*** Ross Rant ***
On writing
Recently, a client said to me, "Writing is thinking."
Brilliant.
Writing is thinking.
Writing is clarification.
Writing is action.
And few documents are more potent than a well-crafted and well-executed shareholder letter.
Lawrence Cunningham has long recognized the value of a shareholder letter. Cunningham is an authority on corporate governance, corporate culture, and corporate law, and teaches business-related courses at George Washington University that span these fields.
He has written dozens of books and scores of articles on a wide range of subjects in law and business. These include the leading textbook on accounting used in law schools, a popular narrative on contracts, and best-selling books on Berkshire Hathaway and Warren Buffett (The Essays of Warren Buffett: Lessons for Corporate America and Berkshire Beyond Buffett: The Enduring Value of Values).
When individual investors ask what resources to consult when searching for great companies, Cunningham advises them to read the shareholder letter that the company sends out annually.
Next to the financial figures, it is probably the most important and most accessible source of valuable information. These communications reveal a lot about a company and its CEO. In a well-written and purposeful shareholder letter, the CEO's commitment, desires, goals, and long-term visions are all visible.
Some CEOs use their shareholder to obfuscate, others patronize, and many appear to be ghostwritten, but the best ones share business insights that help readers understand a company.
Use these clues as filters, just as you would the company's financial statements. Many companies post such letters on their websites, typically as part of their annual reports.
The gold standard of the genre is Warren Buffett, whose pithy statement from his 1997 letter to shareholders of Berkshire Hathaway sums it up:
"When you receive a communication from us, it will come from the fellow you are paying to run the business. Your Chairman firmly believes that owners are entitled to hear directly from the CEO regarding the current state of the business and its prospective outlook. You would demand that in a private company; you should expect no less in a public company."
In "Dear Shareholder," Cunningham's latest book features letters from more than 20 different leaders from 16 companies - several of my favorite companies, including Amazon, Google, Coca-Cola, and Pepsi.
This book is a powerful go-to for inspiration, creativity, and patience. Written to be consumed more like an encyclopedia, you can quickly jump to topics, companies, and leaders, and read for 30 minutes or three minutes.
Cunningham's collection of the best-in-class shareholder letters provides valuable insights, whether it be better company management or improved communication.
-Marc
*** A11. ***
Can the UN save itself from irrelevance? As the organisation turns 80, wars are raging in Ukraine, Gaza, and Sudan, its core ideas are in tatters, and the world no longer seems to be listening. FT
Trump blasts the UN for not ‘living up’ to its potential: Politico reports the president, in an address to the General Assembly, says the US is doing the work the global body should be doing.
‘Your countries are going to hell’: Trump airs his grievances at the UN: NYT reports in a meandering address, President Trump rebuked global institutions and complained about immigration, environmentalists, windmills, and more.
Trump upbraids UN in speech, claiming ‘your countries are going to hell’: WP reports the president blasted the United Nations for its focus on migration and climate change, calling global warming a “con job.”
Trump attacks UN, Europe, and climate change in fiery UN return: Le Monde reports the United States president slammed the West over migration and called climate change a 'con job' in his first United Nations speech since 2018.
AFP: 'Greatest con job ever': Trump trashes climate science at UN
Bloomberg: Trump blasts UN over immigration, climate in combative speech
BBC: Trump criticises countries' migration and climate policies in scathing UN speech
Forget the polite Trump, this was a gloves-off Europe mauling: After a restrained state visit, the US president used his UN speech to attack the continent over migration, energy, and free speech — and he won’t stop soon. Katy Balls
The US assault on the UN rests on a tragic misunderstanding: The Trump administration views the United Nations as a useless, woke cesspool. Instead, the UN reflects the world as it is, assembled to “save humanity from hell.” Andreas Kluth
AFP: Trump can only win Nobel if Gaza conflict stopped: Macron
No one is laughing at Trump now: US president’s protracted and scornful UN address is in marked contrast to his humiliation in 2018. Telegraph
AFP: Escalatorgate: White House urges probe into Trump UN malfunctions
+ @ishaantharoor: A senior foreign diplomat posted at the UN texts me: "This man is stark, raving mad. Do Americans not see how embarrassing this is?"
+ @JohnJHarwood: as any sane person can see, he's a raving lunatic
+ @McFaul: Trumps UN speech will appeal to his MAGA base, but no one else. Missed opportunity.
+ @jimsciutto: This has become more a MAGA stump speech than a UN address with favorite targets - immigration, renewable energy especially windmills and climate science - and claims of successes, such as ending seven wars, not backed by facts.
+ A new Washington Post-Ipsos poll finds 76% of Americans say President Trump doesn’t deserve to win the Nobel Peace Prize, compared with 22% who say he does.
US bans Iran diplomats from $1.50 Costco hotdogs, Hermes handbags: WP reports the Trump administration officially banned Iranian officials in New York from visiting popular US wholesale shopping outlets and purchasing luxury goods.
