Callouts & quotes from 10,384+ activist slides

""Every trust department in the United States panicked," explained this 35-year-old hedge fund manager, "the stock just poured out" — 35-year-old hedge fund manager (Warren Buffett); "As described in other sections of this report, the extremely complex warehousing situation has not interfered with the continued growth and attainment of record highs in our main lines of business" — American Express, 1964 Annual Report"

"“The turnaround time was probably 30% of the time because something needed to be reworked. When they really needed something, they had to have it complete, that was probably 10% of the time, and people would be upset by it not being complete just because they needed to have everything; they needed to have all the genes to start their experiment.” — Ex-employee in senior product management and sales leadership roles"

"Ballard will contribute approximately $1.0 million for its 10% interest in JVCo. Under the terms of the agreement, Ballard has the right to appoint one of the three JVCo board directors and Ballard's CEO was appointed to the board of JVCo effective as of closing. Ballard has veto rights over certain key JVCo decisions and has no further obligation to provide future funding to JVCo. — Ballard Press Release, Oct 2016"

""You simply don't achieve results like this without a high functioning, deeply engaged board." — Bob Pease, Independent Director, March 28, 2025; "Although it is common operating practice in the US to have the CEO also be the Board Chair, and for a past CEO to hang around on the Board, I feel they are both detrimental to a company in need of change." — Bob Pease, Written Assessment of Phillips 66, November 13, 2023"

"“The Company periodically provides customer incentive programs including product discounts and volume-based rebates, which are accounted for as reductions to revenue in the period in which the revenue is recognized. These reductions to revenue are made based upon reasonable and reliable estimates that are determined by historical experience and the specific terms and conditions of the incentive.” — Kornit 2016 20-F"

""You simply don't achieve results like this without a high functioning, deeply engaged board." — Bob Pease, Independent Director, March 28, 2025; "Although it is common operating practice in the US to have the CEO also be the Board Chair, and for a past CEO to hang around on the Board, I feel they are both detrimental to a company in need of change." — Bob Pease, Written Assessment of Phillips 66, November 13, 2023"

"MARK HUGHES: Vamos a decirles exactamente qué decir y exactamente lo que nosotros decimos. Quiero que tomen nota palabra por palabra. A pesar de que no estén de acuerdo con esto en este punto, sólo tomen nota. Cuando alguien les haga cualquier pregunta sobre nuestros productos, van a decir, “No sé respecto a eso”. ¡Escríbanlo! “No sé respecto a eso”. Y luego incluyen su testimonio personal o prestado. — Mark Hughes"

"“There’s a lot of gray area when it comes to how late declines are offered. That has certainly happened to me where I’ve been inappropriately skipped, and I had to call an OPO and say you can’t do that. That’s against regulations. That’s unethical; you can’t skip me without telling me. These things happen. What the recourse is for anybody is a tougher question.” — Transplant surgeon at a high volume academic center"

"“They enrolled some of the highest-volume transplant centers in their clinical trial and these were the main ones that were using them until the last couple of years where amongst our group of folks that we talk to across the country who are other high-volume transplant centers as well, there’s been a steady decrease in utilization of TransMedics.” — Transplant cardiologist at one of the top centers in the US/world"

"MARK HUGHES: Vamos a decirles exactamente qué decir y exactamente lo que nosotros decimos. Quiero que tomen nota palabra por palabra. A pesar de que no estén de acuerdo con esto en este punto, sólo tomen nota. Cuando alguien les haga cualquier pregunta sobre nuestros productos, van a decir, “No sé respecto a eso”. ¡Escríbanlo! “No sé respecto a eso”. Y luego incluyen su testimonio personal o prestado. — Mark Hughes"

"In December 2024, we completed construction of our high-volume aircraft manufacturing facility, ARC, in Covington, Georgia. We started production of aircraft at this facility in the first quarter of 2025 and plan to focus on building aircraft across our facilities in Georgia and Silicon Valley for use in testing and certification, as well as to support plans for early commercial deployment. — Archer Aviation Filing"

