Warren Buffett's 1963 annual letter, capping \"seven fat years\" with a 38.7% gain versus the Dow's 20.7%. He uses the Mona Lisa to illustrate the staggering long-run math of compounding, warns partners his huge margin over the Dow can't last, and gives his clearest breakdown yet of the three-category method: undervalued \"generals,\" timetable-driven \"work-outs,\" and \"controls.\" A cornerstone letter for understanding Buffett's early philosophy and why he measures success against the market rather than by absolute gains.
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