Letters from the President
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2023.png)
March, 2024 Letter to Shareholders
(2023 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2022.png)
March, 2023 Letter to Shareholders
(2022 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2021.png)
March, 2022 Letter to Shareholders
(2021 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2020.png)
March, 2021 Letter to Shareholders
(2020 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2019.png)
March, 2020 Letter to Shareholders
(2019 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2018.png)
March, 2019 Letter to Shareholders
(2018 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2017.png)
March, 2018 Letter to Shareholders
(2017 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2016.png)
March, 2017 Letter to Shareholders
(2016 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2015.png)
March, 2016 Letter to Shareholders
(2015 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2014.png)
March, 2015 Letter to Shareholders
(2014 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2013.png)
March, 2014 Letter to Shareholders
(2013 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2012.png)
March, 2013 Letter to Shareholders
(2012 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/20121005.jpg)
October 5, 2012 Letter to Shareholders
(second semi-annual dividend letter)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2011.png)
March 1, 2012 Letter to Shareholders
(2011 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2010.png)
March 1, 2011 Letter to Shareholders
(2010 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2009.png)
March 5, 2010 Letter to Shareholders
(2009 Annual Report)
![](https://asl-cdn.azureedge.net/asl/images/stock_reports/2008.png)
March 10, 2009 Letter to Shareholders
(2008 Annual Report)