Callouts & quotes from 10,384+ activist slides

"“those who are the most experienced are probably not as excited about it than those that are newer,” and stated “no, honestly, no” when we asked if he’s heard any excitement from KOL’s such as himself with large PWS caseloads. ... “they’re going to be making some inroads to that effect...they’re going to try to make it be the panacea...but I just don’t think it is.” — Trial investigator and physician; one of the leading KOL’s in the PWS field"

"“Joby is much further along by every objective metric”, finishing the interview with “when it comes to looking at the two of them [Joby and Archer], one of them has done a better job of getting the planes in production, or aircraft in production, and I think Archer has been built with the US stock market in mind and I think Joby has been built with the prospect of actually having a business in mind”. — Charles Lemonidas, Founder of ValueWorks"

""Chris has had a solid track record of success in achieving operational excellence and financial performance. Given Chris's significant leadership skills and relevant industry experience, we believe he is the ideal choice to drive improvements in the business and further develop our brand while delivering a consistently superior customer experience for all existing and prospective customers." — John J. Anton, Chairman of WireCo, May 15, 2013"

"Vehicles may not be equipped with inward-facing cameras. Forward-facing capability of cameras shall not be used for discipline. Further, there shall be no in-cab audio recording or videotaping. Any functionality included in driver-facing cameras (including their driver recording and monitoring functionality) will be disabled and rendered inoperable to prevent recording and monitoring of in-cab activities. — Teamsters Final Agreement With UPS"

"“...we believe a peer group should range from 0.5 to 2 times the market capitalization of the Company. In this case, Glass Lewis has identified 16 peers outside this range, which represents approximately 80% of the peer group.” — 2011 Glass Lewis proxy paper on AOL; “Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay.” — 2011 Glass Lewis proxy paper on AOL"

"“These results are strange because the increase in histamine levels in the brain should be immediate and so the therapeutic effect should also be rapid (and should not require 6 months to reach a maximum effect). If one takes an antihistamine (H1 blocker) such as Benadryl, the somnolent effect occurs at peak plasma levels – approximately 30 minutes later. One does not need to take them for 3 months to achieve this.” — Pharmacology consultant"

"On July 26, 2024, the Securities and Exchange Commission ("SEC") brought a complaint against Andrew Left, who runs Citron Research. In that complaint, the SEC effectively alleged that (i) by making public communications arguing that certain securities are longs or shorts, and (ii) then very soon after those communications were made public, trading in the opposite direction of those communications... that Left was committing securities fraud."

"“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"

""These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders. We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy..." — John Hess, March 2013"

"“Portfolio construction should always begin with an evaluation of the company’s core strengths. If an asset doesn’t play to a strength, it shouldn’t be there. If an asset is not material with respect to NAV or doesn’t have the potential to be, it shouldn’t be there. Proper portfolio management requires a constant sharp evaluation of the portfolio to determine value and to question is it worth something more to someone else?” — David McManus"

"The transaction is based on a cash consideration of USD 1.81 billion, which includes a tax benefit with a net present value of USD 200 million. The $200 million tax benefit comes from an election made by the seller as part of the transaction, resulting in amortizable goodwill for tax purposes, allowing us to reduce annually the amount of tax that WSP will have to pay in the future. — CFO Michaud, John Wood E&I Acquisition Call, June 1, 2022"

"“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"

"“...The entire episode has also revealed the limitations of ‘Disney nice.’ Avoiding face-to-face conflict, at least at the CEO and board level, fostered an environment where Iger and Chapek couldn’t hash out their differences. Executives who openly challenged others — Mayer, Rice, McCarthy — were ultimately dinged for their frankness...” — CNBC, Disney’s Wildest Ride: Iger, Chapek and The Making of an Epic Succession Mess, September 6, 2023"

""First, our outcomes continued to significantly outperform the national averages as they have done each year over the past five years. And second, our outcomes have continued to improve each year while the national averages have stayed largely the same over those five years." — Then-CEO David Schlanger on PGNY Q2 2021 Earnings Call; "...the national averages haven't been improving..." — CEO Peter Anevski at 2023 JPMorgan Conference, 1/10/23"

