Callouts & quotes from 10,384+ activist slides

"Our core customers continues to come back to us and spend about $125 per shopping trip. They shop with us 2 or 3 times per year and come to Boot Barn because we are the authority for this lifestyle in the entire country. — CEO Fox, August 4, 2023"

"Brad Blum is the longest tenured leader in Olive Garden’s recent history. Mr. Blum led Olive Garden through its very successful turnaround in the 1990s. That is why we went out and recruited Mr. Blum to be one of our nominees — Starboard Value LP"

"“I don’t mean to offend any Texans in the room, but if you ever met anybody from Texas, those guys know how to gamble, and if you let them stick a hole in the ground with your money, they’re going to do it.” — Stanley Druckenmiller, Jan. 18, 2015"

"“Our fundamentals underpin what I continue to believe is an exceptionally rare opportunity in the public market: a beloved consumer brand that is built upon an enduring subscription membership business model.” — CEO Dudum on Q3 2021 Earnings Call"

"“reconstitute itself and upgrade the Company’s leadership such that it can objectively assess the best path forward for Southwest’s shareholders, employees, and customers. We believe this process needs to commence immediately.” — Artisan Partners"

"I guess you’re the equivalent of building Battlestar Galactica for a financial firm. I mean, you get a benefit of $600mm four years down the road. I still feel like we don’t have enough details about milestones along the way. — Anonymous Investor"

"Revenues increased by $52.1 million, or 11.6%, to $499.5 million in 2015 from $447.4 million in 2014. The increase in revenues resulted from an approximate 15% increase in volume of sales... — Caesarstone FY 2015 Revenue movement explanatory note"

""The U.S. imports more than two-thirds of its urea production, but still, if all the rumored projects became reality North America would quickly have a surplus, said David Asbridge, president of NPK Fertilizer Advisory Services." — David Asbridge"

"Biden Blocks Takeover Bid of U.S. Steel by Japan’s Nippon — The New York Times. US Steel Shares Drop After Trump Says No Need to Sell Company — Bloomberg. Nippon Steel wants 100% of U.S. Steel, not a minority stake, report says — The Japan Times."

"I think this is a huge swing for Construction Partners. It's a completely new geography. I think they are paying full value plus plus for that business. I think they don't know Texas and they don't know Wheeler [the founder]. — Industry Executive"

"De You manager: You are talking about our pilot program...it is difficult for newcomers to take part in. Investigator: Hard to participate in? De You manager: Yes. For new stores, because we have relatively high requirements for the pilot stores."

""This deal represents a sound investment in both advanced technologies and new capabilities that build upon our decades of experience as the nation's leading propulsion provider." — Aerojet Rocketdyne Holdings, Inc. CEO and President Eileen Drake"

"“it was a pretty complex device, so many malfunctions...kinks so the fluids and the gas were not able to flow properly...between 5-7% of the time, they lose the organ because of a failure.” — Former employee in medical safety and clinical affairs"

""In their literature, Inspire almost pretends that oral appliances don’t exist Oral appliances are a much better first choice. A dentist makes it for you, and ADA is cranking out dentists who make these." — Sleep doctor expert call, February 2020"

"Soleno later (July 2025 Shoemaker et al presentation) shortens the standard deviations (variance) of the entire treatment timecourse making them equivalent to hide the existence of DCCR-driven metabolic toxicity as well as its progressive nature."

""None of mine continued on it either because they didn't want to or not having much effect...overall, this isn't a miracle drug, that's for sure." — Trial investigator; endocrinologist; one of the most published authorities on PWS and hyperphagia"

"people on my team...would just go and find a doctor and hey man, just try to send as many through for me as you can...if they became close with the doc, then they could...send them through. — Ex-Harmony territory manager for a large Midwest state"

"On April 1, 2018, the Company changed its method of accounting for inventories from last-in-first-out (“LIFO”) to first-in-first-out (“FIFO”) for the approximately 17% of consolidated inventory not previously valued using FIFO. — 2018 10-K, p. 55"

"Isteqは信頼性が高い産業用のアクティニックパターンマスク検査の実現に向けてかねてよりレーザーテックとの協同で開発に取り組んできた。その結果として、Isteqは超短パルスレーザーで照射される高速回転金属ターゲット（FRLMT）の技術に関してレーザーテックに対してライセンス契約で譲渡することに至った。Isteqとしては、レーザーテックと協力して同社のACTIS製品に使われるUrashima光源の基礎となるこの技術を提供できてうれしく光栄に思う。また、この協力を継続することを期待している。"

"In accordance with Item 601(b)(10) of Regulation S-K, certain information has been omitted in this exhibit 10.15 because such information is both (i) not material and (ii) would be competitively harmful if publicly disclosed. — SEC Filing Excerpt"

