Warren Buffett's 1958 letter to partners. His funds beat a booming Dow Jones (up 38.5%) with gains up to 46.2%, and he walks through a real trade — quietly building a 12% stake in a small New Jersey bank at $51 a share before selling at $80. A look at his patient, value-driven approach during a rising, increasingly speculative market.

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Warren Buffett's second annual letter to his partnership, written in 1957. He explains how his funds beat the Dow Jones (down 8.5%) with gains of 6% to 25%, breaks down his "work-outs" vs. undervalued stocks strategy, and makes the case for patience over market timing.

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