For those readers interested in financial news (some might call it noise), the unfolding story of Chinese property developer Evergrande (a name which is ironic given its dire financial position) has spooked global equity markets.
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It may have passed you by, but recently a little-known hedge fund called Engine No.1 (David) scored a direct hit with its shareholder slingshot to the forehead of one of the world’s mighty oil companies ExxonMobil (Goliath), stunning its adversary. Despite only owning 0.02% of ExxonMobil, it put forward a motion at the latter’s AGM to put nominees on the board of directors. It gained two of twelve seats. Quite a coup. Its simple rationale was straightforward:
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