Callouts & quotes from 621+ activist slides

"It is confounding that the Board would be willing to pay such a high price for Mr. Orr - who we believe is a less qualified COO candidate - when it refused to even engage with our proposed COO, a candidate who produced best-in-class operating metrics and network efficiencies at CSX."

"Management previously noted receiving initial orders for the Allegro from Asia and Latin America, and continues to believe Asia represents a particularly intriguing opportunity, adding to demand from North America and Europe that existed exiting 2015. — Stifel Research: Aug 3, 2016"

"We believe that this deal illustrates CTC's tremendous financial flexibility, and provides a capital cushion to evaluate additional growth verticals, support its investment-grade status, and potentially return additional capital to shareholders. — Brian Morrison, TD Securities"

"As legacy technologies transition to digital platforms, we believe Disney can lead the media industry forward. We could not be more excited to partner with Bob and the Board to help create long-term sustainable shareholder value. — Mason Morfit, ValueAct Capital Co-CEO and CIO"

""We hold Jamie Boychuk's operating ability in the highest regard based on what he and the team accomplished at CSX, and CNI before that." — Deutsche Bank; "We believe Jamie Boychuk is a very viable Chief Operating Officer candidate with a CN/CSX PSR pedigree..." — Susquehanna"

""We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating." — J.P. Morgan Credit Research, February 2013"

"A rare example of Stryker miscommunicating, but it believes wasn't trying to talk down 2022 numbers or call out worsening macro conditions hitting numbers — J.P. Morgan, "Updating the Model For Recent Management Commentary; Remain Optimistic On NT Trends" – March 16, 2022"

"We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating. — J.P. Morgan Credit Research, February 2013"

""[PCC] generally leverages superb execution for market share gains through pricing strategies and long-term contracts. We believe [PCC] is one of the best operators in our space, as operating margins are generally above peer companies." — Bank of America, June 4, 2014"

"But at the end of the day, I think it's quite immaterial whether it was Topic 605 and now Topic 606 [ASU No. 2014-09], and actually we believe that had we stayed under the Topic 605 revenue guidelines, our results will be quite similar. — VRNT Q2 FY19 Earnings Call"

"But at the end of the day, I think it's quite immaterial whether it was Topic 605 and now Topic 606 [ASU No. 2014-09], and actually we believe that had we stayed under the Topic 605 revenue guidelines, our results will be quite similar. — VRNT Q2 FY19 Earnings Call"

"“We believe that from here onwards, it will not be like in the past, whereby the prices went steadily down. Now, naturally, there is the change in the product mix and also the customers will not be reducing the prices of the hard disks that easily.” — Mr. Nagamori"

"“We believe sustained, long-term success in the HCM market requires great technology, deep domain expertise and world-class services. To win in today’s HCM market, you have to have it all…” — Carlos Rodriguez, President & CEO, Investor Day Presentation, March 2015"

"I am honored to have been selected and am looking forward to working with Invesco’s Board of Directors and leadership team. I believe there is great opportunity to build on the momentum Invesco has created and am excited to help continue that success. — Mr. Finke"

"We believe that a realistic range for Net Earning Assets is $426 million to $1.0 billion, an adjustment downward of between -77.5% and -90.4%. We explain our assumptions, and why we believe they are far more realistic than RUN's, herein. — Muddy Waters Research"

""...[We] believe that our integrated business model generates the highest long-term value...So we're committed to that" — Mark Lashier, March 6, 2025; "We can be bigger than that and we can be better than that" — Mark Lashier (on Bloomberg News), April 8, 2025"

""...[We] believe that our integrated business model generates the highest long-term value...So we're committed to that" — Mark Lashier, March 6, 2025; "We can be bigger than that and we can be better than that" — Mark Lashier (on Bloomberg News), April 8, 2025"

"“The safety and well-being of patients is of the utmost importance to Pfizer, and we believe this action is in the best interest of patients,” said Aida Habtezion, Chief Medical Officer and Head of Worldwide Medical and Safety at Pfizer. — Pfizer Press Release"

