Warren Buffett's mid-1967 letter to partners. After a rough January, the partnership finished the half up 21% against the Dow's 11.4%. Buffett names Diversified Retailing and Berkshire Hathaway as his controlled companies — and candidly warns that Berkshire's textile business faces real difficulties and won't earn a good return, dragging on relative performance in a rising market. He shares his tax philosophy (\"Don't worry about the income; just the outcome\") and previews a special October letter that will revise his \"Ground Rules\" — the coming moment where he lowers his ambitions and redefines success for the partnership.