Activist Investing Today: S&P's Karageorge on Detecting Activist Campaigns Pre-Disclosure

John Karageorge, head of S&P's activist defense surveillance group, discussed on "Activist Investing Today" how his team identifies activist accumulations before public disclosure. The group uses proprietary datasets and surveillance models to detect equity and derivatives accumulations, including total return swaps used by activists like Elliott Management Corp. to evade reporting obligations. Karageorge also addressed the strategic value of derivatives and the impact of recent SEC guidance on swap disclosures.