Once upon a time, shareholders had little say in how companies allocated capital. Power resided with the CEO and the board of directors. They determined whether to expand, consolidate or acquire. They often utilized irregular financial reporting to disguise a company’s true value. Columbia Business School adjunct professor Jefferson Gramm, who runs a hedge fund, cites written correspondence between activists and executives – hence the salutation in his book’s title – to frame this detailed study of the evolution of shareholder activism. Although those with sophisticated knowledge of financial instruments will benefit most from the material, getAbstract recommends Gramm’s engrossing tales of financial combat to business professors and students, corporate investors, and anyone who finds war stories of money, power and intrigue fascinating.
About the Author
Jefferson Gramm, adjunct professor in value investing at Columbia Business School, runs a hedge fund and has served on several public-company boards of directors.