Callouts & quotes from 26,677+ activist slides

"After Dr. Kleinfeld left Siemens, his successor faced many of the same problems that Dr. Kleinfeld has now created at Arconic - it does not appear that Dr. Kleinfeld has learned from past mistakes"

"The Jinjiang companies came up with a strategy to separate out these semi-subsidiaries from the ListCo, so they would be outside of the ListCo, and let the companies' profits look more attractive."

"Oatly's prospectus mentions the word "brand" two hundred and thirteen times (213), which we believe emphasizes the importance of Oatly's brand to its success in the hypercompetitive food industry."

"NGS market is a commodity, and so is Twist; "crowded market" with competitors "improving all the time" and new entrants offering better product than Twist with more efficient manufacturing methods"

"Part VII: Twist’s management exhibits striking red flags, with suspicious transactions with opaque, offshore Chinese entities, and its largest holders at IPO appear to be a cesspool of bad actors."

"Herbalife recent changes, however, are largely window-dressing - or worse, as they allow Herbalife and its top distributors to keep misleading consumers while claiming to clean up their practices."

"The information below and on the left is from a French government website. The information below shows this entity used the villa Mas du Figuier as its address, making it obvious it is the seller."

"DGW’s auditor was clearly inattentive in not seeing that DGW had misclassified property deposits in the cash flow statement in a way that artificially boosted its pre-IPO year operating cash flow."

"It is a melting ice cube that is paying out the drops while it still can. When regulators, auditors or rating agencies figure them out, I doubt there will be many more drops left for shareholders."

"Spruce Point has significant concerns about the financial condition of Ballard's partner Broad Ocean, and don't believe it has the clout necessary to make the partnership a winner in the industry."

"In 2009, Chinese Premier Wen Jiabao called on the Chief Executive of Hong Kong to address “deep rooted contradictions in Hong Kong” in reference to Hong Kong’s persistent and troubling wealth gap."

"Although Kao has excellent brands with strong growth potential, yet Kao’s management team seems disinterested and have repeatedly indicated that their focus is not on growth opportunities in FMCG."

"Investors should be further alarmed that, unlike other large IoT public companies, it does not have a Clawback Policy to recoup unjust compensation in the event of fraud or financial misstatement."

"We believe HIMS does little to provide investors with adequate visibility on its various financial flows. In fact, the Company often seems at a loss to even describe it correctly and consistently."

"HIMS insider beneficial ownership has declined by 17M shares while the share count has ballooned by nearly an identical amount. Over time, we expect further stock issuance and sales by management."

"Directors now cannot defer compensation and must take it in the current period. This raises our suspicion that insiders are opting to take cash out before financial stress increases in the future."

"GGP’s liabilities are one of its most valuable assets. Non-recourse debt gives the Company a put option at the mortgage amount on properties worth substantially less than their associated mortgage"

"The key question is not whether TI has a thoughtful long-term strategy but rather: Is the fixed magnitude and pace of its capacity buildout appropriate given the expected level of excess capacity?"

"TWX led the US Magazine Publishing market in 2004 with about twice the revenues of its closest competitor, as illustrated below in the Top 25 Magazine Companies by US Magazine Net Revenue in 2004."

"When a Non-Sales Leader distributor purchases product directly from Herbalife, Herbalife accounts for the transaction as if the product had been purchased from Herbalife by the upline Sales Leader"

"Taser Int'l (now Axon) has been run by various members of the Smith family since inception. Investors have to get comfortable with the past, and current, missteps associated with the Smith family."

"When buying, fixing, and selling are executed well, the model creates a powerful flywheel in which higher volumes drive lower unit costs, enabling more competitive pricing and further share gains."

"Despite 32% of revenues reported in the United States, only 9.2% of earnings before tax are attributable to the United States. We believe this suggests an aggressive tax structure used by Mettler."

"The acquisition of Omni was an abject failure on multiple levels and the incumbent Board members willfully (or ignorantly) approved one of the most value-destructive transactions in recent memory."

"If truly necessary, the belated Delaware reincorporation plan is further evidence that the Board continues to be two steps behind and is not working proactively to maximize value for shareholders."

"If a clinician is faced with elevated serum creatinine or proteinuria, the AlloSure test results are thoroughly irrelevant: they will have to conduct a biopsy if they want to know what's going on."

"We conservatively estimate Porch booked $8.1m of revenue in 2019 with zero cost associated with it. As a result, we estimate Gross Margin % to be inflated by approximately 2.3% (230 basis points)."

"We conservatively estimate Porch booked $8.1m of revenue in 2019 with zero cost associated with it. As a result, we estimate Gross Margin % to be inflated by approximately 2.3% (230 basis points)."

"INGN is talking about the exact same data set in both statements, but management has taken a much more skeptical view of CMS data since removing its 7% to 10% growth claim from their presentation."

"We think the total lack of progress on this suggests that a) Aurora is well aware that its guidance is just aspirational promotion and b) there's just no serious party willing to invest the money."

"Spruce Point believes Stryker's $3.1 billion levered acquisition of Vocera Communications is another example of it overpaying for a low quality business while failing to do adequate due diligence."

