Activist Investing from Benjamin Graham to Today

Wednesday May 18, 2016 5:30 PM - 8:30 PM
NYSSA Conference Center
Available as: Live Session;
Categories: Alternative Investments, NYSSA Author Series™, Programs for Members, Seminar, Value Investing

Please join us for this engaging event that explores the highlights of activist investing from its beginnings to modern-day activism.   For nearly 100 years activist investing has been a mechanism for investors to unlock shareholder value to realize greater returns. What began in the 1920’s with individual investors like Benjamin Graham, evolved  into the Proxyteers in the 1950’s and became corporate raiding in the 1980’s, is now called activist investing and is orchestrated by large-scale hedge funds.

We begin the evening with an interview of Author Jeff Gramm on his book “Dear Chairman”. Gramm’s book describes over 100 years of shareholder activism using entertaining case studies and never before seen documents from legendary and controversial activist investors. Original examples include: Benjamin Graham vs. Northern Pipeline, Warren Buffett and the Great Salad Oil Swindle, Carl Icahn and Phillips Petroleum, Ross Perot and General Motors, Daniel Loeb and Star Gas Partners and BKF Capital Group. The book also includes an appendix of original letters from each case study; most of which have never been published, including a letter from Benjamin Graham not seen since the 1920s.  The book has been described as "a grand story" and an "illuminating read" by the Wall Street Journal and "a revelation" by the Financial Times.  Charles Schwab wrote about Dear Chairman, "It should be required reading for anyone who wants to participate in our great ownership system, as investor or manager.  

Activist Investing Panel Discussion

The second part of the evening will feature a panel discussion of distinguished activist investors, who will cover:

  • The role of the activist

  • What makes a good activist target

  • How to unlock and/or create shareholder value

  • Management receptivity: Hostile vs. friendly activism

  • What can go wrong

  • Risk control and portfolio constructions methods

  • Return expectations

Historical examples will be used to illustrate discussion points. The panel will also cover tactics used by activists to overcome obstacles in achieving shareholder returns, and where they view the next decade of activist investing will be.  There will also be time provided for audience questions.    

Who should attend?

CIOs, portfolio managers, research analyst and other investment professionals at investment firms and asset owner organizations.


NYSSA expects all attendees to comply with NYSSA’s Code of Conduct while attending NYSSA events or meetings. NYSSA expressly reserves the right, in its sole discretion, to grant or deny access to any individual, or to expel any individual from any NYSSA event or meeting.

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Program Details

Date
Wednesday, May 18, 2016

Time
5:30 p.m.- 6:00 p.m. l Registration
6:00 p.m.- 8:00 p.m. I Presentation
8:00 p.m.- 8:30p.m. l Networking

Location
NYSSA Conference Center
1540 Broadway, Suite 1010
(entrance on 45th Street)
New York, NY 10036

Fees 
Member $25
Non-member $50
$10 surcharge for walk-ins.

Registration Deadline
 
Tuesday, May 17, 2016

Author Series
Jeff Gramm, Author, Dear Chairman

Moderator
Elliot TrexlerPresident and Chief Investment Officer, GLOBAL RETURN Asset Management, LLC

Activist Panel
Darren Rabenou, Managing Director, Terrapin Asset Management
Dianne McKeever, Chief Investment Officer and Co-Founder, Ides Capital Management LP
Kenneth Traub, Managing Partner, Raging Capital Management
Michael Rothenberg, Founding Partner and Portfolio Manager, Moab Capital Partners, LLC

Moderator
Mark Sullivan, CFAManaging Director, Stonehaven

Chairs
Mark Sullivan, CFA
Elliot Trexler

CFA Institute CEs
Credits= 2

Additional Information
If you are unable to register for this event online, please call (212) 541-4530 for assistance.

Register via Mail/Fax
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1540 Broadway, Suite 1010, (entrance on 45th Street), New York, NY 10036
(212) 541-4530