1963: Buffett begins the letter by telling partners to focus on relative performance rather than absolute performance: “Whether we do a good job or a poor job is not to be measured by whether we are plus or minus for the year. It is instead to be measured by the Dow-Jones Industrial Average…if our record is better than these yardsticks we consider it a good year whether we are plus or minus. If we do poorer we deserve the tomatoes.”
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