jay21 Posted February 11, 2013 Share Posted February 11, 2013 Seeing as how annual reports should be coming out soon, what ones do you feel are a must read for investors? Link to comment Share on other sites More sharing options...
stahleyp Posted February 11, 2013 Share Posted February 11, 2013 Buffett mentioned that Dimon's missives at JPM are a great read. Link to comment Share on other sites More sharing options...
Grahamisback Posted February 11, 2013 Share Posted February 11, 2013 I have recently discovered Fabrikant's letters from Seacor, I recommend! http://ir.stockpr.com/seacorholdings/letters-to-stockholders Link to comment Share on other sites More sharing options...
StubbleJumper Posted February 11, 2013 Share Posted February 11, 2013 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 Link to comment Share on other sites More sharing options...
Kraven Posted February 11, 2013 Share Posted February 11, 2013 The long ones. Link to comment Share on other sites More sharing options...
A_Hamilton Posted February 11, 2013 Share Posted February 11, 2013 Brk/a, FFH, MTB, JPM, STRA, WRB, MKL, Y. Link to comment Share on other sites More sharing options...
PlanMaestro Posted February 11, 2013 Share Posted February 11, 2013 Banking: Wilmers (MTB), then Dimon (JPM). Link to comment Share on other sites More sharing options...
vikx01 Posted February 11, 2013 Share Posted February 11, 2013 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 Link to comment Share on other sites More sharing options...
vikx01 Posted February 11, 2013 Share Posted February 11, 2013 btw you don't have to fill everything. Just put a link and I'll fill in the rest later in the evening. Link to comment Share on other sites More sharing options...
racemize Posted February 11, 2013 Share Posted February 11, 2013 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! Link to comment Share on other sites More sharing options...
LC Posted February 11, 2013 Share Posted February 11, 2013 How could we forget Marty Whitman's Third Ave Funds? http://www.thirdave.com/ta/shareholder-letters-mf.asp Link to comment Share on other sites More sharing options...
Guest wellmont Posted February 11, 2013 Share Posted February 11, 2013 i like to read the annual meeting notes of sequoia fund. they will quite often explain an obscure company's moat. Link to comment Share on other sites More sharing options...
hyten1 Posted February 11, 2013 Share Posted February 11, 2013 maybe we should put a column for when the doc are posted? that would be helpful to know when certain docs are avail Link to comment Share on other sites More sharing options...
A_Hamilton Posted February 11, 2013 Share Posted February 11, 2013 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? Link to comment Share on other sites More sharing options...
SmallCap Posted February 11, 2013 Share Posted February 11, 2013 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. Link to comment Share on other sites More sharing options...
Guest hellsten Posted February 11, 2013 Share Posted February 11, 2013 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. Link to comment Share on other sites More sharing options...
cubsfan Posted February 11, 2013 Share Posted February 11, 2013 I really enjoy reading the SHLD and LUK annual letters. Link to comment Share on other sites More sharing options...
A_Hamilton Posted February 11, 2013 Share Posted February 11, 2013 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. Link to comment Share on other sites More sharing options...
augustabound Posted February 11, 2013 Share Posted February 11, 2013 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. Link to comment Share on other sites More sharing options...
LC Posted February 11, 2013 Share Posted February 11, 2013 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. Link to comment Share on other sites More sharing options...
Phaceliacapital Posted February 12, 2013 Share Posted February 12, 2013 Can we link this to google calendar? - Graham and Doddsville newsletter Link to comment Share on other sites More sharing options...
vikx01 Posted February 12, 2013 Share Posted February 12, 2013 Added a separate sheet for periodicals to the spreadsheet. Link to comment Share on other sites More sharing options...
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