This episode is about four letters from Warren E. Buffett to his Buffett Partnership, Ltd. (BPL) partners in 1969, detailing his decision and plan for the liquidation and dissolution of the partnership by year-end. Buffett explains that the changing investing environment—characterized by a scarcity of undervalued opportunities and an increasingly short-term, speculative market—no longer suits his methods, and that he wishes to retire from the competitive pressure of constantly outperforming investment benchmarks. The correspondence outlines the complex distribution of assets, which includes a cash payout, and the proportional sharing of interests in the controlled companies Berkshire Hathaway Inc. and Diversified Retailing Company Inc. He also strongly recommends Bill Ruane as an alternative money manager for partners who require ongoing investment guidance and offers his candid analysis on the modest expected returns for professional equity management versus passive bond investments over the coming decade.