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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
This is a good, fairly engaging tale of corporate governance and shareholder activism over time. Gramm brings otherwise esoteric topics dealing with terms like 10-Ks and 13-Ds to life through narrative storytelling that’s accessible to your average layman and still engaging for the wonks in the room.
It’s not the definitive bible on such matters, as opinions may vary, but it certainly serves a niche in the biz-lit market.