annual-letters/bpl-1957.txt

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-1957 Letter
-WARREN E. BUFFETT
-5202 Underwood Ave. Omaha, Nebraska
-
-SECOND ANNUAL LETTER TO LIMITED PARTNERS
-
-The General Stock Market Picture in 1957.
-
-In last year's letter to partners, I said the following:
-My view of the general market level is that it is priced above intrinsic value. This view relates to blue-chip
-securities. This view, if accurate, carries with it the possibility of a substantial decline in all stock prices, both
-undervalued and otherwise. In any event I think the probability is very slight that current market levels will be
-thought of as cheap five years from now. Even a full-scale bear market, however, should not hurt the market
-value of our work-outs substantially.
-If the general market were to return to an undervalued status our capital might be employed exclusively in
-general issues and perhaps some borrowed money would be used in this operation at that time. Conversely, if
-the market should go considerably higher our policy will be to reduce our general issues as profits present
-themselves and increase the work-out portfolio.
-All of the above is not intended to imply that market analysis is foremost in my mind. Primary attention is given
-at all times to the detection of substantially undervalued securities.
-The past year witnessed a moderate decline in stock prices. I stress the word "moderate" since casual reading of
-the press or conversing with those who have had only recent experience with stocks would tend to create an
-impression of a much greater decline. Actually, it appears to me that the decline in stock prices has been
-considerably less than the decline in corporate earning power under present business conditions. This means that
-the public is still very bullish on blue chip stocks and the general economic picture. I make no attempt to
-forecast either business or the stock market; the above is simply intended to dispel any notions that stocks have
-suffered any drastic decline or that the general market, is at a low level. I still consider the general market to be
-priced on the high side based on long term investment value.
-Our Activities in 1957
-The market decline has created greater opportunity among undervalued situations so that, generally, our
-portfolio is heavier in undervalued situations relative to work-outs than it was last year. Perhaps an explanation
-of the term "work-out" is in order. A work-out is an investment which is dependent on a specific corporate
-action for its profit rather than a general advance in the price of the stock as in the case of undervalued
-situations. Work-outs come about through: sales, mergers, liquidations, tenders, etc. In each case, the risk is that
-something will upset the applecart and cause the abandonment of the planned action, not that the economic
-picture will deteriorate and stocks decline generally. At the end of 1956, we had a ratio of about 70-30 between
-general issues and work-outs. Now it is about 85-15.
-During the past year we have taken positions in two situations which have reached a size where we may expect
-to take some part in corporate decisions. One of these positions accounts for between 10% and 20% of the
-portfolio of the various partnerships and the other accounts for about 5%. Both of these will probably take in the
-neighborhood of three to five years of work but they presently appear to have potential for a high average annual
-rate of return with a minimum of risk. While not in the classification of work-outs, they have very little
-Buffett Partnership Letters 1957 to 1970
-www.csinvesting.wordpress.com studying/teaching/investing Page 2
-dependence on the general action of the stock market. Should the general market have a substantial rise, of
-course, I would expect this section of our portfolio to lag behind the action of the market.
-Results for 1957
-In 1957 the three partnerships which we formed in 1956 did substantially better than the general market. At the
-beginning of the year, the Dow-Jones Industrials stood at 499 and at the end of the year it was at 435 for a loss
-of 64 points. If one had owned the Averages, he would have received 22 points in dividends reducing the overall
-loss to 42 points or 8.470% for the year. This loss is roughly equivalent to what would have been achieved by
-investing in most investment funds and, to my knowledge, no investment fund invested in stocks showed a gain
-for the year.
-All three of the 1956 partnerships showed a gain during the year amounting to about 6.2%, 7.8% and 25% on
-yearend 1956 net worth. Naturally a question is created as to the vastly superior performance of the last
-partnership, particularly in the mind of the partners of the first two. This performance emphasizes the
-importance of luck in the short run, particularly in regard to when funds are received. The third partnership was
-started the latest in 1956 when the market was at a lower level and when several securities were particularly
-attractive. Because of the availability of funds, large positions were taken in these issues. Whereas the two
-partnerships formed earlier were already substantially invested so that they could only take relatively small
-positions in these issues.
-Basically, all partnerships are invested in the same securities and in approximately the same percentages.
-However, particularly during the initial stages, money becomes available at varying times and varying levels of
-the market so there is more variation in results than is likely to be the case in later years. Over the years, I will
-be quite satisfied with a performance that is 10% per year better than the Averages, so in respect to these three
-partnerships, 1957 was a successful and probably better than average, year.
-Two partnerships were started during the middle of 1957 and their results for the balance of the year were
-roughly the same as the performance of the Averages which were down about 12% for the period since
-inception of the 1957 partnerships. Their portfolios are now starting to approximate those of the 1956
-partnerships and performance of the entire group should be much more comparable in the future.
-Interpretation of results
-To some extent our better than average performance in 1957 was due to the fact that it was a generally poor year
-for most stocks. Our performance, relatively, is likely to be better in a bear market than in a bull market so that
-deductions made from the above results should be tempered by the fact that it was the type of year when we
-should have done relatively well. In a year when the general market had a substantial advance I would be well
-satisfied to match the advance of the Averages.
-I can definitely say that our portfolio represents better value at the end of 1957 than it did at the end of 1956.
-This is due to both generally lower prices and the fact that we have had more time to acquire the more
-substantially undervalued securities which can only be acquired with patience. Earlier I mentioned our largest
-position which comprised 10% to 20% of the assets of the various partnerships. In time I plan to have this
-represent 20% of the assets of all partnerships but this cannot be hurried. Obviously during any acquisition
-period, our primary interest is to have the stock do nothing or decline rather than advance. Therefore, at any
-given time, a fair proportion of our portfolio may be in the sterile stage. This policy, while requiring patience,
-should maximize long term profits.
-Buffett Partnership Letters 1957 to 1970
-www.csinvesting.wordpress.com studying/teaching/investing Page 3
-I have tried to cover points which I felt might be of interest and disclose as much of our philosophy as may be
-imparted without talking of individual issues. If there are any questions concerning any phase of the operation, I
-would welcome hearing from you.

