Partnership Letter1967-01-019 min read
The Final Partnership Letter - 1967
The last partnership letter. Buffett discussed the acquisition of National Indemnity (entering the insurance business), the diversification beyond Graham's strict criteria, and his evolving philosophy on risk and return.
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Key Quotes
“The insurance business is fundamentally different from the textile business - it can grow without significant capital.”
“I have made a partial shift from the strict Graham approach to a more eclectic approach.”
[[PLACEHOLDER]]