Callouts & quotes from 86+ activist slides

"“Its Reputation in Tatters, Southwest Aims to Resume Normal Schedule on Friday” — The New York Times; “U.S. Senators blast Southwest holiday meltdown, labelled ‘unmitigated disaster’” — THOMSON REUTERS; “Southwest Doubles CEO Pay, Neglects Boardroom Risks Despite Crisis” — Forbes; “Southwest Airlines meltdown highlights insular management team” — FORTUNE; “Southwest hit by record $140 million fine for holiday service meltdown in 2022” — CNN"

"Its Reputation in Tatters, Southwest Aims to Resume Normal Schedule on Friday — The New York Times; U.S. Senators blast Southwest holiday meltdown, labelled 'unmitigated disaster' — THOMSON REUTERS; Southwest Doubles CEO Pay, Neglects Boardroom Risks Despite Crisis — Forbes; Southwest Airlines meltdown highlights insular management team — FORTUNE; Southwest hit by record $140 million fine for holiday service meltdown in 2022 — CNN"

"“Despite price increases, customer retention at 86.5% is now actually above pre pandemic levels.” — CFO Ingall-Tombs, Interim 2022, Sept 28, 2022; “Despite price increases, customer retention is up over 1 percentage point year-on-year at 86.6%.” — CFO Ingall-Tombs, 2022 Preliminary, March 16, 2023; “Despite price increases, customer retention was stable at 86.7%.” — CFO Ingall-Tombs, H1 2023, July 27, 2023"

"“…many of our clients have continued to expand their workforce as they successfully grow their own businesses. Our existing clients grew in aggregate by approximately 100,000 lives in 2020 despite the significant disruptions caused by the COVID pandemic. Because of our utilization-based model, as our employees grow, we grow too.” — David Schlanger, 2021 JPMorgan Healthcare Conference Transcript"

""In 1994, season passes to Six Flags Great Adventure in Jackson, New Jersey averaged $75... Fast forward 25 years to 2019, and we were still charging an average of only $75 for our season pass. Despite the fact that we have invested hundreds of millions of dollars in our parks..." — Selim Bassoul, CEO, Six Flags (NYSE: SIX), Q2 2022 SIX Earnings Conference Call, August 11th, 2022"

"Recent setback related to the DOJ backing the EPA's stance despite the administration's pro-mining orientation shows there is considerable risk in developing an Alaskan mine where local communities can express strong opposition to protect wildlife. Nova will also have to navigate a variety of laws and regulations related to wildlife to advance Project Estelle."

"Nepotism, Cronyism, Incestuous...you'll find whole families working here- Mom, Dad, Son etc., BEWARE! ... Many of the Directors and Senior Leadership are incompetent but have "connections" so despite their ineptness they somehow manage to maintain leadership positions and some of their husbands or ex-husband works there too! — Anonymous Employee (Glassdoor)"

"“Despite the positive progress we've seen, we believe our stock is significantly undervalued and represents one of the best opportunities in the market today [...]. Today, we announced another substantial issuer bid for up to $15 million at a price between $17 and $20 per share.” — Mr. Proud, 5/10/2023"

"“These results are very exciting for the treatment of PWS, as most patients showed improvements in body weight, hunger-related behaviors, and body fat content, despite the increased food intake included in the trial design,” explained Dr. Jennifer Miller — Zafgen Press Release, 2014."

"Each party in breach of the Contract, despite that the other Party demands correction, does not correct the breach yet within 30 days since receiving the exigent. The other Party may give a notice of termination to terminate the Contract. — Article 10 (Termination of the Contract)"

"Despite his outspoken condemnation of Russia's invasion of Ukraine, calling it "barbaric," even Russian President Vladimir Putin recognized Volozh's extraordinary capabilities, stating that he was a "talented man" entitled to his opinion — Vladimir Putin"

"Data from Accountability India shows that despite being amongst the highest spending states in India, at current FX rates, the 60k rupees per student that Himachal Pradesh spent in 2017-2018 only amounts to roughly US$ $720, a fraction of U.S. spending."

"“Despite’s Crown’s massive investment in fiber and small cells, which we acknowledge are less attractive relative to towers, we view the company’s underlying domestic macro business as under-appreciated relative to peers.” — JPMorgan, November 2019"

"Phillips 66’s (NYSE: PSX) CEOs reaped an eye-popping $140M from 2020-2024—despite ongoing stock and operating underperformance and missed cost targets. Why are shareholders footing the bill for big CEO paydays in the face of lackluster returns?"

"“Despite the portfolio upgrading effort, a valuation gain has been elusive” — Goldman Sachs. “the market is currently discounting the potential for Huntsman to achieve these goals.” — Starboard Value (commentary on Huntsman slide)."

"The former also said that fear of missing an opportunity to cash out was what drove CEO Andrew Paradise to rush to go public via SPAC, despite its platform being “too manual” and “not sustainable.” — Former employee"

"Phillips' leaders...insist that shareholder benefit from its structure and that operating improvements have materialized, despite evidence to the contrary. — Elliott's Streamline66 presentation 2/11/25"

"Despite legal challenges by Epiq, the Missouri Jackson County Circuit Court has ruled that Villere & Co. can nominate a competing slate of directors for Epiq's upcoming 2016 annual meeting"

"Napo (or whatever BUR would call it at the time) was shown as a “Concluded Investment” in the 2013 annual report, despite there being no cash available to back up — Muddy Waters Capital"

"JPMorgan Kept Jeffrey Epstein as a Client Despite Internal Warnings — The New York Times; Goldman Sachs Is Said to Try to Avoid Pleading Guilty in 1MDB Scandal — The New York Times"

"A former Lianjia agent in Shenzhen published a tell-all blog in 2020, revealing that BEKE company policy was to go as low as 2% on commissions, despite official rates of 3%."

"Despite its operational challenges and abysmal shareholder returns, Avantor continues to have significant strategic value, well in excess of current trading prices."

"“They aren’t happy with the fact that they do not see an improvement in living standards, despite the good economic statistics.” — Bloomberg July 1st, 2011"

"Box will stay in Silicon Valley, CEO Aaron Levie says, despite 'absolutely insane' costs — Headline from public news article"

""Purported synergies involving RBA's and IAA's yards appear minimal, despite assertions to the contrary." — Luxor Capital"

"Smartphone - Failure to exit business despite recurring losses. — Jefferies commentary"