By Jeff Gramm
A sharp and illuminating background of 1 of capitalism’s longest operating tensions—the conflicts of curiosity between public corporation administrators, managers, and shareholders—told via wonderful case reports and unique letters from a few of our such a lot mythical and debatable traders and activists.
Recent disputes among shareholders and significant businesses, together with Apple and DuPont, have made headlines. however the fight among administration and people who personal inventory has been occurring for almost a century. blending never-before-published and infrequent, unique letters from Wall highway icons—including Benjamin Graham, Warren Buffett, Ross Perot, Carl Icahn, and Daniel Loeb—with masterful scholarship insight, Dear Chairman traces the increase in shareholder activism from the Twenties to this present day, and offers a useful and remarkable point of view on what it capacity to be a public corporation, together with how they paintings and who's particularly in control.
Jeff Gramm analyzes diverse eras and pivotal boardroom battles from the final century to appreciate the standards that experience triggered shareholders and administration to collide. all through, he makes use of the letters to teach how traders have interaction with administrators and bosses, how they consider their goal businesses, and the way they plan to learn. every one is an interesting instance of capitalism at paintings advised during the voices of its so much colourful, influential participants.
A hedge fund supervisor and an accessory professor at Columbia company college, Gramm has spent as a lot time comparing CEOs and administrators as he has attempting to comprehend and price companies. He has obvious public businesses which are poorly run, and a few that willfully disenfranchise their shareholders. whereas he can pay tribute to the ingenuity of public corporation traders, Gramm additionally exposes examples of shareholder activism at its very worst, while hedge money engineer stealthy land-grabs on the cost of a company’s long-term customers. eventually, he presents an intensive, much-needed realizing of the general public company/shareholder courting for traders, managers, and everybody serious about the way forward for capitalism.
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Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism by Jeff Gramm