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Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World, by Ronald D. Orol
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Activist hedge fund managers represent a small part of the $1.5 trillion hedge fund industry, but their approach is causing a stir among traditional managers and the investment community because they are shaking up the corporate establishment and making money for their investors. These types of managers are here to stay and Extreme Value Hedging tells the story of their rise to power in the U.S. and how they are spreading their influential gospel around the globe to places like China, Ukraine, South Korea and Sweden. Author Ronald D. Orol has a unique understanding of this world and through this book he shares his unparalleled insights in an easy to comprehend manner. He discusses everything from activist investor efforts to breakup the clubby insider world of corporate boardrooms to their deal-making or breaking pressure tactics and courtroom battles. Orol skillfully makes his case for each subject by offering revelations and examples from insiders like Ralph Whitworth, (Relational Investors), Guy Wyser-Pratte, (Wyser-Pratte Management), Mark Schwarz, (Newcastle Capital Group LLC), Robert Chapman (Chapman Capital), Phillip Goldstein (Opportunity Partners), Jeffrey Ubben (ValueAct Capital), Jeffrey M. Solomon (Ramius Capital Group LLC), Michael Van Biema (Van Biema Value Partners), Eric Rosenfeld (Crescendo Partners), Lars F�rberg (Cevian Capital) and Emanuel Pearlman (Liberation Investment Group), among many, many others.
- Sales Rank: #794797 in eBooks
- Published on: 2009-05-18
- Released on: 2009-05-18
- Format: Kindle eBook
Review
"a surprisingly entertaining read if you want to understand this phenomenon, and how it's impacting our investments"
--bloggingbuyouts
"Orol examines how activist investors are impacting corporate boards through interviews with activist investors, money managers and corporate executives. He also predicts activist investors and corporate executives will soon be taking their battles online."--RiskMetrics Group
From the Inside Flap
Activist hedge fund managers represent a small part of the $1.5 trillion hedge fund industry, yet the philosophy that drives them to earn above-average returns has caused a stir within the investment community and the corporate world. These types of managers are changing the investing landscape—from banking and corporate finance to management—and Extreme Value Hedging tells the story of their rise to power in the United States and the spread of their influence around the globe.
Despite their well-publicized status, very little is truly known about activist hedge funds. But author Ronald Orol has a unique understanding of this world, and with Extreme Value Hedging, he shares his unparalleled insights on how the individuals behind these funds are bucking the traditionally passive investor approach by actively initiating change that will improve the share value of today's small, mid-size, and large corporations. Orol discusses everything from activist investor efforts to break up the clubby insider world of corporate boardrooms; to their deal-making or -breaking pressure tactics and courtroom battles.
Divided into three comprehensive parts, Extreme Value Hedging takes you inside a world that few have ever seen. Through the revelations and examples of those on the front lines of this movement, you'll quickly discover where activists are coming from and how they operate; how institutional investors work with or against activists; and what the future may hold for them in places such as Russia, South Korea, and Japan.
You'll hear from high-profile activist investors, such as Guy Wyser-Pratte, Ralph Whitworth, Lars F�rberg, Phillip Goldstein, and Robert Chapman. With precision and clarity, Orol explains how the presence of activists is changing the way corporate directors and executives manage businesses and think about major deals.
Filled with distinct details of the emergence, development, and expansion of this discipline, Extreme Value Hedging provides you with an engaging account of how activist hedge fund managers are implementing innovative strategies to improve the shareholder value of target companies and achieve robust returns for their clients in the process.
Whether you want to learn how to profit from this alternative investment strategy or understand how activist investors continue to outperform the market, Extreme Value Hedging is the book for you.
From the Back Cover
PRAISE FOR EXTREME VALUE HEDGING
"An intelligent, well-researched, and very useful book. Experts and laymen alike will find it eye-opening."
—JEFFREY H. BIRNBAUM, The Washington Post
"Love them or hate them, activist hedge funds are having a significant impact on the American and global corporate economies. Ron Orol's detailed and thoughtful book is required reading for anybody who wants to understand what these funds are, how they work, and the various good and bad effects they can have on corporate performance."
—LAWRENCE E. MITCHELL, Theodore Rinehart Professor of Business Law at George Washington University, author of The Speculation Economy
"Provides breadth, insight, and a worldwide perspective on one of our most dramatic capital market developments—the rise of the activist hedge fund. The book is essential reading for those who want to understand the current economic scene."
