Must-read investor letters

CFA General
#1

I thought this would be a great forum to poll members for what we think the must-read investor letters. I’ll start with some of the obvious: Bill Gross, PIMCO: http://www.pimco.com/EN/Insights/Pages/InvestmentOutlookOverview.aspx Jeremy Grantham, GMO: https://www.gmo.com/America/MyHome/ Not quite must-read, but I really like John Hussman’s stuff at Hussman Funds: http://hussmanfunds.com/index.html Other suggestions? I know someone’s going to suggest Warren Buffet, and possibly Bill Miller, but I’ll let them do it.

#2

Nice idea Bchad. How about putting manager name, your own description of what the manager does, and link? I started to put a post with the ones I love but work just got busy. I’ve got at least 3 or 4 I can think of, I’ll post later.

#3

I used to work for MSSB and I really liked their monthly “On The Markets” https://www.morganstanleysmithbarney.com/contentmanagement/pdf/onthemarkets.pdf

#4

John Mauldin and The Gartman Letter if you can get it

#5

Gartman letter is a must, especially in this commodity era.

#6

Huge fan of the work that Clare Barnes does at Apollo Asia fund - value-focused hedge fund in Southeast Asia and Japan. Some days I feel like she may be the most slept-on exceptional manager I’ve ever heard of. http://apolloinvestment.com/features.htm Seth Klarman’s (Baupost Group) letters, though they’re much harder to obtain. Here are some: http://www.hedgefundletters.com/category/baupost-group/ Marty Whitman’s letters can be very good when he gets into case study type stuff. I enjoy hearing about some of the special situation/distressed stuff they do: http://www.thirdavenuefunds.com/ta/products-mutual-funds.aspx

#7

Bank Credit Analyst Gary Schilling

#8

John Paulson’s letter is good

#9
  1. Michael Moubassim on Strategy from LMCM https://www.lmcm.com/default.asp?P=868060 2. Robert Rodrigues FPA funds - http://www.fpafunds.com/crescentfund_historical_index.asp 3. Long leaf partners, Mason Hawkins - http://www.longleafpartners.com/funds/partners_reports.cfm 4. Paul kedrosky - http://paul.kedrosky.com/ 5. Damodaran blog - http://www.aswathdamodaran.blogspot.com/ 6. From GMO - Lawrence Cunnigham, James Montier, Arjun Divecha 7. Berkshire annual letter 8. Eddie lampert annual letter 9. Frank Martin at Martin capital management - http://www.mcmadvisors.com/annual-reports.php
#10

supersadface Wrote: ------------------------------------------------------- > Huge fan of the work that Clare Barnes does at > Apollo Asia fund - value-focused hedge fund in > Southeast Asia and Japan. Some days I feel like > she may be the most slept-on exceptional manager > I’ve ever heard of. > http://apolloinvestment.com/features.htm > > Seth Klarman’s (Baupost Group) letters, though > they’re much harder to obtain. Here are some: > http://www.hedgefundletters.com/category/baupost-g > roup/ > > Marty Whitman’s letters can be very good when he > gets into case study type stuff. I enjoy hearing > about some of the special situation/distressed > stuff they do: > http://www.thirdavenuefunds.com/ta/products-mutual > -funds.aspx Thanks for that!

#11

Almost forgot: Leucadia Corp Annual report Cumming/Steinberg http://www.leucadia.com/toc_c-p_letters.html

#12

FFH report is good So is SHLD.

#13

Kyle Bass

#14

How can you have a must-read investor letter list and not include Howard Marks/Oaktree? You should all be ashamed of yourselves… I try to read anything Bill Ackman/Pershing Square publishes as well.

#15

I think the letters from john burbank at passport capital are excellent, especially if you like investment themes and/or commodities. Echo the howard marks too.

#16

Howard Marks is a must…but he stop writing recently for his book.

#17

Gluskin Sheff

#18

Gluskin Sheff is OK for a long-term perspective. Any time horizon less than 3 years, however, and you are likely to lose money listening to Mr. Rosenberg. Never trust a permabear who changes his mind when he is consistently wrong about the market recovery for 12-18 months. Capitulation has a price.

#19

supersadface Wrote: ------------------------------------------------------- > Huge fan of the work that Clare Barnes does at > Apollo Asia fund - value-focused hedge fund in > Southeast Asia and Japan. Some days I feel like > she may be the most slept-on exceptional manager > I’ve ever heard of. > http://apolloinvestment.com/features.htm Her website is very Berkshire-esque … is there any way to get e-mail notification when she posts an update?

#20

CPierce Wrote: ------------------------------------------------------- > supersadface Wrote: > -------------------------------------------------- > ----- > > Huge fan of the work that Clare Barnes does at > > Apollo Asia fund - value-focused hedge fund in > > Southeast Asia and Japan. Some days I feel > like > > she may be the most slept-on exceptional > manager > > I’ve ever heard of. > > http://apolloinvestment.com/features.htm > > Her website is very Berkshire-esque … is there > any way to get e-mail notification when she posts > an update? None at all unless you’re an investor (I’m not - her fund is closed). Mark it in your outlook calendar; it is always worth reading. Minimum of one letter per quarter, but she occasionally puts up her musings on specific topics a little more frequently than that.