Partnership Letter1963-01-019 min read
The Year of Unisuper and American Express - 1963
Buffett discussed his investment in American Express following the Salad Oil scandal, which he saw as a temporary setback rather than a structural problem. He also introduced the Unisuper trade - a complex arbitrage of significant magnitude.
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Key Quotes
“American Express has a franchise that cannot be measured by its current balance sheet.”
“Our best investment is a business that earns high returns on capital and reinvests at high returns.”
[[PLACEHOLDER]]