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Activism Grows Crowded as the Rewards Remain Rich

As new names enter the market, competition and crowding increases for all funds. Will returns hold up?

Is there a bubble building in activist investing? It does seem more crowded. In addition to the usual cast of characters, a number of new participants have joined the fray in the past few years. They include Carl Icahn’s onetime right-hand man Keith Meister of New York–based Corvex Management; former Pershing Square

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