annual-letters/bpl-1958.txt

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-Buffett Partnership Letters 1957 to 1970
-1958 Letter
-Warren E Buffett
-5202 Underwood Ave. Omaha, Nebraska
-
-THE GENERAL STOCK MARKET IN 1958
-A friend who runs a medium-sized investment trust recently wrote: "The mercurial temperament, characteristic
-of the American people, produced a major transformation in 1958 and ‘exuberant’ would be the proper word for
-the stock market, at least".
-I think this summarizes the change in psychology dominating the stock market in 1958 at both the amateur and
-professional levels. During the past year almost any reason has been seized upon to justify “Investing” in the
-market. There are undoubtedly more mercurially-tempered people in the stock market now than for a good many
-years and the duration of their stay will be limited to how long they think profits can be made quickly and
-effortlessly. While it is impossible to determine how long they will continue to add numbers to their ranks and
-thereby stimulate rising prices, I believe it is valid to say that the longer their visit, the greater the reaction from
-it.
-I make no attempt to forecast the general market - my efforts are devoted to finding undervalued securities.
-However, I do believe that widespread public belief in the inevitability of profits from investment in stocks will
-lead to eventual trouble. Should this occur, prices, but not intrinsic values in my opinion, of even undervalued
-securities can be expected to be substantially affected.
-
-RESULTS IN 1958.
-In my letter of last year, I wrote:
-“Our performance, relatively, is likely to be better in a bear market than in a bull market so that
-deductions made from the above results should be tempered by the fact that it was the type of year when
-we should have done relatively will. In a year when the general market had a substantial advance, I
-would be well satisfied to match the advance of the averages.”
-The latter sentence describes the type of year we had in 1958 and my forecast worked out. The Dow-Jones
-Industrial average advanced from 435 to 583 which, after adding back dividends of about 20 points, gave an
-overall gain of 38.5% from the Dow-Jones unit. The five partnerships that operated throughout the entire year
-obtained results averaging slightly better than this 38.5%. Based on market values at the end of both years, their
-gains ranged from 36.7% to 46.2%. Considering the fact that a substantial portion of assets has been and still is
-invested in securities, which benefit very little from a fast-rising market, I believe these results are reasonably
-good. I will continue to forecast that our results will be above average in a declining or level market, but it will
-be all we can do to keep pace with a rising market.
-
-TYPICAL SITUATION.
-So that you may better understand our method of operation, I think it would be well to review a specific activity
-of 1958. Last year I referred to our largest holding which comprised 10% to 20% of the assets of the various
-partnerships. I pointed out that it was to our interest to have this stock decline or remain relatively steady, so that
-we could acquire an even larger position and that for this reason such a security would probably hold back our
-comparative performance in a bull market.
-This stock was the Commonwealth Trust Co. of Union City, New Jersey. At the time we started to purchase the
-stock, it had an intrinsic value $125 per share computed on a conservative basis. However, for good reasons, it
-Buffett Partnership Letters 1957 to 1970
-www.csinvesting.wordpress.com studying/teaching/investing Page 5
-paid no cash dividend at all despite earnings of about $10 per share which was largely responsible for a
-depressed price of about $50 per share. So here we had a very well managed bank with substantia1 earnings
-power selling at a large discount from intrinsic value. Management was friendly to us as new stockholders and
-risk of any ultimate loss seemed minimal.
-Commonwealth was 25.5% owned by a larger bank (Commonwealth had assets of about $50 Million – about
-half the size of the First National in Omaha), which had desired a merger for many years. Such a merger was
-prevented for persona1 reasons, but there was evidence that this situation would not continue indefinitely. Thus
-we had a combination of:
-1. Very strong defensive characteristics;
-2. Good solid value building up at a satisfactory pace and;
-3. Evidence to the effect that eventually this value would be unlocked although it might be one year or ten
-years. If the latter were true, the value would presumably have been built up to a considerably larger
-figure, say, $250 per share.
-Over a period of a year or so, we were successful in obtaining about 12% of the bank at a price averaging about
-$51 per share. Obviously it was definitely to our advantage to have the stock remain dormant in price. Our block
-of stock increased in value as its size grew, particularly after we became the second largest stockholder with
-sufficient voting power to warrant consultation on any merger proposa1.
-Commonwealth only had about 300 stockholders and probably averaged two trades or so per month, so you can
-understand why I say that the activity of the stock market generally had very little effect on the price movement
-of some of our holdings.
-Unfortunately we did run into some competition on buying, which railed the price to about $65 where we were
-neither buyer nor seller. Very small buying orders can create price changes of this magnitude in an inactive
-stock, which explains the importance of not having any "Leakage" regarding our portfolio holdings.
-Late in the year we were successful in finding a special situation where we could become the largest holder at an
-attractive price, so we sold our block of Commonwealth obtaining $80 per share although the quoted market was
-about 20% lower at the time.
-It is obvious that we could still be sitting with $50 stock patiently buying in dribs and drabs, and I would be
-quite happy with such a program although our performance relative to the market last year would have looked
-poor. The year when a situation such at Commonwealth results in a realized profit is, to a great extent,
-fortuitous. Thus, our performance for any single year has serious limitations as a basis for estimating long term
-results. However, I believe that a program of investing in such undervalued well protected securities offers the
-surest means of long term profits in securities.
-I might mention that the buyer of the stock at $80 can expect to do quite well over the years. However, the
-relative undervaluation at $80 with an intrinsic value $135 is quite different from a price $50 with an intrinsic
-value of $125, and it seemed to me that our capital could better be employed in the situation which replaced it.
-This new situation is somewhat larger than Commonwealth and represents about 25% of the assets of the
-various partnerships. While the degree of undervaluation is no greater than in many other securities we own (or
-even than some) we are the largest stockholder and this has substantial advantages many times in determining
-the length of time required to correct the undervaluation. In this particular holding we are virtually assured of a
-performance better than that of the Dow-Jones for the period we hold it.
-
-THE CURRENT SITUATION
-The higher the level of the market, the fewer the undervalued securities and I am finding some difficulty in
-ecuring an adequate number of attractive investments. I would prefer to increase the percentage of our assets in
-work-outs, but these are very difficult to find on the right terms.
-To the extent possible, therefore, I am attempting to create my own work-outs by acquiring large positions in
-several undervalued securities. Such a policy should lead to the fulfillment of my earlier forecast – an above
-average performance in a bear market. It is on this basis that I hope to be judged. If you have any questions, feel
-free to ask them.
-WARREN E. BUFFETT 2-11-59

