Warren Buffett's mid-1965 letter to partners. The partnership gained 10.4% while the Dow was essentially flat, extending its edge — though Buffett candidly notes the gain came during the market's rise, not its fall, the opposite of how he'd prefer to earn it. He revisits his \"duck on a pond\" point with fresh backing that mutual funds pick stocks no better than random, and explains his logic for borrowing and lending with partners at the same 6% rate. Most significant for the story ahead: he reveals he has quietly acquired a controlling interest in one of his holdings — the beginning of Berkshire Hathaway — with the full account promised for the next annual letter.
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