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Partner Letters

Letters to Partners

Book: Santa Monica Partners Letters to Partners 1982-2021: 40 Years of “Pink Sheet” Investing

  • 2020 - 2025

    Letter to Partners - Q1 2025

    Letter to Partners - Q4 2024

    Letter to Partners - Q3 2024

    Letter to Partners - Q2 2024

    Letter to Partners - Q1 2024

    Letter to Partners - Q4 2023

    Letter to Partners - Q3 2023

    Letter to Partners - Q2 2023

    Letter to Partners - Q1 2023

    Letter to Partners - Q4 2022

    Letter to Partners - Q3 2022

    PARTNER UPDATE FLASH - July 12, 2022

    Letter to Partners - Q2 2022

    Letter to Partners - Q1 2022

    Letter to Partners - Q4 2021

    Letter to Partners - Q3 2021

    Letter to Partners - Q2 2021

    Letter to Partners - Q1 2021

    Letter to Partners - Q4 2020

    Letter to Partners - Q3 2020

    Letter to Partners - Q2 2020

    Letter to Partners - Q1 2020 

    Letter to Partners - Q1 2020 Follow-up (March 23, 2020)

    Letter to Partners - Q1 2020 (March 12, 2020)

  • 2010 - 2019

    Letter to Partners - Q4 2019

    Letter to Partners - Q3 2019

    Letter to Partners - Q2 2019

    Letter to Partners - Q1 2019

    Letter to Partners - Q4 2018

    Partner Update Flash (October 12, 2018)

    Letter to Partners - Q3 2018

    Partner Update Flash (August 1, 2018)

    Letter to Partners - Q2 2018

    Letter to Partners - Q1 2018 Video Attachment

    Letter to Partners - Q1 2018

    Letter to Partners - Q4 2017

    Bitcoin Letter to Partners - 12/1/2017

    Letter to Partners - Q3 2017

    Letter to Partners - Q2 2017

    Memorandum to Partners on Span America - 5/1/2017

    Letter to Partners - Q1 2017

    Letter to Partners - Q4 2016

    Letter to Partners (November 9, 2016)

    Letter to Partners - Q3 2016

    Letter to Partners - Q2 2016

    Partner Update Flash (June 24, 2016)

    Letter to Partners - Q1 2016

    Letter to Partners - Q4 2015

    Letter to Partners - Q3 2015

    Letter to Partners - Q2 2015

    Letter to Partners - Q1 2015

    Letter to Partners - Q4 2014

    Letter to Partners - Q3 2014

    Letter to Partners - Q2 2014

    Letter to Partners - Q1 2014

    Letter to Partners (1/14/14)

    Letter to Partners - Q4 2013

    Letter to Partners Re: MasterCard (12/13/13)

