{"id":13063,"date":"2022-12-17T23:56:00","date_gmt":"2022-12-17T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=13063"},"modified":"2026-03-21T12:09:42","modified_gmt":"2026-03-21T04:09:42","slug":"dear-shareholder","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/","title":{"rendered":"Dear Shareholder"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Book_Highlights\" >Book Highlights<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#The_value_of_this_book\" >The value of this book<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Book_author\" >Book author<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#The_commonlarity_of_these_shareholder_letters\" >The commonlarity of these shareholder letters<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Capital_allocation\" >Capital allocation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Long-term_value\" >Long-term value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Stock_performance_are_amazing\" >Stock performance are amazing<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#The_famous_shareholder_letters\" >The famous shareholder letters<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Warren_Buffett\" >Warren Buffett<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Roberto_Guzveta\" >Roberto Guzveta<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Prem_Vaasa\" >Prem Vaasa<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Ian_Cumming_Joey_Steinberg_Richard_Handler_and_Brian_Freeman\" >Ian Cumming, Joey Steinberg, Richard Handler and Brian. Freeman<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Don_Graham_and_Tim_Oxanasi\" >Don Graham and Tim Oxanasi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Jeff_Bezos\" >Jeff Bezos<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Steve_Markel_and_Tom_Gaynor\" >Steve Markel and Tom Gaynor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Charles_Fabicon\" >Charles Fabicon<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Brett_Roberts\" >Brett Roberts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Larry_Page_and_Sergey_Brin\" >Larry Page and Sergey Brin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Joe_Mansuto_and_Connor_Kabu\" >Joe Mansuto and Connor Kabu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Mark_Leonard\" >Mark Leonard<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Indra_Nooyi\" >Indra Nooyi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Weston_Hicks\" >Weston Hicks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Ginny_Rometty\" >Ginny Rometty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Rob_King\" >Rob King<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Company_deserved_research\" >Company deserved research<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/#Relative_articles\" >Relative articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Book_Highlights\"><\/span>Book Highlights<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_value_of_this_book\"><\/span>The value of this book<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After reading Dear Shareholder, I was reminded of &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/11\/17\/outsiders\/\" target=\"_blank\" rel=\"noreferrer noopener\">Outsiders<\/a>&#8221; which I introduced on this blog. The two books have a lot in common, except that this book starts from the perspective of a shareholder letter, while &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/11\/17\/outsiders\/\" target=\"_blank\" rel=\"noreferrer noopener\">Outsiders<\/a>&#8221; focuses on the managers of enterprises.<\/p>\n\n\n\n<p>The only pity of this book is that it is not in-depth enough, but this is understandable, because in one book, there are 16 shareholder letters from CEOs, which are too many, and each of them is a well-known heavyweight company. Impossible to go too deep. The author has actually done his due diligence. I personally think that after reading this book, investors can directly go to the relevant books of the company you are interested in, or directly download the English shareholder letter of the company for research.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Book_author\"><\/span>Book author<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The author of this book is Lawrence A. Cunningham, who has written many famous books about Buffett, one of the most famous is &#8220;<a href=\"http:\/\/The Essays of Warren Buffett\" target=\"_blank\" rel=\"noreferrer noopener\">The Essays of Warren Buffett<\/a>&#8220;. A must-read for investors who want to understand Buffett&#8217;s investment philosophy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_commonlarity_of_these_shareholder_letters\"><\/span>The commonlarity of these shareholder letters<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Although the author points out a few at the beginning of the book, I don&#8217;t want to copy the author&#8217;s point of view.<\/p>\n\n\n\n<p>It is certainly no coincidence that the shareholder letters of the CEOs in this book have many things in common. The key points of these CEOs in their shareholder letters are actually talking about the same things. I think this is the essence of this book, and investors should pay special attention to these things.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Capital_allocation\"><\/span>Capital allocation<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>I have spent a lot of time discussing this part in Chapter 6 of my new book, &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010935641?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">The Rules of 10 Baggers<\/a>&#8220;. Interested investors can refer to the content of my book.<\/p>\n\n\n\n<p>Capital allocation is a topic that young investors, short-term investors, or general investors are not very familiar with, but it is an important factor affecting the long-term value and stock price performance of a company. If you&#8217;re really not sure, take the time to understand what capital allocation includes and why it matters.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Long-term_value\"><\/span>Long-term value<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The main reason that these companies and CEOs are successful is that they emphasize only one thing\u2014they focus on three things:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Long-term value, ignore short-term goals<\/li>\n\n\n\n<li>Seek to maximize the intrinsic value of the enterprise<\/li>\n\n\n\n<li>Create maximum benefits for shareholders<\/li>\n<\/ul>\n\n\n\n<p><strong>If you really have a hard time buying into long-term investing, your chances of making big money in the stock market are slim to none<\/strong>. You may doubt it, the famous companies in this book are all evidence!