Warren Buffett's mid-1968 letter to partners. The partnership rose 16% while the Dow was essentially flat. He updates his growing family of controlled businesses — Berkshire Hathaway, National Indemnity, Hochschild Kohn, and Associated Cotton Shops — and their capable operators. But the heart of the letter is his warning about "The Present Environment": a speculative "chain-letter" mania fueled by "bold, imaginative accounting," which he predicts history will look back on as a bubble. He admits his own results have indirectly benefited from the frenzy even as it dries up genuine bargains, and points partners to Adam Smith's The Money Game for a portrait of the era.
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