Dear Shareholder : The Best Executive Letters from Warren Buffett, Prem Watsa & Other Great CEOs

The shareholder letters of corporate leaders are a rich source of business and investing wisdom. There is no more authoritative resource on subjects ranging from leadership and management to capital allocation and company culture.

But with thousands of shareholder letters written every year, how can investors and students of the corporate world sift this vast swathe to unearth the best insights?

Dear Shareholder is the solution!

In this masterly new collection, Lawrence A. Cunningham, business expert and acclaimed editor of The Essays of Warren Buffett, presents the finest writers in the genre of the shareholder letter, and the most significant excerpts from their total output. Skillfully curated, edited and arranged, these letters showcase the ultimate in business and investment knowledge from an all-star team.

Dear Shareholder holds letters by more than 20 different leaders from 16 companies. These leaders include Warren Buffett (Berkshire Hathaway), Tom Gayner (Markel), Kay Graham and Don Graham (The Washington Post and Graham Holdings), Roberto Goizueta (Coca-Cola), Ginni Rometty (IBM), and Prem Watsa (Fairfax).

Topics covered in these letters include the long-term focus, corporate culture and commitment to values, capital allocation, buybacks, dividends, acquisitions, management, business strategy, and executive compensation.

As we survey the corporate landscape in search of outstanding companies run by first-rate managers, shareholder letters are a valuable resource. The letters also contain a wealth of knowledge on the core topics of effective business management. Let Dear Shareholder be your guide.

Lawrence Cunningham's two dozen books include The Essays of Warren Buffett, which Cunningham self-published into an international bestseller that he has arranged for translation into a dozen languages.

An influential thought leader in both value investing and corporate governance, Cunningham's other notable books include Quality Investing (long time bestseller with AKO Capital), The AIG Story (with Hank Greenberg) and Margin of Trust (which Warren Buffett singled out for special mention in his 2020 letter to Berkshire Hathaway shareholders). He is also the editor of Boardroom Legacy.

Cunningham advises companies, boards and shareholders, currently as presiding director of the Weinberg Center for Corporate Governance. He has served on numerous corporate boards, of both private and public companies, including Constellation Software Inc., where he is currently vice chairman, and Markel Group.