Callouts & quotes from 155+ activist slides

""The large variability in capex versus original guidance (just set six months ago) demonstrates some lack of capital discipline within the company." — Citigroup (July 25, 2012); "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world." — Citigroup (July 20, 2012); "The key issue for HES in our mind is capital intensity and the inability of management in recent years to live within the limits of its cash flows. Furthermore, given the lack of growth in oil and gas production over the last 5 years, there is a case to be made that the company should return more cash back to shareholders instead of attempting to grow at all." — Citigroup (July 20, 2012); "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing." — Goldman Sachs (June 11, 2012); "We believe Hess should consider further reducing its exploration program beyond what has already been announced. It is not clear to us given the levels of exploration spending versus cash flows that a mid-sized oil company can successfully pursue a global exploration strategy as Hess has attempted... The company's high-risk/high-potential exploration and acreage strategy since 2009 is thus far not yielding favorable results." — Goldman Sachs (June 11, 2012); "The 7% pullback in the stock was severe, and in our view, is indicative of a loss of investor confidence in HES's execution capabilities, following a string of production misses and a lack of notable exploration success, in addition to a growing deficit between capex and cash flow. Entering 1Q'12, HES had missed its production guidance for four of the preceding 5 quarters, meaning execution was at a premium." — Simmons (April 26, 2012); "Although we think the company's underlying asset value is worth significantly higher than our near-term price target, we now believe the shares will likely continue to struggle throughout this year and will trade substantially below our estimate of its fair asset value due to the lack of visible catalysts as well increased investor skepticism over management's execution record..." — Barclays (April 26, 2012)"

""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)."

""We think the most viable form of unlock would likely come via spin-off of Midstream....That said, we think it might make the most sense to not include refinery-related assets/EBITDA with the Midstream spin, given the integration with and commercial value to the company's refining business." — J.P. Morgan, February 2025; "However, when [the Company was] pressed on these points, some of the integration case fell apart, in our view. For example, management acknowledged that a midstream spin could be done tax-free." — TPH & Co, April 2025; "In our view, the potential (transformative) investment case for PSX comes down to a question of 1) the potential value uplift of a particular action, and 2) the likelihood of that action taking place. For example, on one end, the monetization of the European retail business is highly likely, but the shareholder impact is relatively modest. On the other end, a spin/sale of the Midstream business is by far the single largest source of potential value creation ($40B-$45B of proceeds at a potential multiple - 10x - that offers by far the largest multiple uplift/arbitrage), but is also the strategy to which the management has been the most strongly opposed." — Piper Sandler, February 2025; "We believe the strong valuations and ability for a standalone company to better capture growth opportunities in the sector make a Midstream spin/sale appealing, in our view." — T.D. Cowen, February 2025; "At our theoretical SOTP of $160/share (our DCF-based price objective is $147), selling some midstream assets could unlock value." — Bank of America, February 2025; "PSX is unlikely to ever receive sufficient credit for much of its marketing and midstream business...there is clearly value to be created via disposals, of which is the initial $3.0B plan is a good start." — Piper Sandler, November 2023"

""Trumpf was not profitable and was losing market share.... The German business is still protective of its own. There was a level of resentment [towards Hill-Rom]." — Former Employee, Hill-Rom; "The German and European markets were less interested in advanced tech in its furniture than it was in being able to furnish the entire hospital room through a single supplier. The European business was inherently less profitable." — Former Employee, Hill-Rom; "It is complicated to shift international supply chains to grow foreign sales. Volker lost market share due to the difficulty of shipping from that part of the world. Hill-Rom tried to expand it into new markets, but failed, and neglected the home market. And countries in Europe favor local brands and manufacturing." — Former Employee, Hill-Rom; "Hill-Rom wanted to deemphasize pure furniture and push higher-tech products. But it's hard to do that in Europe. Beds in Europe have less IP. They were not high-dollar products." — Former Employee, Hill-Rom; "The European businesses [acquired by Hill-Rom] were generally better off on their own. They gained access to more geographies through Hill-Rom, but they also lost local knowledge with Hill-Rom in control." — Former Employee, Hill-Rom; "OUS is a different sales pitch... Unlike the US, the number of beds in emerging markets is increasing. But they are lower-ticket items in these areas." — Former Employee, Hill-Rom; "Do they even have a long-term vision? I joined because it felt like a great team atmosphere, but now it feels like it's every man for himself." — Former Employee [Europe-based], Hill-Rom"

