The provided text, an excerpt from a 1959 letter by Warren E. Buffett, offers an in-depth analysis of the general stock market in 1959 and a review of his partnerships' performance. Buffett highlights the discrepancy between the Dow-Jones Industrial Average's strong gains and the broader market's struggles, noting that more stocks declined than advanced. He discusses his apprehension regarding market levels and his investment philosophy focused on undervalued securities and work-out operations, aiming for strong results in down markets and average performance in up markets. The letter also details the partnerships' impressive returns for 1959 and a significant new investment that comprises a large portion of the portfolio.