Read what investors, bankers and founders actually wrote.
Primary sources, not summaries of summaries: activist letters, annual letters and founder letters, each with what is worth noticing and a link to the original on the publisher’s own site or the SEC.
Fred Liu · Hayden Capital
Hayden Capital's Q2 2026 letter, on the "SaaS-pocalypse" and returns on reinvestment
Q2 2026 · Quarterly letter
Notice: Liu argues that hyperscalers now reinvest close to all their cash flow, so the question is the return on that capital, which spot compute prices may overstate.
Source Capital Portfolio Managers · FPA
Source Capital's mid-2026 letter to shareholders, on AI and credit spreads
H1 2026 · Investor letter
Notice: The managers describe themselves as bullish on AI but not more bullish than the bulls, and say the market offers no easy answers in AI hardware.
Scott Miller · Greenhaven Road Capital
Greenhaven Road Capital's Q2 2026 letter, on changing how the portfolio is built
Q2 2026 · Quarterly letter
Notice: Miller frames each large holding by where his view departs from sell-side consensus, and names the evidence he relies on, such as statutory insurance filings and court records.
Jensen Huang · NVIDIA
NVIDIA's fiscal 2026 letter from Jensen Huang
FY2026
Notice: Huang says inference has overtaken training as the dominant workload, and describes a flywheel: capable agents generate more tokens, more tokens need more compute, and more compute produces smarter AI and further demand.
Impactive Capital
Impactive Capital's "Wake Up WEX" letter to WEX shareholders
10 Apr 2026 · Activist letter
Notice: Impactive's central figure is a 24-point gap between WEX's Mobility segment margin and Corpay's comparable segment, which it says persisted for five years.
Andy Jassy · Amazon
CEO Andy Jassy’s 2025 Letter to Shareholders
FY2025
Notice: Jassy uses AWS's uneven early history to argue that long-term bets rarely progress in a straight line.
Jamie Dimon · JPMorgan Chase
Chairman and CEO Letter to Shareholders
FY2025
Notice: Dimon expects leveraged lending losses to exceed expectations when a credit cycle arrives, because standards have quietly loosened.
Larry Fink · BlackRock
2026 Annual Chairman’s Letter to Investors
FY2025
Notice: Fink argues staying invested beats market timing, noting that missing the ten best days over two decades more than halved S&P 500 returns.
Brian Moynihan · Bank of America
A letter to shareholders from Chair and CEO Brian Moynihan
FY2025
Notice: Moynihan reports 2025 revenue of $113.1 billion and net income of $30.5 billion.
John Elkann · Exor
Letter to Shareholders 2025
FY2025
Notice: On Stellantis, Elkann names internal causes: cost-cutting that hurt delivery and quality, and moving to electric vehicles faster than customers wanted.
David Solomon · Goldman Sachs
Letter to Shareholders
FY2025
Notice: Solomon reports net revenues of $58.3 billion and a 15% return on equity, measured against targets set at the 2020 Investor Day.
Charles Scharf · Wells Fargo
CEO Letter
FY2025
Notice: Scharf reports meeting the goal set after late 2020 of lifting return on tangible common equity from 8% to 15%, though 2025's figure was 14.6%, and says the bank can deliver stronger results.
Jeffrey Smith · Starboard Value
Starboard Value's letter to CarMax's incoming CEO
10 Mar 2026 · Activist letter
Notice: The letter is addressed to Keith Barr before he formally starts as chief executive, and is pitched as an offer to collaborate from a holder with about $350 million invested.
Prem Watsa · Fairfax Financial Holdings
Chairman’s Letter to Shareholders
FY2025
Notice: Watsa reports a record year and book value per share compounding at 18.7% a year since 1985, crediting decentralisation and disciplined underwriting.
François Rochon · Giverny Capital
Annual Letter to our Partners 2025
FY2025 · Investor letter
Notice: Rochon separates causes: two stock-specific mistakes, and a market that sold software companies on fear of AI while their earnings kept growing.
Greg Abel · Berkshire Hathaway
CEO's Letter
FY2025
Notice: Abel describes the job as stewardship of shareholders' capital and says Berkshire's values are the reason for its success, not a product of it.
Thomas Gayner · Markel Group
2025 letter to shareholders
FY2025
Notice: Gayner concedes the insurance operations became too centralised, with weaker accountability and decisions too far from the front line; the reorganisation gives each P&L one, and only one, accountable owner.