"“...[Huntsman] trades at a relatively discounted valuation vs. peers as shares have lagged the group YTD. While we see these characteristics as favorable, in the context of HUN’s margins and FCF generation that we view as low relative to peers, we see this underperformance as fair...” — Wolfe Research, June 2021; “Huntsman is unlikely to trade at hybrid/diversified chemical multiples. We attribute this primarily to differences in margins and thus the market's perception of the degree of specialization of the company's products. From a segment or portfolio mix perspective it is not self evident that Huntsman meaningfully differs from diversified chemical peers Celanese or Eastman...Not withstanding our view that Huntsman has meaningfully improved its earnings stability and margin structure over the last few years, the company's margin remains well below that of hybrid/diversified peers such as Celanese and Eastman...” — Morgan Stanley, September 2020; “We feel part of the issue is that HUN’s cost structure has not changed as dynamically as its revenue...the elevated cost structure is dampening margins and impeding free cash flow conversion.” — BofA Securities, June 2020; “On cash conversion, we remain skeptical. Free cash flow conversion from Adj. EBITDA for Huntsman has historically lagged, as sizeable restructuring efforts and capital investments have hindered cash flow...We believe the market needs to see a longer track record of solid cash generation before fully underwriting a structural change in the company's cash flow profile...” — Barclays, October 2018"

""Checkmate-026 failure highly surprising represents setback in largest segment of the I/O market...We are disappointed and highly surprised by the outcome and see the failure as largely driven by the study's broad design..." — JP Morgan, August 2016; "This is a MAJOR SURPRISE - possibly the biggest clinical surprise of my career...our only lead is the much-broader patient population in BMY's trial: their high-expresser cutoff was 5% PD-L1 expression, a much lower bar than MRK's 50%." — Evercore ISI, August 2016; "Not surprised CM-026 failed given the 5% PD-L1 threshold...unlikely that other factors played a role. PD-L1 expression level I was the key difference. Opdivo and Keytruda are therapeutically equivalent." — Cowen, August 2016; "...completely puzzled by Bristol's decision to evaluate...at a threshold this low, particularly given that the trial description indicated patients would be strongly expressing PD-L1...and probably most of the market, thought the threshold was at least 10%, and therefore expected that the trial had a reasonably high probability of success...suspect that the reason the trial failed is that the PD-1 threshold of at least 5% was too low." — BMO Capital Markets, August 2016; "Bristol-Myers Squibb has suffered a $21 billion self-inflicted wound." — New York Times, August 2016; "Bristol-Myers went for a broader patient population, potentially winning a bigger market but increasing its risk of failure." — Investor's Business Daily, August 2016"

"“Considering that the average Remitly transaction size is around $350, we believe that the proposed rule change would impact the majority of Remitly's customer base.” — Letter To FINCEN Nov 27, 2020; “But when you're comparing why's, which was the question to Remitly or banks to Remitly, the average transaction size will bring down the take rate significantly even though the revenue and profit per transaction would be more similar.” — JP Morgan Conf May 23, 2023; “And the reason I mentioned that the $200 to $300 kind of average transaction size is our customer segment, unlike some other customer segments, the more affluent bank customers might have the privilege to wait to send money when rates are good.” — Goldman Conference Sept 7, 2023; “So the last 12 quarters, which is -- goes as far back in terms of when we've shared that as a public company, the take rate has been between 2% and 2.5%. So a lot of stability there between 2% to 2.5%. That's point one, stability in pricing.” — Goldman Conf Sept 2023; “So I'll break out pricing and take rate separately. On the take rate side, it makes sense, investors look at it because you've got revenue and you've got total volume. But the kind of take rate fluctuations, which were within a few basis points in Q1 is mainly due to mix shift because take rate is so heavily influenced by average transaction size.” — JP Morgan Conf May 20, 2024"

""In terms of exploration and production, we are different than the other independents. We are the most global." — John Hess, Chairman & CEO Hess, June 2010. "We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. So we want to maintain that global scale and capability." — Gregory Hill, EVP Worldwide E&P Hess, November 2012. "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing." — Goldman Sachs, June 11, 2012. "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries...We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world...Running such a diverse, global operation is challenging and given the size of the company it is not apparent that HES gains any incremental value from its integration and diversity. We believe this level of diversity has diminishing margins of return for investors." — Citigroup, June 20, 2012."

