Letter to shareholder

Data are for calendar years with these exceptions: Starting inaccounting rules required insurance companies to value the equity securities they hold at market rather than at the lower of cost or market, which was previously the requirement. In this table, Berkshire's results through have been restated to conform to the changed rules. In all other respects, the results are calculated using the numbers originally reported.

Letter to shareholder

As I look back on last year — in fact, the last decade — it is remarkable how well our company has performed. Ours is an exceptional company with an extraordinary heritage and a promising future. We continue to make excellent progress around technology, risk and controls, innovation, diversity and reduced bureaucracy.

Throughout a period of profound political and economic change around the world, our company has been steadfast in our dedication to the clients, communities and countries we serve while earning a fair return for our shareholders. We now have delivered record results in seven of the last eight years, and we have confidence that we will continue to deliver in the future.

As you know, we believe tangible book value per share is a good measure of the value we have created for our shareholders. Then, in our view, our company should ultimately be worth considerably more than tangible Letter to shareholder value.

In prior years, I explained why buying back our stock at tangible book value per share was a no-brainer. Six years ago, we offered an example of this, with earnings per share and tangible book value per share being substantially higher than they otherwise would have been just four years later.

We want to remind our shareholders that we much prefer to use our capital to grow than to buy back stock. We currently have excess capital, but due to recent tax reform and a more constructive regulatory environment, we hope, in the future, to use more of our excess capital to grow our businesses, expand into new markets and support our employees.

Our stock price is a measure of the progress we have made over the years. This progress is a function of continually making important investments, in good times and not-so-good times, to build our capabilities — people, systems and products.

These investments drive the future prospects of our company and position it to grow and prosper for decades. And this growth came during a time of unprecedented challenges for banks — both the Great Recession and the extraordinarily difficult legal, regulatory and political environment that followed.

And we believe the anticipated reversal of many negatives and an increasingly more favorable business environment, coupled with our sustained, strong business results, are among the reasons our stock price has done so well this past year.

We do not worry about the stock price in the short run, and we do not worry about quarterly earnings. Our mindset is that we consistently build the company — if you do the right things, the stock price will take care of itself. In the next section, I discuss in more detail how we think about building shareholder value for the long run while also taking care of customers, employees and communities.

JPMorgan Chase stock is owned by large institutions, pension plans, mutual funds and directly by individual investors. However, it is important to remember that in almost all cases, the ultimate owner is an individual. Well over million people in the United States own stocks, and a large percentage of them, in one way or another, own JPMorgan Chase stock.

Many of these people are veterans, teachers, police officers, firefighters, retirees, or those saving for a home, school or retirement. Your management team goes to work every day recognizing the enormous responsibility that we have to perform for our shareholders. In this letter, I discuss the issues highlighted below — which describe many of our successes and opportunities, as well as our challenges and responses.Ted S.

Warren/AP Amazon CEO Jeff Bezos' annual shareholder letter is out.. He goes over various parts of the business in the letter. For the most part it's stuff we've heard, but there are some.

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The Takeover Regulation Panel (the Panel) is established in terms of section of the Companies Act No 71 of (the Act) as a juristic person. Dimon says startups are coming for Wall Street, innovating and creating efficiency in areas that are important to companies like JPMorgan, particularly in the lending and payments space.

Letter to shareholder

Lending. Note: The following table appears in the printed Annual Report on the facing page of the Chairman's Letter and is referred to in that letter. Berkshire Hathaway Letters to Shareholders, - Kindle edition by Warren Buffett, Max Olson. Download it once and read it on your Kindle device, PC, phones or tablets.

Use features like bookmarks, note taking and highlighting while reading Berkshire Hathaway Letters to Shareholders, For shareholders and others who are interested, a book that compiles the full unedited versions of each of Warren Buffett’s letters to shareholders between and is available for sale at this link.

- The Washington Post