Graham Newman Partnership Letters To Shareholders
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Graham-Newman Partnership Letters to Shareholders
This is an independent compilation for investors and analysts. It contains unedited letters from the last 12 years of the partnership. The Graham-Newman Corporation stands as a compelling testament to the principles of value investing pioneered by Benjamin Graham, often referred to as the "father of value investing. Over its three-decade existence, spanning from 1926 to 1958, the investment partnership delivered an exceptional average annual return of 17%. This remarkable performance significantly outpaced the broader market, as represented by the Dow Jones Industrial Average (DJIA), which yielded an average annual return of just 4.7% during the same period. To illustrate the magnitude of this outperformance, consider the growth of a single dollar invested in 1926. By the time the Graham-Newman Corporation was dissolved in 1958, that initial $1 investment had grown to approximately $110.97. In stark contrast, a similar $1 investment in the DJIA over the same 30-year timeframe would have only amounted to roughly $3.96. This staggering difference reveals that an investment in Graham-Newman Corporation generated returns approximately 28 times greater than a passive investment in the Dow Jones Industrial Average. This substantial disparity underscores the effectiveness of Graham and Newman's meticulous approach to security analysis and their focus on identifying undervalued companies. Their strategy, rooted in fundamental research and a long-term perspective, enabled them to navigate various market cycles and consistently generate superior returns for their shareholders. The historical performance of the Graham-Newman Partnership serves as a powerful example of the potential rewards of disciplined value investing and offers valuable insights for investors seeking to achieve long-term capital appreciation. This collection of shareholder letters chronicles the final twelve years of the Graham-Newman partnership. These communications show the partnership's investment approach, performance, and expectations for the future, alongside evaluations of specific investments. Readers will find discussions on different types of securities, such as bonds, preferred stock, and common stock, across industries like railroads, utilities, and insurance.
Scion Value Fund Letters to Shareholders
This book compiles the full, unedited versions of every one of Michael Burry's letters to the shareholders from 2000 to 2006 that I could find. You can find most of the letters online, but this compiles them into a well-designed, easily readable format. The collection is born out of a desire to offer the following benefits to the investing community: - Effortless Navigation: Gone are the days of cumbersome PDFs or archived documents. Our clear, optimized layout ensures a seamless reading experience on any e-reader. - Crystal-Clear Text: We've meticulously formatted the letters for enhanced readability, allowing you to focus on Burry's insightful commentary. - Preserving the Legacy: These shareholder letters are more than just annual reports. They chronicle the journey of Scion Value Fund. By compiling them in this permanent volume, I want to ensure their preservation for future generations.
Fundsmith Letters to Shareholders
This book compiles the full, un-edited versions of every letter Terry Smith sent to shareholders from 2010 to 2023, which are available on Fundsmith's website. While most of the letters can be found there, this book compiles them into a well-designed, easily readable format. I will continue to add letters to this collection as they are published on the website in the future. The collection is born out of a desire to offer the following benefits to the investing community: - Enhanced Convenience: Currently, shareholder letters are scattered across various documents on the official website. This book compiles them in one central location, making it easier than ever to navigate and explore the complete record of Fundsmith’s communication with shareholders. - Preserving the Legacy: These shareholder letters are more than just annual reports. They chronicle the journey of Fundsmith. By compiling them in this permanent volume, I want to ensure their preservation for future generations.