In Episode 5 of Becoming Berkshire, we look at Warren Buffett’s 1964 Partnership Letter and Berkshire Hathaway’s 1964 annual report.

Buffett explains why so many smart investment firms fail to beat the market, why “a public opinion poll is no substitute for thought,” and why the goal is not to minimize taxes but to maximize after-tax compounding. We also look at Berkshire’s struggling textile business, Seabury Stanton’s share repurchases, and how Buffett was moving closer to control.