❝ The best shareholder letters treat readers as business partners

The best shareholder letters are those that treat readers as business partners, by offering deep insights into a particular company and its business. These writers share their perspectives on core business topics across the spectrum, spanning from general staples of the business school curriculum, such as accounting, economics, and management, to specific challenges facing a company, from competitive strategy and innovation, to employee morale, and executive succession.

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