About
Articles by Henry D.
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Researchers from @StanfordMed and the Wu Tsai Human Performance Alliance have created a database detailing the molecular changes linked to exercise's…
Researchers from @StanfordMed and the Wu Tsai Human Performance Alliance have created a database detailing the molecular changes linked to exercise's…
Liked by Henry D. Wolfe
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I was talking with the guy that does my AC repairs and conversation drifted to the economy. “It’s bad out there” he tells me. “I’ve had to close…
I was talking with the guy that does my AC repairs and conversation drifted to the economy. “It’s bad out there” he tells me. “I’ve had to close…
Liked by Henry D. Wolfe
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Earlier in the week I spent a couple of days on a road-trip checking in with stakeholders across the central North Island – stopping in to see the…
Earlier in the week I spent a couple of days on a road-trip checking in with stakeholders across the central North Island – stopping in to see the…
Liked by Henry D. Wolfe
Experience & Education
Publications
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Biden's Anti-Business and Anti-Capitalism Approach To Governing
Financial Times Swamp Notes
Comment regarding surprise at the extent of Biden's anti-business and anti-capitalist approach to governing.
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American Exceptionalism & Individualism
Financial Times Swamp Notes
Rebutal to one of the newsletter's authors who suggested that "American Exceptionalism" is suspect and that the country needed more "collectivism" than individualism.
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Biden Industrial Policy
Financial Times Swamp Notes
Quote in the Financial Times's Swamp Notes regarding the perils of the Biden administration's industrial policy.
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Capitalism: A Short Primer For Gen Z
Medium
E-Mail to Inc. magazine in response to a request to readers for "how to rebrand capitalism to help Gen Z accept it more readily" was expanded into an article. Article makes the argument that capitalism does not need a rebranding because it is not a brand. Provides abbreviated description of the major behavioral aspects of capitalism with a heavy emphasis on agency and personal responsibility.
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Quote RE Media's Lack of Understanding of Trump's Support
Financial Times
Response to question posed by newsletter author re whether or not the media understands what motivates Trump supporters.
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Quote Regarding the Fallacies of "Bidenomics"
Financial Times
Quote in the Financial Times "Swamp Notes" regarding the risks inherent in Bidenomics and industrial policy in general in addition to comment regarding current "job satisfaction."
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Don't You Understand? When You Give Up Your Dream You Die.
Medium
A philosophical treatise on the pursuit or denial of individual dreams.
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Quote Re Neoliberalism, Laissez-Faire, Corporatism & The Opposition To Capitalism
Financial Times
Quote in opposition to a Financial Times piece on the the need for a post-neoliberalism (post-market driven) economy. Drawing on the work of Nobel Laureate in Economics Edmund Phelps and Jonathan Haidt, Wolfe offers a view on one of the major, and dangerous, underlying causes of today's growing opposition to capitalism.
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Is the Stakeholder Pledge Just a "PR Move?" Directors Respond (Wolfe Quote)
FT Specialist - Agenda
Wolfe quoted in article by Tony Chapelle in regard to risks to shareholders if those advocating stakeholder model consider all stakeholders equal.
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Roll Up Strategy: How To Create Value
Medium
Provides all of the essential elements that must be present for a roll up or industry consolidation strategy to succeed and maximize value for investors.
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A New Governance Model IS Needed - Just Not the Business Roundtable Version
Medium
Discussion of a more entrepreneurial performance and value creation oriented governance model to replace the current public company governance model and in contrast to the new model proposed by the Business Roundtable.
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Henry D. Wolfe Quote Re Big Tech Companies
Financial Times - Swamp Notes Newsletter
Quote from Wolfe criticizing the wide-spread condemnation of the big tech companies and pointing out the potential negative impact on budding entrepreneurs.
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Leading the Board: The Role & Qualifications of the Non-Executive Chairman
Medium
Excerpted from Wolfe's book "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value." This pieces provides a highly unconventional look at what is required from both a responsibility and skills/track record perspective to fill the role of non-executive chairman on a Value Maximization Board. Shows why just the separation of the Chairman and CEO roles is not good enough i.e. that it matters greatly who is in the role if the intent is to…
Excerpted from Wolfe's book "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value." This pieces provides a highly unconventional look at what is required from both a responsibility and skills/track record perspective to fill the role of non-executive chairman on a Value Maximization Board. Shows why just the separation of the Chairman and CEO roles is not good enough i.e. that it matters greatly who is in the role if the intent is to maximize performance and value.
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Moving From Sluggish To Smart Allocation (Wolfe Quote)
FT Specialist - Agenda
Article written by Tony Chapelle quotes Wolfe on various aspects of capital allocation, the shortfall in public company boards in this regard and the need for more directors with sophisticated investor experience and mindsets.