"For lithium-ion cells, one of the key things is the Coulombic efficiency number. Think of it like a compound interest rate, where if each time you cycle your battery and you lose 1% each time, your battery cannot last more than 100 cycles or 200 cycles. It's very easy to calculate. Today's lithium-ion batteries operate at close to 99.9% Coulombic efficiency and that enables us to go for a few hundred cycles. For cells working in the region of 3,000 cycles like [redacted] has shown, you need 99.95%, 99.96% [Coulombic efficiency]. So we’re very particular about Coulombic efficiency measurement. And throughout Quantumscape’s entire presentation, we don’t see any coulombic efficiency numbers. That’s a huge red flag. — Solid-state expert; The Department of Energy’s Battery 500 Consortium took four years among 11 different scientists to raise the lithium coulombic efficiency from 90% to 99.6% and right now they’re struggling to go above 99.6%. 99.6% means that we can cycle something like 500 cycles. For 99.6% to 99.9%, we’re still ongoing. If your Coulombic efficiency is not 99.9% or close to that value, cycle numbers to 1000 are very unlikely in lithium metal cells. — Solid-state expert"

""In terms of exploration and production, we are different than the other independents. We are the most global." — John Hess, Chairman & CEO Hess, June 2010. "We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. So we want to maintain that global scale and capability." — Gregory Hill, EVP Worldwide E&P Hess, November 2012. "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing." — Goldman Sachs, June 11, 2012. "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world..." — Citigroup, July 20, 2012. "In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess." — Deutsche Bank, January 30, 2013."

""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)."

""Confidence of our distributors is paramount. It is absolutely the number one thing... We are going through a whole process of making sure that every single thing that we do inside this company has deeper and further substantiation for the distributors, for the web, for anybody in the science industry, anybody in the health community, to make sure that they understand what this company is all about and what we’re doing. This is a company that’s out there at the University of Mississippi, University of Bonn, the University of California at Los Angeles, UCLA. We’re involved in research, development of products, we have our own research facility now in our offices in Southern California. We have doctors dedicated – this nutrition advisory board that’s unlike any other company in our field. We meet with experts on a global basis to review, to study, to understand, to build confidence and substantiation in our products on a global basis." — Michael Johnson, Herbalife CEO, 12/16/08"

""Should it occur, we would view the separation of TKR’s steel and bearings businesses as a positive." — Gary Farber, C.L. King, 2/20/13; "Our sum-of-the-parts valuation suggests a $69 target price ($52 + $17). However, given the disparate nature of the assets and investors’ preference for pure plays, we believe that an above-average conglomerate discount is likely required to entice investors." — James Kawai, SunTrust Robinson Humphrey, 11/14/12; "Our sum of the parts ... suggests a valuation closer to $55, but we agree that the market is unlikely to properly reward either the steel or the bearing business for the secular improvements they have made as long as these businesses remain combined." — Stephen Volkmann, Jefferies Group, 11/29/12; "In the long run, however, we agree with Relational and CalSTRS’s positioning that the company would perform better if it separated into two separate entities." — Samuel Eisner, William Blair, 11/28/12"

"Personally, I think the company think that it is very natural that people want to get a home renovation. If they bought a home, especially if they bought a secondary housing, they want someone to help them to do with their renovation. But in my opinion, it is a very — like what I said, this industry, the home renovation, the way of acquiring a company like Shengdu is not a very smart move. What's more important is that, for the home renovation, you do not have this kind of network effect like what you have with brokerage companies. With the brokerage companies, the more agents that you have, you have a better chance of getting a much bigger market share than a smaller one. But for home renovations, you do not have this kind of network effect. Even if you are 10 times bigger, or even 100 times bigger, than your competitor, it is highly unlikely you can take market share from the small competitor. — Former BEKE senior manager"

