Callouts & quotes from 86+ activist slides

""Despite Juniper's strong fundamental performance this year that has driven the Street's EPS estimates higher versus a year ago, Juniper's stock (up 10% YTD) has underperformed relative to the S&P 500 Index (up 26%) in 2013. As such, we discussed the opportunity for an accelerated stock repurchase program with Juniper. ... We believe a $3 billion stock repurchase program could be 15-20% accretive to EPS" — Cantor Fitzgerald (12/11/13); "With respect to uses of cash, is there an argument for giving a committed level of cash return to shareholders out of free cash flow, given the healthy cash balance you have, given that it feels like cash flow, as a trend, should be rising going forward?" — Credit Suisse, CS Tech Conference (12/4/13); "Over the past three years, free cash flow generation at Juniper has averaged over $550 million per year. Further, the company has a relatively strong balance sheet with $2.8 billion of net cash at the end of the June quarter or 26% of the current market cap. ... we believe Juniper could and should institute a more formal capital return strategy" — Credit Suisse (9/18/13); "We believe there is scope for increased cash distribution" — Credit Suisse (9/18/13); "Healthy cash flow, no dividend. A quarterly dividend of $0.08/share would be very reasonable (potential yield 1.6%), but nothing's planned as yet" — RBC (8/12/13); "Juniper is a member of a club that most investors would like to see it resign from: Out of the 35 largest Hardware & Equip companies globally, JNPR is one of only four that is not expected to pay a dividend over the NTM. We believe it is time for JNPR to quit this club. ... we think a dividend would be viewed as a much-needed sign of mgmt's longer-term confidence. ... The knock-on positive effect of paying a dividend is bringing a whole new class of shareholders into the ownership base" — Citi (6/7/13); "We think it is time that Juniper quits the non-dividend payers and joins the overwhelming majority of global peers that directly return cash to shareholders" — Citi (6/7/13); "Risks to our Sell rating include a stronger carrier spending environment, improved competitive positioning, or a more aggressive capital allocation strategy, including the introduction of a dividend or a large buyback" — Goldman Sachs (4/24/13); "What would make us more positive? More aggressive capital allocation and/or activist shareholder involvement. Juniper's strong balance sheet ... and cash flow generation (estimated 7% FCF yield in CY13) make it a strong candidate for a significant buy-back or initiation of a dividend" — Goldman Sachs (3/19/13); "Juniper's share repurchases are typically used to offset stock option dilution resulting from the company's employee stock plans rather than being opportunistic buybacks based on price" — Goldman Sachs (6/13/12)"

"“We think the frequency of HES's analyst meetings could be increased. How about biannual?” — Merrill Lynch (May 22, 2006). “The key question, in our view, going forward is whether Hess is starting to spread itself too thin via a growing project portfolio list.” — Goldman Sachs (April 26, 2006). “The aggressive upstream exploration story driven by John O'Connor is under pressure, as a run of dry holes is looming larger. With no completion target, the story has an uncertain future, costs are rising and prospects are pushed from this year to next.” — Deutsche Bank (April 26, 2006). “This company has not historically shown good capital discipline, delivering one of the highest F&D costs in the sector and one of the lower returns on capital.” — Bank of America (January 27, 2005). “Despite a new record quarterly oil price environment and sequentially much higher production levels, worldwide unit profitability rose only marginally ... because of continued heavy hedging loss (no surprise here) and a sharp increase of costs.” — Lehman Brothers (January 27, 2005). “Hess's long-term share performance has been hampered by an inability to show sustainable volume growth and value creation in the upstream...As a result, Hess's 10-year share price performance has been the weakest among the integrated oils.” — Merrill Lynch (October 21, 2004). “Following several years of missed targets, [Hess] has refrained from offering production guidance much beyond the current year. Whilst this plays to its benefit by avoiding the risk of over promising / under delivery, it also clouds the outlook over the coming years. HES's reluctance to commit to any long-term production objectives is understandable in the context of a poor track record where a succession of aggressive growth targets has been missed.” — Citigroup Smith Barney (October 11, 2004). “Hess needs to spend aggressively to arrest its imploding production profile. The risk is whether these capital investments will generate competitive returns, a concern to investors given the recent history of production and reserve disappointments...” — Merrill Lynch (April 29, 2004). “The question, in our view, is whether Hess is truly creating a culture that is focused on profitability first.” — Goldman Sachs (February 6, 2004)."

""To summarize, the key growth assets underperform, expectations are lowered, and a key investor fear – Hess's propensity to outspend cash flow – is stoked by an early upward revision to the 2012 budget." — Deutsche Bank (April 25, 2012); "Flowing through from the high capex and low growth, the company has the lowest yield and lowest dividend growth combination amongst major oils." — Deutsche Bank (July 27, 2011); "The company has continued to be a net issuer of equity...at a time when most of the other majors have been buying stock back... and has produced low return on capital employed for most of the present decade." — Bernstein (October 22, 2009); "The company's refining and marketing assets remain emphatically not for sale, despite the fact that redeploying downstream invested capital...to the much higher returning upstream would make solid business sense." — JP Morgan (September 17, 2009); "Hindsight: We can't believe you're back to more hedging." — Deutsche Bank (September 29, 2008); "Notwithstanding the romance of Leon Hess's development of the company from one oil delivery truck into a multi-billion dollar enterprise, by the early 2000's the company's reputation with investors was one of a struggling oil essentially run as if it were private." — Deutsche Bank (August 7, 2007); "Historic mistrust, with certain major potential shareholders reluctant to invest based on the issues faced in the past with a distinctly mixed record of shareholder value creation to say the least. Ultimately, John Hess is still in charge, and that provides a major link to the past. Hess has historically shown poor performance on operational metrics..." — Deutsche Bank (August 6, 2007); "The change in 2008 estimated EPS is due to our belief in the industry-wide cost pressures being sustained into next year and the company's inability to manage them quite as successfully as do the Majors." — Bank of America (April 26, 2007); "Continued exploration losses are value destructive." — Deutsche Bank (October 25, 2006); "It is important to highlight that the highest paid companies are also the best performers, with the arguable exception of Hess. He is a dynastic executive left in a business that resonates with family fortunes..." — Deutsche Bank (August 24, 2006)."

