I wrote a post on global equities and discussed Bob Iger’s return to Walt Disney earlier this week. Coincidentally, I had lunch on Wednesday with an old friend who happens to be the savviest US equities investor I know in Dubai and we spent the better part of an hour discussing our positions in DIS, among other names. So it came as no surprise to me when Wall Street activist legend Nelson Peltz launched a proxy fight for a board seat at Walt Disney after the board had replaced its chair, a move that electrified both Hollywood and the NYSE. DIS, which traded at 85 in mid-December, surged above 100 last night. Hallelujah, its raining yen – King Yen is now 128.50.

Nelson Peltz is an icon for me, as I have made money on several of his deals in the past decade. He doubled my money in Lazards and Invesco, and I even posted his argument for IVZ when he accumulated his stake at 13 and booked profits on the ideas at 26 in 2019. I remember that he galvanized Procter & Gamble so that the shares moved from 70 to 160. So I desperately hope that he wins a board seat at DIS and Bob Iger consults him on the very real strategy, execution, governance and capital allocation dilemmas faced by the Magic Kingdom.