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Excerpt from ValueWalk -- "To the question of 'Do activists make high returns?' both parties seem to agree that the answer is yes. That conclusion, though, may be based not only upon looking at the most successful, high profile investors in the group but also listening to the hype around them. Bill Ackman, Carl Icahn and Nelson Peltz have all had their share of bad investments, and looking collectively at all activist investors, the returns to activism are modest. In fact, given the cost of being activist, a large proportion of activist investors barely break even."

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