Adam Katz, CIO of Irenic Capital Management, shares his dynamic journey through the world of activist investing. He emphasizes the importance of 'variant perception,' advocating for unique viewpoints to spot market inefficiencies. Adam discusses the intricate relationship between legal knowledge and investment efficiency, unveiling how it shapes shareholder rights. He also explores the challenges of risk management and strategies for creating long-term value in businesses, especially in an era influenced by passive investment strategies.