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-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

annual-letters/bpl-1960.txt

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-RREN E. BUFFETT
-5202 Underwood Ave. Omaha, Nebraska
-The General Stock Market in 1960:
-A year ago, I commented on the somewhat faulty picture presented in 1959 by the Dow-Jones Industrial
-Average which had advanced from 583 to 679, or 16.4%. Although practically all investment companies showed
-gains for that year, less than 10% of them were able to match or better the record of the Industrial Average. The
-Dow-Jones Utility Average had a small decline and the Railroad Average recorded a substantial one.
-In 1960, the picture was reversed. The Industrial Average declined from 679 to 616, or 9.3%. Adding back the
-dividends which would have been received through ownership of the Average still left it with an overall loss of
-6.3%. On the other hand, the Utility Average showed a good gain and, while all the results are not now
-available, my guess is that about 90% of all investment companies outperformed the Industrial Average. The
-majority of investment companies appear to have ended the year with overall results in the range of plus or
-minus 5%. On the New York Stock Exchange, 653 common stocks registered losses for the year while 404
-showed gains.
-Results in 1960:
-My continual objective in managing partnership funds is to achieve a long-term performance record superior to
-that of the Industrial Average. I believe this Average, over a period of years, will more or less parallel the results
-of leading investment companies. Unless we do achieve this superior performance there is no reason for
-existence of the partnerships.
-However, I have pointed out that any superior record which we might accomplish should not be expected to be
-evidenced by a relatively constant advantage in performance compared to the Average. Rather it is likely that if
-such an advantage is achieved, it will be through better-than-average performance in stable or declining markets
-and average, or perhaps even poorer- than-average performance in rising markets.
-I would consider a year in which we declined 15% and the Average 30% to be much superior to a year when
-both we and the Average advanced 20%. Over a period of time there are going to be good and bad years; there is
-nothing to be gained by getting enthused or depressed about the sequence in which they occur. The important
-thing is to be beating par; a four on a par three hole is not as good as a five on a par five hole and it is unrealistic
-to assume we are not going to have our share of both par three's and par five's.
-The above dose of philosophy is being dispensed since we have a number of new partners this year and I want to
-make sure they understand my objectives, my measure of attainment of these objectives, and some of my known
-limitations.
-With this background it is not unexpected that 1960 was a better-than-average year for us. As contrasted with an
-overall loss of 6.3% for the Industrial Average, we had a 22.8% gain for the seven partnerships operating
-throughout the year. Our results for the four complete years of partnership operation after expenses but before
-interest to limited partners or allocation to the general partner are:
-Year Partnerships Operating Entire Year Partnership Gain Dow-Jones Gain
-1957 3 10.4% -8.4%
-1958 5 40.9% 38.5%
-1959 6 25.9% 19.9%
-1960 7 22.8% -6.3%
-It should be emphasized again that these are the net results to the partnership; the net results to the limited
-partners would depend on the partnership agreement that they had selected.
-The overall gain or loss is computed on a market to market basis. After allowing for any money added or
-withdrawn, such a method gives results based upon what would have been realized upon liquidation of the
-partnership at the beginning, of the year and what would have been realized upon liquidation at year end and is
-different, of course, from our tax results, which value securities at cost and realize gains or losses only when
-securities are actually sold.
-On a compounded basis, the cumulative results have been:
-Year Partnership Gain Dow-Jones Gain
-1957 10.4% -8.4%
-1958 55.6% 26.9%
-1959 95.9% 52.2%
-1960 140.6% 42.6%
-Although four years is entirely too short a period from which to make deductions, what evidence there is points
-toward confirming the proposition that our results should be relatively better in moderately declining or static
-markets. To the extent that this is true, it indicates that our portfolio may be more conservatively, although
-decidedly less conventionally, invested than if we owned "blue-chip" securities. During a strongly rising market
-for the latter, we might have real difficulty in matching their performance.
-Multiplicity of Partnerships:
-A preceding table shows that the family is growing. There has been no partnership which has had a consistently
-superior or inferior record compared to our group average, but there has been some variance each year despite
-my efforts to "keep all partnerships invested in the same securities and in about the same proportions. This
-variation, of course, could be eliminated by combining the present partnerships into one large partnership. Such
-a move would also eliminate much detail and a moderate amount of expense.
-Frankly, I am hopeful of doing something along this line in the next few years. The problem is that various
-partners have expressed preferences for varying partnership arrangements. Nothing will be done without
-unanimous consent of partners.
-Advance Payments:
-Several partners have inquired about adding money during the year to their partnership. Although an exception
-has been made, it is too difficult to amend partnership agreements during mid-year where we have more than
-one family represented among the limited partners. Therefore, in mixed partnerships an additional interest can
-only be acquired at the end of the year.
-We do accept advance payments during the year toward a partnership interest and pay interest at 6% on this
-payment from the time received until the end of the year. At that time, subject to amendment of the agreement
-by the partners, the payment plus interest is added to the partnership capital and thereafter participates in profits
-and losses.
-Sanborn Map:
-
-Last year mention was made of an investment which accounted for a very high and unusual proportion (35%) of
-our net assets along with the comment that I had some hope this investment would be concluded in 1960. This
-hope materialized. The history of an investment of this magnitude may be of interest to you.
-Sanborn Map Co. is engaged in the publication and continuous revision of extremely detailed maps of all cities
-of the United States. For example, the volumes mapping Omaha would weigh perhaps fifty pounds and provide
-minute details on each structure. The map would be revised by the paste-over method showing new
-construction, changed occupancy, new fire protection facilities, changed structural materials, etc. These
-revisions would be done approximately annually and a new map would be published every twenty or thirty years
-when further pasteovers became impractical. The cost of keeping the map revised to an Omaha customer would
-run around $100 per year.
-This detailed information showing diameter of water mains underlying streets, location of fire hydrants,
-composition of roof, etc., was primarily of use to fire insurance companies. Their underwriting departments,
-located in a central office, could evaluate business by agents nationally. The theory was that a picture was worth
-a thousand words and such evaluation would decide whether the risk was properly rated, the degree of
-conflagration exposure in an area, advisable reinsurance procedure, etc. The bulk of Sanborn's business was
-done with about thirty insurance companies although maps were also sold to customers outside the insurance
-industry such as public utilities, mortgage companies, and taxing authorities.
-For seventy-five years the business operated in a more or less monopolistic manner, with profits realized in
-every year accompanied by almost complete immunity to recession and lack of need for any sales effort. In the
-earlier years of the business, the insurance industry became fearful that Sanborn's profits would become too
-great and placed a number of prominent insurance men on Sanborn's board of directors to act in a watch-dog
-capacity.
-In the early 1950’s a competitive method of under-writing known as "carding" made inroads on Sanborn’s
-business and after-tax profits of the map business fell from an average annual level of over $500,000 in the late
-1930's to under $100,000 in 1958 and 1959. Considering the upward bias in the economy during this period, this
-amounted to an almost complete elimination of what had been sizable, stable earning power.
-However, during the early 1930's Sanborn had begun to accumulate an investment portfolio. There were no
-capital requirements to the business so that any retained earnings could be devoted to this project. Over a period
-of time, about $2.5 million was invested, roughly half in bonds and half in stocks. Thus, in the last decade
-particularly, the investment portfolio blossomed while the operating map business wilted.
-Let me give you some idea of the extreme divergence of these two factors. In 1938 when the Dow-Jones
-Industrial Average was in the 100-120 range, Sanborn sold at $110 per share. In 1958 with the Average in the
-550 area, Sanborn sold at $45 per share. Yet during that same period the value of the Sanborn investment
-portfolio increased from about $20 per share to $65 per share. This means, in effect, that the buyer of Sanborn
-stock in 1938 was placing a positive valuation of $90 per share on the map business ($110 less the $20 value of
-the investments unrelated to the map business) in a year of depressed business and stock market conditions. In
-the tremendously more vigorous climate of 1958 the same map business was evaluated at a minus $20 with the
-buyer of the stock unwilling to pay more than 70 cents on the dollar for the investment portfolio with the map
-business thrown in for nothing.
-How could this come about? Sanborn in 1958 as well as 1938 possessed a wealth of information of substantial
-value to the insurance industry. To reproduce the detailed information they had gathered over the years would
-have cost tens of millions of dollars. Despite “carding” over $500 million of fire premiums were underwritten by
-“mapping” companies. However, the means of selling and packaging Sanborn’s product, information had
-remained unchanged throughout the year and finally this inertia was reflected in the earnings.
-The very fact that the investment portfolio had done so well served to minimize in the eyes of most directors the
-need for rejuvenation of the map business. Sanborn had a sales volume of about $2 million per year and owned
-about $7 million worth of marketable securities. The income from the investment portfolio was substantial, the
-business had no possible financial worries, the insurance companies were satisfied with the price paid for maps,
-and the stockholders still received dividends. However, these dividends were cut five times in eight years
-although I could never find any record of suggestions pertaining to cutting salaries or director's and committee
-fees.
-Prior to my entry on the Board, of the fourteen directors, nine were prominent men from the insurance industry
-who combined held 46 shares of stock out of 105,000 shares outstanding. Despite their top positions with very
-large companies which would suggest the financial wherewithal to make at least a modest commitment, the
-largest holding in this group was ten shares. In several cases, the insurance companies these men ran owned
-small blocks of stock but these were token investments in relation to the portfolios in which they were held. For
-the past decade the insurance companies had been only sellers in any transactions involving Sanborn stock.
-The tenth director was the company attorney, who held ten shares. The eleventh was a banker with ten shares
-who recognized the problems of the company, actively pointed them out, and later added to his holdings. The
-next two directors were the top officers of Sanborn who owned about 300 shares combined. The officers were
-capable, aware of the problems of the business, but kept in a subservient role by the Board of Directors. The
-final member of our cast was a son of a deceased president of Sanborn. The widow owned about 15,000 shares
-of stock.
-In late 1958, the son, unhappy with the trend of the business, demanded the top position in the company, was
-turned down, and submitted his resignation, which was accepted. Shortly thereafter we made a bid to his mother
-for her block of stock, which was accepted. At the time there were two other large holdings, one of about 10,000
-shares (dispersed among customers of a brokerage firm) and one of about 8,000. These people were quite
-unhappy with the situation and desired a separation of the investment portfolio from the map business, as did
-we.
-Subsequently our holdings (including associates) were increased through open market purchases to about 24,000
-shares and the total represented by the three groups increased to 46,000 shares. We hoped to separate the two
-businesses, realize the fair value of the investment portfolio and work to re-establish the earning power of the
-map business. There appeared to be a real opportunity to multiply map profits through utilization of Sanborn's
-wealth of raw material in conjunction with electronic means of converting this data to the most usable form for
-the customer.
-There was considerable opposition on the Board to change of any type, particularly when initiated by an
-outsider, although management was in complete accord with our plan and a similar plan had been recommended
-by Booz, Allen & Hamilton (Management Experts). To avoid a proxy fight (which very probably would not
-have been forthcoming and which we would have been certain of winning) and to avoid time delay with a large
-portion of Sanborn’s money tied up in blue-chip stocks which I didn’t care for at current prices, a plan was
-evolved taking out all stockholders at fair value who wanted out. The SEC ruled favorably on the fairness of the
-plan. About 72% of the Sanborn stock, involving 50% of the 1,600 stockholders, was exchanged for portfolio
-securities at fair value. The map business was left with over $l,25 million in government and municipal bonds as
-a reserve fund, and a potential corporate capital gains tax of over $1 million was eliminated. The remaining
-stockholders were left with a slightly improved asset value, substantially higher earnings per share, and an
-increased dividend rate.
-Necessarily, the above little melodrama is a very abbreviated description of this investment operation. However,
-it does point up the necessity for secrecy regarding our portfolio operations as well as the futility of measuring
-our results over a short span of time such as a year. Such control situations may occur very infrequently. Our
-bread-and-butter business is buying undervalued securities and selling when the undervaluation is corrected
-along with investment in special situations where the profit is dependent on corporate rather than market action.
-To the extent that partnership funds continue to grow, it is possible that more opportunities will be available in
-“control situations.”
-The auditors should be mailing your financial statement and tax information within about a week. If you have
-any questions at all regarding either their report or this letter, be sure to let me know.
-Warren E. Buffett 1-30-61

