Callouts & quotes from 621+ activist slides

"serves on an excessive number of public company boards, which we believe raises substantial concerns about the director's ability to exercise sufficient oversight on this board — BlackRock (in proxy voting disclosure)"

"I resigned because I do not believe that the current course is the optimal path forward for the company [Newell]. I am not comfortable with recent events and have come to believe that change is needed. — Kevin Conroy"

""Anadarko, perhaps Hess' most comparable peer..." — Wood Mackenzie (September 2012); "In particular, we believe Noble Energy provides the most appropriate benchmark..." — Bank of America Merrill Lynch (April 1, 2013)"

"except for nominal fixed payments such as base salaries, we believe the compensation of executives should be strictly based on the performance of the company. — Glass Lewis; disservice to shareholders. — Glass Lewis"

"“I do not believe you will find a client that has access to the machine that actually has 32 qubits with 4 million quantum volume as was stated in the statement.” — Former senior scientific employee of IonQ"

"we believe that will have a much greater payoff in the long run to meet our performance requirements and our acoustic requirements with no gears — Jonathan Wagner, Joby Lead on Powertrain and Electronics."

"We also believe doctors are sampling alternative products and/or taking advantage of wires and brackets bundles that essentially give clear aligners away for free or at reduced prices. — ALGN: 2019 10-K"

"At ~6,500 lbs, Midnight is believed to be one of the largest eVTOL aircraft to complete transition, which is critical to being able to carry commercially viable passenger payloads — Archer Aviation"

""Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program." — TD Cowen, December 4, 2023"

""Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program." — TD Cowen, December 4, 2023"

"“Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program.” — TD Cowen, December 4, 2023"

"we definitely are seeing a shift to financing more deals than we have historically experienced, and I fully believe that, that will continue throughout the rest of this year. — Stryker (Q2 2020)"

"NVIDIA (NVDA) is up nearly 2,000% over the last five years, but would you believe that there's another stock -- a non-AI stock -- that's up even more? — Beauty Stock ELF Beats the King of AI"

"Investments are marked down only when we believe that there has been a permanent impairment of the value. Once we mark it down we don't believe we will recover the investment. — Ms. Sparrow"

"Direct-to-consumer ready-to-eat meals are a nascent food vertical that we believe has the potential to grow into a multi-billion-dollar category over time. — Uwe Voss, HelloFresh U.S. CEO"

""the customer has indicated that further work is required to finalize the arrangements" and therefore now "believes this could be concluded in February or March 2026" — EOS Q4 2025 update"

"Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program. — TD Cowen, 12/4/23"

""They're basically claiming they could do everything for everything. I wouldn't believe that if Siemens told me that, with all of their money as well as their research." — Radiologist D"

"“We believe U.S. towers could be the BBE (Best Business Ever) and should command a premium, compared to small cell/fiber systems or international towers.” — Raymond James, March 2020"

"I think that’s a good speculation. Deals are significantly more expense. The Stryker name carries a premium to it. I believe we overpaid for deals. — Former Stryker M&A Professional"

"A former DV executive interviewed by Tegus said he/she worked on the product development and wasn't a believer that it would drive performance. That opinion appears to have merit."

"We believe that in terms of the structural reforms and other adjustments, then there'll be an effect realized per year of between JPY 10 billion to JPY 15 billion. — Mr. Nagamori"

""believes that Adjusted EBITDA provides a simple and understandable measure of our recurring profitability and it is highly correlated to our stock price performance" — HMA Proxy"

"Q: “Let me put it the other way, can I safely say that there are other listed Hong Kong companies that has a similar arrangement?” A: “Hahaha …We believe so, yes.” — Man Wah CFO"

"These independent directors agreed to join our board, because they believe in our outstanding plan and they recognize that our plan is the right plan... — John Hess's Nominees"

"“...he did not believe that the Celgene Board would accept the proposal...and noting that reaching a definitive agreement by January 2, 2019 would be difficult.” — Mr. Alles"

""The Board does not intend to issue preferred stock in the future and believes that it is appropriate to eliminate this provision from the Articles." — Apple Proxy Statement"

""We do not believe that Pershing Square's nominees would add value to the Board." — Target spokesperson; "Ackman campaign for Target like prize fight" — Reuters, 4/18/2009"

"Clearly, the financial combination is transformative for New Age, and we believe the level of acceleration from the transaction for shareholders will be outstanding. — CFO"

