The proliferation of activist investors is the main change we’ve seen in IR over the past five years and that isn’t abating. According to Activist Insight, activists targeted 350 public U.S. companies last year, up 9% from 2014 and 217% from 2010. Today, no company, big or small, is immune to an activist attack. Activist campaigns don’t always stem from an undervalued stock. In many cases, the activist simply believes a company can be worth more in the short-term based on the actions they are suggesting.