Warren Buffett's 1961 letter to partners, capping five years of operation with a standout 45.9% gain against the Dow's 22.2%. He lays out his three-category method — generals, work-outs, and control situations — introduces the Dempster Mill takeover, defines what true conservatism means to him, and offers a rare long-term prediction: that beating the Dow by ten points a year is the real measure of success.
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