"Clearly, the financial combination is transformative for New Age, and we believe the level of acceleration from the transaction for shareholders will be outstanding. — CFO"

"We don’t track this number [of sales outside the distributor network] and do not believe it is relevant to the business or investors. — Herbalife (8-K, dated May 1, 2012)"

"We don’t track this number [of sales outside the distributor network] and do not believe it is relevant to the business or investors. — Herbalife (8-K, dated May 1, 2012)"

""The Compensation Committee does not believe that equity-based incentives are a valuable incentive for employees of the Company" — Weis Proxy Statement, p. 8, April 2018"

"Bernstein believes that China's WFE self-sufficiency ratio (ie, the percentage of WFE purchases in China from domestic suppliers) could more than double to 36% in 2026."

"We believe past success of our new product introductions as well as our consumer brand loyalty will drive the successful launch of new products. — Oatly IPO Prospectus"

"THE COMPANY WOULD LIKE YOU TO BELIEVE THAT 2021, “THE BEST YEAR IN HUNTSMAN’S HISTORY,” IS PROOF THAT MANAGEMENT IS FINALLY DOING A GOOD JOB – PLEASE DON’T BE FOOLED!"

""Based on our income and assets for the year ended December 31, 2025, we believe that we may be treated as a PFIC for the preceding taxable year." — POET 2025 20-F"

"[We] believe that our integrated business model generates the highest long-term value... So we're committed to that. — Phillips 66 CEO Mark Lashier, March 6, 2025"

"[We] believe that our integrated business model generates the highest long-term value...So we're committed to that. — Phillips 66 CEO Mark Lashier, March 6, 2025"

"“…we believe there is underappreciated potential for Cognizant to unlock value as it matures and evolves its capital allocation.” — J.P. Morgan, September 2016"

"the comptroller believed “it would be wholly inappropriate, based on the guidance in EITF [Emerging Issues Task Force] 99-19 to record the revenues net.” — SEC"

"4/29/21: Mark Wang, CEO – “As Japan restrictions ease, we believe that Oahu will recover and set us up for a strong second half of the year…” — Mark Wang, CEO"

"Why were so many people willing to believe in something that so few actually understood? — Bethany McLean, "Why Enron Went Bust", Fortune, December 24, 2001."

"We believe that stock awards are a more appropriate incentive to our executive officers given the focus of our business on monthly dividends — O's 2008 10-K"

"We fundamentally believe, you've heard us say it before, that we really do have the best franchise in the railroad industry. — November 2014 investor day"

"We believe that ACN, from its inception, is similar to the Multiple Listing Service, or MLS, in the United States. — BEKE F-1A, dated Nov. 16, 2020, p. 2"

"A Former Employee Told Us They Believed the CEO of Datasection, Norihiko Ishihara, Has Used NowNaw Japan to Mask Its Backing by a China Military Company."

"“We generally include a construction project in our contract backlog at the time it is awarded and to the extent we believe funding is probable.” — ROAD"

"“We believe the stock performance is compelling evidence of the effectiveness of the Board and management” — Buffalo Wild Wings Media Statement, 3/8/17"

""We believe the stock performance is compelling evidence of the effectiveness of the Board and management" — Buffalo Wild Wings Media Statement, 3/8/17"

"I believe Twist went to 2 cents. That's my understanding. I mean, I didn't see the contract. — Executive previously at Gen9, a key Twist competitor."

""The Compensation Committee does not believe that equity-based incentives are a valuable incentive for employees of the Company" — Weis Markets"

"“...We do believe, as you mentioned, that we can achieve OTA-like margins over the longer term [at Viator].” — Tripadvisor CFO, September 2025"

"“...We do believe, as you mentioned, that we can achieve OTA-like margins over the longer term [at Viator].” — Tripadvisor CFO, September 2025"

"Through these relationships, we believe we understand the best places to procure our various product categories. — Floor & Decor 2022 10-K"

"The Stryker name carries a premium to it. I believe we overpay. When I was there I felt like we overpaid for deals. — Former M&A Employee"

"Mr. Parsons, on December 8, 2005, said that he believed that TWX has “hit the right balance” — UBS Investor Conference, December 8, 2005."

"we believe this issue is both material and urgent — Bluebell Capital Partners (quoting BlackRock's 2020 Exxon AGM voting rationale)."

""Why were so many people willing to believe in something that so few actually understood?" — Bethany McLean, Why Enron Went Bust"

""We believe this is the most important organizational change we've made in the last 20 years" — David Taylor, Former CEO of P&G"