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Sharing here more as a discussion piece, not necessarily due to its relevance in the market for M&A's etc. I thought this was an excellent example of a "letter from the CEO or Chairman" and love the transparency even on such a high level.

I came across this letter from Warren Buffet while doing some research, and I ended up reading through Shareholder Letters all the way back to the 70's:

http://www.berkshirehathaway.com/letters/letters.html