"“We’d obviously welcome a substantive turnaround plan from Southwest… In our opinion, bona fide turnarounds often include meaningful changes in network composition, fleet overhauls, and revisions to business models. Management turnover is sometimes a component, as are changes in pricing philosophy… Unfortunately, we don’t believe Southwest is eager to meaningfully engage in such changes…” — J.P. Morgan, April 2024"

"The cost of revenue for our movie theater and traditional outdoor billboard network increased 101% from $28.5 million in 2007 to $57.3 million in 2008. The increase is primarily attributable to:...3) increased leasing costs associated with time we rent on movie theater screens as a result of an increase in the number of theaters we lease in our network from 10,930 in 2007 to 27,164 in 2008. — FMCN 2008 20-F filing"

""There are other oddities in Satyam's books, like fluctuations in the amount of unbilled revenue the company recorded. Unbilled revenue is work done for a customer but not yet invoiced. Analysts who follow outsourcing companies like to see unbilled revenue because it represents future earnings. But there is little documentation associated with the number, so unbilled revenue is easy to fudge." — NY Times, Jan 2009"

"I actually said that we really don't expect material synergies over the next two, three, four years because we do have a service agreement in place.... we're not calling or quantifying any synergies because we're focused on just - like Matt said, making them hit their $900 million earn-out and have the support that Church & Dwight would give and innovation that those guys would have — CFO on Deal Conf Call 3/28/19"

"Armor Holdings Products LLC has agreed to pay the United States $30 million to resolve allegations that it violated the False Claims Act by knowingly manufacturing and selling defective Zylon bullet-proof vests — U.S. DOJ. Armor Holdings employed no scientists and relied on Honeywell for scientific expertise — UNITED STATES OF AMERICA v. HONEYWELL INTERNATIONAL (case number: 1:2008cv00961) (Document 209; page 10)."

"they would call and say, hey, would you be interested in this? And then someone says, oh yeah, I’d be interested in that, and then they say to the OPO, oh, so-and-so, the guy over in [readacted] is interested in this liver. They’re getting into the organ allocation business rather than just the organ recovery and preservation business. It’s definitely improper. — Transplant surgeon at a high volume academic center"

"I have more than concern about [cardiac risk]. In fact, I’m writing an article on it...there’s an article that’s going to be coming out that I’ve written on this trial...I’ve been asked to write my opinion on this trial in the medical literature...we still don’t have a clear understanding, even though the drug has been around since 1976. — Trial investigator and physician; one of the leading KOL’s in the PWS field"

"MICHAEL JOHNSON: Esta es una gran oportunidad de negocios. Tienes la oportunidad de tener independencia financiera y libertad. Lo puedes lograr al ayudar a la gente a cambiar sus vidas involucrándolos en un mejor estilo nutricional. Haciéndolos más sanos. Creemos en un estilo de vida saludable, activo, y estamos felices de que te unas a nosotros. Felicitaciones de nuevo y, bienvenido a Herbalife! — Michael Johnson"

"Attention all TEFL & ESL teachers looking to work abroad teaching in China...SinoEdu is a Chinese chain school that also uses the alias brand of SinoJ or Sino J. Do not believe anything they tell you even if they put it in your contract. They exploit foreigners and do not pay what they promise and force you to work unpaid overtime. If you dare to complain they threaten to get you — Warning posted on April 2, 2018."