""The continued string of negative news has left management with some work to do to rebuild investor confidence." — Bank of America Credit Research (January 31, 2003); "We believe Hess should trade at a 5%-10% discount to the Domestic Oils based on...[and 3] Damaged management credibility." — JP Morgan (January 30, 2003); "Credibility matters, and Hess has little of it left." — Credit Suisse (January 30, 2003); "REITERATE UNDERPERFORM; E&P DETERIORATION A SERIOUS ISSUE There is no change to our Underperform rating for Hess despite the continued slide in its shares. We believe large write downs at its LLOG and Triton acquisitions coupled with continued erosion in its base E&P properties point to serious problems with the company's exploration and production business." — Goldman Sachs (January 30, 2003); "...While investors remain worried over the management's seemingly sloppy attitude to shareholders...We are increasingly concerned over Hess's continuing ability to generate these 'non recurring' charges ...Carelessness with shareholders equity is a worrying trait in any corporation." — Credit Suisse (January 30, 2003); "...We believe even if the disposal program is completed the portfolio improvement is unlikely to be sufficient to result in returns in excess of Hess's cost of capital." — UBS Warburg (November 5, 2002); "...Production forecasts were revised lower supporting concerns that we have had regarding economic value creation..." — Morgan Stanley (October 25, 2002); "Hess's stock fell 12% today on the back of a downgrade to 2003 and 2004 production expectations and a further write-down of the LLOG properties. While neither of these things is devastating to the company's value, we believe that management credibility at Hess has been stretched very thin...This charge will be seen by investors as a continuation of a disturbing pattern of special charges at Hess...again calling into question the company's judgment..." — Credit Suisse (October 24, 2002)."

""I don't think Momo will be a long lasting platform as its reputation is not good. In most people's experience it is a live cam site for sex and this is something it cannot wash off." — Small Exclusive Agent #2; "Momo is good for publicity. Most people think of Momo as a sex site which has predominantly male users." — Super Agency #6; "A successful broadcaster on Yizhibo would not survive on Momo. Momo is low level. Momo was successful because it was like a porn cam channel. The users were 30 to 50 year old males in second and third tier cities. Their motives were clear. They wanted to see sex performances. Despite being cleaned up Momo is still this sort of channel and encourages people to climax. If Momo can not change directions then it will have a problem." — Small Agency #9; "90% of the audience are male. They are not interested in art but more about sex. Older men with their families in the US. They are lonely and spend a lot of money each month." — Large Agency #11; "There are lots of new restrictions like you cannot show breast area, 2/3 of the breast area must be covered. If you wear a short skirt you cannot drop things. You cannot broadcast lying in bed. There are broadcasters breaking all of these rules. Momo does not try to clean it up unless they are caught because they want the traffic and the money. We do not have that sort of broadcaster on our roster." — Small Agency #9; "Last year was a revolutionary year for our industry. This year is a difficult year. There are more regulatory restrictions on the industry. Some popular broadcasters have been kicked out. They were on the edge of regulations and using words and actions they should not use. There are a lot of restrictions on clothing now." — Large Agency #6"

"Since the ascent of Vincent Bollore to the Chairmanship of Vivendi, the company's strategy has evolved, with Vivendi taking significant but non-controlling stakes in a number of companies - including Telecom Italia (23.94% stakes), Mediaset (28.8% stakes), Ubisoft (26.6% stakes) and Fnac Darty (11.27% stakes) - seeking to penetrate the boards and influence the direction of these companies. Vincent Bollore's strategy has recently faced higher obstacles due to government interests or other large shareholder blocks which opposed Vivendi's moves (e.g. Telecom Italia). Governance risks faced by minority investors at each of these companies will be centered on the alignment of interests with Vincent Bollore. With Vincent Bollore typically seeking board representation by accruing a sizable stake, but one which does not trigger a requirement for a mandatory bid, a bid premium may not be forthcoming. Vincent Bollore effectively controls Vivendi despite holding only 20% of the shares. This influence comes courtesy of a double voting rights provision and the placement of key Bollore allies in senior leadership roles at Vivendi. His interests may dominate board decisions, all the more so that the audit and pay committees lack full independence. This is particularly concerning in light of the apparent poor track record of Vivendi with regards to ethical behaviour; which include allegations of corruption, editorial interference, related party transactions involving other entities of the empire and executive misconduct. This may indicate that the board's functions to effectively oversee and control management decisions in the interests of the investors' base are indeed hindered. — MSCI ESG Research LLC, June 21, 2018"

""Investors in PFE have been battered twice in the last 2 weeks - the first came with danuglipron's failure (oral GLP1),the second with the new guidance. No doubt there was an element of capitulation... In other words, despite a year of major underperformance, it's hard to say PFE's a "buy." Some credibility has been lost, and the near-term catalyst path is not a strong one." — Wolfe, December 14, 2023; "Given the high number of questions we have received on EPS and margin dynamics and the implications for 2025 results, we do not see today's update as a clearing event. Today's update essentially should provide a floor on COVID estimates and EPS, in our view. However, there remains a significant amount of uncertainty on what is driving 2024 margins & EPS so low (i.e. whether this is due to depressed COVID guidance or there is an issue with the core business margins, or a mix of both). And based on our conversations, we expect that investors will have a hard time stepping into the story until they gain further clarity." — JP Morgan, December 13, 2023; "But we don't have much conviction in the outlook, making it tough to pound the table even from these levels... Level Of Confidence In Management - Our confidence is not the highest for several reasons. PFE provided guidance on many parameters but in retrospect much of it is proving to have been too optimistic, is no longer supported, and resulted in two reductions in guidance in 2023. We were not fans of the Seagen acquisition from the start, given that each of the key assets has associated questions, making the outlook less than clear, particularly given the price paid." — TD Cowen, January 4, 2024"

