Warren Buffett has been publishing his annual letter to shareholders for more than half a century. It’s a must-read for investors, who pore over each letter expecting to decode and translate his insights into exceptional performance for themselves. I also believe these letters are enjoyable to read because they combine optimism with self-deprecation and self-criticism.
There are a few other letters that are studiously read, maybe not with the same concentration as that of Mr Buffett but deserve focus.
The most cited of these is that of Larry Fink, chairman of Blackrock, the world’s largest asset manager. For the past 10 years, he has been sending out two letters. One is to his shareholders and another to the CEOs of the companies in which BlackRock invests, as a fiduciary on behalf of its clients. The letter lays out Mr Fink’s — and Blackrock’s — expectations for how these businesses are managed.
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