"I would tell you that during Q2, Mako sales were quite robust. And we supported our customers through a variety of financing options. And then lastly -- the last bit of color I'll say is that just given the circumstances, we definitely are seeing a shift to financing more deals than we have historically experienced, and I fully believe that, that will continue throughout the rest of this year. — Q2 2020 Conf Call"

"I think a lot of clinics are beginning to explore that idea because that's essentially what Kindbody has started to do. They can go out and sell themselves directly to employers instead of going through the benefits manager, negotiating a deal with them rather than having the middle man. I think it's definitely being tested right now. — Endocrinologist at Leading Fertility Clinic, Spruce Point Interview, 11/29/22"

"“Sort of every KOL was saying the device isn’t working. We had this one doctor in New York who implanted 13 Nevro systems. He removed 10 of them within a year. Nevro saw that a lot of these doctors were going away. They saw that their sales reps, like me, were leaving and the number one reason was because the therapy wasn’t living up to expectations.” — Former Nevro district sales manager, now at a key competitor"

"One of the note purchasers party to the Note Purchase Agreement was Royod LLC (“Royod”), an entity wholly owned by Raymond Dong, an employee in the User Ecosystem Strategy and Operations department of FF, whose loan to Legacy FF was funded by Ocean View, an entity formerly controlled by Mr. Jia and now wholly owned by the spouse of Ruokun Jia, who is the former Assistant Treasurer of the Company — FFAI Disclosure"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). They will be in transit to a modelling contest and since they are orphans because of the war in Ukraine they are being transferred with the model agency employees. Can we ask for four rooms, 2 persons in each? Do you have a spa and a swimming pool? What kind of bed do you have?"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). They will be in transit to a modelling contest and since they are orphans because of the war in Ukraine they are being transferred with the model agency employees. Can we ask for four rooms, 2 persons in each? Do you have a spa and a swimming pool? What kind of bed do you have?"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). They will be in transit to a modelling contest and since they are orphans because of the war in Ukraine they are being transferred with the model agency employees. Can we ask for four rooms, 2 persons in each? Do you have a spa and a swimming pool? What kind of bed do you have?"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People’s Republic, Russia (14-17 years old). They will be in transit to a modelling contest and since they are orphans because of the war in Ukraine they are being transferred with the model agency employees. Can we ask for four rooms, 2 persons in each? Do you have a spa and a swimming pool? What kind of bed do you have?"

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay. In general, 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 10 peers outside of this range, which represents approximately 62.5% of the peer group. — Glass Lewis, Hess Proxy Paper 2011"

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

"“The bottom line is that there is no compelling valuation opportunity in separating our retail business, and that any potential separation will cause loss of integration synergies, additional cash needed to maintain appropriate balance sheet strength, increase volatility in the remaining business, and, we believe, result in long term value disruption.” — Gary Heminger, Former Chairman & CEO of Marathon Petroleum"

""The reality is that there are several hundred new entrants in the market. Basically 99% or more of these brands will not survive, but the problem is that they do take market share." — Pierre Pringuet, CEO of Pernod Ricard. "In the US what did happen is you’ve had a lot of competitive entry; I think there are over 200 brands or items that came into the market in the last two years" — Ivan Menezes, CEO of Diageo."

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

"“if you're hyperglycemic, I don't know how it's going to get better by going up more slowly on the dose or then you hold it a lower dose...is that okay?...somebody did bring that up, and they were like, oh, we just go up more slowly...I'm not sure...by that point, it may be too late...because if you already have type 2 diabetes and you're making it worse, are you really helping the problem?” — Endocrinologist #4"

""So we’ve got Alex [Fala] who is our FO. He’s been with me for just on a year now and he’s stepping into the role as acting CEO to free myself up to go out and find that global CE that we’re looking for; who knows how to grow a business from that $20 million of revenue to over $100 million of revenue, and in quick order." — Vaughan Rowsell, Exit Interview: Vaughan Rowsell steps down as CEO of Vend, Idealog, 2016"

"We can calculate Terminal Value in two ways. First, we can calculate Terminal Value using the Perpetuity Growth Method. This method assumes that the company keeps operating and generates cash flow forever into the future. Second, we can calculate Terminal Value using the Terminal Multiple Method. This method assumes we sell the company to an acquirer at the end of our forecast period. — The Core Technicals Guide"