ffmpeg_input.py

@@ -1,36 +0,0 @@
-import requests
-from urllib.parse import quote
-import subprocess
-import os
-import sys
-
-speaker_id="p230"
-
-letter_year = sys.argv[1]
-output_dir = f"./wavs/bpl-{letter_year}"
-
-outputs = os.listdir(output_dir)
-inputs = []
-
-for output in outputs:
- padded_fn = f"output-{output.split('-')[1].split('.')[0].zfill(2)}.wav"
- if (padded_fn != output):
-     subprocess.run(["mv", output_dir+"/"+output, output_dir+"/"+padded_fn])
-
-outputs = [f"output-{x.split('-')[1].split('.')[0].zfill(2)}.wav" for x in outputs]
-print(outputs)
-outputs.sort()
-
-with open(f"inputs-{letter_year}.txt", 'w') as f:
-    for (i, output) in enumerate(outputs):
-        f.write(f"file {output_dir}/{output}'\n")
-
-    #inputs.extend(['-i', './outputs/'+ output])
-    f.flush()
-
-#ffmpeg_cmd = ['ffmpeg']
-#ffmpeg_cmd.extend(inputs)
-#ffmpeg_cmd.extend(["./outputs/output.mp3"])
-# print(ffmpeg_cmd)
-#subprocess.run(ffmpeg_cmd)
-

