Thoughts on Trian?

Would greatly appreciate your perspective on Trian? Obviously a great and storied shop but how does it compare to the other activists (e.g. Elliot, Starboard, Sachem Head etc..)? Would you consider it in the top tier? 

Also what's Trian's reputation like in 2024? Did it suffer from the Disney defeat? Does it hold sginifcant key-man-risk with Peltz likely on the verge of retiring? 

Any additional information regarding recruiting, comp, culture would be tremendous as well. 

Thanks so much!

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There are honestly sub 10 dedicated activist funds of scale out there that are consistently pursuing large cap activism (elliott, starbooard, valueact, trian, TCI, third point) and then a handful of tourists who will wade in the water as necessary / activism isnt their only strategy (PS, DE Shaw, Soroban, etc.). If you really want to do activism and you get an offer, you take it. The odds that two of these funds would be looking for someone at the same time is slim anyway. 

Anecdotally have heard Trian is super stuffy at the top and generally hierarchy oriented, but the mid / junior level is good culture. Would think about it like a JPM / MS offer - good branding, hard hours, ok pay, you're probably out of there in a few years. No guarantee that if you wait / pass it up that the GS offer will materialize.     

 

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