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Josh Black

London, New York

Josh Black’s Journalist Portfolio

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One firm's bet on Argentine shale

One firm's bet on Argentine shale

Activist Insight — Don't cry for me, Argentina. Plenty of activist investors have been shying away from bets on the oil industry recently, but one New York-based hedge fund says the future is bright down in Argentina. Maglan Capital, an event-driven fund with a special focus on distressed and restructuring companies, hasn`t spent much time or money in energy over the last few years. But in the Toronto-listed Madalena Energy, it says it has an investment that could grow ten-fold.

Should the US arm Ukraine?

Should the US arm Ukraine?

joshblack.co.uk — As pressure increased on US President Barack Obama to send lethal weapons to Ukraine's military, I analysed the gaps in a hawkish report from the Brookings Institute on the situation in Eastern Ukraine for Vostok Cable. To read more, click here.

Activist Investing Annual Review 2015

Activist Investing Annual Review 2015

Activist Insight — In January 2015, Activist Insight published its third annual review of trends in shareholder activism. I managed, wrote and edited the review, liaising with seven external advertisers, crunching data and interviewing a number of key players in the field. By contacting journalists prior to and following the report, I ensured coverage on Bloomberg News and TV, Buzzfeed, and in the Wall Street Journal, Fortune Magazine and IR Magazine.

Sanctions: what are they good for?

Sanctions: what are they good for?

joshblack.co.uk — Sanctions have a terrible record of achieving their aims. In this article for Europe & Me, I explain why Russia's economic woes owe more to the oil price rout than to American and European sanctions, and why they are unlikely to bring Putin to the negotiating table any time soon. To read the article, click here.

How the UN found a consensus on free speech

How the UN found a consensus on free speech

joshblack.co.uk — As an Associate Editor of Timothy Garton Ash's Free Speech Debate, I attended a lecture by UN High Commissioner Navi Pillay. The following article is a summary of her talk on how Articles 19 and 20 of the Convention on Human Rights sit awkwardly side-by-side. To read the article, click here.

How much does a proxy contest cost?

How much does a proxy contest cost?

joshblack.co.uk — I devised and led an independent investigation into the reported costs of shareholder activism, based on information disclosed in quarterly earnings reports and proxy statements. The resulting data were reported by several other media. While the amounts spent by corporations unsurprisingly dominated the news, the varying rates charged by proxy solicitation firms was also a key finding. To read the report, click here.

Elliott seeks to protect stake in Family Dollar

Elliott seeks to protect stake in Family Dollar

joshblack.co.uk — A trip to New York for meetings with several activist investors and their advisers yielded this breaking news story. To read the piece, click here.

Hospitality, but no rest for IHG shareholders

Hospitality, but no rest for IHG shareholders

joshblack.co.uk — Marcato Capital Management's intervention at Intercontinental Hotel Group was a key moment in a slow year for activism in Europe. Unfortunately, analysts in the City of London were more sceptical of the idea that a 4% shareholder could catalyse a multi-billion dollar deal this side of the pond. To read the full analysis, click here.

The shareholder spring is back

The shareholder spring is back

joshblack.co.uk — I recently wrote an article for CityAM, explaining the rise in shareholder rebellions over executive pay at FTSE100 companies, despite the experts telling us that pay is going down, not up. Click the image below to access the article.

Quoted in Vox

Quoted in Vox

joshblack.co.uk — A blog I wrote last year has been quoted by Vox in one of its characteristic "explainer" pieces. The piece purports to explain why so many sessions of Ukraine's parliaments descend into fights, without relying on crude stereotypes of the country's ethnic and linguistic divisions. Click on the image below to read the article.

CapX Reviews: Can the Flat White Economy save London?

CapX Reviews: Can the Flat White Economy save London?

CAPX — A new book examines the impact of techies on London's economy. Review of Douglas McWilliam's book

All the young dudes

All the young dudes

medium.com — Labour's plans to fund a cut in tuition fees by capping pension relief are politically naïve, if not suicidal.

Mili-Missionaries: Labour under Miliband

Mili-Missionaries: Labour under Miliband

medium.com — Mili-Missionaries: Labour under Miliband In a new book, political scientist Tim Bale has analysed every twist and turn of Ed Miliband's leadership of the Labour Party. It's a story of impressive achievements, but probably not enough. Ed Miliband's closest allies like to portray their leader as tough and decisive. After all, here is the man who took on Rupert Murdoch, energy retailers and even Barack Obama over the latter's decision to explore military action against Syria. After a robust exchange with Jeremy Paxman, the Labour leader himself addressed the question. "Am I tough enough?" he asked a somewhat surprised Paxman.