Callouts & quotes from 26,677+ activist slides

"When we count the number of cases by the actual date of the event, a different picture emerges: a spike in 2019 and 2020 in the first year after FDA approval, and then a sharp fall in 2021 and 2022."

"The omission of pharmacokinetic tables is a striking red flag – and the paper used a crude trick by saying “greater than” versus stating how high the levels spiked, much less showing a distribution."

"On average the other websites and their corresponding companies that have comparable traffic rankings are valued at 0.81 billion USD. However, Ganji is valued at 2.8 Billion, that is over 240% more!"

"After all, isn’t the point of artificial intelligence to reduce human workload? INOD only generates $18.8k in annual revenue per an employee—a number we believe is exceedingly low for an AI company."

"We see a pattern of Brent Willis getting involved in the latest hot business ventures that seem to sell on Wall Street (E-Cigarettes, CBD Drinks) that temporarily reach a high market capitalization."

"We see a pattern of Brent Willis getting involved in the latest hot business ventures that seem to sell on Wall Street (E-Cigarettes, CBD Drinks) that temporarily reach a high market capitalization."

"Factoring in this real cash expense, we calculate CTO's industry standard AFFO would have been $29.9 million, leaving a $10 million shortfall after paying common shareholders their dividend in 2024."

"Despite management’s rhetoric, we believe Disney has never thoroughly reviewed its cost structure, as evidenced by the fact that over the last three years costs have outpaced sales growth by ~400bps"

"The problem mainly afflicts the laser-assisted discharge-produced-plasma (LDP) approach employed by Lasertec, in contrast to ASML’s laser-produced plasma (LPP) where the plasma is better controlled."

"Legacy DUV sales will not save Lasertec from its EUV failure, as TSMC indicated that at most they may purchase 15 Lasertec DUV tools in coming years versus 10 of MATRICS X8 that they have currently."

"Relative to other companies Spruce Point has evaluated, AVY pays a significant amount of fees to its auditor for “Tax compliance and planning” purposes. Avery is spending more each successive year."

"Avery's Proxy Statements are incomplete and inaccurate as it relates to Mr. Barker. He has been a Director at UK Listed Riverstone Energy Ltd. (LSE: RSE) since 2013. Why hasn't this been disclosed?"

"Based on our application of a generous 1.5x - 2.0x 2022E revenue multiple, we estimate a price target of $4.40 – $6.05 per share price target for FIGS, representing 45% - 60% downside from current."

"From its high of $82 in January 2014, Herbalife's stock price declined 52% in 2014 due to, among other things, regulatory investigations, public scrutiny, deterioration of the business and earnings"

"Outside of Michael Maroone, an experienced auto dealer executive with companies including AutoNation, no member of the Board of Directors is both independent and deeply experienced in the industry."

"From its high of $82 in January 2014, Herbalife's stock price declined 52% in 2014 due to, among other things, regulatory investigations, public scrutiny, deterioration of the business and earnings"

"Even if Tessera were to achieve their current cost reduction targets in DOC, we estimate that DOC would still generate segment operating losses of $95 million in 2013, including corporate overhead."

"Muddy Waters determined that Ströer - against the backdrop of the bankruptcy of Evolution and the sale of three major companies of Ballroom in Poland and Turkey... should write off the acquisition."

"We invested in Mellanox because we believe the Company is deeply undervalued and there are significant opportunities to create value based on actions within the control of management and the Board."

"We cannot reconcile the Company's acreage claims from the 2025 public records in Henry and Carroll counties of Tennessee. We also checked nearby counties but could not identify the missing acreage."

"IPX’s valuation is $1.2 billion and the Company still has not identified any off-take agreements for the Titan Project and is reliant on a narrow set of customers with limited purchase obligations."

"CCME had to fabricate the previously discussed Shanghai Ba Shi license plates because CCME does not actually have a relationship with its largest purported inter-city bus operator, Shanghai Ba Shi."

"Only ~7% of Valeant's revenue (~1/2 of the total patent cliff revenue) will face new generic competition by 2016, and thereafter a relatively small percentage of the business is at risk in any year"

"Our extrapolations are primarily from these 37 loans, but through identifying three non-CLO loans, we have also gotten a window into non-U.S. loans, construction loans, and other parts of the book."

"In a new survey of institutional investors, Phillips 66 (NYSE: PSX) ranked last among its peers in operational execution, capital-allocation strategy and delivery against its value-creation agenda."

"In late 2013, management sold the bulk of its higher-cost West Virginia coal assets to Murray Energy for $3.5 billion, leaving it with low-cost, modernized, non-union mines, mostly in Pennsylvania."

"To illustrate the potential for cost improvement at GRP, based on a bottoms-up analysis, we analyzed GRP's 2015 mix and cost position relative to peers. The opportunity for improvement was enormous"

"Gift contributions from Orange Juice, a Top PU and a channel room manager for YY, showed internal YY IP addresses as well as the local host IP of 127.0.0.1, indicating bot activity on this account."

