Warren Buffett's mid-1966 letter to partners. In a falling market — the Dow down 8.7% — the partnership still gained 8.2%, and Buffett shows how the eight largest companies in the world lost 16.6% over the same stretch. He draws a sharp line between true conservatism (losing less when others lose) and mere \"conventionalism,\" announces his first outright purchase of a whole business, the Baltimore department store Hochschild, Kohn, and delivers a pointed defense of ignoring market forecasts — pointing partners to Benjamin Graham's chapter on treating market swings as opportunity rather than instruction.
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