Rick Wurster · Charles Schwab
Letter from the Chief Executive Officer
FY2025
Notice: Despite pressure to offer prediction markets, Wurster says the demand is not there today, as more than 90% of their volume is in sports gambling, which he calls in direct opposition to Schwab's mission.
Patrick Collison and John Collison · Stripe
Stripe’s 2025 annual letter
FY2025
Notice: Businesses on Stripe processed $1.9 trillion in 2025, up 34% and roughly 1.6% of global GDP.
Satya Nadella · Microsoft
Shareholder Letter
FY2025
Notice: Nadella reports revenue of $281.7 billion, up 15%, with Azure revenue passing $75 billion for the first time.
Gregory Goff · Elliott Investment Management
Letter to Fellow Phillips 66 Shareholders
9 Apr 2025 · Activist letter
Notice: The letter is written by Gregory Goff, a former Andeavor chief executive, and published by Elliott as additional proxy material supporting its own slate of director nominees.
Jeremy Allaire · Circle Internet Group
Founder’s letter
1 Apr 2025 · IPO founder letter
Notice: Allaire lists four founding principles: walking in through the front door of regulators and policymakers, a platform-first approach to technology, meeting the market where it is, and using compliance as a competitive advantage.
Rich Fairbank · Capital One
Capital One's 2024 letter from Rich Fairbank
FY2024
Notice: Fairbank splits AI's effect into a horizontal revolution of off-the-shelf tools across all industries and a vertical one, which he expects to be driven not by big tech but by companies with deep proprietary data in their own industry.
Jeffrey Smith · Starboard Value
A letter to the shareholders of Autodesk, Inc.
19 Mar 2025 · Activist letter
Notice: Starboard prices the cut of about 1,350 roles at $150,000 to $200,000 each, giving roughly $200 million to $270 million of annual savings, or about 360bps of margin.
Ted Pick · Morgan Stanley
2024 shareholder letter
FY2023
Notice: Pick restates four firmwide goals: $10 trillion in client assets, a 30% Wealth Management pre-tax margin, a 70% efficiency ratio and 20% returns on tangible common equity through business cycles.
Jane Fraser · Citigroup
Letter to shareholders
FY2023
Notice: Return on tangible common equity was 4.9% in 2023, yet Fraser reaffirms the 11 to 12% medium-term target, a gap worth testing against the plan the letter describes.
Trian Fund Management
Trian's March 2024 letter to Disney shareholders
18 Mar 2024 · Activist letter
Notice: Trian's diagnosis has three parts: Disney fell from its number one position at the box office, was late to streaming and doubled down on linear TV at the wrong time, leaving earnings per share and free cash flow below their level five years earlier.
Patrick Collison and John Collison · Stripe
Stripe’s 2023 annual letter
FY2023
Notice: A change to a core API service, deployed about 400 times on a typical day, passes a battery of around 1.4 million tests and then rolls out gradually, from a single machine to 0.5%, 1%, 5% and 20% of traffic.
Thomas Gayner · Markel Group
Letter to Business Partners
FY2023
Notice: The Orange and Blue method: Orange is investments and cash less debt, per share; Blue is normalised operating earnings after interest and tax, times a conservative and consistent multiple, per share. Added together they give Markel's sense of intrinsic value.
Steve Huffman · Reddit
Letter from our co-founder
22 Feb 2024 · IPO founder letter
Notice: Huffman wants users to become owners in the literal sense: Reddit invited users and moderators who had contributed to the site to buy shares in the IPO alongside its investors.
Satya Nadella · Microsoft
Microsoft fiscal 2023 letter to shareholders
FY2023
Notice: Nadella names the two breakthroughs he says define this era of AI: natural language as the most universal interface, and the emergence of a powerful new reasoning engine over data.
Andrew Bialecki and Ed Hallen · Klaviyo
Letter from Andrew Bialecki and Ed Hallen, co-founders
25 Aug 2023 · IPO founder letter
Notice: The product emerged from talking to prospects: the founders realised their data store would be most powerful if linked to a way to take action and drive measurable outcomes, so they layered analytics and email on top.
Jamie Dimon · JPMorgan Chase
JPMorgan Chase chairman and CEO letter to shareholders, 2022
FY2022
Notice: Dimon argues most of SVB's risks were hiding in plain sight; the unknown was that a small number of venture capital firms controlled its corporate clients, who moved their deposits in lockstep.
