ValueAct

“If you have a really amazing cashflow engine, It can tolerate poor decision-making, poor talent. You tend to see companies say yes to a lot of things because why not? To diversify a lot of peripheral activities that don't benefit the core, to not run their bus…”

“Part of the reason that activist investing has had its cycles and not every activist investor has survived those cycles because a lot of practitioners of the industry have been excellent campaigners, great users of the media, but not necessarily great investor…”