Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism
by Jeff Gramm
View on GoodreadsThe fight between the people who own a company and the people who run it is a century old. Gramm, a hedge fund manager himself, tells it through eight fights and the real letters from Graham, Buffett, Perot, Icahn and Loeb, and he's intentional about not telling you who the heroes are.
Core ideas
- An old problem: In 1926 Northern Pipeline held about $80 a share in bonds and traded at $65. Graham went after it, and the agency problem hasn't changed since.
- The letters: You get to see how activists talk to management, and how the tone moved from Graham's politeness to public attack.
- Both sides: Activism is a real check on entrenched management. That said, its worst form strips long-term value for a quick gain.
Published2016
Pages320
ISBN9780062369833
ReadAug 2026
