Mutual fund shareholder reports in the right hands can be both informative and educational. Previously we noted a piece that made the argument that shareholder letters could be viewed as an investment curriculum.

Longleaf Partners recently posted their Third Quarter 2005 shareholder report. The surprise is that Longleaf has been finding sufficient bargains in the U.S. to bring down their large cash hoard. It is always interesting to note significant changes in strategy from smart money managers like Longleaf. originally noted this news.