Speaker unverified: commitment

Transcript context

…Wow. Let me start quoting from some Buffett annual letters here because this is an interesting phenomena. He was a wonderful writer. He had trained himself both in public speaking, taking some classes in that, and in writing. He wrote these, as I'm sure many people would guess, some prolific shareholder letters to his partnership every year. That actually is not something that he did in the early Berkshire years. It took him years to start doing that again, but he really felt it was incumbent upon him to do this when he was running these investment partnerships. If my performance is poor, I expect the partners to withdraw. 1963: It is a certainty that we will have years when we deserve the tomatoes. 1964: I believe our margin over the Dow cannot be maintained. 1965: We do not consider it possible on an extended basis to maintain the 16.6% point advantage we had over the Dow.” This goes on and on where Warren continues to caution, I don't think this is sustainable. I don't think we can keep crushing it as hard as we are. Amd he does this to this day every year in the virtual letter. 60 years later, unreal. At this point in 1962, when he's now bigger than Graham-Newman ever was, he finally gets an office. He'd been working out of their spare bedroom, the Omaha house all these years doing everything himself. He gets an office, he hires a couple of people. He consolidates all these various vehicles into just one vehicle, the Buffett Partnership Limited. This is when he puts all of his own money in as well. He's got a single vehicle. I don't know if he ever said he officially unretired but...…

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