"When shareholders sued Amdocs in 2002, included among the allegations was a charge that the Company “misled the market to believe that Toes Corporation was merely an unaffiliated shareholder,” not a group of Amdocs employees. — Shareholder Lawsuit Allegation"

"“[We] believe that our integrated business model generates the highest long-term value...So we’re committed to that” — Mark Lashier, March 6, 2025; “We can be bigger than that and we can be better than that” — Mark Lashier (on Bloomberg News), April 8, 2025"

"“Beware of hyper promotional technology companies throwing spaghetti on the wall to find a business model. We will explain why we believe Porch.com is the mirror image of The Active Network, a successful short from years past.” — Ben Axler, CIO Spruce Point"

"In general, we believe that there is strong evidence that vertical integration between content and distribution companies has had limited, if any success. — Morgan Stanley (Richard Bilotti, The Sum of the Parts is Greater than the Whole, December 15, 2005)"

"In general, we believe that there is strong evidence that vertical integration between content and distribution companies has had limited, if any success. — Richard Bilotti, The Sum of the Parts is Greater Than the Whole, Morgan Stanley, December 15, 2005."

"“The safety and well-being of patients is of the utmost importance to Pfizer, and we believe this action is in the best interest of patients,” said Aida Habtezion, Chief Medical Officer and Head of Worldwide Medical and Safety at Pfizer. — Aida Habtezion"

"“We believe PSX's business should justify a premium valuation relative to the group, given its chemical and midstream businesses should warrant a significant multiple uplift when compared to traditional refining assets…” — Raymond James, October 27, 2023"

"“We believe PSX's business should justify a premium valuation relative to the group, given its chemical and midstream businesses should warrant a significant multiple uplift when compared to traditional refining assets…” — Raymond James, October 27, 2023"

"“We believe PSX's business should justify a premium valuation relative to the group, given its chemical and midstream businesses should warrant a significant multiple uplift when compared to traditional refining assets…” — Raymond James, October 27, 2023"

"Wats, K, et al, The Convergent AF Ablation Procedure: Evolution of a Multidisciplinary Approach to AF Management We extensively reviewed the references used in this study and believe that the characterization of many references was sloppy. — Footnote 13"

"“I believe a sustained and rigorous focus on strategy and its execution, combined with a robust corporate governance structure, can help Hess maximize long term value for shareholders. I am excited to help Hess accomplish these goals.” — Rodney Chase"

"“...we believe the restructuring is not value enhancing and actually adds more complexity, leading to two subpar entities, a higher dividend payout ratio, and significant tax consequences for taxable shareholders” — Citi REIT analyst Michael Bilerman"

"I am choosing to devote my time and energy to this effort because I believe Phillips 66 is not only a strong investment, but also a company where my support for Elliott’s campaign can make a difference for employees and investors alike. — Greg Goff"

"I used to be a 100% Nevro believer in the beginning. They can say or claim whatever they want but it's not true in clinical practice. It’s absolutely not true that it can handle back and leg pain. Nevro is a one trick pony. — High volume implanter"

"“Our fundamentals underpin what I continue to believe is an exceptionally rare opportunity in the public market: a beloved consumer brand that is built upon an enduring subscription membership business model.” — CEO Dudum on Q3 2021 Earnings Call"

"“reconstitute itself and upgrade the Company’s leadership such that it can objectively assess the best path forward for Southwest’s shareholders, employees, and customers. We believe this process needs to commence immediately.” — Artisan Partners"

"reconstitute itself and upgrade the Company’s leadership such that it can objectively assess the best path forward for Southwest’s shareholders, employees, and customers. We believe this process needs to commence immediately. — Artisan Partners"

"“if you have hyperglycemia and diabetes, and you have edema and heart failure, and I do believe there were a couple of patients hospitalized with heart failure just to reduce appetite, it may not be a risk worth taking.” — Ex-Soleno employee #1"

