Warren Buffett Partnership Letter 1962 Full Year
Warren Buffett's 1962 annual letter, one of his most foundational. He lays out his famous "Ground Rules" for judging performance, illustrates the staggering power of compounding, and explains his three-category method: undervalued "generals," work-outs, and control situations. In a down year for the Dow (minus 7.6%), his limited partners gained 11.9%. The highlight is the Dempster Mill turnaround, how new manager Harry Bottle converted a failing manufacturer's assets into cash and roughly doubled the holding's value. Buffett also defines what true conservatism means to him: knowledge and…
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