""Investors in PFE have been battered twice in the last 2 weeks - the first came with danuglipron's failure (oral GLP1),the second with the new guidance. No doubt there was an element of capitulation... In other words, despite a year of major underperformance, it's hard to say PFE's a "buy." Some credibility has been lost, and the near-term catalyst path is not a strong one." — Wolfe, December 14, 2023; "Given the high number of questions we have received on EPS and margin dynamics and the implications for 2025 results, we do not see today's update as a clearing event. Today's update essentially should provide a floor on COVID estimates and EPS, in our view. However, there remains a significant amount of uncertainty on what is driving 2024 margins & EPS so low (i.e. whether this is due to depressed COVID guidance or there is an issue with the core business margins, or a mix of both). And based on our conversations, we expect that investors will have a hard time stepping into the story until they gain further clarity." — JP Morgan, December 13, 2023; "But we don't have much conviction in the outlook, making it tough to pound the table even from these levels... Level Of Confidence In Management - Our confidence is not the highest for several reasons. PFE provided guidance on many parameters but in retrospect much of it is proving to have been too optimistic, is no longer supported, and resulted in two reductions in guidance in 2023. We were not fans of the Seagen acquisition from the start, given that each of the key assets has associated questions, making the outlook less than clear, particularly given the price paid." — TD Cowen, January 4, 2024"

""We agree with Elliott's assessment that there is more upside potential in the refining business, on both capture and opex, and we think Elliott's presence itself could refocus management towards this business." — J.P. Morgan, April 8, 2025; "Where we agree with Elliott that PSX is undervalued - at current levels we see no value for refining in the share price at current levels, under our integrated DCF analysis." — Wolfe Research, April 25, 2025; "We prefer a spin, or large selldown of non synergistic assets as we believe the volatility in Refining EBITDA swamps growth in more stable premium segments, keeping stability seeking midstream investors away." — Bank of America, April 25, 2025; "Despite the noise, expect that Elliott's pressure to execute on these targets will be a strong positive for the stock." — Piper Sandler, November 29, 2023; "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance... the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares." — Scotiabank, April 25, 2025; "We suspect Elliott's updated position will result in PSX having to find additional ways to close the refining performance gap vs large cap peers... A M/S spin seems like easiest to execute...A sale could be a more beneficial outcome, though requires a willing suitor." — T.D. Cowen, February 12, 2025; "Here Elliott sees Midstream assets as potentially worth ~$50B, assuming a ~10x multiple on synergized '26E EBITDA... We agree with Elliott on valuation disparity." — Citi Research, February 13, 2025"

""As an international entity, one would expect a nuanced understanding of regional markets. However, the track record of disastrous business decisions stemming from this ignorance is deplorable. It's disheartening to witness a company that fails to adapt to diverse market dynamics, making it challenging for employees to thrive in their respective regions. Secondly, the CEO's leadership is archaic and out of touch with modern business practices... Moreover, the company's apparent disregard for constructive feedback is alarming. Despite multiple negative Glassdoor reviews, there seems to be no initiative to introspect and address the root causes. Instead, employees are coerced into writing positive reviews, painting a false image of the company's internal atmosphere." - Dec 18, 2023; "The CEO often discusses plans and strategies, but these talks rarely translate into concrete actions, leading to frustration among employees. This has resulted in a high turnover rate, with experienced staff leaving and new hires struggling to piece together the remaining knowledge, ultimately starting from scratch." - July 12, 2024; "Driven by one man's ego. No strategy beyond acquisitions" - July 28, 2022; "CEO is a power crazed tyrant with absolutely no regard for employee wellbeing." - April 12, 2023"

""However, logic suggests that once the plc:Ltd discount exceeds 14%, as it presently does (although only slightly), it becomes incrementally harder to justify an off-market Ltd buyback to a large portion of the total BHP Billiton shareholder base" — Macquarie, February 17, 2011; "If the DLC were to be collapsed, then every dollar returned via a buyback would be done through the buyback of Ltd shares which provided sufficient franking credits existed, could be done at a ~14% discount to the prevailing share price on the day." — UBS, July 14, 2014; "Despite having a comparable average dividend yield of ~2.5%, over the past 10 years, Exxon returned a further ~US$225bn via buybacks taking its overall average annual dividend and buyback yield to 7.3%" — Macquarie, July 29, 2014; "No capital return (this time) We think the market is (quite) disappointed with the lack of buyback / capital return." — Bank of America, August 19, 2014; "Despite >US$30b spent, failed tilts at RIO and Potash Corp and overpaying for US Shale suggest M&A is not BHP's raison d'être." — Citigroup, May 27, 2016; "At spot prices BHP would have even stronger free cash flow generation, largely thanks to iron ore, and be able to significantly increase shareholder returns." — Citigroup, Feb 21, 2017"

""We find it odd management believes value can be created by separating the business into two mature companies." — KeyBanc, December 20, 2013; "...But we continue to believe [management's] plan doesn't address RL problems for investors... We believe the most favorable outcome for investors under the current plan is a sale of RL, but short of that we see risk to the downside if investors inherit RL shares." — UBS, March 3, 2014; "We believe Red Lobster has a valuable asset base that makes Darden's overall real estate portfolio materially more attractive than it would be without it. We fear management's current plan to spinoff Red Lobster is reactionary and lacking integrity." — Hedgeye, March 12, 2014; "Moving forward with Red Lobster sale or spin. Unless the separation helps drive a significant improvement in operating results, we don't envision this being very accretive to valuation." — Oppenheimer, March 3, 2014; "It remains unclear to us why the combined valuation of the separate companies would exceed current DRI valuation." — Bank of America, March 3, 2014; "Despite Opposition, Management is Moving Forward in Divesting Red Lobster: Overall, we believe the Street is disappointed by the divestiture of Red Lobster on its own." — Sterne Agee, March 21, 2014"