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

"The SportsBusiness Daily website reported that the league has taken an equity stake in Sportradar, which is based in Switzerland, and that the US arm of the company - Sportradar acquired SportsData in December 2013 and has since rebranded it Sportradar US - will be paying around US$5 million per year for the right to distribute and license NFL data over the next four years. — sportspromedia.com (April 21, 2015)"

"Notwithstanding the detail in the approved plans set out in condition no.4, prior to the commencement [of development] of any above-ground structure, precise details of that structure shall be submitted to and approved in writing by the Local Planning Authority. The submission shall include the colours and finishes. The development shall be carried out in accordance with agreed details. — Court Judgment Excerpt"

""Darden remains behind the competition when it comes to implementing technology at restaurants. The use of tablets is no exception – none of the company’s brands currently have tablet technology...We think tabletop tablets with payment capabilities could help with long wait times, especially at Olive Garden where 90+ minute waits are common on Friday/Saturday evenings." — Janney Capital Markets, August 26, 2014"

"(b) An advertisement containing an endorsement relating the experience of one or more consumers on a central or key attribute of the product or service also will likely be interpreted as representing that the endorser's experience is representative of what consumers will generally achieve with the advertised product or service in actual, albeit variable, conditions of use. — Section 255.2. Consumer Endorsements"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР и ЛНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-17 лет. Красотки! Трое - сироты, у еще одного ребенка где-то родители на Украине. У всех удочерение на финальном этапе, их уже ожидают семьи. С каждым ребенком будет сопровождающий в номере. Подскажите, пожалуйста, доступные варианты и цены. — Email sender"

""This is a market saturated with competition and regulation, the small players will not survive, so consolidation is a good move for the company." — SafeCharge CEO Avgi; "The acquisition is highly strategic and complementary to both businesses, aimed at accelerating the growth of the combined organization. It further strengthens Nuvei's payment technology and creates a truly global presence." — Nuvei CEO Fayer"

"“And obviously, the NFL situation over the course of the last couple of weeks is partly a function of that. And what was based on an assessment in terms of, okay, what is the value of that official status in terms of the exclusive access that we'll give you. And we took the view that against what the NFL were charging for that access. We didn't think it was commercially viable.” — Strategy Director, Sportradar"

"“The confusing part is that Chris Monroe himself has done this line of research before to know that the fidelity of photonic interconnects is not good, the speed of photonic interconnect is very slow, and this is going to be an obvious bottleneck, given that nothing substantially is being done about it, and the claims are being made. I don’t know what he’s thinking.” — Former senior scientific employee of IonQ"

"We are a leader in a large, fast-growing and underpenetrated market with significant tailwinds. Based on the Company Data Analysis, we estimate that the total addressable market for our core solutions was approximately $13 billion globally in 2020 and was less than 25% penetrated and is expected to grow to approximately $20 billion by 2025 with less than 50% penetration. — DoubleVerify Prospectus Sept 22, 2020"

"STJ seems quite proud of its “CTAC” – “Cyber Threat Action Center”. “CTAC’s mission is to identify, protect against, respond to, and enhance resiliency against cyber security threats. Learn how St. Jude Medical fulfills this mission by using threat intelligence to monitor for emerging threats against the healthcare industry and make informed verdicts on events in its SIEM.” — St. Jude Medical (via footnote 16)"

"「レーザーテック製の装置は同社のエンジニアにとってたいへんな負担になります。作動可能な状態を維持するのが困難だからです。また、ウシオにとっても光源に関していくつかの問題があります。故障しがちで、我々はその都度修理します。どうも、ACTIS製品はレーザーテックが開発で無理をしたような印象を受けます。無理やり開発させられたようで、どうも、彼らにとって不得意な分野に突入してしまったような感じです。顧客にとっても頭痛の種が多い。競合他社が同時期に極端紫外線のパターンマスク検査装置の開発に乗り出さなかったのは、レーザーテックにとって幸運です。と言うのも、ASMLはもとより、KLAもレーザーテックよりはるかにファブにおける強い地位を築いています」 — インテルのオレゴン州にあるファブに設置されているレーザーテック製のACTIS A150、そこに搭載されているウシオ製の光源の整備を担当するウシオのフィールド・サービス・エンジニア"