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stock_performance_are_amazing\"><\/span>Stock performance are amazing<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>But it&#8217;s easier said than done. They all prove with actual results that the long-term stock price returns of these related companies are extremely amazing. The most difficult thing is that the time span of discussion and performance measurement of all the companies mentioned is based on twenty years. Minimum Standards. That&#8217;s the biggest reason I&#8217;m interested in them. I will list the annualized rate of return of these companies in the past 20 years as evidence, because as I mentioned in my previous article, &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/18\/rate-of-return-irr\/\">Investors should care annualized rate of return (IRR), How to calculate?<\/a>&#8221; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_famous_shareholder_letters\"><\/span>The famous shareholder letters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Since this book discusses shareholder letters from 16 CEOs, I&#8217;m not going to discuss them all. The list of shareholder letters from the CEOs of the companies listed in this book is as follows. I add the ticker after the company name, the company&#8217;s long-term annualized rate of return (aka IRR, mainly based on the figures in the book), and some related articles of this company or the CEO for your reference:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Warren_Buffett\"><\/span>Warren Buffett<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Berkshire Hathaway (tickers: BRK.A, BRK.B)<\/li>\n\n\n\n<li>From 1964 to 2018, the average annualized return on company stocks was 20.5%<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/07\/buffett-deserves-study\/\">Why Buffett deserves further study<\/a>&#8221; , &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/27\/buffett-portfolio\/\" target=\"_blank\" rel=\"noreferrer noopener\">The commonalities of Buffett portfolio \u2013 cheap, fixed income, repurchase<\/a>&#8221; and &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/\" target=\"_blank\" rel=\"noreferrer noopener\">Warren Buffett\u2019s Ground Rules<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Roberto_Guzveta\"><\/span>Roberto Guzveta<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Coca-Cola (ticker: KO)<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/02\/coca-cola-has-been-inferior-to-pepsi-in-and-even-return-rate-is-negative-in-past-10-years\/\" target=\"_blank\" rel=\"noreferrer noopener\">Coca-Cola has been inferior to Pepsi in and even return rate is negative in past 10 years!<\/a>&#8220;, &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/22\/pros-and-cons-of-coca-cola\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pros and cons of investing in Coca-Cola<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prem_Vaasa\"><\/span>Prem Vaasa<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fairfax Financial Holdings (ticker: FRFHF)<\/li>\n\n\n\n<li>From 1985 to 2018, the average annualized return on the company&#8217;s stock was 17.1%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ian_Cumming_Joey_Steinberg_Richard_Handler_and_Brian_Freeman\"><\/span>Ian Cumming, Joey Steinberg, Richard Handler and Brian. Freeman<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Leucadia National. In 2018, the company changed its name to Jefferies Financial Group (ticker: JEF)<\/li>\n\n\n\n<li>From 1979 to 2012, the average annualized return on the company&#8217;s stock was 19.3%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Don_Graham_and_Tim_Oxanasi\"><\/span>Don Graham and Tim Oxanasi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Washington Post (acquired by Amazon&#8217;s Jeff Bezos)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Jeff_Bezos\"><\/span>Jeff Bezos<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Amazon ( ticker: AMZN)<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/05\/28\/amazon-buy-mgm\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Amazon acquired MGM?<\/a>&#8220;, &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/16\/amazon-vs-alibaba\/\" target=\"_blank\" rel=\"noreferrer noopener\">Amazon vs. Alibaba<\/a>&#8220;, &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/10\/amazons-economic-scale\/\" target=\"_blank\" rel=\"noreferrer noopener\">Amazon\u2019s dominance by its economic scale, impact share price of PayPal, Affirm, Fair Isaac, Visa, and Mastercard<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Steve_Markel_and_Tom_Gaynor\"><\/span>Steve Markel and Tom Gaynor<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Markel Corporation (ticker: MKL)<\/li>\n\n\n\n<li>Over 20 years, the company&#8217;s stock has an average annualized return of 9%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Charles_Fabicon\"><\/span>Charles Fabicon<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SEACOR Marine (ticker: SMHI)<\/li>\n\n\n\n<li>From 1992 to 2018, the average annualized return of the company&#8217;s stock was 9.2%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brett_Roberts\"><\/span>Brett Roberts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Credit Acceptance Corp. (ticker: CACC)<\/li>\n\n\n\n<li>From 1992 to 2017, the average annualized rate of return of the company&#8217;s net profit was 21.12%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Larry_Page_and_Sergey_Brin\"><\/span>Larry Page and Sergey Brin<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Alphabet (tickers: GOOGL, GOOG)<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/18\/consider-alphabet-if-you-can-buy-one-stock-only-to-retire-from-it\/\">Consider Alphabet if you can buy one stock only to retire from it? <\/a>&#8220;, &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/20\/alphabets-urgent-crisis\/\" target=\"_blank\" rel=\"noreferrer noopener\">Alphabet\u2019s urgent crisis<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Joe_Mansuto_and_Connor_Kabu\"><\/span>Joe Mansuto and Connor Kabu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Morningstar (ticker: MORN)<\/li>\n\n\n\n<li>From 2005 to 2018, the average annualized return on the company&#8217;s stock was 15.1%<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/06\/any-reason-to-buy-mutual-fund\/\">Any strong reason to buy mutual fund?