David Solomon · Goldman Sachs
Letter to shareholders
FY2022
Notice: Solomon writes that in 2022 the firm decided to significantly narrow its ambitions for its consumer strategy, and that it was considering strategic alternatives for its consumer platforms.
Larry Fink · BlackRock
Larry Fink's 2023 letter to investors, in BlackRock's 2022 annual report
FY2022
Notice: Fink frames the stress as falling dominoes: years of easy money ending in rapid rate rises, then asset-liability mismatches like SVB's, and possibly a third, liquidity mismatches among asset owners who traded liquidity for returns.
Scott Ferguson · Sachem Head Capital Management
Sachem Head's April 2022 letter to US Foods stockholders
26 Apr 2022 · Activist letter
Notice: The valuation gap frames everything: on consensus 2024 estimates US Foods traded at about 11 times earnings and Sysco at about 17 times, a premium of roughly 50% for a peer with highly similar business models and leverage.
Mark Zuckerberg · Meta Platforms
Founder's Letter, 2021
28 Oct 2021 · Founder letter
Notice: Zuckerberg presents the metaverse as the platform after mobile, defined by a sense of being present with others.
RJ Scaringe · Rivian
Letter from Robert J. Scaringe
1 Oct 2021 · IPO founder letter
Notice: Scaringe is candid about a false start: the original plan for an efficient sports car would not deliver the impact he started the company for, so by early 2012 Rivian moved away from it entirely.
Jeff Bezos · Amazon
Amazon's 2020 letter to shareowners, Jeff Bezos's last as chief executive
FY2020
Notice: Bezos sizes 2020 value creation by group: $21.3 billion of net income for shareholders, $91 billion for employees, at least $25 billion for third-party sellers and $164 billion for customers.
Brian Armstrong · Coinbase
A Letter from our Co-Founder and CEO
25 Feb 2021 · Founder letter
Notice: Armstrong frames the mission as economic freedom and traces it to reading the Bitcoin whitepaper in 2010.
David Baszucki · Roblox
Letter from our founder, president and chief executive officer
19 Nov 2020 · IPO founder letter
Notice: Baszucki commits Roblox to stay a single platform, single name, single focus company, whose ultimate product specification was always to model reality as accurately as it could.
Brian Chesky, Joe Gebbia and Nathan Blecharczyk · Airbnb
A letter from Brian, Joe, and Nate
16 Nov 2020 · IPO founder letter
Notice: The founders say the pandemic cut the business by nearly 80% and forced them to put the IPO on hold.
Tony Xu · DoorDash
A letter from Tony Xu, co-founder and CEO
13 Nov 2020 · IPO founder letter
Notice: Xu argues that averages are meaningless in delivery: a customer who receives food in 53 minutes does not care that the average is 35, so DoorDash manages the whole distribution.
Alex Karp · Palantir Technologies
Letter from the Chief Executive Officer
25 Aug 2020 · Founder letter
Notice: Karp contrasts Palantir with consumer internet companies: it has repeatedly turned down opportunities to sell, collect or mine data, while for many consumer firms people's behaviours and browsing habits are the product for sale.
Bruce Flatt · Brookfield Asset Management
Update for Brookfield Shareholders
23 Mar 2020 · Investor letter
Notice: Flatt opens with figures: about $12 billion of largely undrawn credit lines, about $5 billion of liquid assets, and corporate debt with no near-term maturities.
Matthew Prince and Michelle Zatlyn · Cloudflare
A letter from Matthew Prince and Michelle Zatlyn
15 Aug 2019 · IPO founder letter
Notice: Because Cloudflare competed with hardware manufacturers, the founders say usage-based billing never made sense: customers did not pay a firewall vendor more when attacked more, so they chose predictable subscription pricing instead.
Eric Yuan · Zoom Video Communications
A letter from Eric S. Yuan
22 Mar 2019 · IPO founder letter
Notice: Yuan founded Zoom after hearing, as an engineering leader elsewhere, how unhappy customers were with existing videoconferencing.
Logan Green and John Zimmer · Lyft
A letter from our co-founders
1 Mar 2019 · IPO founder letter
Notice: The economic case rests on an idle asset: Americans spend over $1 trillion a year owning and operating cars, their second highest household expense, yet each car is used only five percent of the time.