inputs-1958.txt

@@ -1,67 +0,0 @@
-file ./wavs/bpl-1958/output-000.wav'
-file ./wavs/bpl-1958/output-001.wav'
-file ./wavs/bpl-1958/output-002.wav'
-file ./wavs/bpl-1958/output-003.wav'
-file ./wavs/bpl-1958/output-004.wav'
-file ./wavs/bpl-1958/output-005.wav'
-file ./wavs/bpl-1958/output-006.wav'
-file ./wavs/bpl-1958/output-007.wav'
-file ./wavs/bpl-1958/output-008.wav'
-file ./wavs/bpl-1958/output-009.wav'
-file ./wavs/bpl-1958/output-010.wav'
-file ./wavs/bpl-1958/output-011.wav'
-file ./wavs/bpl-1958/output-012.wav'
-file ./wavs/bpl-1958/output-013.wav'
-file ./wavs/bpl-1958/output-014.wav'
-file ./wavs/bpl-1958/output-015.wav'
-file ./wavs/bpl-1958/output-016.wav'
-file ./wavs/bpl-1958/output-017.wav'
-file ./wavs/bpl-1958/output-018.wav'
-file ./wavs/bpl-1958/output-019.wav'
-file ./wavs/bpl-1958/output-020.wav'
-file ./wavs/bpl-1958/output-021.wav'
-file ./wavs/bpl-1958/output-022.wav'
-file ./wavs/bpl-1958/output-023.wav'
-file ./wavs/bpl-1958/output-024.wav'
-file ./wavs/bpl-1958/output-025.wav'
-file ./wavs/bpl-1958/output-026.wav'
-file ./wavs/bpl-1958/output-027.wav'
-file ./wavs/bpl-1958/output-028.wav'
-file ./wavs/bpl-1958/output-029.wav'
-file ./wavs/bpl-1958/output-030.wav'
-file ./wavs/bpl-1958/output-031.wav'
-file ./wavs/bpl-1958/output-032.wav'
-file ./wavs/bpl-1958/output-033.wav'
-file ./wavs/bpl-1958/output-034.wav'
-file ./wavs/bpl-1958/output-035.wav'
-file ./wavs/bpl-1958/output-036.wav'
-file ./wavs/bpl-1958/output-037.wav'
-file ./wavs/bpl-1958/output-038.wav'
-file ./wavs/bpl-1958/output-039.wav'
-file ./wavs/bpl-1958/output-040.wav'
-file ./wavs/bpl-1958/output-041.wav'
-file ./wavs/bpl-1958/output-042.wav'
-file ./wavs/bpl-1958/output-043.wav'
-file ./wavs/bpl-1958/output-044.wav'
-file ./wavs/bpl-1958/output-045.wav'
-file ./wavs/bpl-1958/output-046.wav'
-file ./wavs/bpl-1958/output-047.wav'
-file ./wavs/bpl-1958/output-048.wav'
-file ./wavs/bpl-1958/output-049.wav'
-file ./wavs/bpl-1958/output-050.wav'
-file ./wavs/bpl-1958/output-051.wav'
-file ./wavs/bpl-1958/output-052.wav'
-file ./wavs/bpl-1958/output-053.wav'
-file ./wavs/bpl-1958/output-054.wav'
-file ./wavs/bpl-1958/output-055.wav'
-file ./wavs/bpl-1958/output-056.wav'
-file ./wavs/bpl-1958/output-057.wav'
-file ./wavs/bpl-1958/output-058.wav'
-file ./wavs/bpl-1958/output-059.wav'
-file ./wavs/bpl-1958/output-060.wav'
-file ./wavs/bpl-1958/output-061.wav'
-file ./wavs/bpl-1958/output-062.wav'
-file ./wavs/bpl-1958/output-063.wav'
-file ./wavs/bpl-1958/output-064.wav'
-file ./wavs/bpl-1958/output-065.wav'
-file ./wavs/bpl-1958/output-066.wav'

inputs-1959.txt

@@ -1,54 +0,0 @@
-file ./wavs/bpl-1959/output-000.wav'
-file ./wavs/bpl-1959/output-001.wav'
-file ./wavs/bpl-1959/output-002.wav'
-file ./wavs/bpl-1959/output-003.wav'
-file ./wavs/bpl-1959/output-004.wav'
-file ./wavs/bpl-1959/output-005.wav'
-file ./wavs/bpl-1959/output-006.wav'
-file ./wavs/bpl-1959/output-007.wav'
-file ./wavs/bpl-1959/output-008.wav'
-file ./wavs/bpl-1959/output-009.wav'
-file ./wavs/bpl-1959/output-010.wav'
-file ./wavs/bpl-1959/output-011.wav'
-file ./wavs/bpl-1959/output-012.wav'
-file ./wavs/bpl-1959/output-013.wav'
-file ./wavs/bpl-1959/output-014.wav'
-file ./wavs/bpl-1959/output-015.wav'
-file ./wavs/bpl-1959/output-016.wav'
-file ./wavs/bpl-1959/output-017.wav'
-file ./wavs/bpl-1959/output-018.wav'
-file ./wavs/bpl-1959/output-019.wav'
-file ./wavs/bpl-1959/output-020.wav'
-file ./wavs/bpl-1959/output-021.wav'
-file ./wavs/bpl-1959/output-022.wav'
-file ./wavs/bpl-1959/output-023.wav'
-file ./wavs/bpl-1959/output-024.wav'
-file ./wavs/bpl-1959/output-025.wav'
-file ./wavs/bpl-1959/output-026.wav'
-file ./wavs/bpl-1959/output-027.wav'
-file ./wavs/bpl-1959/output-028.wav'
-file ./wavs/bpl-1959/output-029.wav'
-file ./wavs/bpl-1959/output-030.wav'
-file ./wavs/bpl-1959/output-031.wav'
-file ./wavs/bpl-1959/output-032.wav'
-file ./wavs/bpl-1959/output-033.wav'
-file ./wavs/bpl-1959/output-034.wav'
-file ./wavs/bpl-1959/output-035.wav'
-file ./wavs/bpl-1959/output-036.wav'
-file ./wavs/bpl-1959/output-037.wav'
-file ./wavs/bpl-1959/output-038.wav'
-file ./wavs/bpl-1959/output-039.wav'
-file ./wavs/bpl-1959/output-040.wav'
-file ./wavs/bpl-1959/output-041.wav'
-file ./wavs/bpl-1959/output-042.wav'
-file ./wavs/bpl-1959/output-043.wav'
-file ./wavs/bpl-1959/output-044.wav'
-file ./wavs/bpl-1959/output-045.wav'
-file ./wavs/bpl-1959/output-046.wav'
-file ./wavs/bpl-1959/output-047.wav'
-file ./wavs/bpl-1959/output-048.wav'
-file ./wavs/bpl-1959/output-049.wav'
-file ./wavs/bpl-1959/output-050.wav'
-file ./wavs/bpl-1959/output-051.wav'
-file ./wavs/bpl-1959/output-052.wav'
-file ./wavs/bpl-1959/output-053.wav'

