Buffett Letter: 1963 semi-annual 1
- This letter in my opinion does not have many new points. Buffett repeats his views on how his fund would do better in a declining market vs a rising market where it would lag the index. He talks about how index is a strong competitor. And so on.
- One thing I realized in this letter was that he is also shorting stocks when he talks about his net investment positions in Generals.
- Buffett makes a very important statement - Investment decisions should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.