Warren Buffett Partnership Letter 1964 Full Year

Investing Legends · Jul 25, 2026 · 45m

Warren Buffett's 1964 annual letter, one of his richest. The partnership gained 27.8% against the Dow's 18.7%, but Buffett spends much of the letter on ideas: why nearly all professional money managers fail to beat an unmanaged index, and his now-famous definition of true conservatism — "intelligent hypotheses, correct facts and sound reasoning," not crowd agreement. He expands his method to four categories, adding "generals — relatively undervalued," and lays out his long-term goal of beating the Dow by about ten points a year. He also delivers a memorable case for maximizing after-tax gains…