Elliott Management Corp.’s recent campaign to oust the CEO of Southwest Airlines furnishes us with a rough measuring rod by which to judge just what activists can (and cannot) achieve. Among activists, Elliott is probably regarded as the hardest nosed and most aggressive (it is often described as a “bully” by its critics). At the outset, Elliott seemed determined to wage a blitzkrieg war, calling for a special meeting of Southwest shareholders on Dec. 10th and nominating a 10 director slate for a 15 director board that would give it an absolute majority. Elliott had purchased a nearly 11% stake in Southwest, and seemed unwilling to negotiate or even to discuss its plans with Southwest.