—HARVEY J. GOLDSCHMID, Dwight Professor of Law at Columbia Law School, former SEC Commissioner (2002-05)
"Ron Orol's deep network of contacts and his insight into shareholder activism make this book a must for anyone seeking to understand these enfants terribles of the capital markets."
—BOYD ERMAN, Capital Markets Reporter, The Globe and Mail
"A fascinating read on the David and Goliath interaction between a small group of activist investors and corporations of all sizes worldwide. Orol spares no details as he unlocks the secrets of how activist shareholders create dramatic change in today's global investment marketplace."
—JAMES G. TOMPKINS, PhD, Director of Board Advisory Services, Corporate Governance Center,Kennesaw State University
Most helpful customer reviews
3 of 3 people found the following review helpful.
An Excellent Read
By Damien Park
I've been working with companies under attack from activist hedge funds since 2001 and this is the first book I've come across worth reading on the subject. Orol has done a nice job compiling the things that really matter - from the strategy and tactics used by some of the most proficient activists through the changing SEC rules and broader use of technologies that will make defending against these insurgents much more difficult in the near future.
If you're looking for a "lifestyle" perspective on the quirky behavior and actions often written about activist hedge fund managers, you'll have to look elsewhere.
1 of 1 people found the following review helpful.
Fascinating subject but unstructured
By investingbythebooks
To some, activists are a flock of locusts destroying all what comes in their way. Others see them as champions of the rights of owners and slayers of corporate waste and inefficiency. In 2000 Financial journalist Ronald Orol got assigned to the task of scanning the SEC filings called 13D to scout for news. These filings, where activists describe the strategic options they propose to companies paved the way for a carer reporting on a growing segment of the financial markets and further for this book. Having interviewed more than 50 investors Orol aims to clarify the activist investors' strategies and to explain how they think and operate. A second goal is to clarify many of the flourishing misperceptions around activists.
In the author's own words this three part book is a patchwork of narratives. Part one simply describes the activist investors themselves including the American history where today's activists emanated from the corporate raiders of the 1980s, many of the most prominent practitioners and the tools they use or niches they occupy; the goal of increasing shareholder value (or in some cases simply the shorter term share price); how they have come to work more in groups - or wolf packs as Orol calls them; the type of companies and topics targeted plus the US regulatory playing field. This is done in a number of chapters covering one topic that is then exemplified by a number of real life stories collected in the interviews. The next segment covers the relationship between activists and institutional investors. On the one hand institutions are the ones funding most activists as they have shown to generate good returns that are often relatively uncorrelated to those generated by the institution itself. Activists are also at times seen as those who have the resources and skills to fight for the same shareholder rights that institutions cherish but either cannot or will not champion as openly. This gives activists invaluable firepower when pressing corporations for change. On the other hand the relationship at times turns sour when activists take a too short-term stance and try to force actions that potentially hurt the long term value of companies. As the institutions will be owners long after the wolf pack has moved on this is clearly not in their interest. The last section is called Activism 2.0 supposedly pointing to future developments but is rather a hodgepodge of other related topics including amongst others an interesting chapter on the relationship between value investing and activist investing and an overview of international markets.
My main problem with the structure of this book is that although it is packed with short war stories and name-dropping, it lacks analysis, structuring and conclusions drawn from the material. As a reader you find yourself wanting to take a step back to see a fuller picture and to understand the direction of the book. Without this the text becomes a bit uninteresting. Also, I somewhat thinks the book misses to portray the more operational and strategic changes that activists try to accommodate. All too often the activist agenda is described as either trying to apply leverage to the corporate balance sheet and distribute the cash to shareholders or simply trying to force companies to put themselves up for sale. Even so, the book gives a number of valuable insights into the large international differences when it comes to shareholder rights where the corporate governance in the US is very much staged in favour of management instead of the shareholder.
All in all this is one of very few books on a fascinating subject but it could have been better crafted.
This is a review by investingbythebooks.com
3 of 4 people found the following review helpful.
Valuable material for newcomers and experts alike
By Tami Shapiro
This thoroughly researched book is a good introduction to the arena of hedge fund activism. The chapters are sprinkled with examples from the activist playbook - and the tactics of companies dealing with an activist uprising.
The writing is even-handed and the anectodes -- especially the several regarding public-pressure campaigns by activist managers -- make for engaging reading.
See all 8 customer reviews...
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