Jeffrey Smith · Starboard Value
A letter to the shareholders of Bristol-Myers Squibb Company
28 Feb 2019 · Activist letter
Notice: The patent cliff is the centrepiece: Revlimid, a small molecule drug with about $9.7 billion of 2018 sales and over 60% of Celgene's revenue, faced generic competition from 2022, and Starboard shows small molecule sales falling far faster than biologics after exclusivity ends.
Jesse Cohn · Elliott Investment Management
Elliott Management's letter to the athenahealth board proposing a take-private (May 2018)
7 May 2018 · Activist letter
Notice: Elliott lists execution failures: five CFOs in four years, a long-held 30% operating margin target against 14% achieved in 2017, and 2017 bookings guidance cut twice and still missed.
Daniel Ek · Spotify
Letter from Daniel Ek
28 Feb 2018 · Founder letter
Notice: Ek describes a deliberate order for recommendation: start with human creativity, add expertise and understanding, then apply algorithms, in contrast to companies that rely entirely on data.
Barry Rosenstein · JANA Partners
JANA Partners' 2017 letter to EQT stockholders opposing the Rice acquisition
16 Oct 2017 · Activist letter
Notice: The core arithmetic: JANA puts the synergies reaching EQT shareholders at only about $600 million, against an acquisition premium of $1.8 billion, roughly three times what it believes the deal would actually create.
Trian Fund Management
Trian's July 2017 letter to Procter & Gamble shareholders
31 Jul 2017 · Activist letter
Notice: Gillette carries the argument: P&G paid $57 billion for it in 2005, yet its share of the US men's shaving market fell from 62% to 49% over five years, and P&G had not launched a major shaving system in the twelve years since.
Jeff Bezos · Amazon
Amazon's 2016 letter to shareholders (Day 1)
FY2016
Notice: Bezos defines Day 2 as stasis leading to decline and asks how a large organisation keeps a start-up's vitality.
Prem Watsa · Fairfax Financial Holdings
Chairman's Letter to Shareholders
FY2016
Notice: After the election Watsa removed all index hedges, some short positions, and cut bond duration to about one year, expecting lower taxes, lighter regulation and infrastructure spending to lift growth and long rates; the move produced a $1.2 billion net investment loss.
Jeff Lawson · Twilio
Letter from Jeff Lawson, co-founder, chief executive officer and chairman
26 May 2016 · IPO founder letter
Notice: Twilio inverts the traditional enterprise sales model: it publishes its pricing, supports customers even on free trials, and puts a commercial transaction after the customer is already succeeding with the product.
Jesse Cohn · Elliott Investment Management
Elliott's May 2016 letter to the board of CDK Global
4 May 2016 · Activist letter
Notice: The benchmark is a direct rival: Elliott estimates that Reynolds & Reynolds runs its North America DMS business at about 55% EBITDA margins against 30% at CDK's comparable segment, with 8 facilities globally against CDK's 80.
Michael Cannon-Brookes and Scott Farquhar · Atlassian
Letter from the Founders
9 Nov 2015 · IPO founder letter
Notice: The go-to-market thesis is that software is bought, not sold: no quota-carrying sales reps, far more investment in R&D than peers, and products distributed online and at scale.
Jack Dorsey · Square (now Block)
A Note from Jack
14 Oct 2015 · IPO founder letter
Notice: Dorsey says he has given over 15 million shares, 20% of his own equity, to Square and the Start Small Foundation, and committed 40 million more, adding that he would rather own a smaller part of something big.
Larry Page · Google (now Alphabet)
G is for Google
10 Aug 2015 · Founder letter
Notice: Page restates the 2004 founders' promise that Google would stay unconventional and keep making speculative smaller bets.
Tobi Lütke · Shopify
Letter from Tobi
14 Apr 2015 · IPO founder letter
Notice: Shopify began as the founders' own online snowboard shop, after existing store software proved costly and inflexible.
Jeffrey Smith · Starboard Value
Starboard Value's letter to the Darden Restaurants board (July 2014)
15 Jul 2014 · Activist letter
Notice: Starboard argues the board should have known the Red Lobster Sale would destroy at least $800 million of shareholder value, and likely well over $1 billion against Red Lobster's true value inside Darden.
Mason Hawkins and Staley Cates · Southeastern Asset Management
Southeastern Asset Management's letter to the Dell board (February 2013)
8 Feb 2013 · Activist letter
Notice: Southeastern counts net cash of $3.64, Dell Financial Services at $1.72 and acquisitions at cost of $7.58 per share, totalling $12.94, so the bid valued everything else at less than $1.00.
