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ARTICLES
Selected articles and commentary on investing, capital allocation, corporate governance, and shareholder value creation.


Buffalo Wild Wings Sale a Win for the Activist at the Gate
Mick McGuire, who succeeded in installing three dissident directors onto the wing and beer chain in June, agrees to vote his shares in favor of the deal, which comes after over a year of agitations.
The Street
Nov 28, 2017


Hedge fund Marcato recommends overhaul to double Deckers stock
Hedge fund Marcato Capital Management, which owns nearly 6 percent of Deckers Outdoor Corp, said shares in the maker of UGG boots could more than double by 2020 if it sells off pieces of its footwear business, buys back shares and overhauls executive compensation.
Reuters
Oct 5, 2017


Activist hedge funder Mick McGuire has made a huge winning bet on Terex
Mick McGuire looks at Terex
and sees a diversified manufacturer with a lot of upside if it can just get leaner.
The activist head of Marcato Capital took an interest in the company a year ago and has been pushing it to streamline, focusing on strong segments and shaking loose some of the less-profitable ends. Over the past year or so, McGuire’s firm has been working with Terex CEO John Garrison Jr. to make that happen.
CNBC
Sep 27, 2017


Activist to Deckers: Sell Yourself, Or Else
Activist investor Mick McGuire has issued an ultimatum to Deckers Outdoor (DECK). In a letter to the company’s board, McGuire’s Marcato Capital Management has threatened to replace the company’s board unless an ongoing strategic review process leads to a sale of the company.
Barron's
Jun 27, 2017


Buffalo Wild Wings CEO to Exit as Activist Wins Shake-Up Bid
An activist hedge fund won a fight to shake up Buffalo Wild Wings Inc. Friday, as shareholders voted in the fund’s founder and two of its nominees and Chief Executive Sally Smith announced she would retire by the end of the year.
Wall Street Journal
Jun 2, 2017


LPL Launches Share Buyback Plan After Profit Jump
LPL Financial Holdings Inc. plans to launch a $500 million share buyback plan, the brokerage’s biggest ever, after reporting a 23.4% jump in third-quarter profit.
Wall Street Journal
Oct 29, 2015


Activist investors take aim at chief of Bank of New York Mellon
Management at the US’s oldest bank faces unusually fierce challenge from Marcato and Trian
Financial Times
May 13, 2015


The young & the restless: Activism's rising stars
Corporate executives and boards are getting to know—often begrudgingly—names like Scott Ferguson, Mick McGuire and Jesse Cohn. They and a handful of other 30- and 40-something hedge fund managers are already running billions of dollars and agitating for change at big public companies
CNBC
Mar 27, 2015


Leonard Green, TPG to Take Life Time Fitness Private
Gym operator Life Time Fitness Inc. LTM 2.11%increase; up pointing triangle agreed to be acquired by private-equity firms TPG and Leonard Green & Partners L.P. for more than $2.8 billion, in one of the largest U.S. leveraged buyouts so far this year.
Wall Street Journal
Mar 16, 2015


Activist investor Marcato pushes InterContinental Hotels to consider a merger with a rival
An American hedge fund has stepped up attempts to persuade hotelier InterContinental Hotels, which runs the Crowne Plaza, and Holiday Inn brands, to consider a blockbuster merger
The Telegraph
Nov 11, 2014


NCR adds hedge fund Marcato Capital
NCR Corp, which makes automated teller machines, said on Monday that hedge fund manager Richard McGuire, NCR's biggest shareholder, will join its board less than a month after the company lowered its earnings forecast for the year.
Yahoo! Finance
Nov 10, 2014


Gym Owner Life Time Fitness Considers a REIT
Gym operator Life Time Fitness Inc. said it may put its property into a real-estate investment trust, a step that could help lower its tax bill and shape up its stock.
Wall Street Journal
Aug 25, 2014


Sotheby's Investor Marcato Pushes to Sell New York, London Properties
Sotheby's faces one hedge fund manager—Daniel Loeb of Third Point LLC—loudly banging down the doors over its performance. Meanwhile, another hedge fund is working behind the doors to get the company to sell its physical home.
Wall Street Journal
Oct 23, 2013


From the Value Investing Congress: Renting the Recovery with United Rentals
Discover how United Rentals capitalized on economic shifts in Marcato Capital Management's compelling 2013 presentation, "Renting the Recovery."
Barron's
Sep 17, 2013


Meet The 'Handsome' And 'Successful' 37-Year-Old Investor Running One Of The World's Hottest Hedge Funds
Business Insider profiled Mick McGuire in 2013, shortly after Marcato was named U.S. equity hedge fund of the year by Absolute Return Alpha and McGuire was named emerging fund manager of the year by Institutional Investor. The piece traces his path from Pershing Square and an early chairmanship at Borders to founding Marcato in San Francisco at 34.
Business Insider
Sep 12, 2013


Sotheby's Says It May Return More Cash to Shareholders
On Wednesday, global art auctioneer Sotheby's announced that its board of directors would review its capital allocation and financial policies, with results expected in early 2014.
Wall Street Journal
Sep 11, 2013


Top hedge fund in bid to shape up Sotheby's
Hedge fund manager Mick McGuire is not an art collector and has never felt the thrill of bidding in a Sotheby's auction, where adrenaline spikes with each multimillion-dollar sale of a Cezanne, Rothko or Picasso.
Reuters
Sep 11, 2013


Hedge funds run by Icahn, Ackman proteges soar
Call it the battle of the mini-titans.
Two new activist hedge funds — one run by a former Carl Icahn lieutenant and the other by one of Bill Ackman’s former portfolio managers — are battling with more established rivals to become the fastest-growing funds of the year.
New York Post
Sep 4, 2013


Lear settles with activist investors, expands board
Auto parts maker Lear Corp avoided a proxy battle with investors Marcato Capital Management LLC and Oskie Capital Management LLC by agreeing to increase and quicken the pace of its share buyback program and add a board member.
Reuters
Apr 1, 2013


Marcato Capital Management: Old Land Is Gold
Bill Ackman's protege Mick McGuire, like his teacher, scrutinizes the value of the property owned by the companies he's evaluating.
Wall Street Journal
Oct 1, 2012
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