"I think some of the concerns, are going to be a little bit of, anyone in the ag and food industry, people are still trying to figure out GLP-1. To me, it's much more around the demand side. Aging populations in a lot of the core markets, what do those underlying trends look like and what does that mean for 10 to 20 years out? And, also around the GLP-1. How does that play out for the products that the company moves? — Former Bunge Executive"

"I could definitely see that happening...I get a lot of phone calls and texts from people around the country saying...do you think I should use it...what should I do...I get a lot of those texts and calls...[from] new users and people with less experience using marginal organs that they know we're using...a good word to describe the company is top-down aggressive...there's no question.... — Transplant surgeon at a high-volume academic center"

"“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"

""We expect sales to be down by about 15," said one distributor that sells about $45m in electronic components annually. "This year the consumer products market is very poor. Huawei's orders are down, and that directly affects my customers and indirectly drags down our sales. ZTE's orders are also down. . . A lot of our customers sell to the U.S. The 2018 backlog is pretty intense, so this year's sales will drop." — China Market Distributor"

"“...we love the indoor water park business, the theme park business, family entertainment centers.” — John Payne, COO, VICI Properties (NYSE: VICI); “...if you want to think about our Las Vegas assets and come up with a corollary... I would encourage you to think of the corollary being theme parks... Because of the mass size, complexity, layout and development potential of these assets.” — Edward Pitoniak, CEO, VICI Properties (NYSE: VICI)"

"“So I'll end my remarks on where I started with wanting this slide to be emblazoned in your mind. Again, as I look at the 4 steps that I think get this company another $20 to $30 a share, I think that these are all eminently doable... And more importantly than anything I can say up here, I'm obviously not only have I drank the Kool-Aid, but it actually tastes great, and I'm a believer.” — Peter Huntsman, Chairman, President & CEO, May 2018"

""The [plug-in hybrid] ones they did have out, they claimed a 50% increase in miles per gallon, the most any of them got were 35-40%.... average was 25-35%." — Former XL Employee B; "Never would you come across 50% on the plug-in... The 50%, it’s insane that it’s advertised... You might see a decrease in MPG because you’re adding 800 pounds of batteries to the back of an F-150 and expecting it to achieve performance." — Former XL Employee A"

""The culture of success that has taken root at Suncor is stunning..." — RBC, 11/13/24; "SU has beat on the quarter five consecutive times..." — TD Cowen, 12/12/2024; "Record Setting Year. Suncor ended a remarkable year with a bang." — BMO, 2/6/25; "I would follow Rich into battle. New leadership at SU is clearly paying proverbial dividends with continued operational improvements in both the upstream and downstream." — Raymond James, 2/6/25"

""Because we do have a differentiated customer offering that customers love. Our NPS [Net Promoter Score] is high." — Ernie Garcia III, CEO Carvana, 1Q23 earnings conference call. "What were our differentiators early on, are no longer differentiators at all. Like, everyone will deliver a car to you now, everyone has a return policy...Everything that made Carvana what it was...CarMax? They've already caught up." — Unattributed expert source."

"“She was a very big proponent of the oxytocin. I mean, she was saying that was the most marvelous drug out there, oxytocin. Then she switched over to this...But she's a politician, too, and she's the one that was the spokesman. There's nothing ever going to replace oxytocin for treating Prader-Willi Syndrome. Then the next month, nothing's going to replace DCCR.” — Trial investigator and physician; one of the leading KOL's in the PWS field"

"So we got to put all that together when we put our 2022 guidance together formally. But I would say the initial receptivity continues to be strong. Our project remains online and on target. And the internal excitement here around what we can do with that product line is -- if you talked to Russ Minick and his team, I mean, he's incredibly bullish on what we're going to be able to do with that longer term. — CEO Jagdfeld, Q3 2021 Conf Call"

"“Yup. I’m right there with you. For me, I never understood Twist and Ginkgo. I never understood the two of them, who were in market pole position, if you will, had the hype and were the darlings of the synthetic biology community. I never understood either of their business models. I understood what they were selling. I didn’t understand how they were going to make money.” — Ex-senior executive of Gen9 and longtime expert in Twist’s space"