"“We find it odd management believes value can be created by separating the business into two mature companies.” — KeyBanc, December 20, 2013; “...But we continue to believe [management’s] plan doesn’t address RL problems for investors... We believe the most favorable outcome for investors under the current plan is a sale of RL, but short of that we see risk to the downside if investors inherit RL shares.” — UBS, March 3, 2014; “We believe Red Lobster has a valuable asset base that makes Darden’s overall real estate portfolio materially more attractive than it would be without it. We fear management’s current plan to spinoff Red Lobster is reactionary and lacking integrity.” — Hedgeye, March 12, 2014; “Moving forward with Red Lobster sale or spin. Unless the separation helps drive a significant improvement in operating results, we don’t envision this being very accretive to valuation.” — Oppenheimer, March 3, 2014; “It remains unclear to us why the combined valuation of the separate companies would exceed current DRI valuation.” — Bank of America, March 3, 2014; “Despite Opposition, Management is Moving Forward in Divesting Red Lobster: Overall, we believe the Street is disappointed by the divestiture of Red Lobster on its own.” — Sterne Agee, March 21, 2014"

""We believe the management team at ADP has done an admirable job in proactively transforming ADP from a legacy payroll processor to a top HCM provider without sacrificing short-term results." — J.P. Morgan Research, August 16, 2017*; "Under an optimistic assumption, Ackman’s plan would take at least three years of depressed margins, but probably several more. We doubt management or its investors, including Pershing Square (despite claiming the opposite), would have the stomach for this... if Pershing Square is only looking at ADP through a spreadsheet, this plan makes perfect sense. However, companies don't exist on spreadsheets, and even the best laid plans often can't overcome an unhappy workforce worried about losing their jobs." — Morningstar Research, August 17, 2017*; "We do believe there are structural differences between ADP and PAYX margins, stemming from ADP's large presence in the national accounts and mid-market payroll services industry." — Evercore Research, August 17, 2017*; "ADP's Corporate Governance is a model for other companies... We doubt that many long-term shareholders would be anxious for a management change following the last six years of outperformance by ADP." — Baird Research, August 18, 2017*"

"I mean our small business -- small, medium business, we think as a run rate continues to be strong, right? We've seen that throughout the year, which is a good sign of the underlying business. The same business that Anders has talked about is served by our partners and distributors around the globe. And we haven't seen any change there — Burns, Stevens Conf Nov 16, 2022. Particularly (organic net sales growth) strong growth from small business through the channel, partially driven by pent-up demand. — Q2 2021 Earnings Presentation. Yesterday, we announced the launch of Zebra's first cloud connected label printer designed specifically for the small business, home office customer. Featuring eco-friendly cartridges and mobile application software to easily design and print labels from anywhere. With the launch of the ZXP Series printer, we enter an approximately $400 million market with an attractive recurring supplies revenue stream. We have been innovating at a record pace despite the pandemic, and this so called label printing offering is a proof point of our focus on expanding into attractive adjacent markets where we can provide a differentiated offering. — CEO Gustafsson, Q1 2021 May 5, 2021"

"“...So, the leadership team met without me. And they came up with 50% to 70% of the $1.2 billion. I would -- and I would tell you that's average performance. And this is not an average team. In the time-honored tradition of under promising and over delivering, we set ourselves up well today is my view. I would take the over on 70% to 90%. You think about the $1.2 billion, a couple of hundred of capital savings.” — Phillips 66's then-Chairman & CEO Greg Garland, November 2019 PSX Investor Day. “...Despite the cost-cutting initiative, we estimate that since 2019, refining & SGA costs (ex turnarounds and energy) have increased from $5/bbl to $6.5/bbl. Absolute costs are up 12%, or $500MM, more than large cap peers.” — T.D. Cowen, November 7, 2022. “There is nothing that destroys a management's team credibility faster than setting targets, missing them and attempting to avoid accountability or obfuscate the true outcome. This is the quickest way that I lose conviction in a management team's ability to deliver long-term value. I find it quite remarkable that the Board has not played a stronger role in holding Phillips 66 management accountable.” — Shareholder Nominee: Stacy Nieuwoudt."

""...So, the leadership team met without me. And they came up with 50% to 70% of the $1.2 billion. I would -- and I would tell you that's average performance. And this is not an average team. In the time-honored tradition of under promising and over delivering, we set ourselves up well today is my view. I would take the over on 70% to 90%. You think about the $1.2 billion, a couple of hundred of capital savings." — Phillips 66's then-Chairman & CEO Greg Garland, November 2019 PSX Investor Day. "...Despite the cost-cutting initiative, we estimate that since 2019, refining & SGA costs (ex turnarounds and energy) have increased from $5/bbl to $6.5/bbl. Absolute costs are up 12%, or 500M M, more than large cap peers." — T.D. Cowen, November 7, 2022. "There is nothing that destroys a management's team credibility faster than setting targets, missing them and attempting to avoid accountability or obfuscate the true outcome. This is the quickest way that I lose conviction in a management team's ability to deliver long-term value. I find it quite remarkable that the Board has not played a stronger role in holding Phillips 66 management accountable." — Shareholder Nominee: Stacy Nieuwoudt"

