Masterly management musings

By Greg Hoffman

When it comes to management commentary, there's none better that Buffett. His annual letter to shareholders is absolutely wonderful, full of wit, wisdom and honest assessment. Unfortunately, it seems to be somewhat of a rarity.

In researching Australia's TV sector, the contrast with management commentaries among the few listed entities is stark. While the likes of PBL and Seven didn't shed much light on the business or industry, Ten's reports provided much greater detail.

By Greg Hoffman

When it comes to management commentary, there's none better that Buffett. His annual letter to shareholders is absolutely wonderful, full of wit, wisdom and honest assessment. Unfortunately, it seems to be somewhat of a rarity.

In researching Australia's TV sector, the contrast with management commentaries among the few listed entities is stark. While the likes of PBL and Seven didn't shed much light on the business or industry, Ten's reports provided much greater detail.

The lack of detailed commentary is a disappointing affair. Investors have the right to know what's going on in the business in some degree of detail.

In contrast to some of the dreary reports you may come across, WPP's Sir Martin Sorrell pens a fantastic read annually. Sharing his thoughts on a range of topics, it's a must read for investors in media and advertising.

Similarly, Bill Gates's Annual Letter for the Gates Foundation provides a great review of many global issues. Platinum's reports are well worth a read as well.

What are the best reports that you've come across? From CEO letters to prominent investors, what do you think are the must-reads?

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