Mr. Jefferson Philip Gramm, also known as Jeff, has been a Managing Director, Managing Partner, and Portfolio Manager at Bandera Partners LLC since August 2006. From October 2004 to July 2006, Mr. Gramm served as the Managing Director at Arklow Capital, LLC. He was employed at Mellon HBV from June 2002 to September 2004, serving as a Senior Research Analyst. Mr. Gramm has been an Independent Director of Tandy Leather Factory, Inc. since February 11, 2014. He served as a Director of Ambassadors Group Inc. since May 7, 2014 until October 20, 2015. Mr. Gramm served as a Director of Morgan's Foods Inc. from April 12, 2013 to May 27, 2014. He served as a Director of Peerless Systems Corp. from June 2009 to November 11, 2010. Mr. Gramm received an M.B.A. from the Columbia University in 2003 and a B.A. in Philosophy from University of Chicago in 1996.
发表于2024-12-22
Dear Chairman 2024 pdf epub mobi 电子书
图书标签: 金融 投资 企业治理 英文原版 Activism 公司治理 finance 资本主义
A sharp and illuminating history of one of capitalism’s longest running tensions—the conflicts of interest among public company directors, managers, and shareholders—told through entertaining case studies and original letters from some of our most legendary and controversial investors and activists.
Recent disputes between shareholders and major corporations, including Apple and DuPont, have made headlines. But the struggle between management and those who own stock has been going on for nearly a century. Mixing never-before-published and rare, original letters from Wall Street icons—including Benjamin Graham, Warren Buffett, Ross Perot, Carl Icahn, and Daniel Loeb—with masterful scholarship and professional insight, Dear Chairman traces the rise in shareholder activism from the 1920s to today, and provides an invaluable and unprecedented perspective on what it means to be a public company, including how they work and who is really in control.
Jeff Gramm analyzes different eras and pivotal boardroom battles from the last century to understand the factors that have caused shareholders and management to collide. Throughout, 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. Each is a fascinating example of capitalism at work told through the voices of its most colorful, influential participants.
A hedge fund manager and an adjunct professor at Columbia Business School, Gramm has spent as much time evaluating CEOs and directors as he has trying to understand and value businesses. He has seen public companies that are poorly run, and some that willfully disenfranchise their shareholders. While he pays tribute to the ingenuity of public company investors, Gramm also exposes examples of shareholder activism at its very worst, when hedge funds engineer stealthy land-grabs at the expense 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 everyone concerned with the future of capitalism.
每个案例都追溯的有头有尾,非常值得一读。
评分除去信原件本身,这本书还挺短的。作者通过几个典型的例子讲述了不同时期、不同类型投资人shareholder activism的过程。很显然,Corporate Governance是企业成功的重要决定因素。好的Corporate Governance必须处理好股东、董事会、公司实际经理人(CEO)之间的关系。尤其是董事会,在这之间起到协调的作用。股东和公司之间往往存在意见分歧(agency problems),Activists要是抓住了股东的心理,就可以通过proxy fight或者take over的形式直接影响公司决策。作者在每章结束时都对一些关键问题进行了讨论,仔细读还是收获颇丰的。
评分8组关于shareholder activism的故事,按照时间顺序梳理了不同历史时期activism的特点,从一开始股东对上市公司治理几乎完全没有任何话语权,到现在activists成了资本市场中谁都不能忽视的力量,市场的需求催生了制度的变迁,美国政治中凡事诉诸logos的传统在这里发挥了非常积极的作用。作为资深投资人的作者完全没有一些学者和律师对制度和法律意识形态化的狂热,始终强调通过观察学习优秀的人怎么思考分析实际问题来学会怎么思考和分析真正的问题,实事求是的态度是实践理性的基础。
评分除去信原件本身,这本书还挺短的。作者通过几个典型的例子讲述了不同时期、不同类型投资人shareholder activism的过程。很显然,Corporate Governance是企业成功的重要决定因素。好的Corporate Governance必须处理好股东、董事会、公司实际经理人(CEO)之间的关系。尤其是董事会,在这之间起到协调的作用。股东和公司之间往往存在意见分歧(agency problems),Activists要是抓住了股东的心理,就可以通过proxy fight或者take over的形式直接影响公司决策。作者在每章结束时都对一些关键问题进行了讨论,仔细读还是收获颇丰的。
评分除去信原件本身,这本书还挺短的。作者通过几个典型的例子讲述了不同时期、不同类型投资人shareholder activism的过程。很显然,Corporate Governance是企业成功的重要决定因素。好的Corporate Governance必须处理好股东、董事会、公司实际经理人(CEO)之间的关系。尤其是董事会,在这之间起到协调的作用。股东和公司之间往往存在意见分歧(agency problems),Activists要是抓住了股东的心理,就可以通过proxy fight或者take over的形式直接影响公司决策。作者在每章结束时都对一些关键问题进行了讨论,仔细读还是收获颇丰的。
Dear Chairman 2024 pdf epub mobi 电子书