Lunch was a bit awkward. It was around 1 p.m. on a warm October day in New York.
A group of Wall Street investors were tucking into chicken in a red-wine demi-glace and Brussels sprouts at the Plaza Hotel. They’d convened for Jim Grant’s fall conference, hosted by the influential editor of Grant’s Interest Rate Observer.
His talk, which he had titled Activist Interventions and the Destruction of Long-Term Value, took aim at a strategy being used with increasing success against his clients and other corporations.
'It begins when an alpha wolf spots his prey and decides to move in for the kill', Lipton said. He never addressed anyone directly, but it was clear his words had a target. William Ackman, billionaire founder of Pershing Square Capital Management, sat a few feet in front of the speaker, listening quietly, Bloomberg Markets will report in its February issue.
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