Buffett Partnership Letters - Interim Letters of 1962
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Buffett wrote two interim letters during 1962. Both letters had little of general interest to the reader today and so I'm summarizing both in a single, short post. In the first letter, sent out in July, Buffett points out that the Dow was down 21.7% for the half year. His aim, during times such as these, was to lose only half as much. In fact, the decline was only 7.5% for the Buffett partnerships. He then reiterated his belief that the Dow is a fair benchmark for the fund's performance, and that performance, whether good or bad, must not be judged over short time periods. Three to five years is a minimum time period to judge whether an investment manager is any good.
Buffett Partnership Letters - Interim Letters of 1962
Buffett Partnership Letters - Interim Letters…
Buffett Partnership Letters - Interim Letters of 1962
Buffett wrote two interim letters during 1962. Both letters had little of general interest to the reader today and so I'm summarizing both in a single, short post. In the first letter, sent out in July, Buffett points out that the Dow was down 21.7% for the half year. His aim, during times such as these, was to lose only half as much. In fact, the decline was only 7.5% for the Buffett partnerships. He then reiterated his belief that the Dow is a fair benchmark for the fund's performance, and that performance, whether good or bad, must not be judged over short time periods. Three to five years is a minimum time period to judge whether an investment manager is any good.