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Legends

Warren Buffett

Buffett Partnership Ltd (and predecessor partnerships), 1956/57–1969 · Profile

Historical: a partial record. These are holdings named in letters, filings or reports of the time, not a full portfolio.

Before Berkshire Hathaway, Warren Buffett ran investment partnerships from Omaha. He bought cheap stocks, controlling stakes and merger 'work-outs', and wrote to his partners every year. In 1969 he closed the partnership, saying he could no longer find enough bargains, and kept Berkshire.

Known holdings

Each line names its source. Where a size is given it’s as reported at the time.

Known holdings of Buffett Partnership Ltd (and predecessor partnerships)
DetailSource
Commonwealth Trust Co. of Union City, New Jerseyc. 1957–1958The largest holding, 10–20% of partnership assets. About 12% of the bank was bought at an average of ~$51 per share, and the block was sold in 1958 at $80.Buffett Partnership letter dated 11 Feb 1959 (on 1958), which names the bank
Sanborn Map Co.1958–196035% of net assets in 1959–60. With associates, about 24,000 of ~105,000 shares were held. Buffett pushed a restructuring in which ~72% of the stock was exchanged for portfolio securities.Buffett Partnership letter dated 30 Jan 1961
Dempster Mill Manufacturing Co.1961–1963 (controlling interest)BPL owned 71.7% of Dempster at a cost of $1,262,577.27, valued at $51.26 per share at year-end 1962. Operating assets were sold in autumn 1963, adding a little under $1M to the 1963 gain.Buffett Partnership letters of 10 Jul 1963 and 6 Nov 1963; also 1 Nov 1962 (bpl-1962b)
Texas National Petroleum Co.1963–1964 (work-out)A merger-arbitrage 'work-out' position. Covered as a case study in Yefei Lu's book; the original letter was not fetched.Yefei Lu, Inside the Investments of Warren Buffett (Columbia Business School Publishing, 2016), case '1964: Texas National Petroleum'
American ExpressAXPBought from 1964 (after the salad-oil scandal)About $3M invested by June 1964, at an average of ~$41.22 in mid-April to June 1964. About 17% of the partnership, making it the largest holding.Fortune, 22 Sep 2024 (adapted from Stephen Foerster, Trailblazers, Heroes, and Crooks, Wiley 2024); also a case in Yefei Lu (2016)
Berkshire HathawayBRK.ABought from early 1962; control in 1965Buffett began buying in early 1962, when the partnership had about $7M. The 1964 tender offer was at 11 3/8 after a verbal $11.50 deal. Control came in 1965.CNBC, 18 Oct 2010 (Buffett interview); control year from https://www.cnn.com/us/warren-buffett-fast-facts
Walt Disney ProductionsDIS1966–1967Buffett: 'We bought 5% of the Walt Disney Company in 1966. It cost us $4 million.' It was sold about a year later for roughly $6M.Buffett's 1991 Notre Dame lecture and Lowenstein, Buffett (1995) p.92, as cited by The Weekend Investor; sale figure from https://www.joshuakennon.com/warren-buffetts-12-billion-disney-mistake/
Hochschild, Kohn & Co. (via Diversified Retailing Co.)1966–1969A Baltimore department store bought through Diversified Retailing, which Buffett, Munger and Gottesman formed in 1966. Buffett owned about 80% of Diversified (per The Snowball).Hedge Fund Alpha, citing Alice Schroeder, The Snowball