ValueAct

“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…”

“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…”