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Must read Annual Reports/Shareholder Letters


jay21
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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.

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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.

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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.

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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.

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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.

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