This 1960 letter from Warren E. Buffett discusses the performance of his investment partnerships compared to the general stock market. Buffett explains his objective of achieving long-term superior performance, particularly in stable or declining markets, and provides detailed financial results for his partnerships from 1957 to 1960. A significant portion of the letter is dedicated to describing a "control situation" investment in Sanborn Map Co., an old, monopolistic map-making business with a struggling core operation but a substantial and growing investment portfolio. Buffett outlines his strategy to unlock value from Sanborn by separating its investment assets from the map business, ultimately leading to a successful restructuring for shareholders. He emphasizes the importance of understanding his investment philosophy and the necessity of secrecy in certain portfolio operations.