This paper has investigated the letters to shareholders for Nasdaq Stockholm listed companies. The purpose of the thesis has been to declare what the CEOs of listed companies, in their communication to the shareholders chose to discuss when the companies’ earnings increase and decrease. The research method has been a content analysis of 45 letters from nine companies in the period 2007 to 2011. The thesis's empirical contribution was that the contents of the letters have been shown to be reshaped as results decreased and increased. At increased results, the letter was focused on the year that had passed and mentioning the result. When the results were declining focus shifted to blame the declining results to external factors refrained from mentioning the result in the letters. The thesis stated that the letters are a self-fulfilling, watered-down phenomenon that does not contain any relevant information for the shareholders.