"Magnite's Pro Forma operating cash flow declined -143% YTD 2019 vs 2020 and this assumes zero cash burn contribution from Telaria in Q1 2020, a period that it did not disclose separate financials."

"We interviewed a former industry executive who discussed the impact of private equity on the industry. The expert conveyed that at least 40 private equity groups are looking at entering the space."

"The obvious way to play this is through copper mining companies. Freeport-McMoRan, is the leading copper miner. It is up 45% this year. It trades at a still reasonable 16x estimated 2021 earnings."

"Our close examination of the research regarding the three pillars of the PGNY treatment plan reveals questionable scientific support and a business model rife with financial conflicts of interest."

"We now see few, if any, catalysts left as REZI becomes a “trust me” story that it can unlock value as two separate companies after telling investors for seven years that it had the right strategy."

"Once the whiskey bubble bursts, and MGPI's braded liquor strategy clearly fails, investors will realize they own a mediocre ingredient Company, which would be valued at 1x sales and 8x – 9x EBITDA"

"Cintas growth has generally outperformed the U.S. Fire safety market. However, NFPA projects the market growth at 8%, and Spruce Point believes Cintas' period of double digit growth will moderate."

"In our view, the problem with MPLN is that the company stopped giving customers the level of service that they wanted several years ago, as private equity firms were looting the business for cash."

"Juniper's stock is trading at a discount to historical valuation multiple levels, making a repurchase a good investment for the company - also signals management's confidence in future performance"

"For those who disagree with our assessment of Grossman as just another stock promoter, we encourage them to look past his polished delivery on earnings calls and to study his last pump, Conceptus."

"The opinions that KOL's and former employees shared of the SENZA-RCT's lead investigator appear consistent with patient reviews – with one patient warning "Please beware this clinic and this man.""

"Kate Tokyoは海外で成長できていません。一方、海外の消費者の間では日本の化粧品ブランドに高い関心が集まっており、欧米の競合他社がこぞって日本ブランドを取り入れようとしている（2021年のロレアルによるタカミの買収、2019年のユニリーバによる日本風ブランドタッチャの買収）に鑑みると、Kate Tokyoには世界的なプレゼンスを確立し、グローバルな成長を遂げる可能性があると考えます。"

"One interesting point from some of the articles we have excerpted is that the authors – if not the investee companies themselves – often seem to make no distinction between Ströer and Dirk Ströer."

"TMTG's utter lack of legitimate business indicia puts its merger with DWAC squarely in the latter group, rendering the task of filing an S-4 the Commission will find adequate, extremely difficult."

"In a vacuum, such selling behavior would be innocuous. However, viewed in the context of BUR's other misleading behavior, this pattern suggests a means by which the company boosts reported income."

"Casino's "Respect of Payment Periods" scored 5.7 out of a possible 20. This grade—the French equivalent to an F on a U.S. grade scale—is the third lowest among the 79 companies shown in the study."

"Post our reports, both Gentex and Caesarstone showed significant gross margin contraction leading us to believe that the capex anomalies were a strong indicator of future gross margin contraction."

"Sony's IP&S division has kept pace with top peer growth rates by maintaining #1 position in mirrorless cameras while being the only company in Japan to see margin expansion in its imaging business"

"The KOL stated that these two cases of diabetes – on a relatively small trial size – are under-the-radar and seemed to hint at pressure to stay silent, perhaps from a patient association or Soleno"

"When we asked him about trends in hardware margins, he responded by saying that ARPU as a whole had "dropped significantly". This is a completely different picture than management tells investors."

"Crank Logic's founder Laing states on his LinkedIn biography he was Director of Retail Development. Yet, using the Wayback Machine, we see that his official title was Director of Cloud Technology."

"Despite the reset and significant brand investment, 2013 EPS is forecast to grow only 7%, below the peer average and at the low-end of PepsiCo's long-term guidance ("high single digit EPS growth")"

"Furthermore, we could locate no mention of hypereosinophilia in any of Bioprojet’s or Harmony’s papers or trials, so we assume they covered it up and/or just stopped measuring it in later studies."

"The patient's long QT just didn't refer immediately, so the patient was admitted into observation, hooked up to a monitor, so for telemetry monitoring for heart rate and rhythm strip for 24 hours."

"Elliott’s John Pike on the urgency of boardroom change at Phillips 66 (NYSE: PSX), and how the #Streamline66 plan is the path to unlocking value for shareholders: “Change is going to start there.”"

"It’s convenient that Dropbox was talking about minimal need for incremental capex leading up to the IPO in 2018. Given the 3-5 year life cycle, we would expect capex to rise materially in 2020/21."

"We believe that RINO's SAIC financial statements are largely reliable. The SAIC income statement (below) shows consolidated 2009 revenue of $11.1 million, versus $192.6 million in its SEC filings."

"APD's share price increased by 66% (including dividends) since inception of our initial investment in May 2013, and 59% from our average cost basis prior to the position being made public, to date"

"What's also strange, is that ZJK's investment in subsidiaries are the same number as its shareholders equity. This could mean that the accounting and auditing of the company wasn't done correctly."