"“I think they started going in just before we got the ones in the U.S., so maybe 2019. I think the sixth one went in at maybe the end of 2022.” — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab"

"Water and wastewater rate increases, including infrastructure rehabilitation surcharges, implemented during the past three years have provided additional operating revenues of $27,421 in 2021, $32,660 in 2020, $55,658 in 2019. — 2021 10-K, p. 51"

"Did Udo Müller bring pressure to bear on the auditors, lawyers or PR advisers to not enquire too closely about creative accounting practices at the company or about other problems identified by Muddy Waters in their report? — Klein (Shareholder)"

""For the three months ended March 31, 2019, we repatriated $75 million of cash from our Bermuda subsidiary to the U.S. The proceeds are primarily used to fund our cash dividend payments and real estate purchases." — MPWR Disclosure 10-Q May 2019"

"Sina Technology: Oct. 29 morning news. NetQin’s FL Mobile games were dropped off of the iOS system as Muddy Waters continued to short sell their stock. In its previous official response to this issue, FL Mobile says it is still under discussion."

""To improve the performance of BWW, I would clean house and get operators involved in the management. Now you have bean counters and attorneys running the show with lip service about customer care" — Former Buffalo Wild Wings Franchisee, 4/13/17"

"“save for their role as distributors… Mr. Su Weiqing or Ms. Wang Shuying having no relationship with our Group, our Directors or senior management, our shareholders or their respective associates aside from being a distributor” — ANTA Prospectus"

"The product comes directly from Japan (a confirmation for the authenticity of the product), which is why it takes a long time to ship and the seller is unfortunately not able to give tracking number but it's very helpful. — Amazon Italy Reviewer"

"From time to time, the Company uses non-recourse factoring arrangements, to sell accounts receivable to third-party financial institutions. The sale of the receivables in these arrangements are accounted for as a true sale. — Amdocs FY 2018 20-F"

"「そうだ、そうだ、そうだ。おっしゃる通りです。まさに仕入れ先ならではの言い方です。また、インテルの方便でもあります。後者はこの装置関連で大金を投入しており、『間違いだった』とは言えません。しかし、インテルは企業体質として装置が思うように機能しなかったとしても、２、３年経つまでは何の公表もないでしょう。そして、いずれまた、『実は、より良い装置をX社あるいはY社から調達できました』と公表することになるでしょう」 — 極端紫外線リソグラフィーの名だたる専門家で、レーザーテックの顧客に近いA氏"

"「TSMCは今おレーザーテック製の装置を積極的に使っていますか。それとも、ダウンタイムが多すぎるために使用せず、遊ばせているのでしょうか」 「TSMCはレーザーテック製の装置をどれだけうまく生産の流れに導入できているかについてはよくわかりません。しかし、ホロンから聞いているかぎり、今のところはあまりうまくいっていないようです。そのためか、ホロン製の検査装置をかなりのペースで発注しづづけています」 — 半導体製造装置企業の上席幹部として長年の経験を持ち、レーザーテックのCEOに親しい人物"

"“...As a result, our losses related to fixed assets and personnel expenses related to severance payments increased ¥12,704 million and ¥1,762 million, respectively, for the year ended March 31, 2013 compared to the previous year.” — FY 2012 20-F"

"“My team extensively tested the Beacon for uses in immuno-oncology cell therapy but felt the value proposition was not there because of the hardware cost... it was hard to justify just given primarily the cost of the hardware.” — Lonza scientist"

"Samsung's future for dynamic innovation growth: ... Samsung Electronics and related companies will invest KRW 450 trillion (c.$355bn) over the course of the next five years in semiconductors, bio-technology and IT — Samsung Electronics, May 2022"

"Atrasentan has previously demonstrated clinically significant and sustained proteinuria reduction with an acceptable safety profile in over 5,100 patients with diabetic kidney disease (DKD). — Chinook Therapeutics (Interim results from AFFINITY)"

"1.8 The Burnhope Solar Farm will have maximum combined capacity of the installed inverters of ~49.9MWac, with an installed solar panel capacity of ~76MW — Land off Edge Lane, Burnhope Planning Statement Installation and operation of a solar farm"

"“Longitudinal mean fasting glucose (FG) and HbA1c increased slightly over the initial 6-9 months but stabilized or returned to near-baseline levels upon continued DCCR dosing (Figure 1 and Figure 2)” — Gevers, Miller et al (May 16, 2024 poster)."