inputs-1960.txt

@@ -1,130 +0,0 @@
-file ./wavs/bpl-1960/output-000.wav'
-file ./wavs/bpl-1960/output-001.wav'
-file ./wavs/bpl-1960/output-002.wav'
-file ./wavs/bpl-1960/output-003.wav'
-file ./wavs/bpl-1960/output-004.wav'
-file ./wavs/bpl-1960/output-005.wav'
-file ./wavs/bpl-1960/output-006.wav'
-file ./wavs/bpl-1960/output-007.wav'
-file ./wavs/bpl-1960/output-008.wav'
-file ./wavs/bpl-1960/output-009.wav'
-file ./wavs/bpl-1960/output-010.wav'
-file ./wavs/bpl-1960/output-011.wav'
-file ./wavs/bpl-1960/output-012.wav'
-file ./wavs/bpl-1960/output-013.wav'
-file ./wavs/bpl-1960/output-014.wav'
-file ./wavs/bpl-1960/output-015.wav'
-file ./wavs/bpl-1960/output-016.wav'
-file ./wavs/bpl-1960/output-017.wav'
-file ./wavs/bpl-1960/output-018.wav'
-file ./wavs/bpl-1960/output-019.wav'
-file ./wavs/bpl-1960/output-020.wav'
-file ./wavs/bpl-1960/output-021.wav'
-file ./wavs/bpl-1960/output-022.wav'
-file ./wavs/bpl-1960/output-023.wav'
-file ./wavs/bpl-1960/output-024.wav'
-file ./wavs/bpl-1960/output-025.wav'
-file ./wavs/bpl-1960/output-026.wav'
-file ./wavs/bpl-1960/output-027.wav'
-file ./wavs/bpl-1960/output-028.wav'
-file ./wavs/bpl-1960/output-029.wav'
-file ./wavs/bpl-1960/output-030.wav'
-file ./wavs/bpl-1960/output-031.wav'
-file ./wavs/bpl-1960/output-032.wav'
-file ./wavs/bpl-1960/output-033.wav'
-file ./wavs/bpl-1960/output-034.wav'
-file ./wavs/bpl-1960/output-035.wav'
-file ./wavs/bpl-1960/output-036.wav'
-file ./wavs/bpl-1960/output-037.wav'
-file ./wavs/bpl-1960/output-038.wav'
-file ./wavs/bpl-1960/output-039.wav'
-file ./wavs/bpl-1960/output-040.wav'
-file ./wavs/bpl-1960/output-041.wav'
-file ./wavs/bpl-1960/output-042.wav'
-file ./wavs/bpl-1960/output-043.wav'
-file ./wavs/bpl-1960/output-044.wav'
-file ./wavs/bpl-1960/output-045.wav'
-file ./wavs/bpl-1960/output-046.wav'
-file ./wavs/bpl-1960/output-047.wav'
-file ./wavs/bpl-1960/output-048.wav'
-file ./wavs/bpl-1960/output-049.wav'
-file ./wavs/bpl-1960/output-050.wav'
-file ./wavs/bpl-1960/output-051.wav'
-file ./wavs/bpl-1960/output-052.wav'
-file ./wavs/bpl-1960/output-053.wav'
-file ./wavs/bpl-1960/output-054.wav'
-file ./wavs/bpl-1960/output-055.wav'
-file ./wavs/bpl-1960/output-056.wav'
-file ./wavs/bpl-1960/output-057.wav'
-file ./wavs/bpl-1960/output-058.wav'
-file ./wavs/bpl-1960/output-059.wav'
-file ./wavs/bpl-1960/output-060.wav'
-file ./wavs/bpl-1960/output-061.wav'
-file ./wavs/bpl-1960/output-062.wav'
-file ./wavs/bpl-1960/output-063.wav'
-file ./wavs/bpl-1960/output-064.wav'
-file ./wavs/bpl-1960/output-065.wav'
-file ./wavs/bpl-1960/output-066.wav'
-file ./wavs/bpl-1960/output-067.wav'
-file ./wavs/bpl-1960/output-068.wav'
-file ./wavs/bpl-1960/output-069.wav'
-file ./wavs/bpl-1960/output-070.wav'
-file ./wavs/bpl-1960/output-071.wav'
-file ./wavs/bpl-1960/output-072.wav'
-file ./wavs/bpl-1960/output-073.wav'
-file ./wavs/bpl-1960/output-074.wav'
-file ./wavs/bpl-1960/output-075.wav'
-file ./wavs/bpl-1960/output-076.wav'
-file ./wavs/bpl-1960/output-077.wav'
-file ./wavs/bpl-1960/output-078.wav'
-file ./wavs/bpl-1960/output-079.wav'
-file ./wavs/bpl-1960/output-080.wav'
-file ./wavs/bpl-1960/output-081.wav'
-file ./wavs/bpl-1960/output-082.wav'
-file ./wavs/bpl-1960/output-083.wav'
-file ./wavs/bpl-1960/output-084.wav'
-file ./wavs/bpl-1960/output-085.wav'
-file ./wavs/bpl-1960/output-086.wav'
-file ./wavs/bpl-1960/output-087.wav'
-file ./wavs/bpl-1960/output-088.wav'
-file ./wavs/bpl-1960/output-089.wav'
-file ./wavs/bpl-1960/output-090.wav'
-file ./wavs/bpl-1960/output-091.wav'
-file ./wavs/bpl-1960/output-092.wav'
-file ./wavs/bpl-1960/output-093.wav'
-file ./wavs/bpl-1960/output-094.wav'
-file ./wavs/bpl-1960/output-095.wav'
-file ./wavs/bpl-1960/output-096.wav'
-file ./wavs/bpl-1960/output-097.wav'
-file ./wavs/bpl-1960/output-098.wav'
-file ./wavs/bpl-1960/output-099.wav'
-file ./wavs/bpl-1960/output-100.wav'
-file ./wavs/bpl-1960/output-101.wav'
-file ./wavs/bpl-1960/output-102.wav'
-file ./wavs/bpl-1960/output-103.wav'
-file ./wavs/bpl-1960/output-104.wav'
-file ./wavs/bpl-1960/output-105.wav'
-file ./wavs/bpl-1960/output-106.wav'
-file ./wavs/bpl-1960/output-107.wav'
-file ./wavs/bpl-1960/output-108.wav'
-file ./wavs/bpl-1960/output-109.wav'
-file ./wavs/bpl-1960/output-110.wav'
-file ./wavs/bpl-1960/output-111.wav'
-file ./wavs/bpl-1960/output-112.wav'
-file ./wavs/bpl-1960/output-113.wav'
-file ./wavs/bpl-1960/output-114.wav'
-file ./wavs/bpl-1960/output-115.wav'
-file ./wavs/bpl-1960/output-116.wav'
-file ./wavs/bpl-1960/output-117.wav'
-file ./wavs/bpl-1960/output-118.wav'
-file ./wavs/bpl-1960/output-119.wav'
-file ./wavs/bpl-1960/output-120.wav'
-file ./wavs/bpl-1960/output-121.wav'
-file ./wavs/bpl-1960/output-122.wav'
-file ./wavs/bpl-1960/output-123.wav'
-file ./wavs/bpl-1960/output-124.wav'
-file ./wavs/bpl-1960/output-125.wav'
-file ./wavs/bpl-1960/output-126.wav'
-file ./wavs/bpl-1960/output-127.wav'
-file ./wavs/bpl-1960/output-128.wav'
-file ./wavs/bpl-1960/output-129.wav'

