More players, bigger targets


A strategy pushing corporate change has gone mainstream. What will happen to returns?

By Eric Baum

Longtime value investor Lawrence J. Goldstein never planned to run a dedicated activist hedge fund, a strategy associated with fiery rhetoric and aggressive attacks on corporate management. But that was before the founder of Santa Monica Partners, which manages $100 million of hedge fund assets, received a challenge from William Steiner, the legendary activist who was impressed by Goldstein’s campaign to reform The First Years, a baby products retailer that is now part of The