The Investors

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...

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. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.