Warren Buffett · Berkshire Hathaway
Chairman’s Letter
FY2011
Notice: Buffett defines risk as the reasoned probability of losing purchasing power over the holding period, not beta, and on that basis calls bonds and other currency-based investments, usually thought safe, among the most dangerous of assets.
Mark Zuckerberg · Facebook (now Meta Platforms)
Letter from Mark Zuckerberg
1 Feb 2012 · IPO founder letter
Notice: He says Facebook was built for a social mission rather than set up as a company.
Reed Hastings and David Wells · Netflix
Letter to Shareholders
Q3 2011 · Quarterly letter
Notice: The letter locates the mistake precisely: not the new prices, which it still defends, but how quickly Netflix moved to them, made worse by not explaining rising streaming content costs, so many members perceived greed.
Muddy Waters Research
Muddy Waters' initiating report on Sino-Forest
2 Jun 2011 · Short report
Notice: The report alleged that sales routed through unnamed "authorized intermediaries" were a structure for fabricating revenue without the tax invoices auditors rely on.
Jamie Dimon · JPMorgan Chase
JPMorgan Chase letter to shareholders, 2008
FY2008
Notice: Dimon recounts buying Bear Stearns at the US government's request over a single weekend and paying $1.5 billion for it.
Prem Watsa · Fairfax Financial Holdings
Chairman’s Letter to Shareholders
FY2008
Notice: Watsa says Fairfax met the fall 2008 storm with about 75% of its investment portfolio in cash and government bonds, its stock positions fully hedged and large holdings of credit default swaps.
Warren Buffett · Berkshire Hathaway
Chairman’s Letter
FY2008
Notice: Buffett admits a major mistake of commission: buying a large amount of ConocoPhillips stock near the peak in oil and gas prices, which he says cost Berkshire several billion dollars.
Bruce Flatt · Brookfield Asset Management
Letter to Shareholders
FY2008
Notice: Flatt explains Brookfield's financing: asset-specific mortgages averaging about 50% loan to value, with recourse only to the asset, and argues that a loan's duration and covenants matter as much as the amount of leverage.
John Hussman · Hussman Funds
Four Magic Words: "We Are Providing Capital"
13 Oct 2008 · Investor memo
Notice: Hussman argues that buying troubled assets improves a bank's capital only if the Treasury overpays, and proposes preferred stock or a senior "super-bond" instead.
Warren Buffett · Berkshire Hathaway
Chairman’s Letter
FY2005
Notice: The Gotrocks parable: a family that owns all of corporate America grows poorer as it hires broker, manager, consultant and finally hedge fund and private equity Helpers, and Buffett estimates such frictional costs may amount to 20% of American business earnings.
Daniel Loeb · Third Point
Third Point's letter to the chief executive of Star Gas Partners
14 Feb 2005 · Activist letter
Notice: Third Point says management refused its calls for months, and that the 13D was the only channel left to address the chief executive.
Larry Page and Sergey Brin · Google (now Alphabet)
Letter from the Founders
29 Apr 2004 · IPO founder letter
Notice: The founders refuse traditional earnings guidance, comparing short-term targets to a dieter weighing himself every half hour.
Carley Cunniff, Richard Cunniff, Robert Goldfarb and Bill Ruane · Sequoia Fund
Sequoia Fund's 2001 letter to shareholders, written after Enron
FY2001 · Investor letter
Notice: The letter argues that security analysis had become an exercise in separating truth from half-truths, and that the incentives of executives, directors and auditors would now push towards more honest reporting.
Jeff Bezos · Amazon
1997 letter to shareholders
FY1997
Notice: Bezos reports 1.5 million customers and 838% revenue growth, yet calls it the first day for the internet and for Amazon.
Prem Watsa · Markel Financial Holdings
To our Shareholders
FY1985
Notice: Watsa says the main reason for investing was the Markel family itself, crediting Steven and Tony Markel with keeping a struggling company alive through the previous two years.
What the funds own
Every fund letter here links to that manager’s 13F holdings: read the argument, then see the position.
Hedge fund holdingsWhat the bankers showed the board
Adviser presentations filed with going-private deals: the other primary source behind a transaction.
Banker board booksL3VLUP does not host these documents. Each belongs to its author or publisher and is linked where they published it; the notes are L3VLUP’s reading of it, not a summary approved by the author.