Fund managers are generally happy to share their views. Their letters are often a great source of investment wisdom. While Buffett’s Berkshire Letters get the lion’s share of focus, many other fund managers provide valuable insights for investors.

I wrote about Howard Marks of Oaktree yestersay. That is his first letter that I have read and I look forward to reading more.

My ten favourite fund manager letters ex Buffett

• You can subscribe the thoughts of Bill Nygren and other managers at Oakmark.
• West Coast Asset Management provides an excellent archive of their Exclusive Outlook letter. They now provide these on podcasts as well.
• The Olstein Funds Managers Opinion
  

  More important than our opinion as to whether or not we believe the U.S. economy will go into recession, are two other considerations:
  1. How well is the Fund’s portfolio positioned to withstand an economic downturn?
  2. Is the current climate of fear creating viable investment opportunities that the Fund’s management can act upon?

• Muhlenkamp & Co. Including this excellent video on What Recession Look Like and quarterly letters going back to 1987. As Ron has been around so long his insights often provide experience based wisdom. He’s seen and learnt from it all before.
• Third Avenue Funds Shareholder Letters Martin Whitman also bring many years of experience. In the latest report the Co-Chief Investment Officer Curtis R Jensen said:
  

  I hope you share our view that today’s investing environment is a considerably richer one than it has been in some time, and that now is a good time to plant the seeds of future harvests.

• Baron Funds provide a sometimes worthwhile investment newsletter.
  

  We don’t try to predict the unpredictable. We don’t try to predict stock markets…commodity prices…currency trends…more

• Friess Associates observations for Brandywine Fund Shareholders
• The Fairholme Fund has an impressive record and their letters are all available online.
• Sarbit contains some videos of interest and articles of interest. Including this one on probability. It starts with a great quote from Charlie Munger:
  

  If you don’t get… elementary probability into your repertoire… you go through a long life like a one-legged man in an ass-kicking contest. You’re giving a huge advantage to everybody else.

  and finishes with a good rule to follow:

  Stick to high probability events that are obvious and your chances of loss are low and investment growth is high.”

• The Hussman Funds provide a weekly market comment which is worth adding to your reading list. Popular articles are also listed on the homepage.
  

  Similarly, market bottoms are created because investors stop looking for a bottom, and extrapolate ongoing bad news. If you remember the lows of 1982, or 1990-1991, or 2002, you’ll recall that in each instance, the question among investors wasn’t whether the economy would recover in one quarter versus two quarters. The question was how the economy could recover at any point in the foreseeable future. Investors give up hope at bottoms. We don’t see that here.

You can subscribe via email to most of the funds letters and most sites have plenty more of value than I have listed.

Related posts:

1. Day Three, Investing Brain Dump: Idea Generation
2. Day Two, Investing Brain Dump: Bookmarks/Favorites
3. Fusion Investing Fund Sells Ultra Bull Fund
4. A Snapshot into Fund Managers Performance
5. Fusion Investing Fund Buys ANZ Bank