美國通 46 美國大消息 前總統Trump 可參選共和黨初選 (U.S. Supreme Court Rules Trump Can Remain on Ballot) 。 victims of a new type of corporate raiders.Activist investing

 

U.S. Supreme Court Rules Trump Can Remain on Ballot

States Cannot Bar Former President, Justices Rule

The Supreme Court ruled unanimously that the 14th Amendment did not allow Colorado to bar former President Trump from the state’s primary ballot.

See more updates 9+

Charlie Savage

The Trump legal team argued that presidents are not covered by the phrase “officers of the United States” in the Constitution, saying it means only appointed officials. Trump unanimously won the case, but there were zero votes for that theory.

Charlie Savage

In the main opinion, the court’s majority is clearly telling Congress that if Donald Trump wins the 2024 election, lawmakers could not invoke Section 3 as a reason not to count his electoral college votes on Jan. 6, 2025.

Abbie VanSickle

The court appears to be focused on communicating that they are unified: “All nine Members of the Court agree with that result. Our colleagues writing separately further agree with many of the reasons this opinion provides for reaching it.”

Charlie Savage

The essence of the majority opinion is that in order to invoke Section 3 to disqualify people from holding or seeking federal office, it is “critical” that Congress first pass legislation to implement how that enforcement works and under what standards.

Michael Gold

Donald Trump, in a radio interview today, said he was “honored” by the unanimous Supreme Court decision. “This is for future presidents, this is not for me,” he said. “This is for future presidents, all presidents.”

Abbie VanSickle

It’s worth noting that, like the oral argument, the court’s decision does not delve into an analysis of whether or not Donald Trump engaged in insurrection.

Charlie Savage

The opinion is on behalf of the entire court and not signed by any particular justice. However, the three liberal justices — Sonia Sotomayor, Elena Kagan and Ketanji Brown Jackson — filed their own joint opinion concurring in the judgment.

Abbie VanSickle

In her separate concurring opinion, Justice Barrett wrote: “The Court has settled a politically charged issue in the volatile season of a Presidential election. Particularly in this circumstance, writings on the Court should turn the national temperature down, not up.”

Breaking news: The Supreme Court has overturned a decision from the state’s highest court that found the former president was not qualified to hold office because he had engaged in efforts to overturn the results of the 2020 election. https://on.ft.com/49yROyg

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The Economist

While chief executives have mostly abandoned their flirtation with stakeholder capitalism, they are still living with its consequences. ExxonMobil and Starbucks are victims of a new type of corporate raiders


ECONOMIST.COM
Activist investing is no longer the preserve of hedge-fund sharks
Stakeholders at the gate

Activist Investor: Definition, Role, Biggest Player

By 

WILL KENTON

 

Updated February 14, 2023

Reviewed by 

GORDON SCOTT

Fact checked by 

MICHAEL LOGAN

What Is an Activist Investor?

An activist investor, typically a specialized hedge fund, buys a significant minority stake in a publicly traded company in order to change how it is run.

The activist investor's goals may be as modest as advising company management or as ambitious as forcing the sale of the company, divestitures or restructuring, or replacing the board of directors.

Unlike private equity firms that buy and restructure companies in order to profit when they are resold, activist investors seldom acquire full or majority stakes.1 Instead, they use public communications and private discussions to win over other shareholders and company insiders. When such efforts fail, an activist investor may pursue a proxy contest to elect new directors in order to force the company to meet their demands.

KEY TAKEAWAYS

• Activist investors buy minority stakes in public companies to change how they are run.
• If they fail to persuade company managers, they may wage a proxy fight for board seats.
• Some hedge funds specialize in activist investing while institutional investors may engage in it from time to time.
• Investor activism may focus on maximizing shareholder value or on the company's social responsibilities.
• The SEC has proposed tougher disclosure rules for activist investors that critics contend may make activism unprofitable.

Understanding Activist Investors

Activist investors are sometimes called shareholder activists, a term also used to describe those lobbying companies to improve working conditions for the overseas employees of their contractors, or backers of a dissident board slate elected to fight climate change.23

However, many activist investor campaigns seek only to maximize shareholder value, and most of those are the work of hedge funds specializing in the unique mix of public pressure, behind-the-scenes lobbying, and business expertise required.

Unlike the public pension funds and mutual funds that also engage in activism at times, activist hedge funds may hold highly concentrated stakes and supplement them with additional leverage from derivatives like stock options to offset the considerable cost of such campaigns. In contrast with institutional investors that sometimes turn to activism after owning a disappointing investment for years, activist hedge funds typically buy a stake in an underperforming company shortly before calling for change, and hope to profit from the resulting turnaround and price appreciation.4