On shareholder activism: well, *that’s* one way to think about it.
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This is from Dear Chairman, which looks like it’s off to a good start. goodreads.com/book/show/2581
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Good god, this book just keeps getting better and better. On why it’s so difficult to follow Warren Buffett:
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A couple hundred pages later, and you learn that Dan Loeb and Michael Burry (he of Big Short fame) gave away free stock tips on online forums in 96. 🤯
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And Dan Loeb learnt to write his 13D letters from flaming people on message boards.
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The best bits of Dear Chairman are when explains the bigger picture. Like this reflection on shareholders as the ultimate owners of a corporation.
This may be technically inaccurate, but ‘for all intents and purposes’ it is true.
Overall: 5 stars. Highly recommended. You might need some familiarity with the history of Wall Street, but otherwise, Dear Chairman is a fantastic, engaging, entertaining romp through the history of (mostly shitty) corporate governance and (sometimes good) shareholder activism.