Callouts & quotes from 10,384+ activist slides

"We would expect a scope of business similar to that of Lufax (https://www.lu.com), which includes financial product research and development, portfolio design, private offerings of equity investment funds, and financial advice. — Footnote 27"

"He was allegedly the source of the “percentage of completion accounting techniques learned from the ‘Andersen school of accounting’ that allowed Titan to either overstate or prematurely state revenues at the company” — Shareholder litigation"

"“have a complexity of balance sheet and financial structure that [is] very different from a content company...our cable company could both grow more effectively and compete more effectively if it had its own financial house...” — Mr. Parsons"

""It was pretty disorganized. It was like a dumpster fire. There were a lot of mismanaged accounts. I don't think they did enough due diligence, like on their run rate, and what they are producing." — A former executive close to the situation"

"From post hoc study of SONAR: “Large Bettween-Patient Variability in eGFR Decline before Clinical Trial Enrollment and Impact on Atrasentan’s Efficacy: A Post Hoc Analysis from the SONAR Trial”, Journal of the American Society of Nephrology."

""Doctors balked at the company's request for discounts of up to 30 percent to join the network — as well as patient referral fees of up to $1,000. Some doctors claimed the referral fees ran afoul of state regulations." — NYPost Investigation"

""Being an S&P 500 index member is a validation of absolutely nothing and enhanced due diligence is necessary since the bigger a company gets, the greater the pressures to grow and the worse deals management generally makes." — Ben Axler, CIO"

"So there's a couple of things about the First Alert business. It is a little bit seasonal. So Q1 is typically the lowest quarter. And we did have some softness in retail and particularly early in the quarter. — REZI earnings conference calls"

"That's exactly right. You'd have six months of basically no cash flow or whatever, right? It's funny. Yeah. Yes. It's going to take us in a tangent, but it's not worth the time, but yeah. Yes, that is exactly right. — Former Senior Executive"

"Qwest fraudulently recognized over $3.8 billion in revenue and excluded $231 million in expenses as part of a multi-faceted fraudulent scheme to meet optimistic and unsupportable revenue and earnings projections. — SEC Press Release 2004-148"

"“I am familiar with the pitolisant structure”; “very simple compound”; “we had much better compounds based on physical property and drug-like properties than pitolisant. So, we pursued those.” — Longtime senior scientist at Johnson & Johnson"

"Variable information printing is what you would see on a UPS or Amazon box. Specifically, in North America it became very price sensitive. It became very difficult to build this business. — Former Avery Global Pricing and Revenue Specialist"

"Dr. Metzner: Picking up on Mr. Buhlmann's question. He asked about who actually vests the shares in the context of Muddy Waters? Our answer to that is: Betting on falling stock prices is part of the strategy of some investors. — Dr. Metzner"

"Method: through questionnaire survey CTR gather the basic data from bus companies and AV Center under the Ministry of Communication, all the data we collect and submit are actual, reliable, also match the requirement for the research. — CTR"

"Bri Scholtz: Welcome to the Streamline 66 Podcast where we bring you the latest in Elliott Investment Management’s effort to unlock value at Phillips 66. Joining me today is Brian Coffman, who brings over four decades of refining expertise."

""[The accounts] had been reviewed and scrubbed quarterly since they were put in place by Arthur Andersen. We thought all that had become history, and it was now news." — Former Enron Corp. Chairman Kenneth Lay during his 2006 criminal trial"

""In our view, shareholder voting rights should be proportionate to economic ownership—the principle of 'one share, one vote' helps to achieve this balance." — BlackRock Investment Stewardship - Global Principles Effective as of January 2024"

"Based on the synergy plan, we are confident that the combined entity will generate about a 24% operating margin by the end of this decade versus the 18.5% P&G delivered in fiscal 2004-5. — A.G. Lafley, CEO, Gillette M&A Presentation 10/3/05"

"Kao's CMO is effectively Nishiguchi... [he] is more of a sales guy and does not have the experience or ability to manage brands... Kao really should bring in a CMO from outside — Kao Former, Corporate Strategy Division, Oasis Interview 2023"

"PREPARED STATEMENT OF DEBRA A. VALENTINE, GENERAL COUNSEL FOR THE U.S. FEDERAL TRADE COMMISSION on "PYRAMID SCHEMES" presented at the INTERNATIONAL MONETARY FUND'S SEMINAR ON CURRENT LEGAL ISSUES AFFECTING CENTRAL BANKS — Debra A. Valentine"

"“Part of our business is entertainment. We entertain our distributors with opportunity, with dreams, stories, it's all a part of what this company is.” --CEO Michael O. Johnson, Goldman Sachs 14th Annual Global Retailing Conference 9/5/2007"

"Dr. Hemal Nayak, a cardio electrophysiologist at the University of Chicago, is recommending his patients unplug their Merlin@home units; and, he is not going to implant STJ devices until the problems discussed in this report are remediated."

