Holman Jenkins is late to the party, but he's joined the ranks of those of us who have realized that being a successful hedge fund manager doesn't necessarily mean you know squat about running a real business that makes stuff:
The problem with kibitzers is the problem with kibitzers: Are they offering real leadership or just stirring up stock movement? Dan Loeb, one of Mr. Ackman's recent antagonists, raised eyebrows when he quickly took profits after driving out one Yahoo CEO and recruiting the shiny Marissa Mayer from Google. Carl Icahn, his other great rival, has been full of ideas about how Dell can put more cash in shareholder pockets but won't offer a straight-up bid for the company to put his plans into effect.
Of course, my readers have known this for a long time now.