AP: A massive telecom threat was stopped right as world leaders gathered at UN headquarters in New York
Secret Service agents dismantle network that could shut down New York cellphone system: NBC News reports agents discovered electronic devices in five locations in and around the city that could be used to disable cellphone towers. The system could also be used for criminal activities.
Russia is working to build a Starlink alternative.
NYT: After meeting with Zelensky at UN, Trump shifts stance on Russia
WP: Trump says Ukraine could win back all land it lost to Russia
Trump says Ukraine can take back all lost territory: WSJ reports Trump’s sudden shift is a big swipe at Russia and follows months of fruitless efforts to broker a cease-fire.
Trump says Ukraine is in a position to win back all of its territory: FT reports US president also said Russian fighter jets crossing into NATO airspace should be shot down.
‘My relationship with Putin didn’t mean anything, ’ laments Trump: The Times reports President Trump met with Zelensky, Macron, and other world leaders after addressing the UN General Assembly.
Bloomberg: Trump says NATO should down Russian jets breaching airspace
AFP: Zelensky says China could force Russia to stop Ukraine war
Ukraine faces deepening military, political, and economic problems: A report card on Ukraine 2.0. Economist
Malaysia is gunning to become the first Association of Southeast Asian Nations member with a launch pad.
New Philippines shipyard poised to benefit from US-China maritime rivalry: Nikkei reports HD Hyundai sees growth opportunity as Manila, Washington both seek to revive industry.
In rare visit to China, US lawmakers push for more military dialogue: Bipartisan House delegation met with China’s No. 2 leader and its defense minister. WSJ
A Made-in-China plan for world domination: Donald Trump is failing to stop China’s rise as a manufacturing superpower. Economist
India is embracing AI tools. Will that spur job growth -- or sap it? ChatGPT and other apps let companies do more with less, but the economic impact is unclear. Nikkei
How fortress Israel can survive global isolation: As support from friends bleeds away, Benjamin Netanyahu urges his people to embrace a new reality. Telegraph
Why African countries keep making deals to accept US deportees: As the Trump administration exerts pressure on countries to aid in its mass deportation efforts, some nations in Africa have agreed, prompting legal battles. NYT
60%: The share of Colombian workers in the informal economy.
Bloomberg: Brazil’s Lula kicks off UN General Assembly with jab at Trump
Trump vs. Lula was a window into MAGA at the UN: Most countries in the world want the United Nations to work as intended. Not Trump and his allies. WP
AP: With smiles and daggers at UN, Lula and Trump agree to meet
Argentina is losing faith in Milei’s free-market revolution: The Argentine leader faces shrinking public support as factories close and the economy falters before a pivotal midterm election. WSJ
How Argentina’s Javier Milei lost the markets and turned to Donald Trump: Libertarian president’s tight grip on inflation cost him dollars and slowed growth. FT
Donald Trump just saved Javier Milei: The US announced it is ready to provide dollar liquidity to Argentina, halting the beginnings of a financial panic. This alliance between radical right-wing leaders is a far cry from free-market doctrine. Eric Albert
Bloomberg: Canada looks to ease tensions with India and China as foreign minister plans visit
Tariff uncertainty expected to slow global economic growth this year: President Trump’s trade war is still playing out, and the full effect will be felt heading into next year, the latest projections show. NYT
Trump's policies create a lopsided American economy: While stock markets reached euphoric highs and the tech sector funneled in billions, worrying warning signs have emerged for an American economy hit by tariffs: persistent inflation, stagnant employment, and sluggish consumer spending. Le Monde
What Trump’s H-1B crackdown means for Big Tech workers: Companies like Amazon, Google, and Microsoft rely on skilled foreign workers. Experts say they’ll pay for the best — but the policy could redirect top talent elsewhere. ROW
A $100,000 per worker visa fee tips the balance to Big Tech: Silicon Valley start-ups said they were concerned they would be disproportionately hurt by the new visa fee for skilled foreign workers, given their limited resources. NYT
Trump wants piece of company in charge of America’s biggest lithium mine: Reuters reports the Trump administration is seeking an equity stake of as much as 10% in Lithium Americas as it renegotiates terms of the company's $2.26 billion Energy Department loan for its Thacker Pass lithium project with General Motors.
Two speeches, endless amounts of cringe: Between President Trump’s scientifically dubious “autism announcement” and his teleprompter-less UN speech, mortification abounds. Jessica Karl
How Trump blew up his administration’s carefully laid autism announcement plans CNN
The president is wrong on Tylenol: Scientists studying any link between the painkiller and autism have reached no firm conclusions. Economist
Autism has no easy answers: Donald Trump’s promotion of an unproven link between Tylenol and neurological disorders does not help pregnant women. Anjana Ahuja
QOTD: “At the heart of this is people trying to look for simple answers to complex problems.” -- James Cusack, chief executive of an autism charity called Autistica, tells Nature what he thinks is driving Trump and others to incorrectly link the condition with Tylenol use during pregnancy.
AP: Trump cancels White House meeting with Schumer and Jeffries despite shutdown risk
A shutdown would give Trump more power over federal spending: Congress is racing toward a government shutdown deadline, and Democrats worry the White House could have more control over spending either way. WP
DeSantis offers Miami land for Trump’s presidential library: Politico reports the site at Miami Dade College takes Florida one step closer to its first presidential library.
