For the first few years after the 2008 financial crisis, I often only had one slide with me at presentations and this was it:
The chart shows the trend line since 1849 of the US stockmarket (the unbroken diagonal line above) increasing by 6.2% per annum (after inflation).… Read the article
Dear Mr Claus,
For much of its long history, your company has been shrouded in secrecy. Although your toy manufacturing and logistics business has been held in high regard by industry insiders for its innovative just-in-time distribution system, relatively little has been known about your financial performance. That all changed… Read the article
Dear Mr Rinch,
Thank you for your letter, dated 16th December 2015.
Before I address the body of your letter, I must say this is not the first time I have defended the company’s business model against the myopia of market participants: long before our IPO, creditors Marley & Scrooge… Read the article