Where do I find a company's Letter to Shareholders?

Question

I searched the 10K annual reports but didn't have any luck. Is a company not obligated to include one?

Answer 1

The best way to find a companys letter to its shareholders if you do not own any shares in the company would be to go to that companys website. Most companies post their financial information on their website including letters to its shareholders.

Answer 2

A company's (CEO) Letter to Shareholders is not a required reporting by the SEC in the Form 10-K.  Often such "Letter" is found near the front of the Annual Report as an addition to the financial data and footnotes.

Probably the most read Letter to Shareholders' in any given year is that of the company, Berkshire Hathaway Inc. (BHI).  The BHI Letter is written by the legendary Warren Buffett (aka as the Oracle of Omaha) and is known for being straight forward, clear and folksy and fun to read.  Also, some wisdom often can be gleamed from reading it.