Letters from the President

October, 2025 Letter to Shareholders

March, 2025 Letter to Shareholders

(2024 Annual Report)

October, 2024 Letter to Shareholders

March, 2024 Letter to Shareholders

(2023 Annual Report)

October, 2023 Letter to Shareholders

March, 2023 Letter to Shareholders

(2022 Annual Report)

October, 2022 Letter to Shareholders

March, 2022 Letter to Shareholders

(2021 Annual Report)

October, 2021 Letter to Shareholders

March, 2021 Letter to Shareholders

(2020 Annual Report)

October, 2020 Letter to Shareholders

March, 2020 Letter to Shareholders

(2019 Annual Report)

October, 2019 Letter to Shareholders

March, 2019 Letter to Shareholders

(2018 Annual Report)

March, 2018 Letter to Shareholders

(2017 Annual Report)

March, 2017 Letter to Shareholders

(2016 Annual Report)

March, 2016 Letter to Shareholders

(2015 Annual Report)

January 1, 2016 New Year's Letter With Overview Of Products

March, 2015 Letter to Shareholders

(2014 Annual Report)

October, 2014 Letter to Shareholders

March, 2014 Letter to Shareholders

(2013 Annual Report)

March, 2013 Letter to Shareholders

(2012 Annual Report)

October 5, 2012 Letter to Shareholders

(second semi-annual dividend letter)

March 1, 2012 Letter to Shareholders

(2011 Annual Report)

August 31, 2011 Letter to Shareholders

March 1, 2011 Letter to Shareholders

(2010 Annual Report)

August 18, 2010 Letter to Shareholders

March 5, 2010 Letter to Shareholders

(2009 Annual Report)

March 10, 2009 Letter to Shareholders

(2008 Annual Report)

October 7, 2008 Letter to Shareholders