Today's Top Performing Activist Managers Share Traits With Benjamin Graham

Today’s Top Performing Activist Managers Share Traits With Benjamin Graham, the First Activist Investor

Benjamin Graham is often thought of as a studious, professorial fellow who spent his days poring over documents and analyzing public companies in search of bargains.

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But as we saw in part one of our series on Activist Investing, Benjamin Graham, the Father of Value Investing, was also the First Activist Investor – a great securities analyst who also excelled at confronting management in boardrooms and at shareholder meetings.

In 1926 Graham discovered that Northern Pipeline Corp. -- an obscure, illiquid spin-off from Standard Oil a decade earlier -- held $95 in liquid railroad...