Warren Buffett's tenth-anniversary letter, covering 1966. The partnership gained 20.4% while the Dow fell 15.6% — its widest margin ever, 36 points — capping a decade that turned $105,100 into a $54 million partnership. But Buffett strikes a cautionary note: the flood of bargain ideas that fueled the early years has slowed to a \"trickle,\" and those results won't be repeated. He breaks down where 1966's gains came from across his four categories, defends his heavy concentration in a single dominant holding, and reaffirms that he won't chase \"fashion\" investing or businesses beyond his understanding.
","author_name":"Investing Wisdom"}