Must read Annual Reports/Shareholder Letters

[jay21]

Seeing as how annual reports should be coming out soon, what ones do you feel are a must read for investors?

[Guest]

Buffett mentioned that Dimon's missives at JPM are a great read.

[Grahamisback]

I have recently discovered Fabrikant's letters from Seacor, I recommend!

 

http://ir.stockpr.com/seacorholdings/letters-to-stockholders

[StubbleJumper]

Well, IMO, it's not just annual reports and shareholder letters from companies that are interesting.  I also like to read letters from managers like Van Hoisington and Francis Chou.  During a 10-minute read of those letters you can glean some great nuggets of insight.

 

SJ

[Kraven]

The long ones.

[A_Hamilton]

Brk/a, FFH, MTB, JPM, STRA, WRB, MKL, Y.

[PlanMaestro]

Banking: Wilmers (MTB), then Dimon (JPM).

 

[vikx01]

I've created a google spreadsheet that anyone can add links to their list of favorite shareholder letter to. I've seeded with some of the managers that were mentioned on this thread.

Please feel free to add more.

 

https://docs.google.com/spreadsheet/ccc?key=0Aisl_3YDx6vMdGZ2QnloNDJUNmlvS2lVcXFkdDA2RFE&usp=sharing

 

[vikx01]

btw you don't have to fill everything. Just put a link and I'll fill in the rest later in the evening.

[racemize]

I've created a google spreadsheet that anyone can add links to their list of favorite shareholder letter to. I've seeded with some of the managers that were mentioned on this thread.

Please feel free to add more.

 

https://docs.google.com/spreadsheet/ccc?key=0Aisl_3YDx6vMdGZ2QnloNDJUNmlvS2lVcXFkdDA2RFE&usp=sharing

 

Thanks, very nice!

[LC]

How could we forget Marty Whitman's Third Ave Funds?

 

http://www.thirdave.com/ta/shareholder-letters-mf.asp

[Guest wellmont]

i like to read the annual meeting notes of sequoia fund. they will quite often explain an obscure company's moat.

[hyten1]

maybe we should put a column for when the doc are posted?

 

that would be helpful to know when certain docs are avail

[A_Hamilton]

How could we forget Marty Whitman's Third Ave Funds?

 

http://www.thirdave.com/ta/shareholder-letters-mf.asp

 

When was the last time they provided any value?

[SmallCap]

How could we forget Marty Whitman's Third Ave Funds?

 

http://www.thirdave.com/ta/shareholder-letters-mf.asp

 

I have followed them and read them since the late 90s (shareholder for a small portion of that) but in the last two years the quality seems to have gone downhill. Marty's section seems more like an old professors rant then as educational as it use to be and the others have become more mainstream and less candid or informative.

 

Am I missing it and they stayed the same but maybe I have changed.

[Guest hellsten]

Brk/a, FFH, MTB, JPM, STRA, WRB, MKL, Y.

 

Sorry for asking, but did you mean STRA as in Strayer Education, i.e. this:

http://www.shareholder.com/visitors/DynamicDoc/document.cfm?DocumentID=3006&CompanyID=STRA&zid=e1f0bfae

 

APOL looks cheap, but something Charlie Munger said about being on the wrong side of a trend (or something similar) has kept me from looking in more detail at the for-profit education companies.

 

I try to read letters and reports from LUK, Y, MKL, BRK, SHLD, DJCO and BAM.

[cubsfan]

I really enjoy reading the SHLD and LUK annual letters.

[A_Hamilton]

Brk/a, FFH, MTB, JPM, STRA, WRB, MKL, Y.

 

Sorry for asking, but did you mean STRA as in Strayer Education, i.e. this:

http://www.shareholder.com/visitors/DynamicDoc/document.cfm?DocumentID=3006&CompanyID=STRA&zid=e1f0bfae

 

APOL looks cheap, but something Charlie Munger said about being on the wrong side of a trend (or something similar) has kept me from looking in more detail at the for-profit education companies.

 

I try to read letters and reports from LUK, Y, MKL, BRK, SHLD, DJCO and BAM.

 

Yes, meant Strayer. Different companies in the for-profit segment are positioned very differently.

[augustabound]

Along with most that are already mentioned here I'll add Patient Capital and Trinity Bank.

I have only read one of Trinity Banks shareholder letters but I seem to remember the letter was pretty good.  I'll have to dig it up and read it again. 

 

Edit - Sorry, I saw Trinity on the spreadsheet but added Tweedy Browne.

[LC]

How could we forget Marty Whitman's Third Ave Funds?

 

http://www.thirdave.com/ta/shareholder-letters-mf.asp

 

I have followed them and read them since the late 90s (shareholder for a small portion of that) but in the last two years the quality seems to have gone downhill. Marty's section seems more like an old professors rant then as educational as it use to be and the others have become more mainstream and less candid or informative.

 

Am I missing it and they stayed the same but maybe I have changed.

 

You know, I think you are right, the quality has gone down in recent years. However I'm willing to give them the benefit of the doubt for a while given Marty's history.

[Phaceliacapital]

Can we link this to google calendar?

 

- Graham and Doddsville newsletter

[vikx01]

Added a separate sheet for periodicals to the spreadsheet.