Brigadoon Weekend = Global Street Smarts
April 10, 2021
Writing
Recently a client said to me, "writing is thinking."
Brilliant.
Writing is thinking.
Writing is clarification.
Writing is action.
And few documents are more potent than a well-crafted and well-executed shareholder letter.
Lawrence Cunningham has recognized the value of a shareholder letter for years.
Cunningham is an authority on corporate governance, corporate culture, and corporate law, and teaches business-related courses at George Washington University that span these fields. He has written dozens of books and scores of articles on a wide range of subjects in law and business. These include the leading textbook on accounting used in law schools, a popular narrative on contracts, and best-selling books on Berkshire Hathaway and Warren Buffett (The Essays of Warren Buffett: Lessons for Corporate America and Berkshire Beyond Buffett: The Enduring Value of Values).
When individual investors ask what resources to consult when hunting for great companies, Cunningham's advice: read the shareholder letter that the company sends out every year.
Next to the financial figures, it is probably the most important and most accessible source of valuable information.
These communications reveal a lot about a company and its CEO. In well written and purposeful shareholder letter, the CEO's commitment, desires, goals, and long-term visions are all visible.
Some CEOs use their shareholder to obfuscate, others patronize, and many appear to be ghostwritten, but the best ones share business insights that help readers understand a company.
Use these clues as filters, just as you would the company's financial statements. Many companies post such letters on their websites, and they are usually part of the annual report.
The gold standard of the genre is Warren Buffett, whose pithy statement from his 1997 letter to shareholders of Berkshire Hathaway sums it up:
"When you receive a communication from us, it will come from the fellow you are paying to run the business. Your Chairman has a firm belief that owners are entitled to hear directly from the CEO as to what is going on and how [he/she] evaluates the business, currently and prospectively. You would demand that in a private company; you should expect no less in a public company."
In Dear Shareholder, Cunningham's latest book holds letters by more than 20 different leaders from 16 companies - several of my favorite companies, including Amazon, Google, Coca-Cola, and Pepsi.
I have found this book to be a powerful goto for inspiration, creativity, and patience. Written to be consumed more like an encyclopedia, you can quickly jump topics, companies, and leaders and read for 30 minutes or three minutes.
Cunningham's collection of the best-in-class shareholder letters provides valuable insights - be it better company management or how to better communicate.
WRITING DEEP DIVE
On keeping a notebook
Joan Didion
Why I write
George Orwell
“What am I trying to say? What words will express it? What image or idiom will make it clearer? Is this image fresh enough to have an effect?” Then finish with these final two questions: ‘Could I put it more shortly? Have I said anything that is avoidably ugly?’” -- George Orwell
How Jeff Bezos turned narrative into Amazon's competitive advantage: Jeff Bezos's six-page memos are legendary in the startup world for good reason: Clear writing and clear thinking go hand in hand.
Ben Bashaw
10 questions with Steven Pressfield, author of The War of Art
Jeff Goins
So you want to be a writer? That’s mistake #1
Ryan Holiday
“I can’t say I know too many people whose success was built by spending one-fifth of their time creating and four-fifths loudly hawking the work they’ve just thrown together.” -- Ryan Holiday
BRIGADOON WATCHES | VIDEOS ON WRITING
The clues to a great story
Exploring the psychology of creativity
Gore Vidal on writing
Stillness is the key
No plot? No problem
BRIGADOON READS | BOOKS ON WRITING
Dear Shareholder: The best executive letters from Warren Buffett, Prem Watsa, and other great CEOs - Lawrence A. Cunningham
Ernest Hemingway on Writing - Larry W. Phillips
On Writing: A Memoir of the Craft - Stephen King
Pity the Reader: On Writing With Style - Kurt Vonnegut
Nobody Wants to Read Your Sh*t: Why That Is And What You Can Do About It - Steven Pressfield
BRIGADOON EVENTS
Brigadoon April Call | Less Logic. More Magic.
Rory Sutherland - Vice Chairman @ Ogilvy UK
April 21, 2021
Brigadoon May Call | The Poetry of Leadership
Fateme Banishoeib | heARTist + Founder @ ReNewBusiness
May 19, 2021
Brigadoon June Call | Adventures with Fiat Pandas + Autogrills + Negronis
Matt Hranek | Founder + Editor @ Wm Brown Magazine
June 16, 2021
More details and passes - click here.
Thanks for supporting Brigadoon. See you next week.
-Marc
Curation + commentary by Marc A. Ross | Founder + Chief Curator @ Brigadoon
Brigadoon is always powerpoint free and conversation-driven for better insights and connections.
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