Warren Buffett's mid-1964 letter to partners. With the Dow up about 10% in the first half, the partnership only matched it — a reminder that Buffett's edge comes in flat or falling markets, not booming ones. He reports patiently accumulating three \"general\" holdings where the partnership is now the largest shareholder, and delivers his memorable \"duck on a pond\" metaphor: most professional managers rise and fall only with the market itself. He also lays out his philosophy on measuring performance against a fixed yardstick and on paying taxes rather than distorting decisions to avoid them.
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