A letter a day!
Letter #22 1969
1)In this year Buffett officially retires from managing outside money. Few of his investors were still interested in value investing, and therefore Buffett recommended the name of Bill Ruane. I found this interesting article on him for those who are interested to read.
Buffett on Bill Ruane
“Now, to Bill Ruane – we met in Ben Graham’s class at Columbia University in 1951 and I have had considerable opportunity to observe his qualities of character, temperament, and intellect since that time. If Susie and I were to die while our children are minors, he is one of three trustees who have carte blanche on investment matters – the other two are not available for continuous investment management for all partners, large or small.
There is no way to eliminate the possibility of error when judging humans, particularly in regard to future behavior in an unknown environment. However, decisions have to be made – whether actively or passively – and I consider Bill to be an exceptionally high probability decision on character and a high probability one on investment performance. I also consider it likely that Bill will continue as a money manager for many years to come.”
The letter further contains his thoughts about the market in general, bond investing, etc.
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