Although Warren Buffett's letter to Berkshire Hathaway (brk.b.B) shareholders is arguably the most publicized annual letter, we believe that there are other managers whose quarterly or annual thoughts are worth a read. Mutual fund managers are required to publish quarterly reports, and many managers take the opportunity to share their thinking on their funds' performance and the overall market. Like the Berkshire Hathaway letter, these fund managers' publications are available for free on the firms' respective Web sites, and they're full of commentary on the markets, individual fund holdings, and expectations.
We've selected 13 mutual fund managers who deploy what we believe to be solid investment philosophies for picking stocks. Compared to previous versions of this article, it's important to note that the lower number of managers by no means reflects a change in the number of portfolio managers we admire. Jim Gipson was excluded because he no longer runs the Clipper Fund, while FPA Capital's Bob Rodriguez and The Torray Fund's Bob Torray only publish letters in September and March.