Gurley warns highest-profile companies face greatest risk from activist Delaware judges, not smaller market cap firms.
“I think it's actually the highest profile companies that are at risk because they're the ones that, you know, an activist judge is gonna wanna make a a exception out of.”
Gurley notes ISS and Glass Lewis are now over 80% owned outside the United States.
“The senator that you're talking about said on on on when he was giving this talk that that these two companies are now both over 80% owned outside The US.”
Gurley argues management treats stock-based compensation as if it's free, unlike cash expenditures which get more scrutiny.
“I personally think management is a lot more, thoughtful about cash expenditures, and I think they think about this SBC as if it's free almost.”