"When we asked a former Oatly's U.S. manager, we heard that the initial capital budget was $50m, a belief that Oatly overpaid for the facility, and that the actual capital cost was "close to $100m"."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"By evaluating median compensation data provided in proxy statements of Zebra's peers, we find that, not only does it have the lowest compensation, but also compensation has not grown in four years."

"Rework is a key driver of Twist’s manufacturing and cost problems; have to keep re-making genes due to errors; “very high failure rates”; inability to properly make longer or more complex sequences"

"Claimed cost savings imply gross expenses between 2011 and 2013 would have grown by $1.2bn (or ~12%) if management did not execute its “Operational Excellence” initiatives and achieve M&A synergies"

"This is a once-in-a-generation opportunity for us, Norfolk Southern's owners, to put in place the right slate of directors, the right management team and the right strategy - all at the right time."

"FND finally ceased reference to “Rigid Core” on its website in early 2024. The category has seen no SKU growth. Even more concerning, we see that the DuraLux brand has been cut in price by over 40%"

"With the estimated impact of Actix and Celcite backed out of total sales, Amdocs’ revenue appears to have grown only between 1-2% on an annual basis through the quarters following the acquisitions."

"Phillips opex/bbl is over $1.50 higher than Valero's, even if one fully pushes unallocated corporate G&A for both into refining opex, revealing that this is just another excuse for poor operations."

"Even before the 2018 Investor Day, the Company had failed to fulfill its commitments to shareholders for many years. We do not believe poor operational execution since 2018 is an isolated incident."

"Recall that Herbalife refers to Distributor Allowances as “Retail Profit” in its investor presentations. Distributor Allowances include Wholesale Commissions, which are a form of Recruiting Rewards"

"From its high of $82 in January 2014, Herbalife's stock price declined 52% in 2014 due to, among other things, regulatory investigations, public scrutiny, deterioration of the business and earnings"

"With Axon's cash flow going negative in Q1, its adjusted free cash flow over the last year is jut $4.9 million. Axon's valuation looks expensive relative to its declining and meager free cash flow."

"Phillips opex/bbl is over $1.50 higher than Valero's, even if one fully pushes unallocated corporate G&A for both into refining opex, revealing that this is just another excuse for poor operations."

"We believe MSCI operates in an increasingly crowded space for CRE analytics and data against pure-play and integrated analytics providers, along with real estate brokers offering enhanced services."

"MSCI first acquired 40% of Burgiss in Q1 2020. Spruce Point observes that MSCI avoids an explicit discussion of the true profitability of Burgiss, but rather focuses on its mid-teens EBITDA margin."

"We believe Intuit’s other core franchise, TurboTax, exemplifies the Company’s moral decay and arguably should not exist, as tax preparation software isn’t even required in most developed countries."

"Spruce Point has serious concerns that Content IQ’s financials were audited by Kost Forer out of Tel-Aviv despite Content IQ being US-incorporated. This is the same firm auditing PERI’s financials."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"We believe the questionable benchmarking is either a disingenuous attempt to mislead investors by comparing oranges to apples, or a troubling and fundamental misunderstanding of GCP's SBM business."

"Porch is a low quality lead generation business, and another attempt by Ehrlichman to recreate The Active Network vertical software story, which ultimately failed and was taken private at 2x sales."

"Nidec could face an EPS headwind possibly as early as FY 2018 due to the expiration of foreign tax preferences that have accounted for over 5% of diluted EPS in each of the past three fiscal years."

"We believe BR’s aggressive capitalization of hundreds of millions of unrecoverable technology conversion costs should be immediately expensed and that it would be in violation of its debt covenant."

"BR paid €2.14 (~$2.58 billion) for Itiviti, placing a 10x multiple on its €210 million of sales and increasing debt by $2.1 billion while pushing its leverage ratio from approximately 1.5x to 3.6x."

"Ex-employees indicated that the machine's complexity level necessitates specially trained and dedicated operators – perhaps even several FTE's, adding substantially to the machine's operating cost."

"From its high of $82 in January 2014, Herbalife's stock price declined 52% in 2014 due to, among other things, regulatory investigations, public scrutiny, deterioration of the business and earnings"

"Again, we ask readers to evaluate this data with a grain of salt as the parties involved are in the sandalwood business (i.e. another presenter in this conference is TFS consultant, Mr Padmanabha)."

"By publishing what we believe is a deceptive PDS for MIS investors with market projections created possibly conflicted third parties, we believe TFS is in breach of the following criminal offences."

"We are short BEKE because we conclude the Company is engaged in systemic fraud, by our estimate, inflating its new home sales GTV by over ~126% and its commission revenues by approximately ~77–96%."

"We hypothesize that APP blends these high probability ad wins with low probability, low-cost ads to create the appearance of a high ROAS advertising platform while generating a high margin for APP."

"The discount has been widening for many years. Initiatives taken by SCT, including the recent capital allocation policy update, have been insufficient to catalyse any reduction in the SCT Value Gap"