"“On valuation, despite an earnings profile (25% commodity / 75% specialty) in-line with differentiated peers Celanese (8.3x '22E EBITDA) and Eastman (9.2x '22E EBITDA), Huntsman (6.1x '22E EBITDA) continues to trade more like a commodity chemical company (Lyondell: 5.4x '22E EBITDA)” — Deutsche Bank, February 2022; “We view multiple expansion to more closely in line with diversified chemical peers Celanese (CE) and Eastman (EMN) as still more reflective of a blue sky scenario. Although both of those companies have similar mix of commodity/specialty businesses, they trade at higher multiples (currently ~9x EV/EBITDA NTM) as a result of their higher margin structures (mid to low 20s EBITDA margins vs. Huntsman's mid-teens levels).” — Morgan Stanley, November 2021; “HUN's Nov. 9 investor day will be first deep-dive since May 2018. Since then HUN divested the bulk of its commodity chems (~8x EV/EBITDA) & consumer adhesives (~15x) exposure & acquired bolt-on specialty polyurethanes & epoxies (~8x post synergies)... Specialties vs. basics mix is most often compared to EMN & CE (i.e. integrated acetyls v integrated MDI at HUN).” — UBS, August 2021"

"“On valuation, despite an earnings profile (25% commodity / 75% specialty) in-line with differentiated peers Celanese (8.3x '22E EBITDA) and Eastman (9.2x '22E EBITDA), Huntsman (6.1x '22E EBITDA) continues to trade more like a commodity chemical company (Lyondell: 5.4x '22E EBITDA)” — Deutsche Bank, February 2022; “We view multiple expansion to more closely in line with diversified chemical peers Celanese (CE) and Eastman (EMN) as still more reflective of a blue sky scenario. Although both of those companies have similar mix of commodity/specialty businesses, they trade at higher multiples (currently ~9x EV/EBITDA NTM) as a result of their higher margin structures (mid to low 20s EBITDA margins vs. Huntsman's mid-teens levels).” — Morgan Stanley, November 2021; “HUN's Nov. 9 investor day will be first deep-dive since May 2018. Since then HUN divested the bulk of its commodity chems (~8x EV/EBITDA) & consumer adhesives (~15x) exposure & acquired bolt-on specialty polyurethanes & epoxies (~8x post synergies)... Specialties vs. basics mix is most often compared to EMN & CE (i.e. integrated acetyls v integrated MDI at HUN).” — UBS, August 2021"

""the adoption of coal occurred over roughly five decades, and the shift from coal to oil took more than three decades. To limit global warming to 1.5°C above preindustrial levels, we must ramp up renewables and other low-carbon solutions at warp speed. These energy sources must match the maximum shares held by coal (55%) and oil (41%) roughly three times as fast as those commodities did and ultimately should account for most primary energy by 2050-up to 70% in IEA's Net Zero Emissions scenario. This rapid transition remains a massive challenge and appears increasingly unlikely" — BCG, A blueprint for the energy transition (September 2023). "despite the progress in recent years, national commitments to reduce emissions collectively fall short of what is required by 2030 to bring global emissions down to a level in line with achieving net zero emissions by 2050. In addition, the various commitments are not yet underpinned by sufficiently strong and comprehensive policies to give confidence that they will be successfully delivered" — IEA, Net-Zero Roadmap - A global pathway to keep the 1.5° C goal in reach (September 2023)."

""GCP will focus largely on the non-residential construction market, with a smaller business in packaging materials as ballast. Longer-term, GCP should be able to lean on its market leading position and new product pipeline to out-pace end market growth, support margins, and grow EPS at an estimated 10% CAGR through the end of the decade." — Jefferies, February 2016; "We view this US non-residential construction exposure (particularly exposure to cement and concrete demand) as a positive, since cement volumes are still 25% below levels 10 years ago and 3% below the 20-year average prior to the 2008/09 recession." — Goldman Sachs, February 2016; "Despite some indications that non-residential construction spending growth in the U.S. could be entering a mature phase of the cycle, there are some spots of steady growth in significant markets for GCP, such as the multifamily market and infrastructure spending with the passage of the Federal Aid Highway Program. These markets may help to boost overall growth above rates for total construction, in our opinion." — KeyBanc Capital Markets, May 2016"

""We expect PFE to trade lower today following disclosure of topline results from the phase 2b obesity study of the company’s twice daily oral GLP-1 receptor agonist, danuglipron. Despite the study meeting its primary endpoint of body weight change from baseline vs placebo, we view the results as markedly negative for the program, with PFE discontinuing further development of the twice daily formulation." — Goldman Sachs, December 1, 2023. "This morning, PFE announced that it is advancing the development of its QD formulation of danuglipron (oral GLP-1) based on recent PK data, and we wanted to provide our thoughts. Overall, while we are not surprised that PFE is moving forward with this program, we remain skeptical on the asset with questions remaining on the tolerability profile... Net-net, we are not surprised by today’s news but continue to see a limited role for the asset absent more clarity on the tolerability profile of the new formulation and based on LLY’s significant time-to-mkt advantage for orforglipron (ph3 data expected in mid-2025)." — J.P. Morgan, July 11, 2024."

""We expect PFE to trade lower today following disclosure of topline results from the phase 2b obesity study of the company’s twice daily oral GLP-1 receptor agonist, danuglipron. Despite the study meeting its primary endpoint of body weight change from baseline vs placebo, we view the results as markedly negative for the program, with PFE discontinuing further development of the twice daily formulation." — Goldman Sachs, December 1, 2023; "This morning, PFE announced that it is advancing the development of its QD formulation of danuglipron (oral GLP-1) based on recent PK data, and we wanted to provide our thoughts. Overall, while we are not surprised that PFE is moving forward with this program, we remain skeptical on the asset with questions remaining on the tolerability profile... Net-net, we are not surprised by today’s news but continue to see a limited role for the asset absent more clarity on the tolerability profile of the new formulation and based on LLY’s significant time-to-mkt advantage for orforglipron (ph3 data expected in mid-2025)." — J.P. Morgan, July 11, 2024"

