Callouts & quotes from 10,384+ activist slides

"We know that when one of our designers becomes involved with a project, the average ticket can be 4x larger than the ones where they are not involved. — Q4 2018"

""One way out of the dilemma of uncorrelated ratings is to use the one with the most predictive power, which they found to be MSCI ESG Ratings" — Linda-Eling Lee"

"「当社はレーザーテック製のA150装置を使っています。5ナノメートルのウェハーに使います。2021年に購入したので、2年以上使っています。また、レーザーテックの新しいA300装置のことを知っています。1台のA150を所有しているほか、もう2台の処理能力をリースで利用しています。」 — マーベル・テクノロジーの上席従業員"

"「レーザーテックは危ないと思います。同社には完成品の在庫が滞留していますが、KLAは各社に向けて次のように予告しています。『発注を2025年の中旬まで待っていただけるなら、新しいシステムを商業的に提供できます』。KLAはレーザーテックのマーケットシェアに食い込みます。当然です。」 — グローバルファウンドリーズの元幹部"

"「はい、見逃している欠陥がないことを確認するために。もし欠陥を見逃せば、生産される各々の半導体装置に転写されます。致命的な問題があれば、問題のウェハーを出荷できなくなります。下手をすれば何十億ドルもの損失を招くことになるのです」 — 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"

"I direct that no official shorthand note shall be taken of this Judgment and that copies of this version as handed down may be treated as authentic. — FORDHAM J"

"“We’re basically selling our identity soul to a private company, who’s then going to be the gatekeeper ... everywhere one goes.” — Kaliya Young, identity expert"

"“Disney has overcome one of the most challenging periods in its history and a new era of building is well underway...” — Disney Letter to Shareholders, 02/01/24"

"“In summary, [Elliott] has assembled a strong slate, which has the experience and independence that PSX requires.” — Institutional Shareholder Services, 5/12/25"

"Please combine the specific gameplay of the game operated by PLTK and game rules settings, etc., to further explain whether PLTK is suspected of gambling — CSRC"

"“The first 3. The last one was a different light source.” — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab"

"“it’s not stable…it’s just not stable…it doesn’t work all the time…it just dies.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"No. This was the only assets literally that's acquired from Media Ventures... — Udo Müller Co-Founder, Chairman of Management Board and Chief Executive Officer"

"Carlos Wanzeler fled the country to Brazil upon learning of the federal charges filed against him. There is currently a federal warrant for his arrest — US DOJ"

"“...we incurred an approximate 35% increase in scrap when producing units compared to the third quarter of 2023.” — Procept CFO Waters on Q4 2023 Earnings Call"

"Muddy Waters describes the EBITDA margin as unusually high. You have told us 20% in 2014 and 24.8% in 2015. How is it that the margin is so high? — Dr. Weimann"

"Defendant Victor Lee (“V. Lee”) is Chief Financial Officer and Secretary of Leadis. V. Lee signed the false and misleading Registration Statement. — Litigation"

"In the former official’s view, the contract price is greatly inflated, and was based on a false promise about the machines’ capabilities that he calls “a lie”."

"“BlackBerry's Radar could be compelling evidence that the company can use its mobile, embedded systems and security knowhow to grow in new industries.” — ZDNET"

"SZKY: It's all self-operated, no franchises. ... SZKY: (Overlapping) Yes, all self-operated. ... SZKY: A subsidiary. ... Investigator: A subsidiary. SZKY: Yes."

""Seasonality: To date, we have not experienced any pronounced seasonality, but such fluctuations may have been masked by our rapid growth." — Prospectus, p. 31"

"Developing a Warehouse Layout Design Framework for Fast Growing Companies, A Case Study at Oatly AB — Felix Geuken and Louise Jager, Lund University, June 2015"

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

""[U]ncertainties relating to interpretation and enforcement of legislation in China governing direct selling and anti-pyramiding" — Herbalife Q1'2017 Form 10-Q"

"「レーザーテックが住友製のステージを採用したのは、利用可能だったからです。つまり、磁気浮上のステージは購入できません。……であれば、レーザーテックが自前でステージを開発できるかというと、できません。……したがって、光源に続いて、ステージについても妥協してしまいました」 — KLAで極端紫外線マスク検査を担当した元幹部"

"「ファブ運営の経済条件の進化によって、ファブ環境でレチクルを活用するための当社の光学系とウェーハ検査の各ソリューションは、ますます魅力的になっています。つまり、極端紫外線の領域での当社の事業展開です。極端紫外線の領域でいえば、レチクルの90%以上は当社の装置を通っています。」 — ブレン・ヒギンズ (KLA CFO)"

"Kandela accuses Porch and its CEO “have engaged in a stunning and systematic pattern of fraud designed to prevent Kandela from achieving any earnout” — Kandela"

"His first major acquisition, $1.6 billion Holiday by Atria purchase, was described by Mitra himself as “our biggest capital allocation mistake.” — Shankh Mitra"

"“old,” “completely outdated,” “not very user friendly,” “prone to errors,” “cumbersome,” and states AI and machine learning claims are bogus. — IQVIA executive"

"At least two former Senior Accounting Managers on Glassdoor recently commented that Rollins is behind time regarding its software and working systems were old."

