Post-reading FurtherReadingReadingLearningObjectivesPre-readingFirstly,make sure it's accurate. The first objective of your letter is to correctlydescribethe state of your business.Perhaps it shouldgo without saying that thelettercannot include any errors.But thing谨慎的；细致的；彻底的usiness,and it's easierdone carefully and with a lotethan you think to fail to update yoent information on anofattentionto detailimportant development, or to get a snmanSecondly,puttheletterthrougharigorousreviewprocess.Thesameprocessyoupyed here.use when you issue选代the process ofrepeating打字错误a small mistakeinThe stakes are everurlettertoamathematicai oraprinted documentcomputing process or set ofshareholders will basands.TheO0instructions againand again,kes or typos will endure.Make sure allcredibilitydamageeach time applying it to theresultof theprevious stageappropriate partiesO,general counsel,andheadof investorrelations-iterationoftheletter.reviewandapproveevery
Learning Objectives Learning Objectives Pre-reading reading Reading Reading Post Post-reading reading Further Reading Further Reading Firstly, make sure it’s accurate. The first objective of your letter is to correctly describe the state of your business. Perhaps it should go without saying that the letter cannot include any errors. But things change quickly in every business, and it’s easier than you think to fail to update your letter with the most recent information on an important development, or to get a small data point wrong. Secondly, put the letter through a review process. The same process you use when you issue a press release or other public statements should be deployed here. The stakes are even higher: A press release can be corrected or amended. Your letter to shareholders will be included in your Annual Report and printed by the thousands. The credibility damage of a letter that includes mistakes or will endure. Make sure all appropriate parties — especially your CEO, CFO, general counsel, and head of investor relations — review and approve every of the letter. 谨慎的；细致的；彻底的 done carefully and with a lot of attention to detail 打字错误 a small mistake in a printed document 迭代the process of repeating a m a t h e m a t i c a l o r computing process or set of instructions again and again, each time applying it to the result of the previous stage rigorous typos iteration
ReadingPost-readingFurtherReadingLearningObjectivesPre-readingThirdly, focus on clarity .Even if all your facts are accurate, the value of your letter isrittAhuciness communication must be clear, and yourdiminished if it ic清晰；清楚；明确thequalityshareholderletttanalysisisoftenaverycomplicatedprocess.ofbeingexpressedclearlySimplify it with liberal use of bullets and cut out the business jargon .Most importantly,omediateprospects,stick to what matters to yourinvestors:your recent successes.vou行话：行业术语：切口andyourlong-termobjectives.wordsor expressions thaiFourthly,keep it brief.Brevity is the soul of wawaywithaare used by a particularsweeping letter that tops 18,000 words and stretchcan't.ManyFprofession or group ofofthebestletterstoshareholdersareapageortwdpeople,and aredifficult forFifthly, cut the baloney. Some executives see the others to understandanexerciseinPR spin.It isn'tVottershouldhedense withimportant information about yourbusiness.It'sf胡说；谎话nonsense：liesa positive light, but not a false light.Make sureyou carefully review last year's letter before drafting this year's, and update readers onyour progress on the expectations you laid out then. Your letter should help get yourinvestorsexcitedabout yourprospects,but it's onlyas valuableas it is credible
Learning Objectives Pre-reading Reading Post-reading Further Reading Thirdly, focus on . Even if all your facts are accurate, the value of your letter is diminished if it is poorly written. All business communication must be clear, and your shareholder letter is no exception. Investment analysis is often a very complicated process. Simplify it with liberal use of bullets and cut out the business . Most importantly, stick to what matters to your investors: your recent successes, your immediate prospects, and your long-term objectives. Fourthly, keep it brief. Brevity is the soul of wit. Warren Buffet can get away with a sweeping letter that tops 18,000 words and stretches more than 30 pages. You can’t. Many of the best letters to shareholders are a page or two. Fifthly, cut the . Some executives see the letter to shareholders as an exercise in PR spin. It isn’t. Your letter should be dense with important information about your business. It’s fine to paint your company in a positive light, but not a false light. Make sure you carefully review last year’s letter before drafting this year’s, and update readers on your progress on the expectations you laid out then. Your letter should help get your investors excited about your prospects, but it’s only as valuable as it is credible. 行话；行业术语；切口 words or expressions that are used by a particular profession or group of people, and are difficult for others to understand 清晰；清楚；明确the quality of being expressed clearly 胡说；谎话nonsense; lies clarity jargon baloney