Who is on this subjectordered by the date of their first quote here
2 of 2 lanes rest on fewer than 5 quotes and are marked thin. Offsets are days from the middle first-quote date, 11 Sep 2023 — a date, and nothing else. It is not a claim about who reached a view first.
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Bill Gurley
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11 Sep 2023 – 14 Oct 2025
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- Paul Atkins 4 thin
The chronologysourced and dated, oldest first
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Bill Gurley
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.”
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Bill Gurley
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.”
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Bill Gurley
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.”
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Bill Gurley
Gurley says boards and CFOs feel competitive pressure to engage in questionable AI transactions.
“So I think there are many boards and many CFOs who have been put in a position where they say, well, if we don't do it, everyone else is doing it, you might fall behind.”
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Paul Atkins
Atkins contrasts oikonomia (household management) with politika (city-state governance) as fundamentally different domains.
“This was distinguishable from politika —the governance of the polis , the city-state. Different rules, different purposes, different forms of accountability.”
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Paul Atkins
Atkins defines shareholder democracy as voluntary and proportionate to capital at risk, not equal standing.
“In contrast, shareholder democracy is voluntary and proportionate to risk: influence corresponds to the amount of capital that an investor puts at stake.”
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Paul Atkins
Atkins rejects stakeholder governance, arguing accountability to everyone means accountability to no one.
“However, if the board is accountable to “everyone,” then it is effectively accountable to no one.”
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Paul Atkins
Atkins says market reaction disciplines corporate governance through higher capital costs and lower stock prices.
“Companies with subpar governance structures face a higher cost of capital and a lower stock price.”
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