The key swing vote is the passive investors who decide whether to piggyback on what the activists are doing. For every dollar of activist money involved in a campaign, there is usually at least 10 of non-activist money involved.
More Quotes from Whitney Tilson:
Investors see nothing but sunny skies as far as the eye can see and therefore do not care one iota about risk. They are pursuing returns regardless of risk, and therefore the most speculative companies and investment classes are doing very well.Whitney Tilson
I can virtually guarantee at today's value levels, no matter what, over multiple years they will rise. The world's greatest companies are trading at below- average multiples when they're wildly above-average companies.
Whitney Tilson
I don't know any broker who'd be willing to short a stock without getting the borrow. Any reputable fund manager and broker wouldn't do this - it's inconceivable. I don't know anyone who's done it and I don't know anyone who knows anyone who's done it.
Whitney Tilson
We saw Wendy's was languishing at 40, but when we saw Pershing Square's proposal, it was clear that the shares were worth 65.
Whitney Tilson
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