❝ Outstanding shareholder letters are well-written, honest, and consistently focused.

Outstanding shareholder letters are well-written, honest, and consistently focused. They reveal the good, the bad, and the awful, not ducking hard problems. They embrace long-term thinking, manifested by charting results over long periods of time, which means acknowledging tough patches put in the context of stronger returns over longer time spans.

– Lawrence A. Cunningham in Dear Shareholder (Page 12)