""What can they do now that will help them longer-term? In terms of execution, I want them to have a much more independent board...I want them to continue divesting. I don't want them to have a conglomerate discount...They just have too many unrelated businesses, and I think that's just not good for them longer-term." — Phillips Shareholder C; "The biggest issue for Phillips, in my opinion, is that they are not at all focused on creating shareholder value. They are focused on status quo." — Phillips 66 Shareholder D; "Look at the performance. They have issue after issue after issue. It's not a question of the management is the problem... Look, they have a management problem. I don't know any other investor who doesn't think that is true." — Phillips Shareholder E; "There is definitely a lot of upside. Their market position is pretty good. Despite financial challenges that they have been facing, they remain a very key player...So as long as they handle their strategic directions and improve their cost performance, they should do well." — Phillips 66 Shareholder F"

""Now the last sort of 3 weeks post, I would say the July long. We can, we've seen the business significantly uptick and is trending much closer to budget, then we've been for the whole year. So all signs are pointing in the right direction." — GFL CEO Dovigi; "Through July we were seeing landfill volumes up slightly sequentially. However, we were not experiencing the typical seasonal ramp we usually see during the summer months." — Casella Waste Q2 Earnings Call; "Sure. Yes. I mean, we are, to your point, seeing July continue to accelerate, albeit at a slightly slower pace. I mean, look, this kind of went from zero to not 70 miles an hour, but probably zero to 60 miles an hour pretty fast, and now we're moving back towards 70 miles an hour." — Waste Management Q2 Earnings Call; "Despite my comments about the strength of collections, given the uncertainty in the current environment, we think it's prudent to adjust these expectations to remaining flat for working capital for the year as a whole." — GFL CFO Luke Pelosi Q2 Earnings Call"

"“paresthesia-free” has backfired and resulted in a patient/doctor support infrastructure that renders the business model broken and permanently unprofitable. — Ex-executives. “paresthesia-free” is a fatally flawed concept and that he observed over half of patients failing to improve and virtually all experiencing lack of efficacy at various times. — Former regional sales director. Nevro found itself “in a bind” with the CEO and management refusing to accept that high frequency is a dud, leading to conflict with the field and sales reps leaving “in droves” despite the best compensation in the industry. — Former regional sales director. “despite repeated reprogramming sessions in the effort to achieve therapeutic optimization” — A January 2020 paper at the annual neuromodulation meeting (NANS). “differ greatly from the results we have found in real world practice.” — A January 2020 paper at the annual neuromodulation meeting (NANS). “disinformation” regarding explants, labeling Nevro’s conduct as “slimy.” — A KOL."

"The biggest issue for Phillips, in my opinion, is that they are not at all focused on creating shareholder value. They are focused on status quo. — Phillips 66 Shareholder D; Look at the performance. They have issue after issue after issue. It's not a question of the management is the problem...Look, they have a management problem. I don't know any other investor who doesn't think that is true. — Phillips 66 Shareholder E; There is definitely a lot of upside. Their market position is pretty good. Despite financial challenges that they have been facing, they remain a very key player...So as long as they handle their strategic directions and improve their cost performance, they should do well. — Phillips 66 Shareholder F; Investors have been overwhelmingly supportive of this campaign...I've never had a management team suggest to me that their stock was fully valued. That just inherently highlights the disconnect between the investor mindset and the management. — Stacy Nieuwoudt, Streamline 66 Podcast"

""I don't think Momo will be a long lasting platform as its reputation is not good. In most peoples experience it is a live cam site for sex and this is something it cannot wash off." — Small Exclusive Agent #2; "Momo is good for publicity. Most people think of Momo as a sex site which has predominantly male users." — Super Agency #6; "A successful broadcaster on Yizhibo would not survive on Momo. Momo is low level. Momo was successful because it was like a porn cam channel. The users were 30 to 50 year old males in second and third tier cities. Their motives were clear. They wanted to see sex performances. Despite being cleaned up Momo is still this sort of channel and encourages people to climax. If Momo can not change directions then it will have a problem." — Small Agency #9; "90% of the audience are male. They are not interested in art but more about sex. Older men with their families in the US. They are lonely and spend a lot of money each month." — Large Agency #11"

""Darden also issued its most detailed defense of its planned spin-off (or sale) of Red Lobster. However, it remains unclear to us why the combined valuation of the separate companies would exceed current DRI valuation." — BofA Merrill Lynch, March 3, 2014; "...But we continue to believe [management's] plan doesn't address RL problems for investors... It is still unclear how a spin actually improves core guest targeting capabilities/chances for a sales recovery or why multiple expansion would occur." — UBS, March 3, 2014; "We fear management's current plan to spinoff Red Lobster is reactionary and lacking integrity. They haven't given a plan to stabilize and turnaround Red Lobster, but merely an excuse to cast off the struggling chain." — Hedgeye, March 12, 2014; "Despite Opposition, Management is Moving Forward in Divesting Red Lobster: Overall, we believe the Street is disappointed by the divestiture of Red Lobster on its own." — Sterne Agee, March 21, 2014"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great ... We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again for the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company...” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 ... we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great ... We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again for the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company...” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 ... we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great ... We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again for the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company...” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 ... we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

""But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong." — CEO Bob Jordan on CNBC; "You know, the quarter was great ... We're predicting record revenues again in the third quarter. Record passengers. Record flights." — CEO Bob Jordan on CNBC; "We had a great quarter in the third quarter. We're forecasting record revenue and record passengers again for the fourth quarter." — CEO Bob Jordan on CNBC; "We had a great 2023. Record operating revenue, record passengers, record loyalty revenue." — CEO Bob Jordan on CNBC; "I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company..." — CEO Bob Jordan in 2024 Proxy Statement; "We had a strong first quarter, despite the financial results." — CEO Bob Jordan on CNBC; "I'm very proud of the Company's progress in 2023 ... we entered 2024 a stronger company." — CEO Bob Jordan at Annual Shareholder Meeting"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great … We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again in the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company…” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 … we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

"“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.” — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022. “In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022” — Mark Costa, Chairman & CEO – Eastman, January 2022. “Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.” — James Fitterling, Chairman & CEO – Dow, January 2022."

""Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year." — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; "In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022" — Mark Costa, Chairman & CEO – Eastman, January 2022; "Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges." — James Fitterling, Chairman & CEO – Dow, January 2022"

"“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.” — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; “In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022” — Mark Costa, Chairman & CEO – Eastman, January 2022; “Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.” — James Fitterling, Chairman & CEO – Dow, January 2022"

""Crown Castle’s stock has meaningfully underperformed that of American Tower and SBA over the last several years, and this divergence merits attention. Crown Castle’s organic domestic tower growth has lagged its peers. It bought into fiber in a big way just as the sheen on that business model was wearing off and fiber solution solutions growth has come in shy of investor expectations." — MoffettNathanson, January 2020; "We believe CCI shares could underperform near-term as the surprising pull-back in fiber leasing combined with unchanged capital investments may raise new questions as to whether or not fiber assets should trade at a discounted multiple to Towers, despite the positive long-term demand narrative for fiber infrastructure & small cells." — Citi, July 2019; "The Tower stocks have enjoyed a strong run so far in 2017,though CCI has lagged with a ~16% gain compared to over 30% for both AMT and SBAC." — BAML, October 2017"

"RSM was engaged by the Audit Committee on December 21, 2018 to serve as the Company's independent auditor for the fiscal year ending December 31, 2019 and was engaged again on June 12, 2020 to serve as the Company's independent auditor for the fiscal year ending December 31, 2020. On February 15, 2021, RSM told the Chairman of the Company's Audit Committee during a telephone call that RSM was resigning as the Company's independent registered public accounting firm, effective immediately. RSM then advised the Chairman on the call that it was resigning as a result of being unable, despite repeated inquiries, to obtain sufficient appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020, including whether such transactions have been properly accounted for and disclosed in the financial statements subject to the Audit. — EBIX 8-K"

""Despite a reduced investment outlook, we remain concerned with the pace of SG&A spend to support growth of owned retail doors, which could still generate lower marginal returns than anticipated leaving earnings growth challenged longer-term. Total SG&A intensity is up 600bp over the last three years." — 1/30/15 Credit Suisse. "...it looks like if you take out that $7 million of cost savings you're talking about in 4Q, you're still looking at almost 10% SG&A growth in fourth quarter against the minus 5% top line." — Research Analyst, 2/2/17 Earnings Call. "Some of it is some additional marketing around our E-Commerce business. And another item is there are some increased incentive comp this year relative to year ago, and that's really related to -- incentive comp related to lower levels of management relative to a year ago." — Thomas George (CFO), 2/2/17 Earnings Call."

""Being a part of LivePerson right now is like watching a plane crash in slow motion. The CEO is investing in the most random stuff like a health app to test for COVID despite no need for it anymore and a whole BANK? It's a chatbot company, we have no business being in those fields." — Anonymous Glassdoor Review (April 14, 2022); "Sometimes I have to just tell friends about how this company is run and the incredibly bizarre things that happen here to make sure I'm not going crazy." — Anonymous Glassdoor Review (August 11, 2021); "And then there is the CEO. Oh...man. Here's his deal...he is a very good salesman. Could sell bottled saltwater to native Hawaiians. Except the problem is, HE would have been the one who came up with the idea to actually bottle saltwater, which is a TERRIBLE business idea!" — Anonymous Glassdoor Review (September 27, 2021)"

"“All I’ve seen are the summary stats. I haven’t seen anything on an individual basis. So yeah, it does worry me that things are not published, for sure. And, there are odd things like the papers don’t describe insulin resistance at all anywhere. They talk about glucose and insulin levels, but no one’s actually reported the insulin resistance because one would expect the insulin levels go down and the leptin really goes down. And there’s something very weird going on. Their leptin goes massively down despite there not being a huge change in fat mass. So, there’s something odd there. And then, mechanistically, they haven’t really shown that insulin resistance gets bigger. They don’t report. And I don’t know why.” — Trial investigator; endocrinologist; one of the most published authorities on PWS and hyperphagia"

""Mr. Rasulo’s perspective is stale given he left Disney in 2015 and has not held any executive positions in the industry since." — Disney Letter to Shareholders, 02/01/24; "... Mr. Rasulo’s close relationship with Mr. Perlmutter, coupled with Mr. Rasulo’s having been passed over in the 2015 COO process despite Mr. Perlmutter’s sponsorship of him as a CEO successor, would likely inhibit Mr. Rasulo’s ability to work constructively with Mr. Iger and other executives at the Company with whom Mr. Perlmutter had clashed." — Disney 2024 Proxy Statement, 02/01/24; "[Jay] has been a valued colleague and friend, as well as a vital contributor to Disney’s success, particularly in his roles as chief financial officer and chairman of our Parks and Resorts division." — Bob Iger"

"“For kidney, there’s actually been pumping technologies, portable perfusion devices that have been around for literally 40 years, and that’s a good example of a technology that’s similar to TransMedics. But despite the fact that kidney transporting technology has been around for 40 years, less than 40% of kidneys in the United States per year are pumped for financial reasons. All of these companies - XVIVO, LifePort - had to segue to liver transplantation...because those are the fields that there are tens of thousands of transplants as opposed to just a few thousand hearts and lungs per year.” — Prominent surgeon, Director of leading West Coast academic transplant center"

"In addition to the accelerated growth we anticipate from PDGM disruption in the marketplace that Keith discussed earlier, another significant incremental organic growth opportunity as we head into 2020 is, of course, our expected admissions acceleration from the Almost Family locations. In the 130 Almost Family locations fully converted to LHC Group's instance of Homecare Homebase prior to the third quarter, we demonstrated sequential organic growth in home health admissions of 1.2% in the quarter as compared to the second quarter despite the fact that Q3 is typically a seasonally lower volume quarter than Q2. — Joshua Proffitt - CFO & Treasurer, LHCG"

