Lazard’s recently released their Review of Shareholder Activism – Q3 2020 which included answers to the following questions: When will activism fully return? Who will be most vulnerable? Will there be a new activist playbook? The new activist playbook includes ESG becoming a “trojan horse” to advance campaigns where management … Read More
How Activist Investing Is Changing
There’s been a lot of discussion about activist investing in the past couple of weeks and how it’s changing. Here’s a great short video at The Financial Times illustrating how activist investing has changed saying: “Last year more than $62bn was deployed by activist investors on their campaigns, double the … Read More
HBS – Activist Investors: The Untold Story
Here’s a great article at the The Harbus. The Harbus is the independent, non-profit news organization of Harvard Business School. The article provides some great arguments against the perception that all activist investors are short term focused, aggressive, and meddlers. Here’s an excerpt from that article: Ask many HBS students about the … Read More
Dan Loeb – Activism Done Properly Doesn’t Have To Be Bad
Here’s a great interview with Third Point’s Dan Loeb on activism. Loeb says that activism done right should impact companies in a positive way. He adds, the benefits that activists provide include: Accountability Taking Companies On A More Positive Trajectory Checks and Balances But most of all it’s the ideas … Read More
Alexander Roepers – Look For Companies With Predictable, Sustainable Franchises That Have Hit A Speed Bump
One of the investors we watch closely here at The Acquirer’s Multiple is Alexander Roepers, the founder of Atlantic Investment Management. The firm’s investing methodology is differentiated by its: (1) well-defined universe of quality publicly-traded industrial / consumer companies; (2) concentration of capital and research on its highest conviction investments; … Read More
Carl Icahn – How Did Icahn And Kingsley See Investment Opportunities When Others Couldn’t
One of the investors we follow closely here at The Acquirer’s Multiple is Carl Icahn, and one of the best pieces ever written on Icahn’s investing strategy comes from Tobias Carlisle’s book, Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations. Carlisle illustrates how Icahn … Read More
Bill Ackman – Try To Invest In Businesses Where It’s Very Hard To Lose Money
One of the investors we watch closely here at The Acquirer’s Multiple is Bill Ackman. In 2015 Ackman did a great interview with The Graham & Doddsville Newsletter in which he discusses how to find great businesses to invest in, why he prefers to be concentrated, and the importance of … Read More