Warren Buffett's 1967 annual letter. The partnership gained 35.9% against the Dow's 19.0%, yet Buffett is uneasy: in a runaway speculative market where nearly every fund beat the Dow and some doubled, he warns that \"we continue to eat oatmeal\" rather than chase the frenzy. He breaks down a lopsided year — his worst-ever result in work-outs, a huge 72% gain in undervalued generals driven by his American Express stake (now being sold down), and steady progress in his controlled companies, where he folds in new acquisitions National Indemnity and Associated Cotton Shops. He also addresses the fallout from October's lowered goals, reassuring partners the partnership is \"definitely not\" winding down.
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