This audio edition features Warren Buffett’s July 1961 Semi Annual Letter to the partners of Buffett Partnership Ltd, offering a clear view into the operational evolution and investment discipline behind his growing partnerships.

Buffett opens by explaining his decision to communicate with partners twice a year, reinforcing transparency and alignment. He reports that during the first half of 1961 the Dow Jones Industrial Average rose about 13 percent, while the partnership delivered slightly better results. Despite this, Buffett cautions against overemphasizing short term comparisons and reiterates that a conservative investment style may lag during speculative market advances.

A central theme of the letter is the planned consolidation of all existing partnerships into a single entity at year end. Buffett details how this merger will introduce a revised profit sharing structure, permit monthly withdrawals, and ensure that the new partnership fully represents his personal investment in marketable securities.

The letter concludes with practical operational updates, including a 25,000 dollar minimum investment for new partners and estimated total assets of approximately 4 million dollars. Together, these details illustrate the increasing scale, professionalism, and long term orientation of Buffett’s early investment operation.

📈 Topics Covered
• Buffett’s partnership performance in early 1961
• The introduction of semi annual reporting
• Consolidation of multiple partnerships into one
• Profit allocation and withdrawal policies
• Conservative investing during rising markets

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