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> hopefully this letter is fake The letter is published on TCI's own website[0]. He is salty about his winning streak ending[1]: > Billionaire Chris Hohn’s 1

> hopefully this letter is fake The letter is published on TCI's own website[0]. He is salty about his winning streak ending[1]: > Billionaire Chris Hohn’s 13-Year Winning Streak at TCI Ends With Fund Slumping 18%. Sell off in equities hurt bets such as Alphabet and Microsoft. Last year’s loss was the second since the fund started in 2004. He moaned about cost reduction to Sundar Pichai in Nov 2022 too[2]. I wonder whether these sentiments were echo'd by other such investors too and how much all that contributed to Google's recent layoffs[3]. His fund has done activist moves in the past too so this sort of advocating isn't new to them[4]: > In 2008 the US railroad company CSX won a court case against the Children’s Investment Fund and 3G Capital Partners, another hedge fund, after the funds announced that they had acquired about 20% of CSX’s stock.[9] TCI succeeded in electing four of its five directors to the CSX board, but CSX shares declined by about 50 percent after the meeting. TCI declared defeat and sold its shares, taking its directors off the board. Chris Hohn, the founder of TCI vowed to abandon shareholder activism as an investing strategy. Apparently he hasn't exactly abandoned it. [0]: https://www.tcifund.com/CorporateEngagements/Alphabet https://www.tcifund.com/CorporateEngagements/Alphabet [1]: https://www.bloomberg.com/news/articles/2023-01-20/hedge-fund-manager-chris-hohn-s-13-year-winning-streak-ends-as-fund-drops-18 https://www.bloomberg.com/news/articles/2023-01-20/hedge-fun... [2]: https://www.tcifund.com/files/corporateengageement/alphabet/15th%20November%202022.pdf https://www.tcifund.com/files/corporateengageement/alphabet/... [3]: https://blog.google/inside-google/message-ceo/january-update/ https://blog.google/inside-google/message-ceo/january-update... [4]: https://en.wikipedia.org/wiki/The_Children%27s_Investment_Fund_Management https://en.wikipedia.org/wiki/The_Children%27s_Investment_Fu...

lotsofpulp 4y ago
Why would it matter how much Hohn moans? He is small fry next to Alphabet. It does not look like he even has a seat on the board. Makes for nice clickbait though, I guess. https://www.cnbc.com/2022/11/15/alphabet-must-cut-headcount-and-trim-costs-activist-investor-tci-says.html https://www.cnbc.com/2022/11/15/alphabet-must-cut-headcount-... >TCI’s stake represents 0.27% of outstanding Alphabet shares, according to Factset data, a position that the hedge fund has steadily accumulated since 2017. >However, the company has three classes of shares, and co-founders Larry Page and Sergey Brin still have solid voting control thanks to their nearly exclusive ownership of Class B shares, according to the firm’s 2022 proxy report. That makes an activist takeover effectively impossible.

lotsofpulp 4y ago

Why would it matter how much Hohn moans? He is small fry next to Alphabet. It does not look like he even has a seat on the board. Makes for nice clickbait though, I guess. https://www.cnbc.com/2022/11/15/alphabet-must-cut-headcount-and-trim-costs-activist-investor-tci-says.html https://www.cnbc.com/2022/11/15/alphabet-must-cut-headcount-... >TCI’s stake represents 0.27% of outstanding Alphabet shares, according to Factset data, a position that the hedge fund has steadily accumulated since 2017. >However, the company has three classes of shares, and co-founders Larry Page and Sergey Brin still have solid voting control thanks to their nearly exclusive ownership of Class B shares, according to the firm’s 2022 proxy report. That makes an activist takeover effectively impossible.