<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mark_Leonard\"><\/span>Mark Leonard<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Constellation Software (ticker: CNSWF)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indra_Nooyi\"><\/span>Indra Nooyi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PepsiCo (ticker: PEP)<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/02\/coca-cola-has-been-inferior-to-pepsi-in-and-even-return-rate-is-negative-in-past-10-years\/\" target=\"_blank\" rel=\"noreferrer noopener\">Coca-Cola has been inferior to Pepsi in and even return rate is negative in past 10 years!<\/a>&#8220;, &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/22\/pros-and-cons-of-coca-cola\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pros and cons of investing in Coca-Cola<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Weston_Hicks\"><\/span>Weston Hicks<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Alleghany (ticker: Y)<\/li>\n\n\n\n<li>In 15 years, the average annualized return of the company&#8217;s stock is 8.4%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ginny_Rometty\"><\/span>Ginny Rometty<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>IBM (ticker: IBM)<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/16\/ibm-cloud\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does IBM make money? What is the focus of the future?<\/a>\u201d<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rob_King\"><\/span>Rob King<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cimpress (ticker: CMPR)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"125\" height=\"125\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/08\/a-1600x1200-3.jpg\" alt=\"Dear Shareholder\" class=\"wp-image-13065\"\/><figcaption class=\"wp-element-caption\">Credit: Amazon.com<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_deserved_research\"><\/span>Company deserved research<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here, I would like to recommend that investors, in addition to Buffett&#8217;s Berkshire Hathaway, long-term investors can study the company of Berkshire&#8217;s Markle. You&#8217;ll find Berkshire everywhere when you study it. His 20-year stock has an average annualized return of 9%. Here&#8217;s a chart of its stock price since it went public (as of 8\/25\/2022).<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"492\" height=\"358\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/08\/mkl-1600x1200-1.jpg\" alt=\"Markel stock price trending since it went public\" class=\"wp-image-13139\" srcset=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/08\/mkl-1600x1200-1.jpg 492w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/08\/mkl-1600x1200-1-300x218.jpg 300w\" sizes=\"auto, (max-width: 492px) 85vw, 492px\" \/><figcaption class=\"wp-element-caption\">Credit: Google Finance<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Relative_articles\"><\/span>Relative articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/27\/benjamin-graham-on-value-investing-grahams-bio-book\/\">&#8220;Benjamin Graham on Value Investing&#8221;, Graham&#8217;s bio book<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/18\/rate-of-return-irr\/\">Investors should care annualized rate of return (IRR), How to calculate?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/11\/2025-buffett-thanksgiving-message\/\">2025 Buffett Thanksgiving Message to Shareholders<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/22\/berkshire-shareholder-letter\/\">Buffett&#8217;s 2025 Berkshire Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/25\/2024-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2024 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/26\/2023-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2023 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/05\/2024-berkshire-shareholders-meeting-transcript-and-video\/\" target=\"_blank\" rel=\"noreferrer noopener\">2024 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/05\/09\/shareholders-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">2023 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/06\/munger-daily-journals\/\">Key points from Munger Daily Journal\u2019s 10 years of shareholder meetings<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/17\/charlie-munger-2023-djco\/\">Charlie Munger speaks at 2023 Daily Journal Shareholders Meeting<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/26\/buffetts-first-tv-interview\/\">Buffett&#8217;s first TV interview<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/17\/buffett-squawk-box\/\">Full transcript of Buffett&#8217;s interview with CNBC&#8217;s Squawk Box<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/11\/17\/outsiders\/\" target=\"_blank\" rel=\"noreferrer noopener\">Outsiders, one of the greatest investment books for managment team<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/20\/activist-shareholder\/\">How activist shareholders make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/\">Dear Shareholder<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/07\/14\/stock-based-compensation\/\">How much stock-based compensation company paid?<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>After reading Dear Shareholder, I was reminded of &#8220;Outsiders&#8221; which I introduced on this blog.<\/p>\n","protected":false},"author":1,"featured_media":13065,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55,480,222,527,717,190,91,8,141,35,88,162,716,28,32,85,11],"tags":[227,48,49,874,875,878,876,97,95,168,880,139,879,671,356,877],"class_list":["post-13063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shareholders","category-canada-stock-market","category-ceo","category-company-bio","category-divestiture","category-dual-class-shares","category-entrepreneur","category-investing-books","category-leaderships","category-long-term-investing","category-acquisition","category-shareholders-reward-programs","category-spinoff","category-us-stock-market","category-value-investing","category-venture-capital","category-buffett","tag-amzn","tag-brk-a","tag-brk-b","tag-cacc","tag-cmpr","tag-cnswf","tag-frfhf","tag-goog","tag-googl","tag-ibm","tag-jef","tag-ko","tag-mkl","tag-morn","tag-pep","tag-smhi"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/13063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=13063"}],"version-history":[{"count":53,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/13063\/revisions"}],"predecessor-version":[{"id":41194,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/13063\/revisions\/41194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/13065"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=13063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=13063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=13063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}