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Here is a walk through shareholder activism starting with Benjamin Graham's first activist letter in the late 1920s, through fairly recent times. Many facets of US corporate history and related investor culture are captured in colorful personality-rich stories. These are presented in somewhat distinct phases of about 10-20 years' duration each, as the markets and all players and their tactics have changed. My post-1980s sophistication about this history was limited, so I am grateful for the update in understandable terms and listenable form.
The use of investor letters as the springboard for each story is a novel idea that works well. I applaud the inclusion of the appendix at the end reciting the letters verbatim, which works as a refresher of the book's stories and points out the stark changes in tone and approach that activist shareholders have taken. Having heard this, I feel much better grounded to understand today's corporate headlines, and the dynamics of governance.
2 of 2 people found this review helpful
I teach strategic management in a business school, so my interests are relatively specialized, this history fit the bill. For feeling like I can now give a good general history of corporate governance and shareholder activism in the United States, I could rarely find anything better. However, if this isn't your cup 'o tea, well then, read at your own peril!