Dear Shareholder

Professional Reviews

Lawrence Cunningham was the first to distill the wisdom of Warren Buffett’s letters in his ground-breaking Essays of Warren Buffett. Now he analyzes and extracts important information from the letters of other financial legends. Incorporating these cultural and leadership insights will surely boost your strategic IQ and your investment returns. Laura Rittenhouse, CEO, Rittenhouse Rankings, Inc. & Author, Investing Between the Lines: How to Make Smarter Decisions By Decoding CEO Communications

Dear Shareholder provides a collection of invaluable lessons and insights from the world’s savviest wealth creating CEOs. Lawrence Cunningham delivers a curated classic that is both bingeworthy and a permanent addition to any investor’s library. Lauren C. Templeton, President, Templeton & Phillips Capital Management & Author, Investing The Templeton Way

Want to know how the best CEOs in the business think? Dear Shareholder is your cheat sheet. Larry Cunningham has distilled the lessons buried in the annual letters of the most successful CEOs of our generation to bring us a treasure of timeless, common-sense principles for business, management and capital allocation (a surprisingly uncommon trifecta). Robert Robotti, President, Robotti & Co.

Lawrence Cunningham has put together another excellent book, a collection of letters by CEOs, the limited few, who are not only good operators, but also good asset allocators, i.e., value investors. Dear Shareholder is a must-read for anyone looking to understand those CEOs who know how to manage to create value and make their companies attractive to those who seek value creation. They are defined by these character traits: integrity, humility, discipline, patience, and long-term perspective. Prof. George Athanassakos, Ben Graham Chair in Value Investing, Ivey Business School, Western University, London, Ontario, Canada

Lawrence Cunningham forever changed my life with a simple insight: the best way to learn about business is to read the letters of its greatest practitioners. Larry’s book, The Essays of Warren Buffett, is a master class in finance that inspired a generation of value investors. His newest offering, Dear Shareholder, channels legendary CEOs to teach us valuable lessons about management, leadership and corporate stewardship. Future titans of industry should begin their business education with this book. Jeff Gramm, Author, Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism

Little has been written about CEOs’ letters to shareholders. In Dear Shareholder, Lawrence Cunningham pulls together the best excerpts from the best letters. He demonstrates the qualities of superior letters, and the ones he has excerpted illustrate what makes for a successful company and a great CEO. There’s much to be learned from this volume. Howard Marks, Director and Co-Chairman, Oaktree Capital & Author, The Most Important Thing and Mastering the Market Cycle

Lawrence Cunningham profiles how value creating CEOs communicate their activities to their shareholders. Dear Shareholder both informs and inspires. Joseph Calandro, Jr., Gabelli Center for Global Security Analysis at Fordham University, Author, Creating Strategic Value and Applied Value Investing

Shareholder letters are a unique keyhole into the business world. Professor Cunningham, the master curator behind The Essays of Warren Buffett, works his magic again in this inspired collection of the best letters. Jacob L. Taylor, Host, Five Good Questions, Author, The Rebel Allocator

Dear Shareholder is an invaluable curation of the finest shareholder letters, a treasure trove for current and aspiring investors and CEOs, and for anyone on the lookout for exceptional capital allocators. The clarity and concision of these letters correlates highly with extraordinary returns and will delight any reader intrigued by (very) long term value creation. William N. Thorndike, Author, The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

It's usually the case that 'Those who can do, while those who can't, teach or write.' Not so here. Of course, Warren Buffett, Prem Watsa, Tom Gayner and others have been unquestionably successful. But they have also been able to write about that success, and therefore to teach. And Lawrence Cunningham's excellent selection, arrangement and commentary on their shareholder letters make their lessons that much more accessible and digestible for the rest of us. Guy Spier, Author, The Education of a Value Investor

An insightful compilation of shareholders letters from some of the best operators in the world. A must read for any investor. I loved it. Ian Cassel, Founder, MicroCapClub, CIO, Intelligent Fanatics Capital Management

Good shareholder letters are rare. Lawrence Cunningham has collected the best of them and highlighted the strongest parts. The result is some of the finest, insightful business writing you can find. Highly recommended! Max Olson, Max Capital Corporation

The best communications from managers leave me with a refreshing sense of clarity. The lessons leaders bestow about their business cross over to allow interdisciplinary reflections on philosophy, strategy, and life. In Dear Shareholder, Cunningham has curated some of the very best writing on business and leadership, ranging from the highest profile executives to thoughtful, less well-known stars. Housing this compendium in one volume is equal parts convenient and rich with wisdom. Ted Seides, Host, Capital Allocators Podcast