""I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Former Chairman & CEO of Marathon Petroleum, May 8, 2019; "[W]e are excited about the industry-leading small cell business in the U.S. that complements our tower business and provides substantial potential upside to our 5G growth strategy." — Jay A. Brown, Former President & CEO of Crown Castle, October 22, 2020"

"A. Failing to disclose, clearly and conspicuously, before any consumer becomes a Marketing Program participant, all information material to a consumer's decision to participate in the Marketing Program, including but not limited to the following: (1) The number and percentage of current Marketing Program participants who have not received any commissions, bonuses or overrides; — FTC v. Trek Alliance, No. 02-9270 (C.D. Cal. June 24, 2003)."

""I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Former Chairman & CEO of Marathon Petroleum, May 8, 2019; "[W]e are excited about the industry-leading small cell business in the U.S. that complements our tower business and provides substantial potential upside to our 5G growth strategy." — Jay A. Brown, Former President & CEO of Crown Castle, October 22, 2020"

"THIS FAA AIRCRAFT MORTGAGE AND LEASE SECURITY ASSIGNMENT (MSN 2851) (this “Agreement”) dated as of September 1, 2023, is made by and between UMB BANK, N.A., not in its individual capacity but solely as owner trustee, as the Grantor (the “Grantor”), and JPMORGAN CHASE BANK, N.A., as the Administrative Agent (the “Administrative Agent”) under the Aircraft Mortgage and Security Agreement — FAA Aircraft Mortgage and Lease Security Assignment."

""The Company reclassified prior year comparative figures in the condensed consolidated statement of cash flows to conform to the current year's presentation. In addition, the Company reclassified certain prior year comparative figures from interest expense to net sales to conform to the current year's presentation. This change in presentation did not have an impact on the Company's financial condition or operating results." — Amcor Note 1"

"“What they do is they get these foreign-trained physicians to do recoveries. They haven’t gone through the process of being licensed to practice in the United States, and that’s exactly what it is. If you’re a recovery surgeon, you’re either in the twilight of your career and you’re just like the hell with patients, or you’re somebody who couldn’t hack it.” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive"

""What I can share is that we are focused on building a revolutionary aircraft, not simply a hybridized version of an eVTOL" — Archer’s CTO, Q2 2025 Earnings Call Transcript; "You cannot simply hybridize a passenger eVTOL. You have to build a new bespoke aircraft" — Archer’s CEO, Q2 2025 Earnings Call Transcript; "You cannot simply slap a heavy fuel powertrain onto an existing eVTOL design" — Archer’s CEO, Q2 2025 Earnings Call Transcript."

"“...overall, we're focused on making changes that are both good for our customers and good for Autodesk and shifting more of the billing patterns for our enterprise business agreements to annual billings is one step to help us achieve that goal... ...it's a change that we think is better for our customers and better for Autodesk and will help us make Autodesk a more valuable company over time.” — Deborah Clifford, Fmr CFO, September 2021"

"I was working at ANTA's HQ. I don't know about the Yundong company's registration, or its management shareholding and relationship [to the HQ]. Maybe it [ANTA] needs Yundong to make management more convenient. How to say, I [referring to ANTA] registered a company, how to deal with the finance, etc., I'm not very clear, mainly Yundong handles HR related things. Regarding other things like operations, we go ahead and handle those. — Mr. B"

"“I think so, yeah. I think for Berkeley Lights to be able to have its place; you would want a use case where you're sorting the cell out of that nano-cell and using it for downstream applications. But if you're not doing that, Berkeley Lights is replaceable if you don't want to isolate a cell, you just want to get cells, cytotox data, which is what we were doing at Takeda; I would replace it with IsoPlexis today.” — Takeda lead scientist"

"“...overall, we're focused on making changes that are both good for our customers and good for Autodesk and shifting more of the billing patterns for our enterprise business agreements to annual billings is one step to help us achieve that goal... ...it's a change that we think is better for our customers and better for Autodesk and will help us make Autodesk a more valuable company over time.” — Deborah Clifford, Fmr CFO, September 2021"

