An insightful and illuminating story about one of the most enduring tensions of capitalism - the conflicts of interest between public company managers, directors, and shareholders - through fascinating case studies and authentic letters from some of the most legendary and controversial investors and activists. The recent disputes between shareholders and large companies, such as Apple and DuPont, have made headlines. But the struggle between management and shareholders has lasted almost a century. Combining newly published and rare, authentic letters from Wall Street icons such as Benjamin Graham, Warren Buffett, Ross Perot, Carl Icahn, and Daniel Loeb, with outstanding research and professional insights, "Dear Chairman" traces the rise of shareholder activism from the 1920s to today, providing an invaluable perspective to understand what it means to be a public company, how they operate, and who truly holds control. Jeff Gramm analyzes various eras and pivotal boardroom battles from the last century to understand the factors that cause conflict between shareholders and management.

Throughout the book, he uses the letters to show how investors interact with directors and managers, how they think about their target companies, and how they plan to profit from them. Each letter serves as an intriguing example of capitalism in action through the voices of its most colorful and influential participants. As a hedge fund manager and visiting professor at Columbia Business School, Gramm has dedicated significant time to evaluating CEOs and directors as well as understanding and valuing businesses. He has seen public companies that are poorly managed and some that deliberately alienate their shareholders. While paying tribute to the ingenuity of public company investors, Gramm also reveals examples of shareholder activism at its worst, when hedge funds secretly take over to the detriment of a company's long-term prospects. Ultimately, he provides a thorough, much-needed understanding of the public company/shareholder relationship for investors, managers, and anyone concerned about the future of capitalism.

Pages: 320, Dimensions: 15.2x15.2cm