本期节目邀请了ValueAct Capital的首席执行官兼首席投资官Mason Morfit，探讨了激进投资的转变，以及ValueAct如何通过转型型激进主义，与公司建立深厚关系，共同创造价值。节目中，Mason分享了ValueAct在激进投资领域取得成功的关键要素，包括建立学习-教学关系，诊断组织问题，创造一个鼓励真相的环境，以及在日本市场独特的投资策略。

👨‍🏫 **学习-教学关系是ValueAct成功的关键要素之一。** Mason认为，ValueAct与被投资公司的关系不仅仅是资本提供者与被投资者的关系，而是一种学习-教学的关系。通过这种关系，ValueAct可以帮助公司诊断组织问题，并共同制定解决方案。同时，ValueAct也可以从公司的经验中学习，不断提升自身的投资能力。

📈 **ValueAct的转型型激进主义注重长期价值创造。** 传统的激进投资往往侧重于短期利益，而ValueAct则更注重与公司建立长期合作关系，共同创造价值。ValueAct认为，通过与公司管理层建立信任关系，共同制定长期战略，可以实现更可持续的价值增长。

🌎 **ValueAct在全球范围内寻找投资机会。** ValueAct的投资范围涵盖了多个领域，包括医疗保健、科技、金融等。近年来，ValueAct也开始将目光转向日本市场，并制定了独特的投资策略。ValueAct认为，日本市场存在着巨大的投资机会，而ValueAct的转型型激进主义可以帮助日本企业提升治理水平，创造更大的价值。

🗣️ **ValueAct的成功源于对公司治理的深入理解。** Mason认为，公司治理是影响公司价值的关键因素之一。ValueAct通过对公司治理的深入研究，可以帮助公司改善治理结构，提高运营效率，最终实现价值增长。

🤝 **ValueAct与被投资公司建立了深厚的信任关系。** ValueAct注重与被投资公司建立长期合作关系，并通过共同努力，帮助公司解决问题，实现价值增长。这种信任关系是ValueAct成功的重要保障。

🧠 **ValueAct的投资策略基于对心理学和经济学的深刻理解。** Mason认为，心理学和经济学是相互关联的，而对这两方面的深入理解可以帮助投资者更好地理解公司的行为，并制定更有效的投资策略。

📊 **ValueAct的投资组合高度集中。** ValueAct的投资组合高度集中，这意味着ValueAct对每个投资项目都投入了大量的精力和资源。这种集中投资策略可以帮助ValueAct更深入地了解被投资公司，并制定更有效的投资策略。

🌐 **ValueAct的投资理念具有全球视野。** ValueAct认为，在全球化的时代，企业需要具备全球视野，才能在竞争中取得成功。ValueAct的投资策略也体现了这种全球视野，ValueAct在全球范围内寻找投资机会，并帮助被投资公司实现全球化发展。

💡 **ValueAct的投资理念具有前瞻性。** ValueAct认为，未来将是颠覆者取得成功的时代，而传统企业需要不断转型，才能适应新的时代。ValueAct的投资策略旨在帮助传统企业转型，并在新的时代取得成功。

🤝 **ValueAct与被投资公司建立了深厚的关系。** ValueAct注重与被投资公司建立长期合作关系，并通过共同努力，帮助公司解决问题，实现价值增长。这种信任关系是ValueAct成功的重要保障。

🧠 **ValueAct的投资策略基于对心理学和经济学的深刻理解。** Mason认为，心理学和经济学是相互关联的，而对这两方面的深入理解可以帮助投资者更好地理解公司的行为，并制定更有效的投资策略。

📊 **ValueAct的投资组合高度集中。** ValueAct的投资组合高度集中，这意味着ValueAct对每个投资项目都投入了大量的精力和资源。这种集中投资策略可以帮助ValueAct更深入地了解被投资公司，并制定更有效的投资策略。

🌐 **ValueAct的投资理念具有全球视野。** ValueAct认为，在全球化的时代，企业需要具备全球视野，才能在竞争中取得成功。ValueAct的投资策略也体现了这种全球视野，ValueAct在全球范围内寻找投资机会，并帮助被投资公司实现全球化发展。

💡 **ValueAct的投资理念具有前瞻性。** ValueAct认为，未来将是颠覆者取得成功的时代，而传统企业需要不断转型，才能适应新的时代。ValueAct的投资策略旨在帮助传统企业转型，并在新的时代取得成功。

In a world of plentiful capital and compressed yields, activism and being the agent of one's returns is a way forward.

 

Transformational activism in particular is centered around a deep commitment and trusting relationship between the investor and the company. This multi-dimensional approach forgoes short-term solutions like financial engineering and instead focuses on working with great leaders to put together the right people, resources, and strategies for long-term results.

 

Few firms exemplify the value creation associated with shareholder engagement and activism better than ValueAct and today I’m joined by Mason Morfit, Chief Executive Officer and Chief Investment Officer of ValueAct Capital.

 

Mason Morfit is a Partner, the Chief Executive Officer and Chief Investment Officer of ValueAct Capital, a governance-oriented investment fund with over $14 billion in assets under management. ValueAct has a very highly concentrated portfolio and one of its partners has served on the Boards of Directors of 44 public companies over the life of this great activist fund. Mason himself has served as a director of Microsoft Corporation, Valeant, Bard, Immucor, and many other companies.

 

In this episode, Mason and I discuss why he became interested in the psychological aspect of economics, how the activist investor landscape has shifted, the difference between transactional and transformational activism, the value of a learn-teach relationship, and so much more!

 

Key Topics:

 

• The advantages of Mason’s experience growing up as an outsider (2:30)
• What drew Mason to studying economics and psychology (3:48)
• Working in the health care group at Credit Suisse First Boston in the late 90s (5:37)
• Mason’s introduction to activist investing (7:24)
• Activist investing in the time of the imperial CEO (9:42)
• How corporate scandals and Sarbanes-Oxley changed the landscape for ValueAct (10:44)
• 20 years of network and relationship building (12:54)
• The immense value of documentation and knowledge sharing (13:50)
• Defending against self-attribution bias (15:24)
• The inherent problems with a public company board (17:48)
• ValueAct’s role in mitigating against bureaucratic biases (18:24)
• Integrating the work of board committees (19:37)
• Psychological paradigms that emerge based on corporate history (22:18)
• Shifting paradigms that no longer work (24:14)
• Differentiating between transactional and transformational activism (28:15)
• Finding opportunities in interesting times (30:36)
• ValueAct’s mission (31:38)
• The key ingredients of ValueAct’s successes (34:37)
• Creating a learn-teach relationship (35:46)
• How the learn-teach relationship helps with organizational diagnosis (37:44)
• Creating an environment that empowers truth (39:38)
• The changing Japanese corporate governance landscape (41:25)
• Olympus as a case study of ValueAct’s expansion into Japan (43:31)
• ValueAct’s unique approach to investing in the Japanese market (47:45)
• Why activism today is more relevant than ever before (49:53)
• Shifting opportunities for an activist investor (51:51)
• Creating 21st century global champions (54:04)
• The disproportionate reward of disruptors at the expense of incumbents (55:27)
• Mason’s book recommendations (57:14)
• And much more!

 

Mentioned in this Episode:

 

• ValueAct Capital
• John Irving’s Book | The World According to Garp
• Kazuo Ishiguro’s Book | The Remains of the Day
• Sir Lawrence Freedman’s Book | Strategy: A History

 

Thanks for Listening!

 

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

 

Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!