
Shareholder Primacy
From activist investor and advisor Mike Levin and Colorado Law professor Ann Lipton, Shareholder Primacy is a podcast about activist investing, securities law, and all the ways the financial and legal worlds intersect and collide in real life.
Latest episodes

Jun 25, 2025 • 38min
Andrew Droste, Columbia Threadneedle
Mike talks with Andrew Droste of Columbia Threadneedle about leading corporate governance at a prominent investment fund.

11 snips
Jun 18, 2025 • 1h 23min
Prof. Joe Grundfest and attorney Joel Fleming on Delaware contingency fees
Prof. Joe Grundfest, a legal expert from Stanford, teams up with Joel Fleming, a seasoned attorney specializing in Delaware litigation. They dive into the complexities of contingency fees in Delaware, exploring why these fees are significantly higher than in federal courts. The discussion highlights the implications of proposed legislative changes and scrutinizes the balance of attorney compensation versus client interests. They also emphasize the unique dynamics of Delaware’s legal system, which leads to more trials and offers insight into high-profile litigations like Enron.

10 snips
Jun 11, 2025 • 39min
How activists and companies make life hard for each other
The hosts humorously discuss the contrasting climates of New Orleans and Colorado before diving into the intense dynamics between activists and companies. They examine clever strategies both sides employ, showcasing legal implications and challenges. The dialogue reveals insights on closed-end funds, activist investors' tactics, and corporate governance struggles. With a focus on WEX, the episode highlights the tension between shareholder dissatisfaction and corporate management, illustrating how effective communication can drive meaningful change.

Jun 4, 2025 • 43min
Company towns with Brian Highsmith, Harvard Law School
Mike talks with Brian Highsmith at Harvard Law School about company towns and the connection to corporate governance.

11 snips
May 28, 2025 • 47min
Texas and the internal affairs doctrine
This discussion dives into Texas's evolving corporate governance landscape, challenging Delaware's dominance. Recent legislative changes may reshape shareholder rights and corporate operations. The hosts explore the implications of new laws affecting shareholder proposals, raising engagement hurdles. They also critique the complex regulations surrounding proxy advisors and the attention on ESG factors. The episode highlights Texas's attempts to navigate intricate governance issues, including conflicts with federal laws and the effects on out-of-state corporations.

May 14, 2025 • 40min
Earnout disputes, proxy advisors
This discussion dives deep into the tangled world of earnout disputes in mergers, including a landmark Delaware case that highlights key legal complexities. It explores how changing interest rates have increased the significance of earnouts, along with their potential pitfalls and litigation risks. A particularly gripping analysis of Johnson & Johnson's challenges with a healthcare acquisition underscores the critical nature of precise contractual language. The episode also humorously examines the evolving role of proxy advisors and their impact on corporate governance.

May 7, 2025 • 37min
TSLA projections
Ann and Mike talk about Elon Musk’s projections about TSLA’s business and PSLRA safe harbor for litigating them

Apr 30, 2025 • 41min
Target lawsuit, soliciting explained
Ann and Mike talk about a securities fraud lawsuit against Target on ESG, and about the definition of proxy solicitation

Apr 23, 2025 • 48min
Proxy season so far, with Matt Moscardi
Mike talks with Matt Moscardi of Free Float Analytics about the current proxy season, including what we’ve seen so far along with some interesting activist situations that have developed

Apr 16, 2025 • 40min
Nell Minow, ValueEdge Advisors
Mike talks with Nell Minow of Value Edge Advisors about her long and illustrious work in corporate governance and activism, and her views on current questions and controversies