Happy Wednesday, welcome back to Dry Powder.

The summer is winding down, but there’s few slow days on Wall Street. In today’s column, I explore the odds that Dan Loeb’s nearly billion-dollar investment in Disney will be enough to sway C.E.O. Bob Chapek into adopting a laundry list of changes, from spinning ESPN to reconfiguring its cost structure. Perhaps Chapek, the cold-hearted operator (I use the phrase respectfully), might prove more amenable than his more talent-friendly predecessors.

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More recently, on August 15th, Loeb disclosed that he had taken another bite of the Disney apple, amassing a roughly $750 million stake in the company. This time, however, his money came with a few requests, which he politely yet forcefully articulated in a letter to Disney C.E.O. Bob Chapek. I’ve known Dan for a long time and have written about his financial exploits for years. He lives large (but tastefully), as you would expect of a billionaire hedge fund manager. He’s got an apartment at 15 Central Park West, a home in the Hamptons, a private-jet and a megayacht. He’s a big surfer. (Third Point is named after a break in a favored surfing spot near his hometown of Los Angeles.) He’s got a world-class collection of contemporary art. He’s plenty open-minded, borderline liberal...