Fund Manager Shareholder Letters: Follow the Smart Money (Investingdaily) In the realm of the shareholder letter, few are pored over as carefully as Warren Buffett's annual letter to the shareholders of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B). Although the shareholder letter is more often practiced as a perfunctory duty than an art, there are other hedge fund managers and mutual fund managers whose efforts are almost at parity with Buffett's. As such, the following contains a roundup of the more noteworthy missives emanating from the so-called "smart money." Before proceeding, however, it should be noted that while most mutual funds make such communications public, hedge funds typically limit their audience to the privileged few who pay them the requisite two and 20. So a couple of the forthcoming excerpts are based on shareholder letters that were leaked via third-party, document-sharing websites such as Scribd.