[burrows]

> it's an investment based entirely on trust without any information, accountability, or influence over the outcome

Assumes that an investor's extra-monetary 'influence' on a company is +EV.

[wildmusings]

Even if it's not, they have information about the finances and plans of a company that are highly relevant to the decision to invest.

And it also protects them against the worst case, where management acts in ways that are plainly hostile to shareholder interests.

[twblalock]

They get votes. If they invest enough, they get enough votes to have influence.