AP: DeSantis eyes land in downtown Miami for Trump presidential library
Kamala Harris is done being a scapegoat: The former Vice President’s memoir, 107 Days, challenges the Democratic Party to accept that its mistakes, not just hers, resulted in the losses of 2024. Nia-Malika Henderson
Ted Cruz plays the long game by defending Jimmy Kimmel: By calling out Trump’s FCC for intimidation, the Texas senator broke with his party’s silence and made a rare stand for free speech. Politico
US-SEN: At this point, eight Senators have announced they will not seek re-election in 2026.
MA-SEN: Rep. Seth Moulton (D-MA), “who has long pushed for a new generation of leaders in his party, is seriously considering a challenge to Sen. Ed Markey (D-MA) in the 2026 primary election,” the Boston Globe reports.
AOC makes appeal for Democrats' California gerrymander: Politico reports the New York Democrat is the latest figure to back a November redistricting ballot measure that proponents are framing as a referendum against Donald Trump.
The Hill: Ocasio-Cortez eyeing Senate or White House bid
Benson warns of Trump 'power grab' ahead of 2026 midterm elections: Detroit Free Press reports Michigan Secretary of State Jocelyn Benson says the Trump administration's demands for voter files, including personal data in them, from states across the United States amounts to a "power grab" ahead of the 2026 midterm elections.
Snyder pours cold water on Duggan's independent bid for governor Detroit News
America’s accelerating exit from itself: After the Kirk murder, Trump is pulverising the country’s founding principles with astonishing ease. Edward Luce
Inside Disney’s decision to bring back Jimmy Kimmel: Bob Iger’s media group was pilloried for dropping the comedian after Trump administration criticism. FT
The Catholic Church has a manpower problem: Fewer priests every year: Seminaries are closing or merging. Priests are doing more with less. Some parishes have no leader. Fixing an accelerating clergy crisis won’t be easy, but ‘God continues to call.’ WSJ
America’s top companies keep talking about AI — but can’t explain the upsides: FT analysis of hundreds of filings suggest the S&P 500 businesses are clearer about the risks than benefits. FT
Record labels claim AI generator Suno illegally ripped their songs from YouTube: The updated complaint alleges that Suno knowingly circumvented YouTube’s protections against unauthorized copying. Verge
The United States, an AI-doped economy: The mixed outlook for the American economy, eight months after Donald Trump's return to power, is largely overshadowed by the artificial intelligence boom. Yet the real impact of this technology on jobs and productivity remains uncertain. Le Monde-Editorial
How Nvidia is backstopping America’s AI boom: The chipmaker’s partnership with OpenAI has helped reset market expectations about the startup’s finances. WSJ
OpenAI unveils plans for seemingly limitless expansion of computing power: WSJ reports the startup plans to shepherd at least $1 trillion in infrastructure spending for its computing needs.
OpenAI expands Stargate AI project with five US sites: The agreements will take the cost of the high-profile data centre initiative to $400bn. FT
OpenAI to join tech giants in building 5 new data centers in US: NYT reports working with the Japanese conglomerate SoftBank and the cloud company Oracle, the AI start-up will spend $400 billion over the next five years.
OpenAI plans to invest roughly $400 billion to develop five new US data center sites in partnership with Oracle Corp. and SoftBank Group Corp., marking the biggest push yet to fulfill an earlier pledge to spend a half-trillion dollars on artificial intelligence infrastructure in the country.
The AI kids take San Francisco: Brilliant, workaholic teenagers are flooding the city — and reshaping our future in their image. NY Mag
How to spot a genius: In an age of artificial intelligence, the human kind is increasingly important. Economist
Larry Ellison, a media mogul like no other: The database billionaire and his son, David, are Trump favorites. The family could soon control an empire that includes CBS, Paramount, Warner, CNN, and a piece of TikTok. NYT
Apple CEO Cook visits Japan as country prepares new smartphone law: Nikkei reports renovated Ginza flagship store to reopen amid Japanese market's fading importance.
Jaguar Land Rover said its factories in Britain would remain closed until October 1st after a cyber attack in August forced it to shut down its IT systems.
Jeep has canceled plans to build a plug-in hybrid version of its Gladiator midsize truck, a move that comes shortly after parent Stellantis NV also halted plans for an all-electric Ram pickup.
Car buyers clamor for EVs as the clock ticks down to get the federal tax credit Detroit Free Press
Rail travel is booming in America: More trains mean more riders. Economist
Why have a regular chatbot boyfriend when you can have a celebrity one? AI is remaking fan culture — one Pedro Pascal–voiced audio erotica at a time. NY Mag
Sorority girls are cashing in big for their viral rush videos: Like college athletes earning brand endorsements, sororities are now the target of companies looking to advertise products on social media. WSJ
Oklahoma State has fired Mike Gundy.
ESPN: MLB approves robot umpires for 2026 as part of challenge system
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
A11. | September 24