inputs-1960b.txt

@@ -1,48 +0,0 @@
-file ./wavs/bpl-1960b/output-000.wav'
-file ./wavs/bpl-1960b/output-001.wav'
-file ./wavs/bpl-1960b/output-002.wav'
-file ./wavs/bpl-1960b/output-003.wav'
-file ./wavs/bpl-1960b/output-004.wav'
-file ./wavs/bpl-1960b/output-005.wav'
-file ./wavs/bpl-1960b/output-006.wav'
-file ./wavs/bpl-1960b/output-007.wav'
-file ./wavs/bpl-1960b/output-008.wav'
-file ./wavs/bpl-1960b/output-009.wav'
-file ./wavs/bpl-1960b/output-010.wav'
-file ./wavs/bpl-1960b/output-011.wav'
-file ./wavs/bpl-1960b/output-012.wav'
-file ./wavs/bpl-1960b/output-013.wav'
-file ./wavs/bpl-1960b/output-014.wav'
-file ./wavs/bpl-1960b/output-015.wav'
-file ./wavs/bpl-1960b/output-016.wav'
-file ./wavs/bpl-1960b/output-017.wav'
-file ./wavs/bpl-1960b/output-018.wav'
-file ./wavs/bpl-1960b/output-019.wav'
-file ./wavs/bpl-1960b/output-020.wav'
-file ./wavs/bpl-1960b/output-021.wav'
-file ./wavs/bpl-1960b/output-022.wav'
-file ./wavs/bpl-1960b/output-023.wav'
-file ./wavs/bpl-1960b/output-024.wav'
-file ./wavs/bpl-1960b/output-025.wav'
-file ./wavs/bpl-1960b/output-026.wav'
-file ./wavs/bpl-1960b/output-027.wav'
-file ./wavs/bpl-1960b/output-028.wav'
-file ./wavs/bpl-1960b/output-029.wav'
-file ./wavs/bpl-1960b/output-030.wav'
-file ./wavs/bpl-1960b/output-031.wav'
-file ./wavs/bpl-1960b/output-032.wav'
-file ./wavs/bpl-1960b/output-033.wav'
-file ./wavs/bpl-1960b/output-034.wav'
-file ./wavs/bpl-1960b/output-035.wav'
-file ./wavs/bpl-1960b/output-036.wav'
-file ./wavs/bpl-1960b/output-037.wav'
-file ./wavs/bpl-1960b/output-038.wav'
-file ./wavs/bpl-1960b/output-039.wav'
-file ./wavs/bpl-1960b/output-040.wav'
-file ./wavs/bpl-1960b/output-041.wav'
-file ./wavs/bpl-1960b/output-042.wav'
-file ./wavs/bpl-1960b/output-043.wav'
-file ./wavs/bpl-1960b/output-044.wav'
-file ./wavs/bpl-1960b/output-045.wav'
-file ./wavs/bpl-1960b/output-046.wav'
-file ./wavs/bpl-1960b/output-047.wav'

