Must Read Letters to Shareholders



Someone asked about must read books.  I put books in the Brooklyn Investor book store.  Check out the "must read" section there:   Investment Must Reads

Berkshire Hathaway (BRK)

J.P. Morgan Chase (JPM)

Leucadia National (LUK)
The Cumming/Steinberg era annual reports are really good, but the new management also writes in some detail.

Markel (MKL)
Markel has been writing great annual reports for a long time too.  They are very good at describing what they do, how they've done, why they will continue to do better etc.  They have an impressive track record to go with it.  What's great at the MKL website is that all of the letters back to 1986 is available there.

Alleghany (Y)
Alleghany also has a great letter.  A lot of it is about the macro environment and what they see, but the letters are really well written and worth the read.  They also have done pretty well over time.

Fairfax Financial Holdings (FRFHF)
Prem Watsa writes interesting letters too.   Recent reports are full of market analysis (how bubbled up they are) and things like that.  FRFHF has a great long term track record too; it's worth listening to what such a person has to say about the state of the world.

Loews (L)
Loews hasn't been doing too well recently (as of early 2015), but they have a solid long term track record.  I like their approach to value investing and always look forward to their annual reports.



    1. Hi,

  2. I would add (ADM - Admiral Group PLC) to the list.