Investment Theory #11: Buffett’s 1966 Letter

In 1956, Warren Buffett concluded his work for Benjamin Graham and returned to Omaha, where he started an investment partnership. This partnership was formed with seven limited partners, made up of family and friends, contributing $105,000, and Warren Buffet contributing $100. It grew over time.

This post continues my series about that partnership. The goal is to gain some insight into one of the most successful investment vehicles in modern history.

Links to past years can be found here: 1957, 1958, 1959, 1960, 1961, 1962, 1963, 1964, 1965

Continue reading “Investment Theory #11: Buffett’s 1966 Letter”

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Investment Theory #10: Buffett’s 1965 Letter

In 1956, Warren Buffett concluded his work for Benjamin Graham and returned to Omaha, where he started an investment partnership. This partnership was formed with seven limited partners, made up of family and friends, contributing $105,000, and Warren Buffet contributing $100. It grew over time.

This post continues my series about that partnership. The goal is to gain some insight into one of the most successful investment vehicles in modern history.

Links to past years can be found here: 1957, 1958, 1959, 1960, 1961, 1962, 1963, 1964

Continue reading “Investment Theory #10: Buffett’s 1965 Letter”

Investment Theory #9: Buffett’s 1964 Letter

In 1956, Warren Buffett concluded his work for Benjamin Graham and returned to Omaha, where he started an investment partnership. This partnership was formed with seven limited partners, made up of family and friends, contributing $105,000, and Warren Buffet contributing $100. Over time it grew.

This post continues my series about that partnership. The goal is to gain some insight into one of the most successful investment vehicles in modern history.

Links to past years can be found here: 1957, 1958, 1959, 1960, 1961, 1962, 1963

Continue reading “Investment Theory #9: Buffett’s 1964 Letter”

Investment Theory #7: Michael Mauboussin

Michael J. Mauboussin is managing director and head of Global Financial Strategies at Credit Suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision-making. He is also an adjunct professor of finance at the Columbia Business School and chairman of the Board of Trustees at Santa Fe Institute.

Mauboussin started his career at Drexel Burnham Lambert of Michael Milken fame. He was trained to be a financial advisor and in his own words was an abject failure. Armed with the knowledge of what he wasn’t good at, he set out to find a job in equity research. He eventually landed a job as a packaged food analyst at First Boston, which later merged with Credit Suisse. He has been there ever since.

Continue reading “Investment Theory #7: Michael Mauboussin”