In "Dear Chairman," Jeff Gramm artfully navigates the tumultuous waters of shareholder activism, uncovering the inherent conflicts that have shaped American capitalism for nearly a century. Through a meticulously curated collection of original letters from some of the most influential and controversial figures in the financial world, including Benjamin Graham, Warren Buffett, and Carl Icahn, Gramm illuminates the complex dynamics between public company directors, managers, and shareholders. This book not only chronicles the evolution of shareholder activism from the 1920s to the present day but also serves as a compelling narrative of power, persuasion, and profit, told through the voices of those who have directly shaped the course of corporate governance. With an insightful blend of historical analysis and firsthand accounts, Gramm explores pivotal boardroom battles that reveal the underlying forces driving both harmony and conflict in public companies. "Dear Chairman" stands as a testament to the ingenuity and sometimes egregious tactics of investors, while offering a critical examination of the public company/shareholder relationship. This work is not only an essential read for investors, managers, and students of business history but also provides a profound perspective on the future of capitalism itself. Through Gramm's expert storytelling and rigorous scholarship, readers gain an unprecedented understanding of what it truly means to be in control of a public company.