The final chapter of the Buffett Partnership, told through five letters from 1969 and 1970 as Warren Buffett wound the partnership down and returned capital to his partners. He explains why he's retiring — bargains gone, the market too speculative, his own motivation shifted — and personally recommends Bill Ruane as an alternative money manager. He walks partners through their choices: take cash, or keep their proportional stakes in his two controlled companies, Berkshire Hathaway and Diversified Retailing, which he clearly intends to hold for the long term. The episode closes with his candid case for tax-free bonds over stocks at that moment, and a plain-spoken primer on how to buy them.
","author_name":"Investing Wisdom"}