Reading the Letter to Partners of Buffett Partnership 22 Jul 1961

During the first half of 1961, the overall gain of the Dow-Jones Industrial Average (DJIA) was about 13%, including dividends. All partnerships still perform better than Average, although this is the type of period when the partnerships should have the most difficulty in exceeding this standard.

In Buffett's opinion:

One year is far too short a period to form any kind of an opinion as to investment performance, my own thinking is much more geared to five years performance with tests of relative results in both strong and weak markets. 

Lastly, he shared about the detail of progress of combining all partnership at year end.