Letters to shareholders

Shareholder letter 2025

Tom Gayner reflects on 2025 and looks forward to 2026.

Read the letter

Shareholder letter 2024

Shareholder letter 2023

Shareholder letter 2022

Shareholder letter 2021

Shareholder letter 2020

Shareholder letter 2019

Shareholder letter 2018

Shareholder letter 2017

Shareholder letter 2016

Shareholder letter 2015

Shareholder letter 2014

Shareholder letter 2013

Shareholder letter 2012

Shareholder letter 2011

Shareholder letter 2010

Shareholder letter 2009

Shareholder letter 2008

Shareholder letter 2007

Shareholder letter 2006

Shareholder letter 2005

Shareholder letter 2004

Shareholder letter 2003

Shareholder letter 2002

Shareholder letter 2001

Shareholder letter 2000

Shareholder letter 1999

Shareholder letter 1998

Shareholder letter 1997

Shareholder letter 1996

Shareholder letter 1995

Shareholder letter 1994

Shareholder letter 1993

Shareholder letter 1992

Shareholder letter 1991

Shareholder letter 1990

Shareholder letter 1989

Shareholder letter 1988

Shareholder letter 1987

Shareholder letter 1986