The Hedge Fund Agent In The Boardroom

Forbes – In October, Harry J. Wilson walked up to General Motors Chief Financial Officer Chuck Stevens at the company’s investor day meeting after Stevens indicated during a presentation that GM would not be able to conduct a stock buyback for at least 12 months. Standing amid a gaggle of other investors, Wilson told Stevens that it was time for GM to start buying back its stock because it was cheap and the company was generating lots of cash.

Wilson, who owns 30,000 GM shares worth about $1.1 million, was unable to make any headway with Stevens, but he got the attention of one of the hedge fund investors watching the exchange. The duo started trading their views and continued their dialogue in the following weeks, including other hedge funds in discussions that intensified in January.

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