Investing
Warren Buffett's 1958 letter to Buffett Partnership partners, one of the letters in Buffett Partnership Letters, 1957–1970.
“There are undoubtedly more mercurially-tempered people in the stock market now than for a good many years and the duration of their stay will be limited to how long they think profits can be made quickly and effortlessly.”
“I make no attempt to forecast the general market - my efforts are devoted to finding undervalued securities. However, I do believe that widespread public belief in the inevitability of profits from investment in stocks will lead to eventual trouble.”
“I will continue to forecast that our results will be above average in a declining or level market, but it will be all we can do to keep pace with a rising market.”
“The year when a situation such at Commonwealth results in a realized profit is, to a great extent, fortuitous. Thus, our performance for any single year has serious limitations as a basis for estimating long term results.”
“The higher the level of the market, the fewer the undervalued securities and I am finding some difficulty in securing an adequate number of attractive investments.”