Performance measured over five years
“My own thinking is much more geared to five year performance, preferably with tests of relative results in both strong and weak markets.”
Investing
Warren Buffett's July 1961 letter to Buffett Partnership partners, one of the letters in Buffett Partnership Letters, 1957–1970.
More market insulation as prices rise
“At all times, I attempt to have a portion of our portfolio in securities as least partially insulated from the behavior of the market, and this portion should increase as the market rises.”