Morninstar dug up a few juicy shareholder letters from mutual fund managers and they do not disappoint.

Longleaf Partners' Mason Hawkins and Staley Cates didn't hold back in their letter after repeatedly being told they're missing the boat on quality equity plays.

Marty Whitman of Third Avenue Value chimes in on the difference between a bailout and an investment, and David Herro, lead manager of Oakmark International and Oakmark International Small Cap, opines on imbalances in the global economy.

Fundsters looking for some bed-time reading may want to check out the rest of the article. 

Edited by: Hung Tran


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