""We really don't feel like this is a pull-forward business. The business growth over the last 24 months is simply a highlight of existing trends." — J. Andrew Pierce, Group President of MedSurg & Neurotech. "So a majority of the opportunities that I was part of were for the existing client base and not new facilities because of so much volatility in the market in 2020." — Former Vocera Technology Professional."

""It is one service, I think it has the highest retention numbers of any of our service offerings. So we have proven to our customers over and over again that we provide a very effective mosquito service, but if there's still high skepticism, and I think it'll make up less than 2% of our business last year. It will be probably under $20 million in revenue or around $20 million of revenue." — CFO Cynkus, Q1 2014"

"Notwithstanding the detail in the approved plans set out in condition no.4, prior to the commencement [of development] of any above-ground structure, precise details of that structure shall be submitted to and approved in writing by the Local Planning Authority. The submission shall include the colours and finishes. The development shall be carried out in accordance with agreed details. — Planning Condition 12"

"2025: "Drilling briefly resumed at Stibium in October; however, deteriorating weather conditions required the rig to be shut down for the winter." — Nova Minerals. 2023: "An initial limited scout drilling program... was started at the Train prospect and paused early due to poor weather." — Nova Minerals. 2018: "Overburden conditions and late season weather prohibited further work this season." — Nova Minerals."

"For the first full transition flight, we chose to keep the aft propellers spinning at very low speeds (200-300 RPM) rather than initiating the 'stow routine' to stop them. Envelope expansion is a step-by-step process. In future flights we will exercise this functionality. You can think of this as being analogous to how, for conventional aircraft, the landing gear may not be retracted on a first flight. — AVweb"

"“I can tell you right off the bat...they haven’t taken any impairments against their balance sheet, so they’re probably over-valuing their inventory far greater than it’s actually worth...a lot of these companies are sitting on so much inventory....” — Marvell executive; “everybody is sitting on additional inventory...that's an issue across all 5-nanometer architecture.” — Senior employee at Marvell Technology"

"“We are investing in our data center infrastructure and Box consulting ahead of our customers' needs. We are also incurring excess real estate expenses as we prepare to move into our new Redwood City facility, temporarily paying rent on 2 locations. Once we complete this move in Q4, we will resume our gross margin trajectory upward in our long-term 75% to 80% range.” — CFO Dylan Smith, Q2 FY2016 Earnings Call"

"Darden remains behind the competition when it comes to implementing technology at restaurants. The use of tablets is no exception – none of the company’s brands currently have tablet technology...We think tabletop tablets with payment capabilities could help with long wait times, especially at Olive Garden where 90+ minute waits are common on Friday/Saturday evenings. — Janney Capital Markets, August 26, 2014"

""We believe the new BDC (ACAP) will have inferior returns relative to peers because it has lower asset yields and a higher cost structure. As a result we believe this investment will continue to trade at a deep discount to its book value" — KBW Research Note, November 9, 2015; "We apply an 80% book value multiple to the net assets of American Capital Income" — Cantor Fitzgerald Research Note, November 9, 2015"

"“We note that Alcoa acquired Firth Rixson in November 2014 for a purchase price of $2.85 billion, which compares to our estimated EBITDA exit rate for 2015 of $190 million. Alcoa thus far has not backed away from guidance of $1.6 billion in sales and $350 million in EBITDA for 2016; however, we believe these targets are not attainable and are modelling much lower growth rates.” — Credit Suisse, March 10, 2016"