"nine deaths occurred in the pitolisant development program; all occurred in patients receiving pitolisant — that is,100% of fatalities were in the treatment arm and none for patients on placebo. — FDA CDER Clinical Review (Solages, Sep 28, 2020)"

"In our view it’s both beneficial for consumers to enter into what we think is strong relief rather than litigating every case to conclusion... when we can’t reach a good settlement we will not hesitate to litigate. — FTC Chairwoman Edith Ramirez"

"“I have to say this very gently....a number of owners have come and gone and moved on. There’s certainly a group still behind the scenes pulling the strings at this Company and I’m not prepared to say any more about that.” — Former GFL Employee"

"Generator sparked a fire & it started at Derek's sleeve & continued on a spiral of hell. Derek was burned over 70% of his body with 4th degree burns. Garage & house burnt down. Medical problems mentally & physically — Case 1:22-cv-00907-RLY-TAB"

"FMCN vehemently denied our allegation at first, and even hired two firms to “verify” the size of its LCD network. FMCN eventually conceded that it was counting in excess of 30,500 cardboard posters in order to meet its LCD count — Muddy Waters."

""You can't judge us on a one-year basis. You have to do it over the long term." — John Hess, Chairman & CEO Hess, January 2010; "There is no hiding place for underperformance." — Rodney Chase, Shareholder Nominee, Former Deputy CEO BP, May 2005"

"“Again, we've captured about $400 million of EBITDA synergies over the last three or four years since closing the Bayer transaction. And we'll have that kind of now done into the 2024 run rate.” — CFO Todd Young, Q3 2023 Earnings Call 11/7/2023"

"reconstitute itself and upgrade the Company’s leadership such that it can objectively assess the best path forward for Southwest’s shareholders, employees, and customers. We believe this process needs to commence immediately. — Artisan Partners"

""Consumers don't want brands, they don't care about brands. They care about something else, values, stories, and messages, right? Just so happens you can a message around a brand. But at the end of the day, who cares about brands?" — Bjorn Oste"

""I’ve heard it said that there’s a belief that maybe the assets are old and tired. And I don’t buy that argument. Phillips 66 refineries are every bit as good as [those of its peers], Valero and Marathon." — Brian Coffman, Streamline 66 Podcast"

"“…BMY is still a formidable player in IO given Opdivo’s strong position in several tumors.” — Cowen, January 2019; “…we see the market’s current outlook for Opdivo as overly bearish given the size of the PD-1 market…” — JP Morgan, December 2018"

"“We note that, if the court could somehow be certain a debtor would complete his plan, the prime rate would be adequate to compensate any secured creditors forced to accept cram down loans” — Opinion of Justice Stevens, Till v. SCS Credit Corp."

"“We generally do not target promotions or advertising at any particular product or brand. Our significant promotions are generally aimed at generating increased levels of recruiting and retention of distributors.” — Herbalife Annual Report 2005"

"“Being an S&P 500® index member is a validation of absolutely nothing, and can be a wasteland of corporate mediocrity. It affords investors zero protections against companies and their ability to scheme investors. Buyer beware!” — CIO Ben Axler"

"[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company? — Goldman Sachs, 1/7/25"

"The adjustment is to remove income booked that “relates to compensation payments received in connection with acquired advertising concessions within the Ströer Germany segment which could not be used to the extent agreed.” — Ströer 2014 AR p125"

"Cost of direct salaries and benefits includes employee-related expenses and allocated overhead associated with our field Ambassadors and field managers directly assisting Members and their corresponding travel related costs. — CLEAR SEC Filings"

"Especially in Thailand, there is significant growth. And of course, Kao the growth rates are different from country to country, but in this targeted derma care area, there is distinctive growth. — President Hasebe, Meeting with Oasis, June 2024"

"This is A CLASSIC sign of underperforming companies – Domestic Buyside Analyst; Not enough compensation is tied to stock performance. – Foreign Buyside Analyst; It needs to make the evaluations and the process clearer – Domestic Buyside Analyst"

"The company is focused on ramping production of Teal’s next generation system to meet the Army’s currently stated acquisition objective for 5,880 systems, which is subject to change over the 5 year period of performance. — Red Cat press release"

""Zillow continues to double down on its mortgage business, this time by compelling Flex teams to send back leads that have expressed interest in learning more about Zillow Home Loans – or risk getting kicked out of the program." — Mike DelPrete"

"“we can convert different blood types to an O blood type...we can actually make changes in the genetic makeup of the donor organ...we can add genes...silence genes...those foreign proteins that were the cause of rejection.” — Dr. Abbas Ardehali"

"Longitudinal mean fasting glucose (FG) and HbA1c increased slightly over the initial 6-9 months but stabilized or returned to near-baseline levels upon continued DCCR dosing (Figure 1 and Figure 2). — May 16, 2024 poster by Gevers, Miller et al"