When you're listening to "megaphone speech", you have to understand the context to understand the message. That can be difficult, because in most cases if you already understood the context, you wouldn't need to listen to the message. Try.
The flip side is also true, when activists win, and are given real institutional power, they must stop relying on context and start being precise ("gavel speech") with their intentions.
1: http://harvardlawreview.org/2015/02/trading-the-megaphone-fo...