Buffett Partnership Letter 1964 Annual
1964 annual - 27.8% gain vs 18.7% Dow, 8-year compound at 27.7%
warren-buffettbuffett-partnershipperformance1964
Buffett Partnership Letter 1964 Annual
Warren E. Buffett | January 18, 1965
1964 Performance
| Year | Dow | Partnership | Limited Partners |
|---|---|---|---|
| 1957 | -8.4% | 10.4% | 9.3% |
| 1958 | 38.5% | 40.9% | 32.2% |
| 1959 | 20.0% | 25.9% | 20.9% |
| 1960 | -6.2% | 22.8% | 18.6% |
| 1961 | 22.4% | 45.9% | 35.9% |
| 1962 | -7.6% | 13.9% | 11.9% |
| 1963 | 20.7% | 38.7% | 30.5% |
| 1964 | 18.7% | 27.8% | 22.3% |
Key Results
- Overall gain: $4,846,312
- Partnership gained 27.8%
- Dow gained 18.7%
- 9.1 point advantage over Dow (poorest margin since 1959)
8-Year Cumulative Performance
| Metric | Dow | Partnership | Limited Partners |
|---|---|---|---|
| Cumulative | 131.3% | 608.7% | 402.9% |
| Annual Compounded | 11.1% | 27.7% | 22.3% |
On Performance Expectations
"In my judgment, our 17.7 margin over the Dow shown above is unattainable over any long period of time. A ten percentage point advantage would be a very satisfactory accomplishment."
Source
Warren E. Buffett, January 18, 1965.