Thesis types
The 12 core contrarian arguments — what the activist is actually claiming about the target.
governance board
413
Elliott Investment M → Phillips 66 (2025)
Land & Buildings Inv → Welltower Inc. (2026)
Elliott Investment M → Toyota Industries Corporation (2026)
fraud exposure
357
Spruce Point Capital → Bunge Global SA (2026)
Spruce Point Capital → Aegon Ltd. (2024)
Scorpion Capital → Lasertec Corporation (2024)
operational turnaround
283
Elliott Investment M → Phillips 66 (2025)
Greenlight Capital → Peloton Interactive (2024)
Elliott Investment M → Toyota Industries Corporation (2026)
management change
270
Elliott Investment M → Phillips 66 (2025)
Greenlight Capital → Peloton Interactive (2024)
Land & Buildings Inv → Welltower Inc. (2026)
multiple rerating
219
Land & Buildings Inv → Welltower Inc. (2026)
Spruce Point Capital → Bunge Global SA (2026)
Elliott Investment M → Phillips 66 (2025)
undervaluation
191
Greenlight Capital → Peloton Interactive (2024)
Spruce Point Capital → Bunge Global SA (2026)
Elliott Investment M → Toyota Industries Corporation (2026)
breakup spinoff
134
Elliott Investment M → Phillips 66 (2025)
Elliott Investment M → Phillips 66 (2025)
Elliott Management → Phillips 66 (2025)
capital return
121
Elliott Investment M → Phillips 66 (2025)
Elliott Investment M → Toyota Industries Corporation (2026)
Elliott Investment M → Phillips 66 (2025)
strategic pivot
89
Elliott Investment M → Toyota Industries Corporation (2026)
Pershing Square Capi → Fannie Mae and Freddie Mac (2025)
Pershing Square Capi → Fannie Mae / Freddie Mac (2025)
cost cutting
58
Greenlight Capital → Peloton Interactive (2024)
Elliott Investment M → The Goodyear Tire & Rubber Company (2023)
Palliser Capital → Capricorn Energy (2022)
other
48
Spruce Point Capital → Samsara Inc. (2023)
Land & Buildings → Alexandria Real Estate Equities, Inc. (2023)
Greenlight Capital → Core Laboratories (2017)
sale of company
47
Third Point LLC → Campbell Soup Company (2018)
Starboard Value LP → Multiple (BILL Holdings, Tripadvisor, Fluor Corporation) (2025)
Starboard Value → Tripadvisor, Inc. (2025)
activist defense
19
Elliott Investment M → Toyota Industries Corporation (2026)
Elliott Management → Toyota Industries Corporation (2026)
Elliott Management → Telecom Italia (2019)