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A Wake Up Call For Public Company Boards
Medium
Excerpted from Wolfe's book "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value." In-depth analysis of the shortfalls of the public company governance model in the context of capital allocation optimization and maximization of company performance and shareholder value.
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Capitalism Under Siege Part I - Watering Down of Corporate Governance Raises Red Flags
Medium
A synopsis of the multiple anti-capitalist efforts being made to change public company corporate governance thereby weakening the governance model which in its current state was already sub-optimal in regard to high performance and value maximization.
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Capitalism Under Siege Part II
Medium
Article raises serious concern regarding a deterioration of the values that support capitalism and the risk to the U.S. as a result.
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Director Selection - How It Should (But Most Often Doesn't) Work At Public Companies
Medium
Short case studies from author's experience as to how selection for board members should work.
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Think the Board of Directors Doesn't Matter? Think Again
Medium
Case study of the complete replacement of the board of Darden Restaurants by Starboard Value and how this governance model aligns with the Value Maximization Model proposed in Wolfe's book "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value."
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What's Wrong With Director Selection At Public Companies?
Medium
Article delves into how the selection of board members at public companies tends to be the antithesis of what is needed for a board to ensure that capital allocation is optimized and company performance and shareholder value are maximized.
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Buffet On Boards: Thoughts & Analysis
Medium
Warren Buffet provided a number of comments on public company boards in Berkshire Hathaway's 2019 annual report. This article provides thoughts and analysis on these comments.
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Public Company Boards: Leaving Too Much on the Table?
Medium
Article contrasts the efficacy of the public company governance model with that of the portfolio companies of private equity firms. Case studies are included of board restructurings and transformations to support the argument of the higher performance that results from approximating or implementing the private equity model at companies which previously functioned with the standard public company governance model.
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Flunking Sarbanes-Oxley - The Boards of the Greatest Value Creators in History Did Not Adhere to "Good Governance"
Medium
Examples of how the boards of the companies profiled in the book "The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success" did not adhere to the tenets of modern "good governance" yet their companies were far and away the top long-term performers in the history of American business. Also offers examples of some of the rigid governance evaluation "rules" that have no basis in rationality and performance.
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Are America's Companies Becoming Soft?
Medium
Provides evidence in the decline of the competitiveness of America's companies and individuals and consequences of this decline.
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Happier Than We Have Ever Been - And We Work For A Company Governed By No-Nonsense Capitalists
Medium
Case study from author's personal experience regarding the turnaround of a troubled company by a board of directors consisting of hard nosed capitalists. One highlight of the study is the significant increase in the morale of the management and employees which challenges to current arguments for "stakeholder" governance.
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The Business Roundtable's New Purpose of a Corporation - An Analysis
Medium
A step by step critical analysis of the new corporate governance model proposed by the Business Roundtable and the flaws inherent within this model if the assumption is that all stakeholders are to be treated "equally."
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The Nonexecutive Chairman: Toward A Shareholder Value Maximization Role
The Handbook of Board Governance - Second Edition - Wiley & Sons
A compendium of governance topics edited by Dr. Richard Leblanc. Wolfe contributed Chapter 5 entitled “The Non-Executive Chairman: Toward A Shareholder Value Maximization Role.” This chapter, taking a capitalist view, goes beyond the vague idea of the separation of the Chairman and CEO roles into the responsibilities of the Non-Executive Chairman in the context of what should be the board’s primary responsibility: Optimization of capital allocation and maximization of company performance and…
A compendium of governance topics edited by Dr. Richard Leblanc. Wolfe contributed Chapter 5 entitled “The Non-Executive Chairman: Toward A Shareholder Value Maximization Role.” This chapter, taking a capitalist view, goes beyond the vague idea of the separation of the Chairman and CEO roles into the responsibilities of the Non-Executive Chairman in the context of what should be the board’s primary responsibility: Optimization of capital allocation and maximization of company performance and shareholder value. It also explores the qualities, skills and track record required for high performance in this role.
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Henry D. Wolfe Quote Re Paternalistic Cultures
The Financial Times - Swamp Notes Newsletter
Quote regarding experience with companies near failure resulting in large part due to their paternalistic corporate cultures and the hard-nosed capitalists that were required to fix these companies and infuse them with new energy and excitement.
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Public Boards Adopting Private Practices: Path To Shareholder Value
Investor's Digest of Canada
Excerpts from Wolfe's book Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value
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What Does it Take to be A Great Corporate Director?
Corporate Compliance Insights
Description of 8 characteristics of a great corporate director. In this context, "great" implies that the director is exceptionally good a engaging in and contributing to the value maximization process.