"We also expect to have lower equity earnings associated with the ULA business as a result of the number and mix of launches expected in 2019 compared with 2018.... The largest single item that is driving the margin reduction next year, though, is actually our ULA equity earnings. Those are actually going – we expect those to be down nearly $150 million or so from this year's estimate of the equity earnings from ULA. — LMT Q3'18 Conf Call"

"Our ASP is $23,500 but for easy math that's a $10 billion annual opportunity just in the United States. Okay, that's just a huge number, we don't look at it that way. We switch up, we look at it as from a bottoms up. How can we establish a number of centers and physicians to be able to treat this population. We know we have an unlimited number of patients that need the therapy. — CEO Tim Herbert, RBC Capital Markets Healthcare Conference"

"Q: Once the installation is up and running, is there a minimum number of tests required to be done under the reagent rental agreement? A: Yes, there is a target, a sort of an expected volume for most of the labs. There is an expectation that they (hospitals) are a part of evaluating and determining (expected volume). So it doesn't help us at all, nor any company really, to create a situation where — AXDX Investor Relations Representative"

""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; "You'll never find them, and you don't want anything to do with them..." — Former GFL Employee; "I felt the Company had to go in a different direction and it wasn't going there. I also had ethical concerns and had no interest in continuing with the Company." — Former GFL Employee"

"We believe that GFL is relatively better insulated from COVID-19 volume declines due to a significant portion of its revenues coming from residential customers and fewer landfill assets which translates into less decremental margins. We continue to see a pathway for GFL to improve its margins and FCF every year over our forecast period, driven by still strong pricing, cost rationalization, and a larger solid waste footprint. — JP Morgan"

"And then, looking out to 2018 and then maybe even beyond that, do you still feel comfortable with the 20% sales growth that you shared during the IPO process? We've just completed what is a six-week process we go through for both a bottom up and a top down for every item and every customer. We still stand by our growth targets for the future and don't have any updates to those targets at this point for next year. — Q3 FY17 Earnings Call"

""[T]he outsiders (who often had complicated balance sheets, active acquisition programs, and high debt levels) believed the key to long-term value creation was to optimize free cash flow, and this emphasis on cash informed all aspects of how they ran their companies – from the way they paid for acquisitions and managed their balance sheets to their accounting policies and compensation systems." — William N. Thorndike, Jr., The Outsiders"

""And the aerospace business, I mean, pretty much we are catering in all of these businesses that PCC also caters to, right? And have roughly about almost $6 billion in this. I mean, I referred to the 40%, $5.6 billion or something like this, the exact number, all right? Then when you look into the automotive business, it's probably more than Novelis' there that you would have to look at, right?" — Dr. Klaus Kleinfeld, September 28, 2015"

"On March 31, 2017, the Company acquired a portion of another partner's interest in DTA for $13,293 thereby increasing its ownership in DTA to sixty-five percent... the Company has concluded that it does not have the power to direct the activities that most significantly impact its economic performance and therefore is not the primary beneficiary. Accordingly, the Company continues to apply the equity method of accounting. — Q1 2019 10-Q"

"Agilent Technologies manufactures probes for microarrays using a proprietary DNA synthesis method based upon inkjet printing technology. The method, in which layers of DNA nucleotides are "printed" onto desired microarray feature locations to synthesize probes, circumvents many of the limitations of light-based synthesis methods, and is capable of producing oligonucleotide probes of unprecedented quality and length. — Agilent 2008 Paper"

"“their problem is still error rates...and that’s why they’re losing money”; “a situation where you need to make multiples of everything just to be able to deliver”; “very high error rates that require that either they create duplicates or multiples of each order, which makes it non-economic, or they have to apply complicated error correction...that also is very expensive.” — Longtime industry executive who has advised Twist’s management"

"The term “Board Material” used herein means all minutes, resolutions, or other records of any Board and/or regular or special committee meeting, and all documents provided, considered, discussed, prepared, or disseminated, including materials on board portals, in draft or final form, at, in connection with, in anticipation of, or as a result, of any meeting of the Board or any regular or specially created committee thereof — Footnote 4."

