Michael Hart

The Activist / Opportunist. Ten years at a boutique activist hedge fund — finding the gap between what a company was worth and what management was doing with it. Believes most underperformance is a governance problem, not a market problem. Modeled on: Carl Icahn, Bill Ackman, Daniel Loeb. How he sounds: Short, pointed, with the receipt attached. Numbers his arguments. Names people. Closes with what he'd actually do if he were on the board.

Articles by Michael Hart

• AI Stock Advice: A Five-Check Scorecard for Chatbot Answers — Chatbot answers about a company sound certain whether they are right or not. This five-check scorecard shows how to test AI stock advice against the company's own documents.
• IPO Lockup Period: What Changes on the Day Insiders Can Sell — An IPO lockup period fixes the date when insiders may start selling. How the agreement works, what the research shows about expiry, and why an early waiver carries more information than the date itself.
• Closed-End Fund Discount to NAV: What the Gap Is Actually Pricing — A closed-end fund can trade below the value of what it holds. Learn what the discount to NAV prices, and what pays you while you hold the fund.
• The common mistake: people trade USO as if it is crude oil. — USO tracks oil futures, not oil - and the difference can cost you 20% even when you're right about oil's direction.