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CEO Pay is Not the Issue – Selection Is
Corporate Compliance Insights
While all of the rage in the corporate governance community (and beyond) is on CEO pay this article argues that this focus misses the more important issue: Selecting the RIGHT CEO in the first place. What CEOs are paid is pale in comparison to the annual costs of poor CEO choice as in-depth research shows. Adds an additional element to Wolfe's larger argument that the public company governance model results in less than the full development of a company's potential.
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Henry Wolfe On Board Selection
Across The Board Podcast
Interview regarding the poor director selection criteria driven by the current suboptimal public company governance mode. Also addresses the key selection criteria that would be created as a result of a shift to a value maximization governance model.
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Governance Arbitrage With Henry D. Wolfe
ValueWalk Podcast
Interviewed by ValueWalk Podcast regarding my book Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value
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Public Company Boards: Hidden and Undervalued Assets?
ValueWalk
Treatise on the concept of hidden and undervalued assets, the value creation potential from same and a discussion of how public company boards are a hidden and undervalued asset.
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Governance Arbitrage With Henry D. Wolfe
The Contrarian Investor Podcast
Interview with The Contrarian Investor regarding the ideas behind my book Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value
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The Real Problem is the Public Company Governance Model
ValueWalk
Presents arguments against the theme of a Financial Times article on the "negative" short-term impact resulting from actions by activist investors and presents a case that the real problem is the public company governance model rather than activist investors.
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Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value
WallStreetNewsNetwork
Review of "Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value"
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Bed, Bath & Beyond: A Governance Model Clarion Call?
ValueWalk
Examination of the shortfalls of the Bed, Bath & Beyond board of directors resulting from the public company governance model and its extreme negative impact on BB&B's capital allocation. performance and value.
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The Public Company Governance Model - In Dire Need of Radical Change
The Conference Board
Analysis of the shortfalls and underperformance of the current public company governance model with proposal for a new more robust governance model designed for the board to be capable of ensuring optimal capital allocation and maximum company performance and shareholder value.
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Governance Arbitrage: Blowing Up The Public Company Governance Model To Maximize Long-Term Shareholder Value
Milner & Associates
This unique book is decidedly not just another tome on corporate governance. Instead, think of it as an investment thesis and memorandum with a radical prescription for optimizing capital allocation and maximizing longer-term company performance and shareholder value at public companies. When a company has assets that are undervalued and/or underperforming, an opportunity exists to create value, in some cases, materially. Public company boards are one such asset.
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We DO Need to Maximize Shareholder Value. Here's Why.
ValueWalk
Article that addresses the fallacies of the criticisms of shareholder value maximization and shareholder primacy, correctly defines shareholder value maximization and then makes the case as to why maximizing shareholder value is the the focus needed by the boards of all public companies.
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Focus on Competence, Not Independence to Solve the Problem with Director Selection at Public Companies
Corporate Compliance Insights
A look at what is missing in director selection criteria, why competence should be the only criterion and what specific competencies are required for the full development of the board as an asset that ensures the optimization of capital allocation and the maximization of company performance and shareholder value rather than an underperforming oversight body.
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Readers React to WSJ’s Article on GE’s Decline
The Wall Street Journal
Wolfe's comments included in article in regard to the lack of capital allocation skills on the part of the members of GE's board.
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A Private Equity Model for Public Company Boards
The Corporate Board
Excerpt from Wolfe's book, Governance Arbitrage: Blowing Up the Public Company Governance Model to Maximize Long-Term Shareholder Value.
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Big Tech Companies Reflect A Positive Capitalist Spirit
Financial Times
Letter in response to piece by Margaret Hefferman entitled "The Google Affair Bares Silicon Valley's Trust Deficit" in which she describes the "horrible state of affairs" brought on by "hyper-capitalism."
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The Nonexecutive Chairman: Toward A Shareholder Value Maximization Role
The Handbook of Board Governance/John W. Wiley & Sons
A compendium of topics edited by Dr. Richard Leblanc. Wolfe contributed Chapter 5 entitled “The Non-Executive Chairman: Toward A Shareholder Value Maximization Role.” This chapter goes beyond the vague idea of the separation of the Chairman and CEO roles into the responsibilities of the Non-Executive Chairman in the context of what should be the board’s primary responsibility: Maximization of capital allocation, company performance and shareholder value. It also explores the qualities, skills…
A compendium of topics edited by Dr. Richard Leblanc. Wolfe contributed Chapter 5 entitled “The Non-Executive Chairman: Toward A Shareholder Value Maximization Role.” This chapter goes beyond the vague idea of the separation of the Chairman and CEO roles into the responsibilities of the Non-Executive Chairman in the context of what should be the board’s primary responsibility: Maximization of capital allocation, company performance and shareholder value. It also explores the qualities, skills and track record required for high performance in this role.
