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The Buffett Partnership started with $100,000 in a decent climate in the fifties...and his returns were 10%, 40%, 25%, 22%....in fact, he had one 50+% year in the thirteen years he ran his partnership."

I've wondered this myself. The 50% figure gets thrown around, but Buffett himself didn't achieve anywhere near that rate. His returns were great but in the 20-30% range even in his salad days. Maybe before his partnership he was doing that, but I doubt he was constrained by the size of his capital when he started with $105,100.

Maybe he is talking about being able to find individual issues that provide 50% returns, though he did much better than that on individual investments even much later. GEICO and AXP jumped substantially in the first couple years after he bought the stock for example.

Like a lot of things that Buffett says (such as the 20-punch-card rule), I think you need to look at the concept or idea, and not necessarily the specifics...

T
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