""APA's stock performance has significantly lagged its peer average and the S&P 500 since the Egyptian revolution. We are more pessimistic about Egypt's future than in any time in the last two years and are reducing our PT to $95 from $105. We think APA would be better off exiting Egypt by selling its operations and using the proceeds to buy back shares, reduce debt and boost investments elsewhere." — Oppenheimer (February 28, 2013); "Since early-2011, Egypt has been a persistent overhang for APA. While in simple terms the region accounts for...23% of our NAV, this understates the importance of the asset for the portfolio.... While a complete lifting of the Egypt overhang is unlikely, the market is discounting a very bearish outcome for an asset that has suffered no visible economic impact from the deteriorating political & fiscal situation over the past 2 years." — Deutsche Bank (March 7, 2013)"

"This pattern suggests that Phillips 66’s board is using these repeated proposals as a distraction tactic while failing to deliver tangible governance reform that shareholders seem to support. If the desire to declassify is genuine, one would think the board would accept the remedy that Elliott has proposed. — Professor Mark DesJardine, Dartmouth Tuck School of Business; Phillips objects to the Elliott proposal, weakly arguing that it “contravenes well-settled principles of Delaware corporate law and would be highly unlikely to withstand scrutiny in Delaware courts… The problem with this argument is that it ignores the simple fact that directors are free to resign their board positions at any time, and nothing in the Phillips charter or bylaws possible can be construed as preventing directors from voluntarily offering to resign..” — Professor Jonathan Macey, Yale Law School and Yale SOM"

""I wouldn't invest in Nevro. I did at IPO. I was thinking of shorting Nevro. Their competitive advantage got eaten away as everyone caught up... They can crush Nevro at a systems level if they want to. The big buys can crush them in hospitals." — KOL and high volume implanter; "I don't see a whole lot of innovation. They're stuck with one product which makes them very vulnerable unlike other companies... Spinal cord stimulation seems over-saturated." — High volume Nevro implanter; "My broker was really pushing Nevro stock because [prominent underwriting bank] was pushing them... I knew the opposite as a high volume implanter. But the bank was still pushing it. I don't know if they didn't know or they didn't care, but I thought Nevro is like a pump in the dump [sic]." — KOL and former high volume Nevro implanter"

""This pattern suggests that Phillips 66's board is using these repeated proposals as a distraction tactic while failing to deliver tangible governance reform that shareholders seem to support." — Professor Mark DesJardine, Dartmouth Tuck School of Business; "Phillips objects to the Elliott proposal, weakly arguing that it 'contravenes well-settled principles of Delaware corporate law and would be highly unlikely to withstand scrutiny in Delaware courts... The problem with this argument is that it ignores the simple fact that directors are free to resign their board positions at any time, and nothing in the Phillips charter or bylaws possible can be construed as preventing directors from voluntarily offering to resign.." — Professor Jonathan Macey, Yale Law School and Yale SOM"

"“I’ll be very candid with you, if I was the product lead on the hook for these kinds of [80%] margins, I would be very, very scared...this is just not a believable scenario even with the scale of a hyperscaler...this is definitely a very sort of utopian best-case scenario.” — Former Engineer at CoreWeave; “The illustration appears to indicate the revenue from the residual assets in year 5 and beyond will represent 75% of the revenue in years 1-4 of the original contract. We will reserve our language to simply indicate that is highly unlikely.” — D.A. Davidson Research, June 9, 205; “Wishful thinking. That’s how old data centers worked before AI chips.” — Former Principal Architect at Nvidia; “Totally bullshit.” — Former Senior Product Manager at Nebius"

"“Thus, unlike the coerced loan, presumptive contract rate, and cost of funds approaches, the formula approach entails a straightforward, familiar, and objective inquiry, and minimizes the need for potentially costly additional evidentiary proceedings. Moreover, the resulting ‘prime-plus’ rate of interest depends only on the state of financial markets, the circumstances of the bankruptcy estate, and the characteristics of the loan, not on the creditor’s circumstances or its prior interactions with the debtor. For these reasons, the prime-plus rate best comports with the purposes of the Bankruptcy Code.” — Opinion of Justice Stevens, Supreme Court of the United States, Till v. SCS Credit Corp, May 17, 2004"

