Mason Morfit on activist investing
From Mason Morfit & Rob Hale - Quiet Activism at ValueAct (EP.462) · · Capital Allocators with Ted Seides
“It's almost never the case, maybe never, that we have some idea that nobody in the company has ever thought of; there's usually a troop of people who are celebrating when maybe we get the CEO to pay special attention to the idea that they already had.”
On , Mason Morfit, CEO & CIO at ValueAct Capital, spoke about activist investing during Mason Morfit & Rob Hale - Quiet Activism at ValueAct (EP.462) on Capital Allocators with Ted Seides.
About Mason Morfit
Mason Morfit, co-CEO and CIO of ValueAct Capital, has described the firm’s approach as “quiet” but highly engaged activism, emphasizing long-term partnerships with management teams rather than confrontational tactics. In a February 2026 interview, he contrasted ValueAct’s model with the short-term, transactional culture he observed as a young banker during the dot-com boom, stating that the firm focuses on understanding management’s psychology and context. Morfit cited the firm’s investments in Microsoft in 2013 and Salesforce in 2022 as examples of this strategy, noting that ValueAct’s analytical rigor and boardroom collaboration can unlock value. He also discussed the impact of artificial intelligence on the software industry, describing it as a platform shift from SaaS to AI that is “complicated on a number of different dimensions.” In a September 2025 podcast, Morfit and co-CEO Rob Hale discussed the firm’s $11 billion portfolio and its emphasis on collective effort, with Morfit stating that “we don’t deserve the credit” for company turnarounds, as internal teams often already see the same opportunities. He noted that ValueAct has been looking at Japanese companies since 2013, citing governance reforms as an opportunity. Morfit has also spoken about the importance of sustainability and governance, telling the Economic Club of New York in 2021 that the firm asks whether a company is “proud to own because of what it’s doing for society” before investing. He has referenced the “learn-it-all” culture he attributes to Microsoft CEO Satya Nadella and has discussed the firm’s role in helping companies focus on core operations, describing “diseases of abundance” in cash-rich businesses that can lead to drift.