I am not a big fan of annual letters. I have read some for research and investing purposes but did not find them useful. Most were letters that self-praised the firm and the management. Also, it was too short to have any meaningful content. However, after reading a blog about the potential usefulness of annual letters, I may start reading again. After all Warren Buffett reads them. Researchers have looked at annual letters but I am not sure if much meaningful result came out. I should look into how much variation exists in annual letters. That would be a start. Time to go research 😀