""While this letter presents Elliott’s perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board." — Elliott Letter to Shareholders, January 29th 2013; "Shareholder Nominees are completely independent, would constitute a minority of directors, and, unlike Hess's nominees, have not preapproved any plan. If elected to the Board, each of these executives will bring substantial expertise, experience, and independence that we believe is sorely needed at Hess." — Elliott Letter to Shareholders, March 26th 2013"

"“Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that's where—to be blunt—that's where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that's why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” — Ex-KLA director of engineering focused on EUV mask inspection"

"“Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that’s where—to be blunt—that’s where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that’s why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” — Ex-KLA director of engineering focused on EUV mask inspection"

""No, the leagues are never paying Genius, at least for the Genius Sports module when they were providing digitization, social media, integration, websites, mobile apps." — Former Genius Sports Manager; "From the Genius Sports part, that seems high to me because a lot of the deals, they are either paying money or its contra. $16 million seems quite high." — Former Genius Sports Manager; "It is unlikely if any of these sports pay Genius real cash, or at least significant amounts. Even the NBA deal is VIK, as is the English Premier League whereby Genius pays an estimated GPB 20m a year, on which they are supposedly making a loss." — Betting Industry Expert"

"“unlike other shareholder proposals on this topic, which typically seek the adoption of a policy for an independent board chair, this proposal seeks a binding amendment to BlackRock’s Bylaws. Accordingly, voting in favor of amending the Company’s Bylaws to require separation of the Board Chair and CEO roles prevents the Board from exercising its discretion to make the best-informed decision on a leadership structure that serves the Company and its shareholders based on the relevant facts and circumstances from time to time.” — BlackRock's Opposition Statement to Bluebell Capital Partners’ propose item, 4th of April 2024."

""We remain long-term bullish on MHP (and MCO) but acknowledge that it will be difficult for the shares to outperform near-term given increasing regulatory scrutiny, which has intensified meaningfully since S&P's downgrade of the US" — Piper Jaffray, August 18, 2011. "Negative headlines following S&P's downgrade of the US sovereign rating reignited regulatory fears. Here we believe incremental regulation beyond measures in Dodd-Frank seems unlikely. Also, our price target includes a modest 10% discount [to McGraw-Hill's total sum of the parts enterprise value] for these risks" — Goldman Sachs, August 18, 2011."

"unlike other shareholder proposals on this topic, which typically seek the adoption of a policy for an independent board chair, this proposal seeks a binding amendment to BlackRock’s Bylaws. Accordingly, voting in favor of amending the Company’s Bylaws to require separation of the Board Chair and CEO roles prevents the Board from exercising its discretion on a leadership structure that serves the Company and its shareholders based on the relevant facts and circumstances from time to time. — BlackRock's Opposition Statement to Bluebell Capital Partners’ propose item, 4th of April 2024."

"I don't think so. In our field, if a receiving surgeon hears that the recovery surgeon said I don't think he organ should go, it's very unlikely he will go. Very unlikely...I don't even know if that organ ended up transplanted or not. I don't even know if it did well afterwards or not. We're not in communication with the transplant centers... they don't even tell us if this organ got transplanted or not or if this organ ended up transplanted and is doing well or not. We don't know. We simply don't know. — Transplant procurement surgeon previously working with TransMedics"

"“you would be very unlikely to see us overnight, going and exploding the leverage profile of this business.” — Burford Management; “I think we have you know, at least I have largely been focused on public investors and on rebutting the various,” — Burford CEO; “We are, after all, a firm run by lawyers.” — Burford Management; “The line in our report today was more about the prospect that, you know, in the in the relatively near term, we suspect, well, we believe that one of our existing directors is likely to retire from the board and be replaced.” — Burford Management"

""In sum, Defendants' compensation structure incentivizes Distributors to purchase thousands of dollars of product to receive recruiting-based rewards and to recruit new participants who will do the same..." — FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). "In sum, unlike legitimate multilevel marketing businesses, Defendants reward Affiliates for recruiting and for purchasing products to maintain bonus eligibility rather than for selling products to ultimate-user consumers..." — FTC v. Vemma Nutrition Company, et al. (August 17, 2015)."