"ESG and Climate segment Adjusted EBITDA expenses increased 23.1% for the three months ended September 30, 2022... partially offset by increased capitalization of expenses related to internally developed software projects. — MSCI SEC filings"

"「サムスンがKLAに対してアクティニック極端紫外線関連の装置を早く完成させるよう、働きかけている、とおっしゃいましたね」「はい、サムスンは交渉力を高めるためにも、供給源を一社に頼らず、仕入れ先の多様化に努めてきました。サムスンにとっては、レーザーテック製の装置と同等のものを作ってくれるならば、歓迎すべきことなのです。だからKLAに働きかけつづけています」 — サムスンで極端紫外線事業の担当としてレーザーテックと密接な関係を持ち、検査装置の購買について決定権を握っていた、元幹部"

"I don't think there's anything that Waymo or anyone else has done that is like, there are no secrets in this industry...there's definitely science to it, but most of it at this stage is doing the painstaking engineering work. — Unattributed"

""In our view, shareholder voting rights should be proportionate to economic ownership—the principle of ‘one share, one vote’ helps to achieve this balance." — BlackRock Investment Stewardship - Global Principles Effective as of January 2024"

""Revenue expected to come from backlog within the next twelve months that's an important leading indicator that we've put in all of our filings has been coming up over the last couple of quarters" — CFO At Jefferies Conference (Aug 8, 2018)"

"A type of preferred stock that has no maturity date; The issuers of perpetual preferred stock will always have redemption privileges on such shares; Issued perpetual preferred stock will continue paying dividends indefinitely — Investopedia"

"We think potentially material upside [for Capricorn] could also be unlocked in the case of securing 'modernised' fiscal terms in Egypt. Such ad-hoc agreements improved APA's and Eni's onshore NPV10s by >50%. — BofA Securities (14 June 2022)"

"At present, we believe [CEO Mark] Lashier and the rest of the management team deserve investor support so long as they demonstrate meaningful progress against [their financial] targets. — Elliott Investment Management (November 2023 letter)"

""...I'm also pleased to note that we have increased our cost reduction target by approximately $300 million to at least $1.3 billion of total expected savings to be achieved on a run-rate basis by 2017." — DuPont Q4 2014 earnings transcript"

"No, I won't [use it] because of Zafgen...we find out oh, six months from now...they all of a sudden have cardiomyopathy or seizures....I'm concerned about safety. — Trial investigator and physician; one of the leading KOL's in the PWS field"

"“we had to insist on putting in all those side-effects [in the paper]...the complications of the study...it wasn't in there...I had to make sure it was included...it had to be more critical...” — Physician, KOL, and Vykat trial investigator"

"“the company didn’t do the late-stage clinical trials needed to win FDA approval to market deflazacort. That step usually is the costliest part of drug development and often cited by companies as a justification for their prices.” — The WSJ"

"“the complicated pharmacology of H3R” and “over 20 existing hH3R isoforms, with some having a different pharmacological profile.” — New developments around histamine H3 receptor antagonists/inverse agonists: a patent review (2010 - present)"

"A WFG agent by the name of (b)(6) tricked me into investing $65,000 cash and told me it would be an investment for my future. He tried to sell me life insurance. He has not returned my money and is now disappeared. This was my life savings."

