But sometimes I think activism is like another hedge-fund buzzword used by managers to publicly illustrate to investors that the managers are somehow doing something to improve performance. In my experience we found it more productive to approach management as a friendly shareholder with productive suggestions, almost in lieu of an investment banker. Over the years we spoke to company management on an ongoing basis and perhaps wrote seven to eight letters to boards of companies, but always with the prior knowledge of management, and always trying to be friendly and forthcoming.
