Prem Watsa is one of those who has praised the quality of Roberto C. Goizueta´s article of the importance of shareholder value creation as a central mission for corporations. "We have one job: to generate a fair return for our owners, who have entrusted their assets to us. Without focusing on that job, we fail. … Continue reading Nugget: Why Shareowner Value?
Category: Nuggets
Nugget: Biglari on taxes
An exerpt from the 2010 Annual Report of Biglari Holdings (link): "In the long run, all gains — realized and unrealized — are essential to the value of the company. But the timing of realizing gains or losses does not impact business value. Therefore, we do not realize gains or avoid realizing losses in order … Continue reading Nugget: Biglari on taxes
Francis Chou on Sovereign debt (in the Annual Letter of 2009)
"It is hard to believe that governments can and do default on their debts and, as the following table shows, even with their power of taxation and the ability to print money, governments have to obey the laws of economics. Just like an individual or a corporation, if governments cannot service their debt, they either … Continue reading Francis Chou on Sovereign debt (in the Annual Letter of 2009)
Nugget: Jamie Dimon´s (JP Morgan) Letter to Shareholders
The whole letter is well worth reading, but here are a few interesting excerpts from Jamie Dimon´s - Chairman and Chief Executive Officer of JP Morgan Chase - 2010 Letter to Shareholders: Complex systems – and our global economic system surely is one – often oscillate within relatively normal confines. Our complex economic system regularly … Continue reading Nugget: Jamie Dimon´s (JP Morgan) Letter to Shareholders
Investing in European Football Clubs
You don't invest in a football club to become wealthy, you invest in a football club because you are wealthy. However, with that being said, top European football clubs have proven themselves to be excellent at generating and growing their revenues over the last two decades. International demand and popularity of European top football have … Continue reading Investing in European Football Clubs