Callouts & quotes from 262+ activist slides

"Presently, investors are not convinced that the company can return to its former glory based on how the stock has been trading of late. — Deutsche Bank, April 2024"

"Presently, investors are not convinced that the company can return to its former glory based on how the stock has been trading of late. — Deutsche Bank, April 2024"

"Presently, investors are not convinced that the company can return to its former glory based on how the stock has been trading of late. — Deutsche Bank, April 2024"

"Presently, investors are not convinced that the company can return to its former glory based on how the stock has been trading of late. — Deutsche Bank, April 2024"

"Amazon's CFO recently commented that the company saved $1 billion on travel in 2020, and while he expects travel to return, it will be at a much lower level."

"We certify that the information given in this Return (including 1 pages of Schedules) is true to the best of our knowledge and belief. — Annual Return (1998)"

"Novartis ex-manager describes a farce: we got "tricked" and machine doesn't work; "failed purchase" that he wanted to return — Novartis ex-manager."

"Interview with Former Tax Equity Buyer at Major Bank, December 2021. NB: RUN Investor Relations estimated an 8-9% return to us. — Footnote 51"

"“Meaningful total shareholder return delivered by management’s transformative vision and focused execution since 2009” — Arconic Management"

"“Growth does indeed drive multiples, but only when combined with a healthy return on invested capital.” — Tim Koller et. al, McKinsey & Co."

"Will represent a small percentage of fund capital in the aggregate and an appropriate "return on invested brain damage" — Pershing Square"

"Liu Yishou said if he didn't return to YY, he might have been gone forever. This time, he came back to ‘scam money.’ — Sina News headline"

"Our strong business performance has driven total shareholder returns that have outperformed our peers. — Autodesk Board and Management"

"“is the most attractive transaction available” — Capricorn Board; “either return it or do something else with it” — Capricorn CEO"

"The amount of mercury disposed was caused by the large quantity of product returned from a customer — Heska 2019 TRI Report"

""Return of capital is an important part of the CTC story" — RBC Capital Markets Equity Research Note (October 31, 2019)"

"Your tax return is secret by law. TurboTax wants you to give up your privacy. — Washington Post, 3/1/24"

"OUTR has already committed “to return 75% to 100% of free cash flow to investors” — Outerwall Inc."

"Our Total Shareholder Return Over the Past Decade Has Been Impressive — Darden"

"Nestlé makes the very best returns for its shareholders. — Third Point LLC"

"bonds constitute “return-free risk” — Jim Grant (referenced)"

"2018: Return to Our Roots — PSH Annual Investor Presentation"