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Activist Shareholder Letters

Activist shareholder letters are letters written by activist investors and sent to the company, often demanding a certain change to maximize shareholder value. These letters are a great read for any aspiring investor because they lay out the thought process of the world’s most renowned investors. You can learn how they think and why they come to think the way they do about a specific company. In some instances, they even attach the analysis they’ve done to back up their words.

While most letters are often formal and educational, others can also be entertaining in the case of Dan Loeb and Carl Icahn.

Carl Icahn

Date Letter Name
eBay
2/24/2014 Carl Icahn Letter to eBay Shareholders
2/24/2014 eBay Response to Carl Icahn
2/26/2014 Carl Icahn Letter to eBay Shareholders 
2/28/2014 Carl Icahn Letter to eBay Shareholders
3/6/2014 Carl Icahn Letter to eBay Shareholders
3/10/2014 Carl Icahn Letter to eBay Shareholders
3/12/2014 Carl Icahn Letter to eBay Shareholders
3/19/2014 Carl Icahn Letter to eBay Shareholders
3/24/2014 eBay Letter to Shareholder Regarding Icahn
Apple
1/23/2014 Carl Icahn Letter to Apple Shareholders
2/10/2014 Carl Icahn Letter to Apple Shareholders
2/10/2014 Comptroller Response to Icahn
5/18/2015 Carl Icahn Issues Open Letter to Tim Cook
Dell
5/9/2013 Carl Icahn Letter to Dell Board of Directors
June, 2013 Dell Presentation to Shareholders
6/18/2013 Carl Icahn Letter to Dell Shareholders
6/26/2013 Carl Icahn Letter to Dell Shareholders
7/1/2013 Carl Icahn Letter to Dell Special Committee
7/10/2013 Carl Icahn Letter to Dell Shareholders
7/11/2013 Carl Icahn Letter to Dell Shareholders
7/12/2013 Carl Icahn Proposal to Dell Shareholders
7/15/2013 Carl Icahn Letter to Dell Shareholders
7/29/2013 Carl Icahn Letter to Dell Shareholders
9/9/2013 Carl Icahn Letter to Dell Shareholders
Transocean
3/7/2013 Carl Icahn Letter to Transocean Shareholders
5/13/2013 Carl Icahn Letter to Transocean Shareholders
Yahoo!
5/15/2008 Carl Icahn Letter to Yahoo! Chairman
6/4/2008 Carl Icahn Letter to Yahoo! Board
6/6/2008 Carl Icahn Letter to Yahoo! Chairman
6/9/2008 Carl Icahn Letter to Yahoo! Chairman
7/7/2008 Carl Icahn Letter to Yahoo! Shareholders
7/14/2008 Carl Icahn Letter to Yahoo! Shareholders
7/17/2008 Yahoo! Presentation to Shareholders
Biogen Idec
5/27/2008 Carl Icahn Letter to Biogen Shareholders
6/4/2008 Carl Icahn Memo to Biogen Shareholders
6/9/2008 Carl Icahn Letter to Biogen Shareholders
BEA Systems
10/12/2007 Carl Icahn Letter to BEA CEO
10/26/2007 Carl Icahn Letter to BEA Board
Other  
4/4/2005 Carl Icahn Letter to Kerr-McGee Board
11/26/2006 Carl Icahn Letter to Reckson Board
5/2/2007 Carl Icahn Response to Motorola Letter
7/14/2011 Carl Icahn Letter to Clorox CEO
8/7/2011 Carl Icahn Letter to Forest Lab Board
11/28/2011 Carl Icahn Letter to Commercial Metals Board
5/1/2012 Carl Icahn Letter to Mentro Graphics Board
5/25/2012 Carl Icahn Letter to Chesapeake Board
9/11/2012 Carl Icahn Letter to Navistar Shareholders
6/19/2014 Carl Icahn Letter to Family Dollar
1/21/2015 Carl Icahn Letter to Gannett CEO

Elliott Management

Date Letter Name
CDK Global
5/4/2016 Elliott First Letter to CDK Global
6/8/2016 Elliott Second Letter to CDK Global
Bank of East Asia
2/4/2016 Elliott First Letter to BEA Shareholders
2/29/2016 Elliott Second Letter to BEA Shareholders
Dialog
11/9/2015 Elliott Letter to Dialog Shareholders
11/11/2015 Dialog Response to Elliott
Riverbed
1/8/2014 Elliott Letter to Riverbed Board
1/14/2014 Elliott Letter to Riverbed Board
Hess
1/29/2013 Elliott Letter to Hess Shareholders
3/4/2013 Elliott Response to Hess Letter
3/6/2013 Elliott Response to Hess CEO
3/26/2013 Hess Letter to Shareholders
3/26/2013 Elliott Letter to Hess Shareholders
4/4/2013 Elliott Letter to Hess Shareholders
4/15/2013 Hess Letter to Shareholders
4/24/2013 Elliott Letter to Hess Shareholders
4/30/2013 Elliott Letter to Hess Shareholders
4/30/2013 Hess Response to Elliott
BMC Software
5/16/2012 Elliott Letter to BMC Board
5/16/2012 BMC Letter to Elliott
5/21/2012 Elliott Letter to BMC Board
6/12/2012 BMC Letter to Shareholders
6/14/2012 Elliott Letter to BMC Shareholders
6/21/2012 BMC Letter to Shareholders 
Iron Mountain
3/9/2011 Elliott Letter to Iron Mountain
4/4/2011 Elliott Letter to Iron Mountain
Other
11/28/2016 Elliott Letter to Cognizant
11/21/2016 Elliott Letter to Marathon Petroleum
10/5/2016 Elliott Letter to Samsung
11/16/2015 Elliott Letter to American Capital
10/8/2015 Elliott Letter to Plycom Board
6/11/2015 Elliott Letter to Citrix Board
10/17/2014 Elliott Letter to Family Dollar
10/8/2014 Elliott Letter to EMC Board
12/17/2012 Elliott Letter to Compuware Board
3/2/2010 Elliott Letter to Novell Board
11/21/2008 Elliott Letter to Epicor Board
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