Book · 2016 · Business & Economics
Dear Chairman
Boardroom Battles and the Rise of Shareholder Activism
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His name was Jeff Graham. He wrote a book. Actually, if you're looking for great source material, it's a book called Dear Chairman about the history of Dan Loeb's featured pretty prominently in it. Right, the letters? Yeah, the activist letters to- Right, I'll read it. To CEOs. It's a fantastic book. He's a great writer.
What they say about it
- Profiles activist investors“profile Carl Icahn versus Philips”2
The best things said about it
My guest today is Jeff Gramm, a portfolio manager at Bandera Partners and the author of one of my favorite investing books, Dear Chairman, Boardroom Battles and the Rise of Shareholder Activism.
And so in my book, I profile Carl Icahn versus Philips.
Boone Pickens is actually a great story, which I put in the book, too.
You did see this brief period that I talk about in the book of kind of the Dan Loeb, you know, public hedge fund letters, like the shame-driven activism.
Why people recommend it
Dear Chairman by Jeff Gramm is a comprehensive exploration of the history of shareholder activism and boardroom battles in the financial world. Patrick O'Shaughnessy featured the book on Invest Like the Best, where he praised it as a fantastic source material and introduced Gramm as a portfolio manager and the author of an exceptional book on shareholder activism. During their conversation, O'Shaughnessy cited specific historical activist letters, such as one written by Dan Loeb to an executive, to illustrate the changing tone of such communications over the decades. Gramm himself discussed several case studies and historical figures he included in the work. He contrasted the polite, civilized company responses historically given to Ben Graham with later aggressive activist letters. He also talked about covering the emergence of Warren Buffett during the mid-twentieth century, profiling Carl Icahn and his battle against Philips, and detailing Boone Pickens's extensive history with Philips. Furthermore, Gramm reflected on a unique historical era highlighted in the book where inexperienced investors were granted immense amounts of capital to go on spending sprees. Brian Koppelman also discussed the book on the same podcast, responding to O'Shaughnessy by expressing enthusiasm and stating that he intended to read it.
Every mention
Patrick O'Shaughnessy His name was Jeff Graham. He wrote a book. Actually, if you're looking for great source material, it's a bo… 2
“His name was Jeff Graham. He wrote a book. Actually, if you're looking for great source material, it's a book called Dear Chairman about the history of Dan Loeb's featured pretty prominently in it. Right, the letters? Yeah, the activist letters to- Right, I'll read it. To CEOs. It's a fantastic book. He's a great writer.”
“My guest today is Jeff Graham, a portfolio manager at Bandera Partners and the author of one of my favorite investing books, Dear Chairman, Boardroom Battles and the Rise of Shareholder Activism.”
“And then we'll fast forward to a later letter in your book written by Dan Loeb to Eric Seven, who is the CEO of Stargast at the time. Loeb writes, Sadly, your ineptitude is not limited to your failure to communicate with bond and unit holders.”
Jeff Gramm I mean, it was interesting, like to read, like the company's responses to Ben Graham, like, like, I don't t… 1
“I mean, it was interesting, like to read, like the company's responses to Ben Graham, like, like, I don't think I put them in the book, but they were very civilized.”
“Like, you have to talk about the, like, emergence of Warren Buffett, too, which, like, his career began in the mid-1950s. And, you know, the 60s were a pretty grand time for him, too, I think, so.”
“And so in my book, I profile Carl Icahn versus Philips.”
“And, you know, Boone Pickens is actually a great story, which I put in the book, too. It's, like, he actually, like, his father worked for Philips, and he worked for Philips, and he had a long history with the company.”
“Like, it's a funny thing I talk about, like, in my book that, like, you know, that was, like, the only time in history where, like, you know, they just, like, allowed people with no experience, like, at all, like, to go on a spending spree.”
“Like, you did see this brief period that I talk about in the book of kind of the Dan Loeb, you know, public hedge fund letters, like the shame-driven activism.”