Annual letters to shareholders to read? \ stacker news ~econ

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1138 sats \ 14 comments \ @elvismercury 2 Feb econ

The genre of annual shareholder letter has been an interesting one for a while now. People always talk about what giant insights are to be had in the reading of them, with Warren Buffet's being the canonical example.

I decided I was going to pick a handful of people / firms and read the last few years worth. My goal is to get a pulse of what's going on in key areas, from applied economic thinkers with skin in the game, in order to put a floor on the amount of untethered bullshit and hot takes I have to deal with. Obviously this won't preclude some degree of revisionist history and book-talking, but humans are humans.

Who would you recommend? Why?

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90 sats \ 2 replies \ @k00b 2 Feb

@BlokchainB might know of some being the ~Stacker_Stocks guy.

90 sats \ 1 reply \ @BlokchainB 3 Feb

I know none. I don’t follow prominent investors of yesteryear

0 sats \ 0 replies \ @elvismercury OP 3 Feb

No obligation that they be from yesteryear, although I suppose anyone writing an annual shareholder letter has been doing it for a bit -- it would seem presumptuous, otherwise.

27 sats \ 3 replies \ @k00b 2 Feb

I haven't read one in full, but a lot of bitcoiners gush about Ross Stevens' newsletters.

This year's: https://www.nydig.com/research/stone-ridge-2024-investor-letter

2023's: #371348

188 sats \ 1 reply \ @denlillaapan 2 Feb

But what about meeee, sir
#852268

29 sats \ 0 replies \ @elvismercury OP 2 Feb

I've read part of this before, agreed that Nydig should be in the mix.

Do they only have 2023 and 2024 as annual letters? I cruised their reports and didn't find others, although there's a lot of btc-related stuff in there that looks interesting.

0 sats \ 0 replies \ @Diego 2 Feb

@TheGuySwann has read it https://fountain.fm/episode/TxDoimVbz2A8sI9pjnz1

0 sats \ 3 replies \ @denlillaapan 2 Feb

Ross Stevens, very nice
#852268

128 sats \ 2 replies \ @Kenobi 3 Feb

I've also heard that the Cathedra Mining Shareholder letter from 2022 was quite good: https://cathedra.com/investors/letters/2022-letter-to-shareholders

Also found in Stacker news: #13951

100 sats \ 1 reply \ @denlillaapan 3 Feb

KENOBI brings the scoop!

9 sats \ 0 replies \ @Kenobi 4 Feb

But not as good as your insights, soon I'll reach your level with the force!

27 sats \ 1 reply \ @Eghigc 3 Feb

Leucadia is known for it's wit and dry humour

15 sats \ 0 replies \ @elvismercury OP 4 Feb

From the 2011 letter:

Usually we begin our Letter to Shareholders with a recap of last year’s earnings, but this year all business including Leucadia’s plays second fiddle to the sad state of our body politic or more simply put the mess in Washington. It is true that unemployment is down and the economy is showing signs of a pickup, but the recovery is fragile and we think quite prone to relapse back into recession. The recovery seems more beholden to money printing by the Federal Reserve than to a growing strength in the underlying economy. It is ironic that the financial shenanigans that begat the financial crisis in the first place are being treated and ostensibly cured by financial shenanigans of our own government. Our national debt has gone up two and a half times in twelve years and government expenditures are now consuming 25% of GDP, up from a more normal 20%. All of the above is not sustainable and when interest rates get back to normal we’ll be the headline, not Greece. Without fixing our fiscal infrastructure high inflation seems inevitable. One of us loves GLD the other farmland.

Vibes check out :)

27 sats \ 0 replies \ @cryotosensei 2 Feb

I quite enjoyed Jeff Bezos’ shareholder letters. Let me put up my book review for you