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We should go after good companies with good boards and good managements because we'll have a better chance of getting them to buy into our ideas and then get it done.
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It's not corporate raiders taking over a business, it's not activists going in to kick out a bad CEO, it's a public market investor lending a skill set of acting like a business owner when they buy stocks to make them more valuable.
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They are not equipped to keep and hold individual companies, management teams accountable.