diff --git a/bpl/1959/1-in/bpl-1959-letter.txt b/bpl/1959/1-in/bpl-1959-letter.txt new file mode 100644 index 0000000..aa01da3 --- /dev/null +++ b/bpl/1959/1-in/bpl-1959-letter.txt @@ -0,0 +1,88 @@ +1959 Letter + +WARREN E. BUFFETT + +5202 Underwood Ave. Omaha, Nebraska + +The General Stock Market in 1959: + +The Dow-Jones Industrial Average, undoubtedly the most widely used index of stock market behavior, +presented a somewhat faulty picture in 1959. This index recorded an advance from 583 to 679, or 16.4% for the +year. When the dividends which would have been received through ownership of the average are added, an +overall gain of 19.9% indicated for 1959. + +Despite this indication of a robust market, more stocks declined than advanced on the New York Stock +Exchange during the year by a margin of 710 to 628. Both the Dow-Jones Railroad Average and Utility Average +registered declines. + +Most investment trusts had a difficult time in comparison with the Industrial Average. Tri-Continental Corp. the +nation's largest closed-end investment company (total asset $400 million) had an overall gain of about 5.7% for +the year. Fred Brown, its President, had this to say about the 1959 marked in a recent speech to the Analysts +Society: + +"But, even though we like the portfolio, the market performance of Tri-Continental's holdings in 1959 +was disappointing to us. Markets in which investor sentiment and enthusiasm play so large a part as +those of 1959, are difficult for investment managers trained in values and tuned to investing for the +long-term. Perhaps we haven't had our space boots adjusted properly. However, we believe that there is +a limit to risks that an investing institution such as Tri-Continental should take with its stockholders' +money, and we believe that the portfolio is in shape for the year ahead." + +Massachusetts Investors Trust, the country's largest mutual fund with assets of $1.5 billion showed an overall +gain of about 9% for the year. + +Most of you know I have been very apprehensive about general stock market levels for several years. To date, +this caution has been unnecessary. By previous standards, the present level of "blue chip" security prices +contains a substantial speculative component with a corresponding risk of loss. Perhaps other standards of +valuation are evolving which will permanently replace the old standard. I don't think so. I may very well be +wrong; however, I would rather sustain the penalties resulting from over-conservatism than face the +consequences of error, perhaps with permanent capital loss, resulting from the adoption of a "New Era" +philosophy where trees really do grow to the sky. + +Results in 1959: + +There has been emphasis in previous letters on a suggested standard of performance involving relatively good +results (compared to the general market indices and leading investment trusts) in periods of declining or level +prices but relatively unimpressive results in rapidly rising markets. + +We were fortunate to achieve reasonably good results in 1959. The six partnerships that operated throughout the +year achieved overall net gains ranging from 22.3% to 30.0%, and averaging about 25.9%. Portfolios of these +partnerships are now about 80%comparable, but there is some difference due to securities and cash becoming +available at varying times, payments made to partners, etc. Over the past few years, there hasn't been any +partnership which has consistently been at the top or bottom of performance from year to year, and the variance +is narrowing as the portfolios tend to become comparable. + +The overall net gain is determined on the basis of market values at the beginning and end of the year adjusted +for payments made to partners or contributions received from them. It is not based on actual realized profits +during the year, but is intended to measure the change in liquidating value for the year. It is before interest +allowed to partners (where that is specified in the partnership agreement) and before any division of profit to the +general partner, but after operating expenses. + +The principal operating expense is the Nebraska Intangibles Tax which amounts to .4% of market value on +practically all securities. Last year represented the first time that this tax had been effectively enforced and, of +course penalized our results to the extent of .4%. + +The present portfolio: + +Last year, I mentioned a new commitment which involved about 25% of assets of the various partnerships. +Presently this investment is about 35% of assets. This is an unusually large percentage, but has been made for +strong reasons. In effect, this company is partially an investment trust owing some thirty or forty other securities +of high quality. Our investment was made and is carried at a substantial discount from asset value based on +market value of their securities and a conservative appraisal of the operating business. + +We are the company’s largest stockholder by a considerable margin, and the two other large holders agree with +our ideas. The probability is extremely high that the performance of this investment will be superior to that of +the general market until its disposition, and I am hopeful that this will take place this year. + +The remaining 65% of the portfolio is in securities which I consider undervalued and work-out operations. To +the extent possible, I continue to attempt to invest in situations at least partially insulated from the behavior of +the general market. + +This policy should lead to superior results in bear markets and average performance in bull markets. The first +prediction may be subject to test this year since, at this writing, the Dow-Jones Industrials have retraced over +half of their 1959 advance. + +Should you have any questions or if I have not been clear in any respect, I would be very happy to hear from +you. + +Warren E. Buffett +2-20-60 diff --git a/bpl/1959/bpl-1959.mp3 b/bpl/1959/bpl-1959.mp3 new file mode 100644 index 0000000..585a248 Binary files /dev/null and b/bpl/1959/bpl-1959.mp3 differ diff --git a/bpl/1959/inputs-bpl-1959.txt b/bpl/1959/inputs-bpl-1959.txt new file mode 100644 index 0000000..4796028 --- /dev/null +++ b/bpl/1959/inputs-bpl-1959.txt @@ -0,0 +1,48 @@ +file 3-wavs/output-000.wav' +file 3-wavs/output-001.wav' +file 3-wavs/output-002.wav' +file 3-wavs/output-003.wav' +file 3-wavs/output-004.wav' +file 3-wavs/output-005.wav' +file 3-wavs/output-006.wav' +file 3-wavs/output-008.wav' +file 3-wavs/output-009.wav' +file 3-wavs/output-010.wav' +file 3-wavs/output-011.wav' +file 3-wavs/output-012.wav' +file 3-wavs/output-013.wav' +file 3-wavs/output-014.wav' +file 3-wavs/output-015.wav' +file 3-wavs/output-016.wav' +file 3-wavs/output-017.wav' +file 3-wavs/output-018.wav' +file 3-wavs/output-019.wav' +file 3-wavs/output-020.wav' +file 3-wavs/output-021.wav' +file 3-wavs/output-022.wav' +file 3-wavs/output-023.wav' +file 3-wavs/output-024.wav' +file 3-wavs/output-025.wav' +file 3-wavs/output-026.wav' +file 3-wavs/output-027.wav' +file 3-wavs/output-028.wav' +file 3-wavs/output-029.wav' +file 3-wavs/output-030.wav' +file 3-wavs/output-031.wav' +file 3-wavs/output-032.wav' +file 3-wavs/output-033.wav' +file 3-wavs/output-034.wav' +file 3-wavs/output-035.wav' +file 3-wavs/output-036.wav' +file 3-wavs/output-037.wav' +file 3-wavs/output-038.wav' +file 3-wavs/output-039.wav' +file 3-wavs/output-040.wav' +file 3-wavs/output-041.wav' +file 3-wavs/output-042.wav' +file 3-wavs/output-043.wav' +file 3-wavs/output-044.wav' +file 3-wavs/output-045.wav' +file 3-wavs/output-046.wav' +file 3-wavs/output-047.wav' +file 3-wavs/output-048.wav' diff --git a/process.sh b/process.sh index 12aab0c..496d02f 100755 --- a/process.sh +++ b/process.sh @@ -5,7 +5,7 @@ year=$2 real=$3 python3 speak.py $series $year $real -python3 gen_ffmpeg_inputs.py $series/$year "$series-$year" +python3 ffmpeg_inputs.py $series/$year "$series-$year" # ffmpeg -f concat -safe 0 -i $series/$year/inputs-$series-$year.txt -c copy $series/$year/$series-$year.wav ffmpeg -i $series/$year/$series-$year.wav $series/$year/$series-$year.mp3 rm $series/$year/$series-$year.wav diff --git a/speak.py b/speak.py index 63eefa5..df7c609 100644 --- a/speak.py +++ b/speak.py @@ -56,6 +56,9 @@ with open(fn) as f: sentence = " ".join(map(lambda x: x.strip(), sentence.split("\n"))) print(f"Sentence {i}:\n\t\"{sentence}\"\n\t{sentence_end}") start = sentence_end.end() # no +1 needed since end is already one past the real ending character + + if len(sentence.strip()) == 0: + print(f"Empty sentence {i} made it through somehow. Continuing...") if (real_run): synth_sentence(sentence, i)