Buffett Partnership Letter 1965 Semi
1965 first half - 10.4% gain vs 0.8% Dow, 9.6 point advantage
warren-buffettbuffett-partnershipperformance1965
Buffett Partnership Letter 1965 Semi
Warren E. Buffett | July 9, 1965
First Half 1965 Performance
| Metric | Dow | Partnership | Limited Partners |
|---|---|---|---|
| First Half 1965 | +0.8% | +10.4% | +9.3% |
- 9.6 percentage point advantage over Dow
Market Context
The Dow reached a high of 939.62 on May 14th before declining to 868.03 by June 30th.
"We actually achieved a wide margin during the upswing and then fell at a rate fully equal to the Dow during the market decline."
Control Situation Acquired
During the first half, Buffett acquired controlling interest in one of the situations previously described in the "General Private Owner" category.
"When a controlling interest is held, we own a business rather than a stock, and a business valuation is appropriate."
The business operation and acquisition cost were both satisfactory, with excellent management in place.
Source
Warren E. Buffett, July 9, 1965.