Famous Investor Letters

Warren Buffett's annual shareholder letters are arguably the most widely read investor letters in history. Written since 1965, they are a masterclass in clear thinking about business, investing, and capital allocation. Buffett uses plain language and folksy humor to explain complex concepts — from insurance float to intrinsic value to the psychology of market panic. These letters are effectively a free MBA in value investing.

Howard Marks' memos are revered on Wall Street for their intellectual rigor and contrarian thinking. Even Warren Buffett has said, 'When I see memos from Howard Marks in my mail, they're the first thing I open and read.' Marks writes about market cycles, risk management, and the psychology of investing with a depth that few can match. His memos during market extremes (2000 dot-com bubble, 2008 crisis) are considered essential reading.

Seth Klarman is one of the most respected value investors alive, and his annual Baupost letters are closely guarded — the fund doesn't publish them publicly, which only adds to their mystique. When they do leak, they reveal a deeply thoughtful investor focused on capital preservation, margin of safety, and the dangers of herd behavior. Klarman is also the author of 'Margin of Safety,' a book so rare that used copies sell for hundreds of dollars.

While Charlie Munger is best known as Warren Buffett's partner, his own letters as chairman of the Daily Journal Corporation and his speeches are treasure troves of mental models and multidisciplinary thinking. Munger's writing is more philosophical than Buffett's — focusing on cognitive biases, the importance of reading widely, and building 'latticework of mental models' from multiple disciplines to make better decisions.

Bill Ackman's letters are among the most entertaining and detailed in the hedge fund world. Known for his activist style, Ackman writes with conviction about his high-concentration portfolio, often including detailed investment theses that read like equity research reports. His letters cover both his big wins (like the COVID hedge that returned 100x) and his big losses (Valeant), making them unusually transparent for a fund of Pershing Square's size.

Dan Loeb's quarterly letters from Third Point combine activist investing with sharp, sometimes provocative prose. Loeb is known for writing pointed letters to company boards demanding changes, and his fund letters detail the research process behind these campaigns. His writing style is direct and unsparing — he once compared a CEO to a 'slum lord.' Beyond the entertainment value, his letters contain genuine insight into event-driven and activist strategies.

David Einhorn's quarterly letters are valued for their rigorous short-selling analysis and contrarian research. Einhorn rose to fame by publicly shorting Lehman Brothers before its collapse and has maintained a reputation for deep forensic research into company financials. His letters provide detailed bear cases alongside long positions, offering a balanced view that most fund managers avoid.

Ray Dalio's 'Daily Observations' and periodic research pieces from Bridgewater are unique in the investing world. Rather than traditional shareholder letters, Dalio publishes systematic research on macro-economic cycles, debt dynamics, and the rise and fall of empires. His writing reflects Bridgewater's principles-based approach to understanding how the economic machine works, making his letters essential reading for anyone interested in macro investing.