Best Shareholder Letters

Hello. Everyone talks about Sir Warren Buffett’s letters to shareholders, and far fewer read Sir Jeff Bezos’s letters to shareholders. Beyond these two, there are hardly any letters to shareholders that are well known. I would like to get started by listing some companies whose letters to shareholders are really well-written, and I would appreciate more suggestions for reading.

Biglari Holdings
Allegiant Travel Company
Strayer Education
Waddell And Reed



Recently I came across shareholder letters from Constellation software
It is really interesting read and promoter really thinks about minority shareholders interest
Sharing link here so many more investors can enjoy it

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Few people know of Nick Sleep and Zakaria, which is expected. But recently the shareholder letters of Nomad partners was released legally. Incredible read, far from my style of investing but still brilliant IMO.


This is absolutely brilliant. Thanks @GrowingAlpha for sharing this.

Good morning people!(RIP RJ)

A large collection of letters written by Munger all the way from days of Blue Chip stamps, Wesco Financial, DJCO etc. Enjoy!

A large collection of letters by Buffet from the days of the partnership(yes the 30% CAGR years!)

Early letters from Scion Capital from Burry himself."&resourcekey=0-1v9O0owc4NBosY3CVGkfsg

Haven’t read everything yet but slowly plan on glossing through everything. IMO for smaller capital investors it is better to read through their thought process and framework from investor’s early years when they were crushing the indices.


@GrowingAlpha Thank you for sharing this!