Warren Buffett's 1960 letter to partners, covering a year when the Dow fell 6.3% while his seven partnerships gained 22.8% — exactly the kind of down-market outperformance he'd been aiming for. The bulk of the letter tells the story of Sanborn Map Co., a sleepy monopoly whose stock traded for less than the value of its own investment portfolio, and how Buffett built a stake, joined the board, and unlocked the hidden value inside it.
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