Warren Buffett's mid-1962 letters to partners, spanning a sharp market decline. As the Dow fell 21.7% in the first half, his partnership dropped just 7.5%, proof of his aim to lose far less than the market in down years. He also updates the Dempster Mill turnaround, where converting assets to cash near full value lifted the holding's estimated worth from $35 to $50 a share.
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