I’ve spent much of the day reporting on the battle between hedge fund manager Bill Ackman and the Target Corporation .
Ackman is seeking representation on Target’s board of directors.
Today, two firms that make their money by advising shareholders who they support in such battles came out with their recommendations.
These opinions, particularly the ones from the firm Riskmetrics, can play an important role in determining who will emerge victorious in such proxy fights.
While I dutifully report their conclusions, my own conclusion after days like today is that these firms should not exist in the first place.