00:00 - Intro
01:42 - "Dear Chairman" by Jeff Graham
02:40 - Benjamin Graham vs. Northern Pipeline: The Birth of Modern Shareholder Activism
06:00 - Northern Pipeline: Background and What Tipped Graham Off
11:20 - Typical Reaction of Management
13:18 - Shenanigans at the Annual Meeting
15:48 - Rockefeller Foundation's 23% Position
18:20 - Ben Graham Starts a Proxy Fight
28:16 - The Business of Wall Street in the 1920s According to Ben Graham
37:50 - Dividing Out Capital vs. Reinvestment
39:45 - How Boards Have Changed Over the Years
43:00 - The Role of Boards and Northern Pipeline's Failure

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