The Acquirers Podcast Owner/operators and constructivist activism at CTT, Leonardo and Swatch with Steven Wood | S07 E16
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May 15, 2025 Steven Wood from Greenwood Investors shares insights on distress and deep value investing, advocating for a constructivist approach. He discusses the vital role of ownership on corporate boards, emphasizing active involvement for better performance. The challenges posed by proxy advisory firms and the need for a new governance model are explored. Wood also connects the simplicity in nature to business strategies, and dives into the evolving luxury watch market, detailing Swatch's challenges and the impact of smartwatches on traditional brands. A fascinating mix of finance and strategy!
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Balanced Brain in Value Creation
- Balanced brain processes are crucial for value creation, combining logical and emotional intelligence.
- Failures often stem from unbalanced leadership perspectives lacking this whole-brain approach.
Owner Operators Outperform Globally
- Owner operators outperform by about 450 basis points annually globally over 30 years.
- They invest more, avoid dividends and share buybacks, and have higher customer and employee satisfaction.
Owner Operators Need Skin In Game
- Owner operators should have significant skin in the game by holding board or management roles.
- Persistence and strong ideas help owners influence company decisions despite resistance.