古歌价投备忘录

古歌价投备忘录

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巴菲特致合伙人的信(1969年)

BUFFETT PARTNERSHIP, LTD.
February 25th, 1970
To My Partners:
This letter will attempt to provide a very elementary education regarding tax-exempt bonds with emphasis on the types and maturities of bonds which we expect to help partners in purchasing next month. I...

巴菲特致合伙人的信(1969年冬2)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
December 26, 1969
To My Partners:
Our plans regarding the initial cash distribution have been finalized and we expect to mail to you on January 3rd a check dated Januar...

巴菲特致合伙人的信(1969年冬1)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
December 5th , 1969
To My Partners:
This letter is to supply you with some published information relating to our two controlled companies (and their four principal oper...

巴菲特致合伙人的信(1969年秋)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
October 9th, 1969
To My Partners:
Here is my present estimate of the BPL calendar for the months to come:
(1) This letter - to tell you something of Bill Ruane, the...

巴菲特致合伙人的信(1969年中)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
May 29th, 1969
To My Partners:
About eighteen months ago I wrote to you regarding changed environmental and personal factors causing me to modify our future performance...

巴菲特致合伙人的信(1968年)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
January 22nd, 1969
Our Performance in 1968
Everyone makes mistakes.
At the beginning of 1968, I felt prospects for BPL performance looked poorer than at any time in...

巴菲特致合伙人的信(1968年秋)

BUFFETT PARTNERSHIP. LTD.
810 KIEWIT PLAZA
OMAHA. NEBRASKA 68131
November 1st, 1968
To My Partners:
Enclosed are two copies of the Commitment Letter for 1969, one to be kept by you and one to be returned to us. You may amend the Commitment Letter right up ...

巴菲特致合伙人的信(1968年中)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
July 11th, 1968
First Half Performance
During the first half of 1968, the Dow-Jones Industrial Average declined fractionally from 905 to 898. Ownership of the Dow would...

巴菲特致合伙人的信(1967年)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
January 24, 1968
Our Performance in 1967
By most standards, we had a good year in 1967. Our overall performance was plus 35.9% compared to plus 19.0% for the Dow, thus ...

巴菲特致合伙人的信(1967年秋)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
October 9, 1967
To My Partners:
Over the past eleven years, I have consistently set forth as the BPL investment goal an average advantage in our performance of ten perc...

巴菲特致合伙人的信(1967年中)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
July 12, 1967
First Half Performance
Again, this is being ,written in late June prior to the family's trip to California. To maintain the usual chronological symmet...

巴菲特致合伙人的信(1966年)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
January 25, 1967
The First Decade
The Partnership had its tenth anniversary during 1966. The celebration was appropriate -an all-time record (both past and future) w...

巴菲特致合伙人的信(1966年中)

BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
July 12, 1966
First Half Performance
During the first half of 1966, the Dow-Jones Industrial Average (hereinafter called the "Dow") declined from 969.26 to 8...

巴菲特致合伙人的信(1965年)

BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
January 20, 1966
Our Performance in 1965
Our War on Poverty was successful in 1965.
Specially, we were $12,304,060 less poor at the end of the year.
Last year under a section in the...

巴菲特致合伙人的信(1965年秋)

BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
November 1, 1965
To My Partners for 1966:
Enclosed are:
(1) Two copies or the commitment letter for 1966, one to be kept by you and one returned to us. You may amend the commitment lette...

巴菲特致合伙人的信(1965年中)

BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
July 9, 1965
Warren E. Buffett, General Partner William Scott
John M. Harding
First Half Performance:
During the first half of 1965, the Dow Jones Industrial Average (hereinafter call ...

巴菲特致合伙人的信(1964年B)

Our Method of Operation
In past annual letters I have always utilized three categories to describe investment operations we conduct. I now feel that a four-category division is more appropriate. Partially, the addition of a new section - "Generals Relatively Underval...

巴菲特致合伙人的信(1964年A)

BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
January 18, 1965
Our Performance in 1964
Although we had an overall gain of $4,846,312.37 in 1964, it was not one of our better years as judged by our fundamental yardstick, the Dow-Jones Ind...

巴菲特致合伙人的信(1964年中)

BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
July 8, 1964
First Half Performance
The whole family is leaving for California on June 23rd so I am fudging a bit on this report and writing it June 18th. However, for those of you who set yo...

巴菲特致合伙人的信(1963年秋)

BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
November 6, 1963
To My Partners for 1964:
Enclosed is the usual assortment of Thanksgiving reading material:
(1) Two copies of an amended partnership agreement for 1964. The one with the...