Warren Buffett Partnership Letter 1960 H1
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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The skinny
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