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Good morning. This is peak season for shareholder letters, in which CEOs share observations about their results, priorities and views of the trends shaping business. Most are short, bland and to the point. But Warren Buffett turned his letters into lessons on leadership (Greg Abel has now taken up the mantle at Berkshire Hathaway.) BlackRock CEO Larry Fink talked about \u201ca deeper feeling that capitalism is working\u201d in this year\u2019s letter, and many eagerly await Jamie Dimon\u2019s novella-length letter to drop soon.<\/p>\n
In the canon of great shareholder letters, I would add the prose of Evan Greenberg, the chairman and CEO of Chubb Group. He has amassed quite a following and body of work in more than two decades at the helm (first of ACE Ltd, which later became Chubb after he acquired the insurer in 2016). He\u2019s since built Chubb into one of the world\u2019s most valuable property and casualty insurers, with a $126.5 billion market cap.\u00a0<\/p>\n
In his latest annual letter, he offers 25 pages of thought-provoking observations on the world between noting results like the record $10 billion in core operating income last year. \u201cIt\u2019s personal to me,\u201d he told me yesterday, noting that it takes him no less than three months and 15 drafts. \u201cIt\u2019s not a writer\u2019s turn of phrase. It reads as I speak, as I think \u2026 The subjects I pick are relevant to Chubb.\u201d<\/p>\n
Here are some edited reflections on the subjects he raised this year:<\/p>\n
On China: \u201cI\u2019m deeply invested in it. My company is deeply invested, and it is the most important relationship in the world \u2026\u00a0 I just spent a week in China, 10 days where I went to five different cities, to see new tech companies \u2026 the humility, the work ethic, the drive to innovate and create and succeed. They want to bring what they\u2019re doing to America. Cooperation and engagement don\u2019t mean surrender. It doesn\u2019t mean you\u2019re weak. The United States has so many advantages over China. Where we\u2019re fearful is because of their scale, their size and their capability. I deeply admire the Chinese culture. I deeply admire the people. I\u2019ll bet on them all day long. That\u2019s different than the politics and the political construct of the country \u2026 Each picks their own.\u201d<\/p>\n
On AI: \u201cThe good that it can do in medicine and science, the potential it unlocks, is breathtaking. Technology is evolving but human nature has not evolved \u2026 We\u2019re just as tribal, just as prejudiced as human beings as we\u2019ve ever been, and we\u2019re handing ourselves this powerful tool. We don\u2019t even quite understand it yet so I am both optimistic and I\u2019m concerned.\u201d<\/p>\n
On America: \u201cDemocracy is so fragile. Civil society is a participant sport. We are all members. I\u2019m so sick of the dark side we find ourselves in\u2014right and left\u2014where we feed on the notion of denigrating who we are \u2026 I don\u2019t know one person who comes from another country to live here and doesn\u2019t say how privileged they feel and how lucky we are, and how much we take it for granted.\u201d<\/p>\n
On Leadership: \u201cI\u2019m the leader of a public corporation. I\u2019m not the leader of a religious institution. I\u2019m not the moral spokesman for the world. I\u2019m acutely aware that I, as the CEO of Chubb, am an asset of the company \u2026 It\u2019s an honor and a privilege to have my role, and it\u2019s my responsibility to account to my shareholders every year for the company that they have invested in, and to explain it and to illuminate beyond the numbers \u2026 Chubb is my second greatest love. It\u2019s all wrapped up in that when I write this letter. Every word matters to me.\u201d<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/p>\n
Top leadership news<\/p>\n
Josh D\u2019Amaro\u2019s tumultuous first week<\/p>\n
Josh D’Amaro’s first week as Disney CEO was plagued by three costly blows: OpenAI’s shutdown of Sora dissolved a $1 billion Disney partnership, Epic Games’ mass layoffs threatened Disney’s $1.5 billion Fortnite metaverse bet, and ABC cancelled an already-filmed season of The Bachelorette over domestic violence allegations. Disney shares are down more than 4% this week.<\/p>\n
Dow CEO\u2019s warning<\/p>\n
Dow CEO Jim Fitterling warns petrochemical shortages from the Iran war, a conflict that\u2019s blocking nearly 20% of global capacity via the Strait of Hormuz, will fuel inflation all year, squeezing Asia and Europe far more than U.S. producers and deepening a volatile, \u201ctwo-speed\u201d global economy.<\/p>\n
Goldman Sachs\u2019 job loss prediction<\/p>\n
Goldman Sachs estimates the Iran war will suppress U.S. payroll growth by roughly 10,000 jobs per month through the end of the year. Gen Z will be hit the hardest; they record more gasoline spending than any generation and their employment is heavily concentrated in the leisure, hospitality, and retail sectors absorbing the deepest cuts.<\/p>\n
The markets<\/p>\n
S&P 500 futures are flat this morning. The last session closed down 1.74%. The STOXX Europe 600 was down 0.81% in early trading. The U.K.\u2019s FTSE 100 was down 0.55% in early trading. Japan\u2019s Nikkei 225 was down 0.43%. China\u2019s CSI 300 was up 0.56%. Hong Kong\u2019s Hang Seng was up 0.38%. South Korea\u2019s KOSPI was down 0.40%. India\u2019s NIFTY 50 was down 2.12% today. Bitcoin was down to $68K.<\/p>\n
Around the watercooler<\/p>\n
Housing giant Fannie Mae to accept crypto-backed mortgages for the first time by Carlos Garcia<\/p>\n
30-year-old CEO of $11 billion Harvey earned the backing of OpenAI and Sam Altman. He says you have to \u2018re-earn\u2019 your role every 6 months by Preston Fore\u00a0<\/p>\n
New York is home to 154 billionaires. Together they\u2019re worth $975.7 billion\u2014and some of them are even making $2 million an hour by Emma Burleigh\u00a0<\/p>\n
Duolingo CEO\u2019s taxi driver test decides who gets hired\u2014before the interview even starts by Sydney Lake<\/p>\n
CEO Daily is curated and edited by Joey Abrams, Claire Zillman and Lee Clifford.<\/p>\n
#Chubbs #CEO #25page #shareholder #letter #touches #capitalism #China<\/p>\n","protected":false},"excerpt":{"rendered":"
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