""Policy values in IULs are depressed for many years due to high up-front charges and high surrender fees," says Roth, adding that, "These typically last for more than 10 years after the policy was taken out." — Steven Roth, Wealth Management International. "The fact is, in a different (and better) economic environment, less in premiums would be paid than originally planned," he notes. "Owners of this product must be aware of exactly how it works, because, unlike certain other types of life insurance, IULs have a fluctuating component to them." — Dolan, ACLI."

""Evaluation of the char was not within the scope of the project; however, it is considered to be unlikely to have such high value when produced from a non-coking coal such as the Powder River Basin (PRB) coal used in this study." — Ramaco Carbon Technical Report (March 2023). "guilty of conversion, unauthorized use of partnership funds for non-partnership purposes, usurping a partnership opportunity and of violating their fiduciary responsibilities to the partnerships." — Bankruptcy Court ruling regarding Randall Atkins."

""well, one [patient]...and I wouldn't call it a wow response." — Trial investigator, pediatrician/geneticist, professor. "the other geneticists who are in town are, I think, very unlikely to go prescribing on their own. They're probably going to ask me to do it." — Trial investigator, pediatrician/geneticist, professor. "not going to be helpful at all to the families who don't have the ability to control the environment." — Trial investigator, pediatrician/geneticist, professor."

"“...in the past two years it was the population of the N5 node...that was most of it...now it's N3 and N2...they're delaying those PO's.” — KLA; “the Lasertec tool is not 95% reliable...the mask shop...that's where more of the money is...inspecting in process in the wafer fab - the importance is lower than the mask shop...that's why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be lower priority overall.” — EUV industry expert"

"Management goes to great lengths to convince investors that they’re transparent and respond to investor feedback on more disclosure. However, their statements about being “open to the conversation” seem hallow and their attempts to justify failing to do so (“candidly, I’m not quite sure how much more detail we could provide“) suggests they’re unlikely to increase transparency meaningfully."

"Goodwill, Intangibles and Long-Lived Asset Impairment Tests: We perform our annual impairment test for goodwill in the fourth quarter of each year. We consider qualitative indicators of the fair value of a reporting unit when it is unlikely that a reporting unit has impaired goodwill and periodically corroborate that assessment with quantitative information. — Stryker 2021 10-K"

""From day one we've put our employees first, recognizing that happy employees lead to better business results," he said. Davis pointed out that, unlike any other outsourcing company with skyrocketing turnover rates – the industry average is approximately 150% – TaskUs has a 30% annual attrition rate, which leads to consistency for its clients." — Aaron Davis, TaskUs Director"

"NICE, Verint’s most direct comp and competitor, also suggested that adoption of ASC 606 would not materially impact stated results. However, unlike Verint, Nice issued FY18 guidance under ASC 605 standards to provide “better transparency and comparability to 2017 financial data,” and its FY18 results confirm that its adoption of ASC 606 had little effect on its financials."

"Why do you only expect 2% to 3% organic sales growth in fiscal '18? And does that really signal that the ultimate payoff from all these areas is unlikely to move P&G above that 2% to 3% range longer term? I guess, to put it simply, [is P&G] now a structurally lower top line growth company, more in that 2% to 3% range? — Dara Mohsenian, Morgan Stanley Analyst, 7/27/2017"

"Part II: Twist’s “DNA chip” narrative - 10,000X higher throughput and lower cost - is fraudulent, covering up a manual, labor-intensive, and fatally-flawed manufacturing process crippled by errors, bottlenecks, and pitiful yields – thereby driving gross margins we estimate to be negative, not unlike Theranos which claimed to run blood tests on its “chip” but wasn’t."

"Spruce Point believes PowerSchool’s current share price presents asymmetric downside risk due to growing regulatory risks, a domestic customer base that is struggling to fund necessities, a flawed international growth plan, and nascent personalized learning products that we believe are unlikely to become meaningful contributors to bottom line."

