CEO Annual Letters

In addition to showers, April brings the release of financial results for those companies with a December fiscal year end. Accompanying those results are the annual Letter to Shareholders written (or at least reviewed) by the companies’ CEOs. Of varying quality, they strive to convey a sense of what has transpired of the past 12 months and provide the CEO’s “vision” for the future. Many are done well and a few exceptionally well.

The most famous and iconic written of annual letters is Warren Buffett. Often characterized as “an MBA in annual installments,” they contain insight into not only Berkshire Hathaway’s results but the global economy and business issues. Follow this link to a collection of Buffett’s most recent musings.

Also receiving attention this reporting cycle is the collection of Jeff Bezos’ annual letters. Read this year’s letter if nothing else for its discussion of his ban on the use of PowerPoint and discussion of the importance of narrative and writing skills. The letters are relatively short; so it is also interesting to go back to his earliest letters which chronicle his vision and strategy for Amazon. You can find the entire series here.

The last recommended reading is Jamie Dimon of J.P. Morgan Chase. His annual letter is 40 to 50 pages in length so he cannot be characterized as a man of few words. His letters provide an abundance of information on the bank and his world view. It is well worth the time particularly of you are planning a career in banking or finance. You can find his missives here.