Buffett Letter: 1963 semi-annual 1

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1963

Semi-annual 1
  • This letter in my opinion does not have many new points. Buffett repeats his views on how his fund would do better in a declining market vs a rising market where it would lag the index. He talks about how index is a strong competitor. And so on.
  • One thing I realized in this letter was that he is also shorting stocks when he talks about his net investment positions in Generals.
  • Buffett makes a very important statement - Investment decisions should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

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