By Warren Buffet
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Additional info for Complete-Buffett-Partnership-Letters-1957-70
About 60% of this advantage was accomplished by the portfolio other than Dempster, and 40% was the result of increased value at Dempster. I want all partners and prospective partners to realize the results described above are distinctly abnormal and will recur infrequently, if at all. This performance is mainly the result of having a large portion of our money in controlled assets and workout situations rather than general market situations at a time when the Dow declined substantially. If the Dow had advanced materially in 1962, we could have looked very bad on a relative basis, and our success to date in 1962 certainly does not reflect any ability on my part to guess the market (I never try), but merely reflects the fact that the high prices of generals partially forced me into other categories or investment.
Buffett 48 BUFFETT PARTNERSHIP, LTD. 810 KIEWIT PLAZA OMAHA 31, NEBRASKA November 6, 1963 To My Partners for 1964: Enclosed is the usual assortment of Thanksgiving reading material: (1) Two copies of an amended partnership agreement for 1964. The one with the General Provisions attached is to be kept by you (exactly the same as last year) and the other single page agreement is to be signed, notarized and returned to us. Partners in Omaha may come in and obtain the notarization at our office. (2) A copy of that priceless treatise, "The Ground Rules,” I would like every partner to read this at least once a year, and it is going to be a regular item in my November package.
While this has been true in the past, there obviously can be no guarantees about the future. The above may seem like rather strong medicine, but it is offered as a factual presentation and in no way as criticism. Within their institutional framework and handling the many billions of dollars involved, the results achieved are the only ones attainable. To behave unconventionally within this framework is extremely difficult. Therefore, the collective record of such investment media is necessarily tied to the record of corporate America.