"straight 9 to 12 months. Because you know what, in that short space of time, by making that commitment, you are going to create a foundation for life. Absolutely. Not just for yourself, but a legacy, a legacy for your family, for your children, and their children’s children. — Herbalife independent distributor audiovisual presentation (11-28-11). Online Business Systems is an Herbalife affiliate overseen by Shawn Dahl (Chairman’s Club)."

""Second, our goal has been to diversify our revenue outside of the United States and this acquisition increases our international revenue for this business by a factor of 6 and expands customer penetration into 75 additional countries. At the consolidated level, the acquisition adds an additional three points of international revenue bringing our total for the company to approximately 13% international revenues." — CEO M&A Call Feb 2020"

"“No, I’m going to be hands-off” — Trial investigator #1. “I want to make sure there isn't a patient out there — maybe there's another secondary genetic condition that's triggered by this drug that may cause cardiac arrhythmia or convulsions...based on the channelopathies for how the heart works, how the brain works. I'm concerned about channelopathy defects.” — Trial investigator and physician; one of the leading KOL's in the PWS field."

"straight 9 to 12 months. Because you know what, in that short space of time, by making that commitment, you are going to create a foundation for life. Absolutely. Not just for yourself, but a legacy, a legacy for your family, for your children, and their children’s children. — Herbalife independent distributor audiovisual presentation (11-28-11). Online Business Systems is an Herbalife affiliate overseen by Shawn Dahl (Chairman’s Club)."

"Before the current update the game was overpriced, had a flawed (probably manipulated) voting system and operated with sometimes incredibly amateur 3D designs - but it was still fun. Now it's overpriced, has a flawed voting system, bad 3D designs, AND it's nearly unplayable, it's a mess! Full of incredible stupid changes on user interface and annoying glitches! Not fun anymore. I regret I wasted money on this... "game". — Boglárka Ónody"

""The chip produced at U-M is about as big as a postage stamp...the quantum chip developed at U-M could be scaled up to include hundreds of thousands of electrodes, Monroe said." — 2005 article on Chris Monroe's purported "quantum chip"; "We know how to build a quantum computer with 50-100 qubits with trapped ions right now," said Monroe. — 2016 article quotes Monroe claiming to be able to a 50-100 qubit ion trapped computer "right now""

"With respect to our patents and intellectual property, we have a broad portfolio of patents on portion packs, on brewers, on the system of the – of both portion packs and brewers. And certainly to the extent that any other product might infringe on our intellectual property, we take that very seriously and we would, in fact, rigorously defend our intellectual property. — GMCR CEO Larry Blanford, Q3 2011 conference call on July 27, 2011"

"Certain of our receivables may include the ability to defer required interest payments in exchange for increasing the receivable balance at the borrower’s option. We generally accrue this paid-in-kind (“PIK”) interest when collection is expected, and cease accruing PIK interest if there is insufficient value to support the accrual or we expect that any portion of the principal or interest due is not collectible. — HASI 2021 10-K, p. 88"

""In their own words, they do have a clearly defined strategic direction, and you can talk the talk, but you might not walk the walk...They are clearly not walking the walk. At all." — Phillips 66 Shareholder A; "Looking at [Phillips 66's] strategic direction, significant divestment and cleaning up of operations would be certainly beneficial. Getting back into what they do best, which is integrated refining." — Phillips 66 Shareholder B"

"They were public, but they didn't hire leaders who were capable of leading those functions...For example, in pharmacy, they were really interested in compounding. Even in product development. There really weren't any experts there, even though we were doing a lot of that...There was a mass exodus of all the early employees. And it was just because the company really didn't value them. — Spruce Point Interview With Former HIMS Executive"

""They all want to be omnichannel, which means that they want to gravitate towards brick and mortar over time...ALEX AND ANI, Amazon Books, Aritzia, b8ta, Ballard Design, Blue Nile, Drybar, Dyson, E.I.F Cosmetics, Frye, Kendra Scott, Monica & Andy, Morphe, Nespresso, NYX, Peloton, Sage, Shinola, SoulCycle, Superdry, UNTUCKit and Warby Parker." — Arthur Coppola, Chairman & CEO of Macerich, Macerich Q3 2017 Earnings Call, October 31, 2017"