some tenants have already filed Chapter 11 and we believe many could be forced to liquidate"

"We find that its prices are on average 15%-20% higher. Weis' prices decreased 8% relative to peers between mid-year 2017 and 2018. As a result, we expect Weis' gross margins to be pressured in 2018."

"While Bunge may consider this a strong track record, we characterize it as a disappointing track record. Perhaps, the “mid-cycle” that Bunge refers to has just changed and become structurally lower."

"Prestige Brand's current CFO was the former CFO of Boulder Brands, another consumer product focused roll-up touting growth, but ultimately collapsed upon disappointment and an unexpected impairment."

"Through our conversations with fire inspection industry professionals, we believe there are four very large challenges facing Cintas that will impede its growth and profit potential in the industry."

"HMG has failed to make meaningful progress in governance standards which would be in keeping with its status as a leading global automotive brand and the HMG Restructuring Plan is a reminder of this"

"CEO Gus Kelly runs the business in a disciplined, shareholder-friendly way. Within the leasing industry, AerCap stands out for its record of excellent risk-adjusted returns and opportunistic growth."

"Based on the highly cash-generative nature of HHH’s real estate assets, we expect that HHH will redeem PSH’s preferred stock and increase its economic ownership of Vantage to 100% within three years"

"We estimate that the company will fall short of 2022E revenue and EBITDA by 35%, while we estimate that Levered Free Cash Flow in 2022E will be $74.3 million, or 80% lower than what forecasts imply."

"Heart trouble, brain trouble, skin trouble, diabetes, cancer, hemophilia, certain eye diseases, some infectious diseases, various gynecological conditions, erectile dysfunction, or all of the above."

"We estimate that the GSEs’ minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans"

"Given her involvement in a prior breakdown of financial governance, her appointment as Limbach's audit chair raises questions about whether similar lapses in judgment or oversight could occur again."

"Spruce Point typically finds that public companies with an attractive story try to build research analyst coverage over time. Instead, Nova has shrinking coverage with three firms dropping coverage."

"Ex-employees who traveled and worked with TransMedics NOP surgeons in the operating room during organ recoveries provided particularly devastating color about the level of incompetence and mistakes."

"IMPORTANTLY, this does not mean AOL should not own content, but rather that choosing to own content is an independent decision from Search and needs to have a path to profitability in its own right."

"Federal reports detailed a "culture of concealment" at Boeing fostered under Muilenburg's leadership and that "the desire to meet goals and expectations jeopardized the safety of the flying public"."

"The prevalence of edema appears to increase the longer that Vykat is used, with no apparent plateau – indicating that a tipping point is eventually reached whether discontinuation or a safety event."