This is a story about starting and leading a shareholder campaign to unlock and increase value.

The company at issue is InfuSystem Holdings, Inc. (INFU) with an enterprise value of approximately $70mm. Currently, at age 27, I am the Executive Chairman of the Board, and during this campaign my fund, Meson Capital Partners, was valued at $3.5mm.

Value investors pride themselves on being able to buy undervalued assets in the public markets. The theory is that the market will eventually ascribe an accurate price to those assets. Why should price eventually reflect intrinsic value? In 1955 testimony before the Senate Banking Committee, the great investor Benjamin Graham remarked, “That is one of the mysteries of our business, and it is a mystery to me as well as to everybody else. [But] we know from experience that eventually the market catches up with value.”

Active involvement by investors is one of many mechanisms that can unlock value and push price towards intrinsic value.