Invest Like the Best with Patrick O'Shaughnessy Jeff Gramm – Activist Investing - [Invest Like the Best, EP.01]
19 snips
Sep 12, 2016 AI Snips
Chapters
Transcript
Episode notes
Ben Graham's Early Activism
- Ben Graham pioneered shareholder activism by uncovering hidden value in Northern Pipeline through detailed government records.
- He appealed respectfully to large shareholders like the Rockefeller Foundation in an era of concentrated ownership.
Proxy Fight Era and Shareholder Populism
- The 1950s proxy fight movement introduced shareholder populism advocating for voting rights and protection.
- This pushed the idea that shareholders should be treated as partners with rights to influence company governance.
80s Raiders and Junk Bonds Impact
- The 1980s corporate raiders used junk bonds to finance hostile takeovers, changing the scale and aggressiveness of activism.
- The era brought self-interested activists aiming for quick financial gains rather than broad shareholder reforms.