Dear Chairman：Boardroom Battles and the Rise of Shareholder Activism

Asharpandilluminatinghistoryofoneofcapitalism’slongestrunningtensions—theconflictsofinterestamongpubliccompanydirectors，managers，andshareholders—toldthroughentertainingcasestudiesandoriginallettersfromsomeofourmostlegendaryandcontroversialinvestorsandactivists.Recentdisputesbetweenshareholdersandmajorcorporations，includingAppleandDuPont，havemadeheadlines.Butthestrugglebetweenmanagementandthosewhoownstockhasbeengoingonfornearlyacentury.Mixingnever-before-publishedandrare，originallettersfromWallStreeticons—includingBenjaminGraham，WarrenBuffett，RossPerot，CarlIcahn，andDanielLoeb—withmasterfulscholarshipandprofessionalinsight，DearChairmantracestheriseinshareholderactivismfromthe1920stotoday，andprovidesaninvaluableandunprecedentedperspectiveonwhatitmeanstobeapubliccompany，includinghowtheyworkandwhoisreallyincontrol.JeffGrammanalyzesdifferenterasandpivotalboardroombattlesfromthelastcenturytounderstandthefactorsthathavecausedshareholdersandmanagementtocollide.Throughout，heusestheletterstoshowhowinvestorsinteractwithdirectorsandmanagers，howtheythinkabouttheirtargetcompanies，andhowtheyplantoprofit.Eachisafascinatingexampleofcapitalismatworktoldthroughthevoicesofitsmostcolorful，influentialparticipants.AhedgefundmanagerandanadjunctprofessoratColumbiaBusinessSchool，GrammhasspentasmuchtimeevaluatingCEOsanddirectorsashehastryingtounderstandandvaluebusinesses.Hehasseenpubliccompaniesthatarepoorlyrun，andsomethatwillfullydisenfranchisetheirshareholders.Whilehepaystributetotheingenuityofpubliccompanyinvestors，Grammalsoexposesexamplesofshareholderactivismatitsveryworst，whenhedgefundsengineerstealthyland-grabsattheexpenseofacompany’slongtermprospects.Ultimately，heprovidesathorough，much-neededunderstandingofthepubliccompany/shareholderrelationshipforinvestors，managers，andeveryoneconcernedwiththefutureofcapitalism.