Thesis types
The 12 core contrarian arguments — what the activist is actually claiming about the target.
governance board
350
Elliott Investment M → Phillips 66 (2025)
Elliott Management → Telecom Italia (2019)
Elliott Management → Arconic Inc. (2017)
operational turnaround
274
Elliott Investment M → Phillips 66 (2025)
Elliott Management → Arconic Inc. (2017)
Greenlight Capital → Peloton Interactive (2024)
management change
225
Elliott Investment M → Phillips 66 (2025)
Elliott Management → Telecom Italia (2019)
Elliott Management → Arconic Inc. (2017)
fraud exposure
188
Hindenburg Research → New Pacific Metals (2020)
Pershing Square Capi → Herbalife Ltd. (2012)
Pershing Square Capi → Herbalife Ltd. (2012)
undervaluation
177
Greenlight Capital → Peloton Interactive (2024)
Elliott Investment M → Toyota Industries Corporation (2026)
Elliott Management → Toyota Industries Corporation (2026)
multiple rerating
151
Land & Buildings Inv → Welltower Inc. (2026)
Elliott Investment M → Phillips 66 (2025)
Elliott Investment M → Phillips 66 (2025)
breakup spinoff
137
Elliott Investment M → Phillips 66 (2025)
Elliott Investment M → Phillips 66 (2025)
Elliott Management → Phillips 66 (2025)
capital return
119
Elliott Investment M → Phillips 66 (2025)
Elliott Investment M → Toyota Industries Corporation (2026)
Elliott Investment M → Phillips 66 (2025)
strategic pivot
92
Elliott Management → Arconic Inc. (2017)
Elliott Investment M → Toyota Industries Corporation (2026)
Pershing Square Capi → Fannie Mae and Freddie Mac (2025)
cost cutting
60
Greenlight Capital → Peloton Interactive (2024)
Trian Partners → The Walt Disney Company (2024)
Elliott Investment M → The Goodyear Tire & Rubber Company (2023)
sale of company
46
Third Point LLC → Campbell Soup Company (2018)
Elliott Management → BMC Software (2012)
Starboard Value LP → Multiple (BILL Holdings, Tripadvisor, Fluor Corporation) (2025)
other
34
Land & Buildings → Alexandria Real Estate Equities, Inc. (2023)
Greenlight Capital → Core Laboratories (2017)
Greenlight Capital → Pioneer Natural Resources (2015)
activist defense
20
Elliott Management → Telecom Italia (2019)
Elliott Investment M → Toyota Industries Corporation (2026)
Elliott Management → Toyota Industries Corporation (2026)