The Annual Shareholder Letter: Disclosing Leadership

“In an environment where past results are no longer a reliable indicator of future performance, the annual report letter is viewed as a unique statement of vision and personal accountability.

In four years of surveying shareholder letters, we’ve seen the good, the bad and the quickly forgotten — unfortunately, most of them in the latter two categories…Our yearly research of the letters of 100 top-rated companies has determined that only about one-third of companies are writing distinguished letters that educate and engage readers.”

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