    Letter to Partners - Q3 2013

    Letter to Partners - Q2 2013

    Letter to Partners - Q1 2013

    Letter to Partners - Q4 2012

    Letter to Partners - December 21, 2012

    Letter to Partners - Q3 2012

    Letter to Partners - Q2 2012

    Letter to Partners - Q1 2012

    Letter to Partners - Q4 2011

    Letter to Partners - Q3 2011

    Letter to Partners - Q2 2011

    Letter to Partners - Q1 2011

    Letter to Partners - Q4 2010

    Letter to Partners - Q3 2010

    Letter to Partners - Q2 2010

    Letter to Partners - Q1 2010

  • 2000 - 2009

    Letter to Partners - Q4 2009

    Letter to Partners - Q3 2009

    Letter to Partners - Q2 2009

    Letter to Partners Supplement - Q1 2009

    Letter to Partners - Q1 2009

    Letter to Partners - Q4 2008

    Letter to Partners - Q3 2008

    Letter to Partners - Q2 2008

    Letter to Partners - Q1 2008

    Letter to Partners - Q4 2007

    Letter to Partners - Q3 2007

    Letter to Partners - Q2 2007

    Letter to Partners - Q1 2007

    Letter to Partners - Q4 2006

    Letter to Partners - Q3 2006

    Letter to Partners - Q2 2006

    Letter to Partners - Q1 2006

    Letter to Partners - Q4 2005

    Letter to Partners - Q3 2005

    Letter to Partners - Q2 2005

    Letter to Partners - Q1 2005

    Letter to Partners - Q4 2004

    Letter to Partners - Q3 2004

    Letter to Partners - Q2 2004

    Letter to Partners - Q1 2004

    Letter to Partners - Q4 2003

    Letter to Partners - Q3 2003

    Letter to Partners - Q2 2003

    Letter to Partners - Q1 2003

    Letter to Partners - Q4 2002

    Letter to Partners - Q3 2002

    Letter to Partners - Q2 2002

    Letter to Partners - Q1 2002

    Letter to Partners - Q4 2001

    Letter to Partners - Q3 2001

    Letter to Partners - Q2 2001

    Letter to Partners - Q1 2001

    Letter to Partners - Q4 2000

    Letter to Partners - Q3 2000

    Letter to Partners - Q2 2000

    Letter to Partners - Q1 2000

  • 1990 - 1999

    Letter to Partners - Q4 1999

    Letter to Partners - Q3 1999

    Letter to Partners - Q2 1999

    Letter to Partners - Q1 1999

    Letter to Partners - Q4 1998

    Letter to Partners - Q3 1998

    Letter to Partners - Q2 1998

    Letter to Partners - Q1 1998

    Letter to Partners - Q4 1997

    Letter to Partners - Q3 1997

    Letter to Partners - Q2 1997

    Letter to Partners - Q1 1997

    Letter to Partners - Q4 1996

    Letter to Partners - Q3 1996

    Letter to Partners - Q2 1996

    Letter to Partners - Q1 1996

    Letter to Partners - Q4 1995

    Letter to Partners - Q3 1995

    Letter to Partners - Q2 1995

    Letter to Partners - Q1 1995

    Letter to Partners - Q4 1994

    Letter to Partners - Q3 1994

    Letter to Partners - Q2 1994

    Letter to Partners - Q1 1994

    Letter to Partners - Q4 1993

    Letter to Partners - Q3 1993

    Letter to Partners - Q2 1993

    Letter to Partners - Q1 1993

    Letter to Partners - Q4 1992

    Letter to Partners - Q3 1992

    Letter to Partners - Q2 1992

    Letter to Partners - Q1 1992

    Letter to Partners - Q4 1991

    Letter to Partners - Q3 1991

    Letter to Partners - Q2 1991

    Letter to Partners - Q1 1991

    Letter to Partners - Q4 1990

    Letter to Partners - Q3 1990

    Letter to Partners - Q2 1990

    Letter to Partners - Q1 1990

  • 1982 - 1989

    Letter to Partners - Q4 1989

    Letter to Partners - Q3 1989

    Letter to Partners - Q2 1989

    Letter to Partners - Q4 1988 (new 12/31 fiscal y-e)

    Letter to Partners - Q4 1988 (prior 9/30 fiscal y-e)

    Letter to Partners - Q2 1988

    Letter to Partners - Q1 1988

    Letter to Partners - Q4 1987

    Letter to Partners - September 1, 1987

    Letter to Partners - Q3 1987

    Letter to Partners - Q2 1987

    Letter to Partners - Q1 1987

    Letter to Partners - Q4 1986

    Letter to Partners - Q3 1986

    Letter to Partners - Q2 1986

    Letter to Partners - Q1 1986

    Letter to Partners - Q4 1985

    Letter to Partners - Q3 1985

    Letter to Partners - Q2 1985

    Letter to Partners - Q1 1985

    Letter to Partners - Q4 1984

    Letter to Partners - Q3 1984

    Letter to Partners - Q4 1983 (new 9/30 fiscal year-end)

    Letter to Partners - December 6, 1983

    Letter to Partners - Q3 1983

    Letter to Partners - Q2 1983

    Letter to Partners - Q1 1983

    Letter to Partners - Q4 1982

    Letter to Partners - 11/15/1982

    Letter to Partners - Q3 1982

    Letter to Partners - Q2 1982

    Letter to Partners - Q1 1982

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