Different Makes a Difference

The Odlum Brown Research Blog

Looking For Some Weekend Reading?

By Dan Hincks, CFA, Equity Analyst
Friday, March 13, 2015

It’s that time of the year again. No, we’re not talking about Spring Break! It’s the time when many companies release their annual reports.

One of our favourite and usually overlooked sections of these reports is the CEO’s Letter to Shareholders. Typically, these are written by the PR department and filled with corporate jargon and platitudes. However, some of the companies we cover have CEOs who write excellent and insightful letters full of candor.

A few recent releases include:

Also keep an eye out for the upcoming letters from Markel, JPMorgan, Constellation Software, and Google. They are typically outstanding.

Can’t get enough? A great book that highlights and decodes CEO communications is “Investing Between the Lines: How to Make Smarter Decisions By Decoding CEO Communications.” It was even recommended by Warren Buffett two years ago.

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