"I think it's some of it's just timing issues. But I think on average, you're going to see that's how we flow out year-over-year. — CFO Hoffman, Q4'24 Conf Call"

"a character-driven, only-in-America story about the enduring consequences, politics, and polarization of school shootings. — Stephan Herrera (LinkedIn profile)"

"IF YOU DEDUCT THE STANDARD MILEAGE RATE FOR THE X-WING FIGHTER, YOU CAN'T ALSO DEDUCT ITS ROUTINE MAINTENANCE COSTS. — The CPA 3PO (Rhymes with Orange cartoon)"

"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"

"「数字は申し上げられないですが」、「第2期工事が終了すると、更に生産量が増加する計画でおります」、「第2期工事も昨年10月からスタートしまして、完成した暁にはそれも生産に寄与する予定です。そういう意味では生産キャパシティの増強に取り組んでおります。」 — 岡林CEO (2023年8月7日および10月23日決算説明会)"

"To get there in the next few years, his plan is to annually double the number of stores signing up for its software. — Dax Dasilva, Globe & Mail, June 15, 2015"

"“102 patients...but the end of the study, we observed this problem with the blood result. And it was preferable to stop the study.” — Former Bioprojet employee"

"Option A – "such other amount of shares of Common Stock as Taubman Centers, Inc. and the members of the Taubman family shall agree" — Land & Buildings Proposal"

"Other transactions with directors as project subscribers (on terms no more favourable than other project subscribers). — TFC Annual Report to Shareholders 2013"

"Could you please reconfirm for stay period again? Will you book for 28 May - 5 July 2026 (38 nights) OR 28 May - 5 June 2026 (8 nights)? — Accor Hotel Employee"

"“one of the great unprosecuted frauds of Canadian business history” — A Canadian lawyer. “house of cards” with “grossly inflated revenue” — A Canadian lawyer."

"This summary reveals that the assessment is based on unaudited figures and that their source was the management of the buyout firm. Now my question: How come?"

""During the fourth quarter, we achieved our strategic priority targets for shareholder distributions and asset dispositions." — Mark Lashier, January 31, 2025"

""Now, people still have questions. NetQin claims that it has a large market share, so why aren't there any NetQin users around us?" — LIN Qiling, ZHENG Daosen"

"So, saying that aerospace is going to grow in the high-single digits or a 10% or low-teens, I think is reasonable. — Tony Thene, CEO of Carpenter Technologies"

"Phillips 66 has claimed that in a $50bn TEV midstream sale, “tax leakage costs could be as high as $10 billion.” — Phillips 66 Letter to Shareholders, 4/8/25."

""I'm desperately in need of a strategy." — Richard Parsons (April 2002); "[i]t's not terribly different from what you see today." — Richard Parsons (May 2005)"

"We currently purchase finished circuit boards and injection-molded plastic components from suppliers located in the U.S., Mexico and Taiwan — Axon SEC Filings"

"At a fall 2013 meeting with PepsiCo’s leadership team, the CEO told Nelson that repurchasing the bottlers was a “mistake” but the bottlers were “in disarray.”"

"consumer compliance breakdowns, ...numerous unfair and deceptive practices and a deficient consumer compliance risk management program — Federal Reserve Board"

"「結像光学系を毎年交換しなければいけない、と聞いたことがあります。付着によって、揮発性化合物の量によって、光学系を毎年交換しなければいけません。その費用については、100万ドル以上かかりますね。第二と第四の鏡を交換しなければいなし、どちらも50万ドル以上かかります」 — KLAで極端紫外線マスク検査を担当した元幹部"

"「実に怖い」「ヘンだ」「製造現場は完成品が床を埋め尽くすような状態で、在庫でいっぱいになっている」「最終的な品質検査を通過していない完成品の在庫が相当量あるということ。顧客の要望で出荷を延ばしているのかどうかまで、私にはわかりません。しかも、訪問した同僚いわく、出荷ドックには文字通り隙間がありません」 — 企業幹部"

"DRI management shuts me out of another earnings call.. Running out of time is not an excuse. @jannarone article on #CNBC was $$$ — Howard Penney (@HedgeyeHWP)"

"‘We shook hands on a pact. Did you not shake my hand on it?’ ‘You stuck your hand out, so I shook it. I don't know about a pact.’ — Seinfeld, “The Engagement”"

"…we did not invest until we had secured a facility offering significant structural advantages, and was available at the right price. — Olam 2012 Annual Report"

"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"

"“Viterra also enters into throughput agreements with terminals in other Brazilian ports, such as Santos and Paranagua, from time to time.” — Bunge SEC filings"

"Tantu will leverage Ginkgo’s foundries to accelerate strain construction as a key step toward human clinical trials. — Tantu and Ginkgo Bioworks Press Release"

"The only explanation that Ströer provided for these transactions was that they “more closely align company and shareholder interests.” — Ströer Annual Reports"

"「TSMCはその装置を何台も、おそらく10台だったと思いますが、発注したので否定的な論文を発表するわけにはいきません。......現場の管理者たちだけでなく、発注書を承認した経営陣も不快にさせますね。TSMCは階級意識がとても強い会社ですから、上司を困らせることは絶対的にまずいです」 — TSMCのマスク工場関係者"