Warren Buffett Partnership Letter 1967 H1
Warren Buffett's mid-1967 letter to partners. After a rough January, the partnership finished the half up 21% against the Dow's 11.4%. Buffett names Diversified Retailing and Berkshire Hathaway as his controlled companies — and candidly warns that Berkshire's textile business faces real difficulties and won't earn a good return, dragging on relative performance in a rising market. He shares his tax philosophy ("Don't worry about the income; just the outcome") and previews a special October letter that will revise his "Ground Rules" — the coming moment where he lowers his ambitions and…
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