"reconstitute itself and upgrade the Company's leadership such that it can objectively assess the best path forward for Southwest's shareholders, employees, and customers. We believe this process needs to commence immediately. — Artisan Partners"

"At present, we believe [CEO Mark] Lashier and the rest of the management team deserve investor support so long as they demonstrate meaningful progress against [their financial] targets. — Elliott Investment Management (November 2023 letter)"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

"“We still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.” — Mike Hennigan, CEO of Marathon Petroleum"

""In brief, we believe the program has been a success across multiple categories: energy savings, job creation, job training, and improvements to classroom environments." — Final report describing the Proposition 39 Clean Energy Jobs Act"

"We still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets. — Mike Hennigan, CEO of Marathon Petroleum"

"believes these high against / withhold votes are likely related to the directors service on the Company’s compensation committee...during which time the Company received an “F” grade in our pay-for-performance analysis. — Glass Lewis"

"“Our Board of Directors believes that the number of shares currently remaining available for issuance under the ESPP and the annual Evergreen Provision increase will not be sufficient for our future needs.” — Box 2021 Proxy Statement"

""That's a ridiculous statement. I do not believe that they have solved the issue... For QuantumScape to say we've solved this is disingenuous... I don't understand how you can say that and have a straight face." — Solid-state expert"

"“serves on an excessive number of public company boards, which we believe raises substantial concerns about the director's ability to exercise sufficient oversight on this board” — BlackRock (in their voting rationale for Item 5.9)"

"Glass Lewis believes that separating the roles of CEO (or, more rarely, another executive position) and Chair creates a better governance structure than a combined CEO/Chair position. — Glass Lewis 2024 Benchmark Policy Guidelines"

""The best measure to judge a company's performance over time is growth of free cash flow per share, and we believe that's what drives long-term value for our owners." — Rich Templeton, Chairman and former CEO of Texas Instruments."

"Glass Lewis believes that separating the roles of CEO (or, more rarely, another executive position) and Chair creates a better governance structure than a combined CEO/Chair position. — Glass Lewis 2024 Benchmark Policy Guidelines"

"Valeant believes Val-gan can achieve "[h]igh single-digit organic revenue growth for the foreseeable future" across the entire business, including both the cliff and durable portfolio. — Valeant Public Presentation April 22, 2014"

""With new addressable CTV products, enhanced VMP tool sets and those premium publisher inventory, we believe Telaria is in a strong position to capitalize on the upcoming political campaign season." — Telaria Pre-Merger Q3 2019"

"management believes that as of November 30, 2015, our internal control over financial reporting was not effective based on the Committee of Sponsoring Organizations of the Treadway Commission criteria. — Aerojet Rocketdyne 10-K"

"We believe Campbell's acquisition of Snyder's-Lance adds execution risk across both organizations... Snyder's integration complexity and lofty cost target guidance leave us skeptical of material stock value creation. — UBS"

"You cannot do it. They have to do it. That's for sure. That's the reason I'm telling you, I believe that that letter is completely honest. It's a very honest letter. — Transplant surgeon in a leadership role at Vanderbilt"

"In the real world, I am using pegcetacoplan and I am a believer in anti-complement therapy. I think it's a conversation to be had with each individual patient, what the risk-benefit ratio looks like, — Dr. Charles Wykoff"

"recognizes that the evidence of clinical utility for the use of AlloSure in its intended use population is promising at the current time. However, this contractor believes that — MolDX (LCD for AlloSure, October 2, 2017)"

"We believe that our platform will continue to deliver consistent results for the balance of the year with high single-digit growth in ready-mixed concrete organic volumes for the full year of 2017 — CEO Sandbrook (Q1'17)"

"$1.2 million is the amount taken during a three-year period. Investigators believe she stole more, but state law does not allow them to look back further than three years — Boston Assistant District Attorney Jim Ayers"

"“Being an S&P 500 index member is a validation of absolutely nothing. We believe Intuit is the worst of its kind as a Company that is both disrespectful to its investors and to the American tax filer.” — CIO Ben Axler"