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Larry fink ceo letter12/15/2023 ![]() On page 13 of Dimon’s letter, the CEO discusses shareholder value: Over the same period, the S&P 500 gained 234%. But there is no question he is a brilliant leader, a top business mind, and an all-around big thinker.Īs a result, if you bought shares in the JPM at the end of 2005 when Dimon became CEO, you’d be looking at a 303% return over those 15 years. I haven’t always agreed with Dimon’s positions on certain subjects - his take on Bitcoin (CCC: BTC-USD) is one I ranted about in December 2017. If you’re looking for a good read before bed, you probably shouldn’t pick up Jamie Dimon’s CEO letter to shareholders. ![]() But the Tisch family has it in their blood. It’s hard to teach good capital allocation. Loews shares opened on June 14 at four cents above $56, a return of 25% year to date. ![]() In 2020, we purchased 22 million shares of Loews common stock at an average price of $41.76 per share for an aggregate cost of $917 million.” “As our stock continued to trade considerably below our view of its intrinsic value over the past year, share repurchases were our most attractive capital allocation option. “We have often noted that Loews predominantly allocates capital in three ways: through share repurchases, by investing in existing subsidiaries and by acquiring new subsidiary businesses,” stated the trio. So, CEO James Tisch’s name is on the 2020 letter along with brothers Jonathan and Andrew, who are both co-chairmen and part of the trio that make up the Office of the President. The annual letter to shareholders is not so much a single person’s view as CEO, but rather the Tisch collective. While the holding company has had a few hiccups over the years, it appears ready to deliver annual returns shareholders have become accustomed to over the years. Since then, Loews has been associated with excellent capital allocation, buying assets whose values are down and building those assets into little gems. The actual Loews name came in 1959 when Laurence and his brother Robert acquired a controlling interest in Loews Theatres. The Tisch family has been a part of Loews since 1946, when Laurence Tisch bought a hotel with his parents in Lakewood, New Jersey. And there are some good ones out there other than the Oracle of Omaha’s:Īfter reading these seven CEOs’ words of wisdom, you’ll probably want to buy their stocks. You can find out a lot about a company or CEO from their annual shareholder letters. ![]() I could go on, but I’m sure you’ve read many of them over the years. Peter Lynch aptly likens such behavior to cutting the flowers and watering the weeds,” Buffett wrote in 1988. We are just the opposite of those who hurry to sell and book profits when companies perform well but who tenaciously hang on to businesses that disappoint. In fact, they are so popular that Max Olson published Buffett’s un-edited shareholder letters from 1965 through 2012. So it comes as no surprise that his annual shareholder letter is read more often and more eagerly anticipated by investors than almost any other chief executive in America.īuffett’s quotes and wisdom about investing and life are legendary. As CEOs go, Warren Buffett is not only one of the best he’s also one of the longest-serving chief executives of any major American company. ![]()
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