"Being a part of LivePerson right now is like watching a plane crash in slow motion. The CEO is investing in the most random stuff like a health app to test for COVID despite no need for it anymore and a whole BANK? It's a chatbot company, we have no business being in those fields. We have a Chief Coaching Executive for some reason who just gives random "motivational" speeches while the company has layoffs of genuinely enjoyable employees and budget cuts out the wazoo. .... Advice to Management: Get it together, work on what you know and stop trying to do random crap that doesn't apply to our core business model. — Anonymous Employee (April 14, 2022)"

"“10 kHz SCS therapy showed promise as a treatment for refractory low back and lower extremity pain in the SENZA-RCT study […] These data differ greatly from the results we have found in real world practice. In the current study, we looked at explant rate of the 10 kHz SCS device as the primary outcome and found that over 20% of implanted stimulators were either explanted outright or exchanged for traditional SCS over two years and that at least 32.5% were explanted or exchanged over the course of the four years of data collection despite repeated reprogramming sessions in the effort to achieve therapeutic optimization.” — NANS 2020 paper"

"As I have always said, I believe strongly in professional management and appropriate corporate governance. Decisions about who will succeed me as chairman of CBS and Viacom will be made by the Boards of the respective companies, and not by any individual. Despite press reports to the contrary, such decisions have not yet been made. After my death, my ownership interest in the companies will be overseen by a group of seven trustees who will make fiduciary decisions based solely on the best interests of the beneficiaries of the trust. Until that time, I will continue to make all such decisions. — Sumner Redstone, May 7, 2015"

""The pros of acquiring RCA are exemplified by its revenue primarily being subscription based, with 90%+ renewal rates (and improving). Additionally, we believe its mid-to-high teens revenue growth has accelerated over the last two years - despite the pandemic and challenges facing the CRE industry" — Barclays Capital, Aug 2, 2021; "We have a strong conviction in our ability to create incremental value from this combination and are raising our long-term target for real state revenue growth to the high-teens from the mid-teens percentage range." — RCA Deal Call, Aug 2, 2021"

""At current valuation levels, by simply marking to market the value of non-refining businesses, we estimate one can create the MPC refining business for effectively free before even incorporating the upside from IMO 2020." — Goldman Sachs, March 19, 2019; "We see discounted value in MPC with the stock trading in line with many of its peers on 2020 EBITDA despite its corporate structure with retail and midstream deserving a premium. However, debate has centered on investors' confidence in MPC's earnings achievability." — Morgan Stanley, May 9, 2019"

"“Despite the Investigation Team’s extensive review of documents and data provided by sources both within and outside the Company, the Investigation Team could not verify that the devices it collected and copied contained all responsive information at the time the copies were made. On many devices, the Investigation Team observed indications that some information might be missing, and the Company’s management and staff were unable to provide a credible explanation for what the Investigation Team observed.” — NQ Mobile Investigation Team report"

""TCO reported a solid start to the year, with a number of key metrics accelerating sharply..." — KeyBanc; "We noticed comp center measures, including NOI and sales per sq. ft. did exceedingly well..." — Bank of America Merrill Lynch; "Overall we would characterize this evening's earnings report as better than expected for TCO..." — Evercore ISI; "Despite retail headwinds, [1]Q18 tenant sales per square foot grew 12.4% y-o-y..." — Jefferies; "TCO reported results ahead of expectations with strong SS NOI..." — Boenning"

"From a vertical perspective, we saw advertising spend in Q4 increased year-over-year in industries such as automotive, entertainment, food, retail, sports and political, while verticals such as CPG, personal and consumer finance, fashion, electronics and other sectors tide heavily to consumer discretionary spending, so advertising spend decline year-over-year during Q4. Importantly, despite the macro backdrop continuing to impact the overall advertising demand environment, — Tremor Year End Call March 7, 2023"

"I have never seen a person who used Nevro and say it didn't work. I haven't seen one....I have no financial connection with Nevro or any other company...Ask people who use Nevro and find one who says it doesn't work...There are doctors who are really against Nevro despite using only one implant but opposing it from beginning. They complain it's not working. It's just their opinion. It's never backed up with quality studies. We produce a lot of papers based on science. — Nevro loyalist KOL #1"

"From Phillips 66's April 24 Letter: Elliott, who is compensating its purportedly independent nominees, denied Phillips 66 access to those nominees for interview and evaluation, despite multiple attempts from Phillips 66. In fact, one of Elliott's nominees told representatives of Phillips 66 that he was instructed not to engage directly and instead referred the Board to Elliott itself. Does this action further reveal an expectation of loyalty rather than true independence? — Phillips 66"

"“Phillips 66 has been pursuing a strategy for many years that emphasizes and grows midstream assets alongside its refining business, despite evidence that this structure isn’t delivering value for shareholders relative to the company’s more streamlined peers. A stronger board would have questioned why these disparate businesses – which trade at different multiples, trapping shareholder value and diluting management focus – belong together.” — Gregory Goff"

"“Phillips 66 has been pursuing a strategy for many years that emphasizes and grows midstream assets alongside its refining business, despite evidence that this structure isn’t delivering value for shareholders relative to the company’s more streamlined peers. A stronger board would have questioned why these disparate businesses – which trade at different multiples, trapping shareholder value and diluting management focus – belong together.” — Greg Goff"

"“However, despite academic success of battery research, the commercial battery world has suffered from a reputation of fraud. Key examples include Envia in 2013, Sakti3 n 2017, and Nikola Motors n 2020, ranging from misrepresentation to investors to various forms of sugarcoating promises of their new technologies. It seems to be becoming too commonplace to see once-celebrated startups succumbing to the fate of fraud and scandal.” — BatteryBits article"

"“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"