Jesse Cohn of Elliott Investment Management defended the firm's active investing during Axios' BFD event on Tuesday, arguing it pushes companies to perform better.

Why it matters: Cohn argued that too many American businesses are led by passive investors, which leaves company management with little accountability.

What they're saying: "The whole premise of our markets were built on the backs of active investors, people actually choosing which companies deserve capital," Cohn told Axios' Dan Primack. • "We can't have a situation where passive investors who are not choosing companies, who are not holding management accountable, who are not leading to market dynamism, control the votes at our largest US companies." • "We just cannot have that. It's not healthy for us. It's not good for

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