The Investors

Warren Buffett Partnership Letter 1961 Full Year

Sun, 19 Jul 2026 14:00:00 GMT

Warren Buffett's 1961 letter to partners, capping five years of operation with a standout 45.9% gain against the Dow's 22.2%. He lays out his three-category method — generals, work-outs, and control situations — introduces the Dempster Mill takeover, defines what true conservatism means to him, and offers a rare long-term prediction: that beating the Dow by ten points a year is the real measure of success.

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Warren Buffett Partnership Letter 1960 H1

Sat, 18 Jul 2026 13:33:51 GMT

Warren Buffett's first semi-annual letter, from July 1961. His partnerships edged past a fast-rising Dow (up 13%), but the heart of the letter is his plan to merge all the individual partnerships into one — laying out the fee structure, the 6% preferred return, and his commitment to put his own family's entire investment on the line alongside his partners.

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Warren Buffett Partnership Letter 1960

Fri, 10 Jul 2026 14:00:00 GMT

Warren Buffett's 1960 letter to partners, covering a year when the Dow fell 6.3% while his seven partnerships gained 22.8% — exactly the kind of down-market outperformance he'd been aiming for. The bulk of the letter tells the story of Sanborn Map Co., a sleepy monopoly whose stock traded for less than the value of its own investment portfolio, and how Buffett built a stake, joined the board, and unlocked the hidden value inside it.

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Warren Buffett Partnership Letter 1959

Wed, 08 Jul 2026 18:18:13 GMT

Warren Buffett's 1959 letter to partners, written as the Dow surged nearly 20% on a wave of investor enthusiasm he found unsettling. His six partnerships still averaged a 25.9% gain, driven largely by a single holding now grown to 35% of assets, as he warns against "New Era" thinking and the belief that trees can grow to the sky.

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Warren Buffett Partnership Letters 1958

Thu, 02 Jul 2026 14:00:00 GMT

Warren Buffett's 1958 letter to partners. His funds beat a booming Dow Jones (up 38.5%) with gains up to 46.2%, and he walks through a real trade — quietly building a 12% stake in a small New Jersey bank at $51 a share before selling at $80. A look at his patient, value-driven approach during a rising, increasingly speculative market.

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Warren Buffett Partnership Letters 1957

Wed, 01 Jul 2026 17:51:21 GMT

Warren Buffett's second annual letter to his partnership, written in 1957. He explains how his funds beat the Dow Jones (down 8.5%) with gains of 6% to 25%, breaks down his "work-outs" vs. undervalued stocks strategy, and makes the case for patience over market timing.

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