"Smart2Pay’s margin increase is unlikely to be explained by its ability to rationalize its operational footprint. Using the Wayback Machine, we see that even through May 2021, it was still operating out of five global locations. The website has recently been updated and now omits operations in the U.S. and Spain."

"Unlike most bankruptcies where equity holders lose most, if not all, of their value, we believe GGP’s bankruptcy provides the ideal opportunity for a fair and equitable restructuring of the Company that preserves value for all constituents: secured lenders, unsecured lenders, employees, and equity holders"

"SMCI is currently trading at the highest revenue multiple in its sector, likely a reflection of investors perception that it is growing revenues the fastest. However, unlike its peers which have historically solid free cash flow generation, SMCI has not demonstrated any long-term free cash flow ability."

"Given our discussions with former employees and forensic analysis of Stryker’s historical inability to deal with its SG&A and cost bloat, along with rising supply chain and inflation challenges, we view it unlikely that its free cash flow will increase 4.4% in 2022 and that earnings will grow 25.2%."

"Lasertec's reported margin is significantly higher than every one of the five largest semiconductor equipment companies in the world by revenue – even eclipsing ASML's, a $350 billion market cap giant which invented EUV lithography systems and has a real monopoly unlike Lasertec's fictional one."

"Seemingly unlike iRhythm’s Board, we do not believe the same management team that resided over a systematically flawed quality and compliance system should receive extra incentive compensation just to remediate their shortcomings, obey basic medical device laws, and cease endangering patients."

"Warning: MGNI doesn't put earnings call commentary in its 10-Q when discussing revenue trends (eg. Political election, live sports) and is now warning about lower take rates from CTV. MGNI also did not put its apparently strong Q4 commentary in the 10-Q, unlike the prior quarter."

"We believe core earnings is a more accurate metric to measure the financial performance of a specialty finance business. Sunnova's core earnings have continued to decline, and we believe it is unlikely NOVA will ever be able to maintain a sustained level of profitability."

"Unlike other companies with a hardware and software product mix, such as Palo Alto Networks, Alarm.com, Cognex, Axon Enterprise, and Mix Telematics, Samsara reports just one segment, treating its software and hardware offerings as a single performance obligation."

"This created a perverse incentive whereby franchise recruiters would engage in boiler-room sales tactics (described by one former employee as predatory) to get people to sign a franchise agreement, knowing full well that the person was unlikely to follow-through."

"Applying that rate of revenue contraction to each geography implies that areas outside those markets must grow 15% and 20%, respectively, to meet Street consensus, which we believe is unlikely, particularly given Skechers' challenges in the domestic U.S. market."

"According to Bloomberg, only 25.52% of these bonds are owned by institutional investors, implying the remaining 74.48% of this debt is owned by retail investors who are highly unlikely to understand the risk they are taking when investing in these securities."

"It really is that simple. Patients are unlikely to choose to undergo an invasive, expensive surgery with a cumbersome list of restrictions that must be followed for the rest of their life to fix a condition that generally doesn't bother them very much."

"Procept proclaims its vision is to become "the BPH Treatment of Choice For All Prostates", but urologists with whom we spoke believed such a statement amounted to exaggerated marketing hype, and we believe that such a vision is unlikely to be realized."

"Spruce Point believes Healthcare Trust of America, Inc. (HTA or the Company) and its Audit Committee should open an investigation into its reporting of Same-Property Cash NOI, which exhibits virtually no volatility - a statistically unlikely outcome."

"Thus, unlike the coerced loan, presumptive contract rate, and cost of funds approaches, the formula approach entails a straightforward, familiar, and objective inquiry, and minimizes the need for potentially costly additional evidentiary proceedings."

"With significant exposure to global industrial end markets (notably China), we believe it is highly unlikely that results reflect consistent, perfect execution, but rather reflect aggressive accounting and financial practices that aid performance."

"Genius has secured partnerships with a large number of sports leagues in 2020, including 20 new partnerships since the beginning of October. Our conversions with experts reveal these partners are unlikely to pay meaningful cash revenue to Genius."

"Statistically, it is highly unlikely that any new Distributor will cross the gap from bottom to top. The precise statistics require knowing the relative turnover rates in the top and bottom segments. HLF provides minimal data on these rates"