Dear Shareholder: The Best Executive Letters from Warren Buffett and Other CEOs

Reviewed by Diario de un Inversor · UpdatedJune 13, 2026

Our review

Dear Shareholder is a curated anthology that Lawrence Cunningham — who has spent decades editing Buffett's letters — assembles with a clear editorial criterion: not the most famous letters, but those that best illustrate how an executive can communicate with transparency, acknowledge mistakes, and articulate business strategy honestly. The volume brings together writings from more than 20 executives at 16 companies — from Berkshire Hathaway to The Washington Post, Markel, and Coca-Cola — spanning multiple economic cycles. What sets this book apart from other anthologies is that Cunningham contextualises each letter, explaining what was happening at the company and in the market when it was written, turning the text into an analytical exercise rather than a collection of inspirational quotes. The format's limitation is that readers receive edited excerpts rather than the full experience of following a company year by year. Even so, as a guide to what corporate communication should be — direct, accountable, free of public relations language — the book has few rivals in its category.

Key takeaways

• Transparency in shareholder communication is an indicator of management quality, not merely a regulatory obligation.
• The most valuable letters explain mistakes with the same clarity as successes.
• Public relations language in an annual letter is a warning sign about corporate culture.
• Reading letters from different eras and sectors trains the ability to evaluate a management team's strategic thinking.

Fact

Published in 2025, the book includes letters from more than 20 executives at 16 companies spanning several decades of corporate history.