Ackman, Icahn Defend Activism as Munger Sees Harm to U.S.

Warren Buffett’s longtime business partner Charles Munger said activist investing is bad for the U.S. Two of the biggest practitioners, Bill Ackman and Carl Icahn, said not when they’re doing it.

Buffett and Munger, renowned for their success with long-term value investing at Berkshire Hathaway Inc., both predicted at the firm’s annual meeting that activist funds will draw more money. Munger questioned whether the strategy actually improves targeted companies.