The Buffett Partnership outperformed the DOW again...The partnership returned over 58% versus the DOW's return of about 7.7%...The partnership is continuing to roll...This is the 12th year and the partnership has beaten the DOW every year and in total by a convincing annual margin of over 20%...
The four investment companies of Massachusetts Investment Trust, Investor's Stock, Lehman Corporation, and Tri-Continental have just about been in line with the DOW's average return of 9.1%... The top investment companies areLehman has beat the DOW over the 12 year period and Lehman's return was 10.3% and Tri-Continent at 9.6%...
The partnership is now over $104 million in assets...The results of the partnership were again outstanding...The Controls average balance of $25.00 million gained $5.89 million for a return of over 23.5%...
The Generals private owners average balance are $16.36 million and gained $21.99 million for a return of over 134%...The Generals relatively undervalued are $8.77 million gaining $4.27 million for a return of over 49%...The Workouts average balance of $18.98 million gained $7.32 million for a gain of 39%...Miscellaneous Securities average balance were $12.74 million and earned 6.6%...
Although not mentioned by name American Express, bought after the salad oil scandal in 1964 is the largest holding and was up to 40% of the portfolio is mentioned as his single best idea...Also stock of Blue Chip Stamps is purchased in 1968 (and more will be purchased in 1969)...Again the stock is not mentioned by name...
Warren mentions again it is hard to find good investment ideas...
Warren Buffett Stocks: Only control companies of Diversified Retailing (80% owned), Berkshire Hathaway 70% owned) earn $5 million are mentioned in the report as stock holdings...Normally, he will not mention stocks he is currently or going to purchase in the future...Although not mentioned, Berkshire Hathaway would pay their only dividend in 1967 of ten cents...
What can we learn:
Warren again outperforms the DOW, now 12 years straight...
The partnership is now $104 million...
The portfolio has a return of 58.8%...WOW...
The partnership controls Berkshire Hathway...
Warren mentions good investment ideas are becoming harder and harder to find...
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