I think there’s a third class: Institutional investors like CalPERS or NYSLRS. CalPERS has something like $300B in assets. When they talk, companies listen.

I think there’s a third class: Institutional investors like CalPERS or NYSLRS. CalPERS has something like $300B in assets. When they talk, companies listen. While they might be implicitly in your first group, attending significant meetings AND ensuring long term growth are primary responsibilities.