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Commentary

Great Shareholder Letters

Ariel Funds
This small Chicago fund shop does some good old-fashioned fundamental analysis. Manager John Rogers delves into the companies he likes and does a great job explaining Ariel's approach to picking stocks.

Baron Funds
Manager Ron Baron knows his companies inside-out. And he writes about them--and the market--extensively in his shareholder letters.

Berkshire Hathaway
Warren Buffett's annual letters to Berkshire Hathaway shareholders are investment classics.

Clipper Fund
Jim Gipson and friends have run this fund according to Buffett-like principles. In their shareholder letters they often discuss their favorite stocks.

FPA Capital
Bob Rodriguez analyzes stocks the old-fashioned way: grilling management, tearing apart financial statements, and casting a skeptical eye on stock valuations. 

Gabelli Funds
Mario Gabelli's expertise is in valuing the assets of difficult-to-understand firms, particularly in the telecom and cable sectors. His site has recent interviews, shareholder reports, and a lot more.

Legg Mason Value Trust
Bill Miller studied philosophy before becoming a money manager, and that's reflected in his shareholder reports. For a wise, prudent look at the market, look no further.

Longleaf Partners
Managers Mason Hawkins and Staley Cates take value seriously. They scour the markets for companies trading at discounts of 40% or more to the team's estimates of their true worth.

Oakmark
The managers at Oakmark, including Bill Nygren, dig into their stocks in their shareholder letters. A can't-miss for fundamental investors.

Oak Value
The folks at Oak Value are Buffett-style investors, and in their shareholder reports give great information about why they're buying and selling particular stocks.

Olstein Financial Alert
Robert Olstein not only manages money, but publishes the Quality of Earnings Report. He's an expert on tearing apart financial statements.

Selected American
Managers Chris Davis and Ken Feinberg discuss investment philosophy (much of it learned from legendary manager Shelby Davis), as well as their best and worst stock picks.

Sequoia Fund
No one follows Buffett-style principles more closely than Bill Ruane and company. The fund started in the late 1960s when Warren Buffett dissolved his investment partnership; it's one of the places Buffett recommended his former clients take their money.

Third Avenue Value
Manager Marty Whitman shows his shareholders how he tears apart balance sheets and calculates intrinsic values for companies.

Torray
This is one of the best stock-picking vehicles out there. Comanagers Bob Torray and Doug Eby have plenty of experience and a great record. Using a buy-and-hold approach, they hold comparatively few names and have very low turnover. Their contrarian thinking shines through clearly in their shareholder reports.

Tweedy, Browne
Comanagers William Browne, Christopher Browne, and John Spears are old-school in their approach to value investing. Their site has some interesting research reports as well as shareholder letters.

Weitz
Manager Wally Weitz looks for securities that are cheap on a cash-flow basis. He goes into details about individual stocks in his letters.

Wesco Financial
Charlie Munger, the longtime colleague of Warren Buffett, runs his own company, Wesco Financial. While he lacks the writing pizzazz of Buffett, Munger packs plenty of business sense and investing wisdom into his annual letters.

Know of some great shareholder reports that aren't included here? E-mail them to me at haywood.kelly@morningstar.com.