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What You Want In A Non-Executive Chairman
Directors and Boards
Overview of the qualifications for the non-executive chairman position as viewed through the lens of shareholder value maximization
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The Non-Negotiables of Board Leadership
Boardroom INSIDER
Excerpts from an essay entitled "The Non-Negotiables of Board Leadership" focusing on the non-executive chairman's key role in the maximization of shareholder value
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Board Restructuting: Corporate Governance As The Pathway To Value Creation In Underperforming Companies
Institutional Investor's Journal of Private Equity
A high level overview of the role of the chairman, process for restructuring the board and go-forward steps in troubled and/or underperforming companies.
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5 Ways We Make The NonExec Chair Work
Boardroom INSIDER
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WorldCom: A Wakeup Call For Corporate Governance
Financial Times
Letter to the editor about the shortcomings of WorldCom's board of directors in regard to capital budgeting and monitoring of capital expenditures against the capital budget.
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Happy National Mac & Cheese Day to my friend & fellow foodie, Kevin Mobley, who makes the most delicious, melt-in-your-mouth, authentic version of…
Happy National Mac & Cheese Day to my friend & fellow foodie, Kevin Mobley, who makes the most delicious, melt-in-your-mouth, authentic version of…
Liked by Henry D. Wolfe
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🌟 We're thrilled to announce that our signature restaurants Sea Fu and Mina Brasserie have once again been recognized as Michelin Selected…
🌟 We're thrilled to announce that our signature restaurants Sea Fu and Mina Brasserie have once again been recognized as Michelin Selected…
Liked by Henry D. Wolfe
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I am reading Alex Edman's book, "May Contain Lies." On page 79 he references a March 2022 Reuters article, "Boardrooms with more women deliver more…
I am reading Alex Edman's book, "May Contain Lies." On page 79 he references a March 2022 Reuters article, "Boardrooms with more women deliver more…
Liked by Henry D. Wolfe
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Max Spence completed his two-year term as President of NZR at this week's AGM. Max built upon more than 25 years experience in rugby administration…
Max Spence completed his two-year term as President of NZR at this week's AGM. Max built upon more than 25 years experience in rugby administration…
Liked by Henry D. Wolfe
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The myth of the lizard brain is probably my favourite example of #neurobollocks!
The myth of the lizard brain is probably my favourite example of #neurobollocks!
Liked by Henry D. Wolfe
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"Innovation is fundamentally incompatible with industrial policy, which involves government promotion — using subsidies and tariffs — of particular…
"Innovation is fundamentally incompatible with industrial policy, which involves government promotion — using subsidies and tariffs — of particular…
Liked by Henry D. Wolfe
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Get stuck on Clipper Petroleum! I’ll be at a new store opening for Clipper today in Clayton, GA. Stop by if you’re in the area - address is 25 US-441…
Get stuck on Clipper Petroleum! I’ll be at a new store opening for Clipper today in Clayton, GA. Stop by if you’re in the area - address is 25 US-441…
Liked by Henry D. Wolfe
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My latest for Dialogue Review discusses how we're completely missing the mark on how we address failure. Despite all our efforts to rebrand failure -…
My latest for Dialogue Review discusses how we're completely missing the mark on how we address failure. Despite all our efforts to rebrand failure -…
Liked by Henry D. Wolfe
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What Brings Me Joy…Seeing Stuckey's pecan snacks on the aisles in small businesses like Joy Co. Market in small towns like Braselton, GA. Shout out…
What Brings Me Joy…Seeing Stuckey's pecan snacks on the aisles in small businesses like Joy Co. Market in small towns like Braselton, GA. Shout out…
Liked by Henry D. Wolfe
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Looking forward to discussing the lessons learned from Disney's proxy battle at NIRI: The Association for Investor Relations' event on July 23…
Looking forward to discussing the lessons learned from Disney's proxy battle at NIRI: The Association for Investor Relations' event on July 23…
Liked by Henry D. Wolfe
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The #ClemsonFamily is growing! 🧡 Clemson Powers Business (along with a few furry friends) is excited to welcome the Clemson University College of…
The #ClemsonFamily is growing! 🧡 Clemson Powers Business (along with a few furry friends) is excited to welcome the Clemson University College of…
Liked by Henry D. Wolfe
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Grandpa used to pave tar roads behind a horse drawn wagon. I'm proud of this heritage and glad to be part of an Ice Legacy myself.
Grandpa used to pave tar roads behind a horse drawn wagon. I'm proud of this heritage and glad to be part of an Ice Legacy myself.
Liked by Henry D. Wolfe
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