“Companies are in denial. We run a downside scenario with different assumptions and then we say: ‘You have a five billion hole in your balance sheet.’ They are pissed off, we continue on that journey for about four weeks, and then they capitulate”
Patience is a virtue in banking
“Activists have crawled into a ditch. First, they had portfolio problems. Second, they realised that you can’t go torture some company because you think you have a great opportunity”
One activist critic points out that coronavirus is a humanitarian crisis.
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