Shareholder letters from CEOs of founder-led companies
2021 shareholder letters from 70 US founder-led companies across various industries and market caps. There are much more founder-led companies in the US, but not all of them publish shareholder letters. These did publish in 2021 so I’m sharing with you. The simple idea behind this filter is 1) founders typically have longer term horizon and higher ownership in the company thus they are more aligned with us, minority shareholders; 2) these founders choose writing a shareholder letter as a way to communicate with shareholders which to me looks like an attempt to build partner relationship.
I’ve read some of them and highlighted those I thought were interesting.
Feel free to share your thoughts on this mini-project (this is a part of a bigger project of generating unique/idiosyncratic investment ideas by applying various nonconventional filters). You can reach me at @breadcrumbsre or @outliers_mgmt on Twitter or in section comments below.
https://docs.google.com/spreadsheets/d/1AaoL9E_zLmgnq64-BKt72oPMLeUrw5dBpdmYPW1bEc4/edit?usp=sharing