So far I have not read a shareholder letter that’s been better than Warren Buffett’s for Berkshire Hathaway. I am sure there are many great shareholder letters out there. You just have to find them. At the same time it looks like there are too many, shareholder letters or comments from CEO’s, that just doesn’t make the grade.
Have you read any of the shareholder letters from Warren Buffett? If not, I can highly recommend that you do. See the following link to get started. You won’t regret it.
So, with annual reports being released I thought it would be a good idea to look at some shareholder letters/CEO comments.
Yesterday Dagens Industri (a Swedish business newspaper) had an article that looked at the CEO comments from the 25 annual reports released so far by publicly traded companies – see picture below.
The article focused on some key words (share, dividend, value creation, thanks to our shareholders, outlook) and whether the CEO had used the words (or similar ones). I didn’t really think that just looking at these words to grade each company was that interesting or meaningful. So I decided to read the CEO comments myself to see if the ranking in the article made any sense.
Is there any shareholder letter as good as Warren Buffett’s? Sure. I think it is. But, I have not come across any. So if you think you have read some – please share your insight.
From reading the CEO comments it’s clear that some are better and more informative than others.
Have you read any great shareholder letters? Please feel free to share.
Here are some articles discussing what to consider when reading a shareholder letter:
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