While Proxy Governance offered a pseudo accommodative opinion on Chris Hohn's TCI views, Egan-Jones Proxy Services issued the following comments, which look pretty explicit to me:

TCI's agenda is damaging and could impair the value of the shareholders, Egan-Jones wrote. In contrast to the successful strategies implemented by the Board and management team, TCI's interactions with CSX since last 2006 demonstrate a history of unsound ideas that would not have created value for CSX shareholders and, in some cases, would have destroyed value.

While not all "Concentrated Activist" strategies have been created equal, some of them are being revealed for what they are. Me-Too plays on the cheap money leverage cycle.

When the easy money goes away, so will some of these funds.