A Quote by Roy O. Disney
Management has failed miserably at creating increased value for shareholders. Indeed, despite some recent short-term gains, which actually only put us back where we were eight years ago, they have been devaluing our assets, turning a unique institution into just another entertainment company.
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We believe strongly that in the long term, we will be better served - as shareholders and in all other ways - by a company that does good things for the world even if we forgo some short term gains. This is an important aspect of our culture and is broadly shared within the company.
We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.
The dominance of short-term perspectives has led to routine decisions in the markets that sacrifice the long-term buildup of genuine value in pursuit of artificial, short-term gains.
Your short-term gains are the rest of the world's long-term disasters - for everybody, including yourselves. And, I'm sorry, I've been saying you and the United States or America, when I actually mean the US government. There's a difference. Big one.
At any given time, on our band Drive-by Truckers' shows there might be someone who's eight years old or 80 years old in the audience. Some nights there are a lot of girls in the audience, some nights not. It's so unpredictable, but I like that. A lot of Republicans come see us. I've got many friends and family that are Republicans, so our following definitely cuts across the political lines and all of that. Which puts us in the unique position of not just preaching to the converted. I respect and value that.
I'm no apologist for Russia or the Assad regime, but actually, this has been staring us in the face for a number of years now, and I think it's time to turn a page and accept reality. Our strategy - if that is the right word - failed miserably, and Russia's with Iran has been successful.
If a lending institution is faced with bids for a package of toxic assets that are less than the carrying value of those assets, the sale of those assets would trigger a further loss and reduce the underlying capital of the institution.
42% of our management team are women. So we've reset the goal to 50% by 2017. Because that's when Westpac becomes 200 years old as an institution - the oldest bank, and indeed the oldest company in Australia. So that's a lovely point to reflect on.
The short-term problems are economic - royalties, unions, irresponsible management. The long-term problems are artistic, and they started 40 years ago with the advent of television and the upgrading of films.
What's been unique about our acquisition is that Google is leaving us independent. That actually means that the company is structured the same... We really are a company within a company.
It is therefore our business to restore economic freedom through the restoration of the only institution under which it flourishes, which institution is Property. The problem before us is, how to restore Property so that it shall be, as it was not so long ago, a general institution.
Green is not just about renewable energy. It's also about creating a new direction for the whole economy. This requires government to step up, not step back, creating the kinds of mission-oriented public organizations that will enable us to tackle climate change - as ambitious as those that got us to the moon. It also requires the financial sector to be less short-term since we know that short-term finance has distorted incentives and directions in areas like biotechnology.
We want everything in a hurry because our primary aim must be survival in the short term. Long term thinking has seemed like a luxury in human history because lives were shorter, but with our increased longevity we have to figure out what to DO with all our time, and to pace ourselves to achieve things that we want. Hobbes might have been right when he originally wrote that life is 'nasty, poor, brutish and short', but today we are AWASH with time.
The most important thing that a company can do in the midst of this economic turmoil is to not lose sight of the long-term perspective. Don't confuse the short-term crises with the long-term trends. Amidst all of these short-term change are some fundamental structural transformations happening in the economy, and the best way to stay in business is to not allow the short-term distractions to cause you to ignore what is happening in the long term.
If you look back historically, admittedly a long time ago, there were three Afghan wars in which Britain didn't even come a good second. In more recent years the Russians were there with 120,000 men for ten years.
A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.
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