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Complete_Buffett_par Tnership_letters-195 7-70_in Sections.pdf

complete_buffett_partnership_letters-1957-70_in-sections.pdf

Preview of Complete_Buffett_par tnership_letters-195 7-70_in Sections

🔗 Source: csinvesting.org

📊 Size: 1.37 MB

👤 Author: Whitney Tilson

⬇️ Downloads: 68

Summary

Warren Buffett's 1957 letter to limited partners discusses the general stock market picture, the partnership's activities, and results for 1957. Buffett states that the market is priced above intrinsic value, particularly for blue-chip securities, and that a substantial decline in stock prices is possible. However, he notes that the partnership's focus is on detecting substantially undervalued securities, rather than market analysis. The partnership's portfolio is heavier in undervalued situations than in "work-outs," which are investments dependent on specific corporate actions. The results for 1957 show that the three partnerships formed in 1956 performed better than the general market, with gains ranging from 6.2% to 25%. Buffett attributes the superior performance of one partnership to luck and the timing of fund availability. He expects the partnership's performance to be around 10% per year better than the averages and notes that the portfolio represents better value at the end of 1957 than at the end of 1956.

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Description

Warren Buffett's 1957 letter to limited partners discusses the general stock market picture, the partnership's activities, and results for 1957.

Technical Information

File Format: PDF
File Size: 1.37 MB
Pages: 152
Language: EN
Author: Whitney Tilson
Total Downloads: 68
Last Updated: 1 week ago

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