I APPRECIATE THE OPPORTUNITY TO BE PART OF THIS PANEL WITH JESSE AND DEAN. AS I’M SURE YOU’LL DISCOVER, WE ALL HAVE THE SAME GOAL IN MIND—THAT INVESTORS, WHETHER THEY BE INDIVIDUALS OR PARTICIPANTS IN PENSION FUNDS, GET THE OPPORTUNITY TO RECEIVE THE HIGHEST RETURN ON THEIR INVESTMENT.

MY POSITION IS VERY CLEAR, VERY SIMPLE. I SEE THE PENSION FUND MANAGER OR MONEY MANAGER’S ROLE IN THE SAME PERSPECTIVE AS I SEE MY OWN. WE HAVE A FIDUCIARY RESPONSIBILITY TO THE BENEFICIARIES—IN YOUR CASE—OR THE OWNERS, IN MY CASE. IT IS UP TO US TO MANAGE THEIR CAPITAL IN THE MANNER THAT RETURNS MOST VALUE TO THEM.

UNFORTUNATELY, SHAREHOLDERS ARE THE FORGOTTEN PEOPLE IN CORPORATE AMERICA. BOB BLEIBERG OF BARROWS SPOKE TO THIS VERY WELL IN AN EDITORIAL LAST WEEK. HE ASKED, “WHO SPEAKS FOR THE SILENT MAJORITY?” WELL, IN SOME CASES, THEY HAVE BEGUN TO SPEAK FOR THEMSELVES. BUT IT IS THE INSTITUTIONAL SHAREHOLDERS—PEOPLE LIKE YOU—WHO MUST BECOME MORE VOCAL. YOU HAVE THE RESEARCH CAPABILITY TO ASSESS THESE SITUATIONS.

I AM VERY CONCERNED FOR THE SHAREHOLDERS BECAUSE THEY ARE THE LITTLE GUYS. ABOUT HALF OF THE 42 MILLION AMERICANS WHO HOLD STOCK IN PUBLICLY-TRADED COMPANIES HAVE PORTFOLIOS OF $5,000 OR LESS. THESE INVESTMENTS ARE LIFE SAVINGS TO MANY OF THESE PEOPLE. AND THEY WANT THE BEST RETURN POSSIBLE. I’M SURE THAT THE PROFILE ON PENSION FUND BENEFICIARIES IS SIMILAR.

WE MUST NOT ALLOW ANY MEASURE TO BE TAKEN TO IMPEDE THEIR RIGHT TO MAKE MONEY ON THEIR INVESTMENT. THAT IS WHY I DO NOT ADVOCATE ANTI-TAKEOVER LEGISLATION. IT TAKES AWAY AN OPPORTUNITY TO SELL THAT THESE PEOPLE MIGHT NOT OTHERWISE HAVE. IN THE SAME VEIN, HOWEVER, THEY MUST BE PROTECTED AGAINST SUCH BLATANTLY WRONG ABUSES AS GREENMAIL, AND I SUPPORT LEGISLATION AGAINST IT.

I BELIEVE WE ARE GOING TO SEE MORE ACTIVE SHAREHOLDERS IN THE FUTURE, SPEAKING OUT WHEN THEY SENSE THAT MANAGEMENT IS NOT ACTING IN THEIR BEST INTEREST. AND INSTITUTIONAL SHAREHOLDERS WILL LEAD THE PACK.