"Housing is in dollar term wise the biggest revenue category and we have Incredible who have very big market share in the market already. However, the housing policy environment has been — 58.com Management (Q4 2018 earnings conference call)"

""The Retail segment margin rate was not as strong as we would have liked... We recorded a lower benefit than last year from a true-up related to the margin sharing arrangements with dealers" — Dean McCann, CFO, Q2 2019 Call, August 8, 2019"

"Corporate-owned properties can change hands in the low-6 percent range, while franchisee-occupied restaurants will trade at first-year returns approximately 150 basis points higher. — Marcus & Millichap’s First Half 2014 Net-Leased Outlook"

""Jeff will bring to our board a great perspective as a global investor and a shared belief in building long-term value for shareholders," Executive Co-Chairmen Rupert Murdoch and Lachlan Murdoch stated. — Rupert Murdoch and Lachlan Murdoch"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

""The SEC maintains an enforcement task force to examine ESG practices and disclosures by public companies and investment managers and identify inaccurate or misleading statements, often referred to as 'greenwashing.'" — Blackstone 2023 10K"

""If we look at the analysts' predictions for the size of the enterprise AI software market, this promises to be on the order of a $300 billion software market in, say, 2025." — CEO Siebel, Annual Virtual Wells Fargo TMT Summit, Dec 2, 2021"

"They're going to focus on the Pepsi and Coke brands and that's going to be their first priority. So when you think about energy and even still brands, that is the last priority for Coke salesman or Pepsi salesman. — Former Monster Employee"

""[W]orking capital could be reduced... without a detrimental effect on margins... best-of-breed distributors and retailers are able to drive down working capital needs while at the same time boosting profitability" — Piper Jaffray, 12/2/12"

"Elliott raised its bid to $21/share in cash...We continue to see this as a fair deal for investors considering the flat trajectory of the core WANOP business and unproven results in opportunities like Granite. — J.P. Morgan (Rod Hall, CFA)"

"Represents incremental expenses incurred related to the transition to a virtual operating model and incentive and leave pay granted to employees that are directly attributable to the COVID-19 pandemic. — TaskUs, Inc. Q3'21 Earnings Release"

""Other surveys found 96 percent of users were satisfied with integrated state filing, 82 to 87 percent would recommend Direct File, and 74 to 93 percent prefer it to the previous filing method they used." — Congress' letter to the Treasury"

"CareDx can technically claim that AlloSure is “more accurate” than serum creatinine measurement because it has a lower rate of false positives. But accuracy is not the goal of rejection testing, rather, detecting rejection is. — Footnote 2"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

"The Tribunal of Milan concluded that Mr. Profumo and Mr. Viola have a "marked ability to commit a crime" and that they offered their "full and conscious adherence to the delinquent plan" — Tribunal of Milan - Sentence MPS Case RGNR 955/205"

""The SEC maintains an enforcement task force to examine ESG practices and disclosures by public companies and investment managers and identify inaccurate or misleading statements, often referred to as 'greenwashing.'" — Blackstone 2023 10K"

"“value proposition was not there”; will be obsolete in 2-3 years; slammed the tool as absurdly expensive to own and run; price needs to drop by 75-85% to have a shot; others sell “a lot more functionality” for a fraction. — Lonza scientist"

"Atrasentan is an investigational drug that has not been approved by regulatory authorities. Efficacy and safety have not been established. There is no guarantee that it will become commercially available for the use(s) under investigation."

"“Now, do I have any way of validating whether that was true...do they have an incentive to lie about it...yes, they do...you just have to trust what they’re telling you...it’s ridiculous...it’s infuriating.” — UCSF transplant administrator"

"“I don’t. Thinking back to what I recall from our PK data. I can’t think of any reason why the substitution couldn’t achieve the same result...yeah, I agree with your assessment.” — Ex-Soleno employee #2, key role in clinical trial program"

"“...and they’ve been told, like they’re pretty quiet about it. FYI, they don’t really feel comfortable telling other people about it because they don’t want to scare anybody.” — KOL in the PWS field; involved with Soleno’s clinical program"

"I will say growing margin is very hard to do. I specifically have a lot of experience in that area given I was on the pricing side. I really considered myself more in margin management. — Former Avery Global Pricing and Revenue Specialist"

"Mr. Jolcover was an investor in Pershing Gold Corp (PGLC). Pershing was a company controlled by Barry Honig, an individual the SEC has brought civil litigation against for running "pump-and-dump" schemes. — Spruce Point Capital Management"

""I think you have to be careful with the digital story. All digital business are not created equal... That's $300-$400m million of revenue that doesn't make money and I don't see how it will in the current model." — Former Xylem Executive"