These source excerpts, taken from Buffett Partnership, Ltd. letters spanning 1963 and early 1964, detail the partnership's strong investment performance, particularly in 1963 when it significantly outperformed the Dow Jones Industrial Average and major investment companies. The communications emphasize the partnership's investment philosophy, which categorizes holdings into Generals, Workouts, and Controls, and stresses that short-term results are secondary to achieving superior long-term compounding rates with less risk compared to conventional investment media. A major success story highlighted is the turnaround and eventual sale of Dempster Mill Manufacturing Company, facilitated by manager Harry Bottle, which illustrates the effectiveness of their Control category investing. The letters also include administrative details for partners regarding taxes, withdrawals, and future commitments, while cautioning that their exceptional margin of outperformance in recent years is not sustainable indefinitely.