1964: Buffett Partnership Letter

https://open.substack.com/pub/theweekendinvestor/p/becoming-berkshire-1964-buffetts?r=21sroa&utm_campaign=post&utm_medium=web&showWelcomeOnShare=falseIn 1964, Warren Buffett continued to build his partnership (Buffett Partnership Limited or "BPL"), focusing on investment strategies that included "Generals," "Workouts," and "Controls," while criticizing institutional management for groupthink and advocating for independent, data-driven decisions. Crucially, Buffett's "monumentally stupid decision" not to tender his Berkshire Hathaway shares at $11.375 due to a personal slight over a $0.125 price difference led him to aggressively acquire more shares of the struggling textile manufacturer, eventually resulting in his control of the company.

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