Jeff Gramm is a hedge fund manager and the author of "Dear Chairman". In a fun and multifaceted conversation, we discuss the crucial but sometimes overlooked topic of corporate governance. We also talk about small cap growth investing, biases, and Jeff's investment strategy.

For more info about the podcast, go to the episode page.

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Episode Chapters

(00:08) - Intro to Dear Chairman & Jeff Gramm

(04:12) - Role of the Board of Directors

(06:59) - The evolution of stock ownership

(15:50) - Jeff’s Shareholder activism

(17:50) - Favorite chapter: Ross Perot vs. General Motors

(27:25) - Management and the risk of bad governance

(31:32) - Life at the Board

(35:00) - How to get the right shareholder base?

(38:17) - Small cap growth investing

(41:19) - When shareholder activism fails

(44:53) - How to run an overvalued company?

(48:20) - Dividends vs. repurchases

(57:28) - Value of M&A

(1:02:48) - Jeff’s investment strategy

(1:12:32) - Biases, day trading, and birdwatching

(1:22:20) - Advice for new shareholder activists

(1:24:19) - Jeff’s book and podcast inspiration

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Books Mentioned

• Dear Chairman - Jeff Gramm (2016)
• The Go-Go Years - John Brooks (1984)
• My Years with General Motors - Alfred P. Sloan (1963)
• On a Clear Day You Can See General Motors - Patrick J. Wright (1979)
• The Snowball - Alice Schroeder (2008)
• Quality Shareholders - Lawrence A. Cunningham (2020)
• You Can be a Stock Market Genius - Joel Greenblatt (1997)
• Warren Buffett's Ground Rules - Jeremy Miller (2016)
• Empire of Pain - Patrick Radden Keefe (2021)
• Bad Blood - John Carreyrou (2018)
• Richer, Wiser, Happier - William Green (2021)

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Companies Mentioned

• Berkshire Hathaway
• Electronic Data Systems (EDS)
• General Motors
• Enron
• Sears
• BKF Capital
• Calloway's Nursery
• Jewett-Cameron Trading
• Danaher
• Popeyes
• The Joint Corp.

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Podcasts Mentioned

Bad Blood: The Final Chapter

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More on Jeff Gramm

Jeff's twitter: https://twitter.com/jeff_gramm

Jeff's book: https://www.goodreads.com/book/show/25817264-dear-chairman

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

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What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se