Hello Jason
Before I begin thank you for taking the time to put this article together.
I was one of the "detrimental to" voters.
Over the years I recall debating on this blog short-term versus long-term shareholders (I do not think corporate raiders and activist investors should get the bum rap they do - I am very definitely in the momentum trading camp, and think that Bill Ackman should visit Toronto more often - the old boy network is alive and well).
Your last sentence is particularly one that should interest both long-term and short-term shareholders.
If a company is so incredibly well-managed, then short-term shareholders, like myself, should be kicking themselves for giving up future price increases, and long-term folks will be laughing their way to the bank.
And this is where corporate boards come in.
Like the Senate in Canada, perhaps it is time to get rid of them.
Technology these days let shareholders weigh in on pretty much anything that a board can, in nano seconds. So instead of cronyism we can have a true democracy.
Until this nirvanic state is reached long term shareholders should welcome corporate raiders.
My two cents for the cause.
Thank you again for your many enjoyable and insightful articles.
Kind regards
Savio