Wednesday, July 9, 2008

The Best Shareholder Letters

I am a big fan of reading fund managers' shareholder letters. Going back through ten years of shareholder letters from the best fund managers gives you an incredibly useful insight into how they think, analyze opportunities, view risk and rewards and conduct valuations.

The best shareholder letters in my opinion are those by Third Avenue and the Olstein Funds as they really show the reader the investing philosophy and style that underpins these funds. Close runner ups are those by Orbis and Southeastern, though not nearly as in-depth and detailed as Third Ave or Olstein, reading the shareholder reports of these two outfits over the years yields some really useful nuggets of information.


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