inputs-1961.txt

@@ -1,317 +0,0 @@
-file ./wavs/bpl-1961/output-000.wav'
-file ./wavs/bpl-1961/output-001.wav'
-file ./wavs/bpl-1961/output-002.wav'
-file ./wavs/bpl-1961/output-003.wav'
-file ./wavs/bpl-1961/output-004.wav'
-file ./wavs/bpl-1961/output-005.wav'
-file ./wavs/bpl-1961/output-006.wav'
-file ./wavs/bpl-1961/output-007.wav'
-file ./wavs/bpl-1961/output-008.wav'
-file ./wavs/bpl-1961/output-009.wav'
-file ./wavs/bpl-1961/output-010.wav'
-file ./wavs/bpl-1961/output-011.wav'
-file ./wavs/bpl-1961/output-012.wav'
-file ./wavs/bpl-1961/output-013.wav'
-file ./wavs/bpl-1961/output-014.wav'
-file ./wavs/bpl-1961/output-015.wav'
-file ./wavs/bpl-1961/output-016.wav'
-file ./wavs/bpl-1961/output-017.wav'
-file ./wavs/bpl-1961/output-018.wav'
-file ./wavs/bpl-1961/output-019.wav'
-file ./wavs/bpl-1961/output-020.wav'
-file ./wavs/bpl-1961/output-021.wav'
-file ./wavs/bpl-1961/output-022.wav'
-file ./wavs/bpl-1961/output-023.wav'
-file ./wavs/bpl-1961/output-024.wav'
-file ./wavs/bpl-1961/output-025.wav'
-file ./wavs/bpl-1961/output-026.wav'
-file ./wavs/bpl-1961/output-027.wav'
-file ./wavs/bpl-1961/output-028.wav'
-file ./wavs/bpl-1961/output-029.wav'
-file ./wavs/bpl-1961/output-030.wav'
-file ./wavs/bpl-1961/output-031.wav'
-file ./wavs/bpl-1961/output-032.wav'
-file ./wavs/bpl-1961/output-033.wav'
-file ./wavs/bpl-1961/output-034.wav'
-file ./wavs/bpl-1961/output-035.wav'
-file ./wavs/bpl-1961/output-036.wav'
-file ./wavs/bpl-1961/output-037.wav'
-file ./wavs/bpl-1961/output-038.wav'
-file ./wavs/bpl-1961/output-039.wav'
-file ./wavs/bpl-1961/output-040.wav'
-file ./wavs/bpl-1961/output-041.wav'
-file ./wavs/bpl-1961/output-042.wav'
-file ./wavs/bpl-1961/output-043.wav'
-file ./wavs/bpl-1961/output-044.wav'
-file ./wavs/bpl-1961/output-045.wav'
-file ./wavs/bpl-1961/output-046.wav'
-file ./wavs/bpl-1961/output-047.wav'
-file ./wavs/bpl-1961/output-048.wav'
-file ./wavs/bpl-1961/output-049.wav'
-file ./wavs/bpl-1961/output-050.wav'
-file ./wavs/bpl-1961/output-051.wav'
-file ./wavs/bpl-1961/output-052.wav'
-file ./wavs/bpl-1961/output-053.wav'
-file ./wavs/bpl-1961/output-054.wav'
-file ./wavs/bpl-1961/output-055.wav'
-file ./wavs/bpl-1961/output-056.wav'
-file ./wavs/bpl-1961/output-057.wav'
-file ./wavs/bpl-1961/output-058.wav'
-file ./wavs/bpl-1961/output-059.wav'
-file ./wavs/bpl-1961/output-060.wav'
-file ./wavs/bpl-1961/output-061.wav'
-file ./wavs/bpl-1961/output-062.wav'
-file ./wavs/bpl-1961/output-063.wav'
-file ./wavs/bpl-1961/output-064.wav'
-file ./wavs/bpl-1961/output-065.wav'
-file ./wavs/bpl-1961/output-066.wav'
-file ./wavs/bpl-1961/output-067.wav'
-file ./wavs/bpl-1961/output-068.wav'
-file ./wavs/bpl-1961/output-069.wav'
-file ./wavs/bpl-1961/output-070.wav'
-file ./wavs/bpl-1961/output-071.wav'
-file ./wavs/bpl-1961/output-072.wav'
-file ./wavs/bpl-1961/output-073.wav'
-file ./wavs/bpl-1961/output-074.wav'
-file ./wavs/bpl-1961/output-075.wav'
-file ./wavs/bpl-1961/output-076.wav'
-file ./wavs/bpl-1961/output-077.wav'
-file ./wavs/bpl-1961/output-078.wav'
-file ./wavs/bpl-1961/output-079.wav'
-file ./wavs/bpl-1961/output-080.wav'
-file ./wavs/bpl-1961/output-081.wav'
-file ./wavs/bpl-1961/output-082.wav'
-file ./wavs/bpl-1961/output-083.wav'
-file ./wavs/bpl-1961/output-084.wav'
-file ./wavs/bpl-1961/output-085.wav'
-file ./wavs/bpl-1961/output-086.wav'
-file ./wavs/bpl-1961/output-087.wav'
-file ./wavs/bpl-1961/output-088.wav'
-file ./wavs/bpl-1961/output-089.wav'
-file ./wavs/bpl-1961/output-090.wav'
-file ./wavs/bpl-1961/output-091.wav'
-file ./wavs/bpl-1961/output-092.wav'
-file ./wavs/bpl-1961/output-093.wav'
-file ./wavs/bpl-1961/output-094.wav'
-file ./wavs/bpl-1961/output-095.wav'
-file ./wavs/bpl-1961/output-096.wav'
-file ./wavs/bpl-1961/output-097.wav'
-file ./wavs/bpl-1961/output-098.wav'
-file ./wavs/bpl-1961/output-099.wav'
-file ./wavs/bpl-1961/output-100.wav'
-file ./wavs/bpl-1961/output-101.wav'
-file ./wavs/bpl-1961/output-102.wav'
-file ./wavs/bpl-1961/output-103.wav'
-file ./wavs/bpl-1961/output-104.wav'
-file ./wavs/bpl-1961/output-105.wav'
-file ./wavs/bpl-1961/output-106.wav'
-file ./wavs/bpl-1961/output-107.wav'
-file ./wavs/bpl-1961/output-108.wav'
-file ./wavs/bpl-1961/output-109.wav'
-file ./wavs/bpl-1961/output-110.wav'
-file ./wavs/bpl-1961/output-111.wav'
-file ./wavs/bpl-1961/output-112.wav'
-file ./wavs/bpl-1961/output-113.wav'
-file ./wavs/bpl-1961/output-114.wav'
-file ./wavs/bpl-1961/output-115.wav'
-file ./wavs/bpl-1961/output-116.wav'
-file ./wavs/bpl-1961/output-117.wav'
-file ./wavs/bpl-1961/output-118.wav'
-file ./wavs/bpl-1961/output-119.wav'
-file ./wavs/bpl-1961/output-120.wav'
-file ./wavs/bpl-1961/output-121.wav'
-file ./wavs/bpl-1961/output-122.wav'
-file ./wavs/bpl-1961/output-123.wav'
-file ./wavs/bpl-1961/output-124.wav'
-file ./wavs/bpl-1961/output-125.wav'
-file ./wavs/bpl-1961/output-126.wav'
-file ./wavs/bpl-1961/output-127.wav'
-file ./wavs/bpl-1961/output-128.wav'
-file ./wavs/bpl-1961/output-129.wav'
-file ./wavs/bpl-1961/output-130.wav'
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-file ./wavs/bpl-1961/output-132.wav'
-file ./wavs/bpl-1961/output-133.wav'
-file ./wavs/bpl-1961/output-134.wav'
-file ./wavs/bpl-1961/output-135.wav'
-file ./wavs/bpl-1961/output-136.wav'
-file ./wavs/bpl-1961/output-137.wav'
-file ./wavs/bpl-1961/output-138.wav'
-file ./wavs/bpl-1961/output-139.wav'
-file ./wavs/bpl-1961/output-140.wav'
-file ./wavs/bpl-1961/output-141.wav'
-file ./wavs/bpl-1961/output-142.wav'
-file ./wavs/bpl-1961/output-143.wav'
-file ./wavs/bpl-1961/output-144.wav'
-file ./wavs/bpl-1961/output-145.wav'
-file ./wavs/bpl-1961/output-146.wav'
-file ./wavs/bpl-1961/output-147.wav'
-file ./wavs/bpl-1961/output-148.wav'
-file ./wavs/bpl-1961/output-149.wav'
-file ./wavs/bpl-1961/output-150.wav'
-file ./wavs/bpl-1961/output-151.wav'
-file ./wavs/bpl-1961/output-152.wav'
-file ./wavs/bpl-1961/output-153.wav'
-file ./wavs/bpl-1961/output-154.wav'
-file ./wavs/bpl-1961/output-155.wav'
-file ./wavs/bpl-1961/output-156.wav'
-file ./wavs/bpl-1961/output-157.wav'
-file ./wavs/bpl-1961/output-158.wav'
-file ./wavs/bpl-1961/output-159.wav'
-file ./wavs/bpl-1961/output-160.wav'
-file ./wavs/bpl-1961/output-161.wav'
-file ./wavs/bpl-1961/output-162.wav'
-file ./wavs/bpl-1961/output-163.wav'
-file ./wavs/bpl-1961/output-164.wav'
-file ./wavs/bpl-1961/output-165.wav'
-file ./wavs/bpl-1961/output-166.wav'
-file ./wavs/bpl-1961/output-167.wav'
-file ./wavs/bpl-1961/output-168.wav'
-file ./wavs/bpl-1961/output-169.wav'
-file ./wavs/bpl-1961/output-170.wav'
-file ./wavs/bpl-1961/output-171.wav'
-file ./wavs/bpl-1961/output-172.wav'
-file ./wavs/bpl-1961/output-173.wav'
-file ./wavs/bpl-1961/output-174.wav'
-file ./wavs/bpl-1961/output-175.wav'
-file ./wavs/bpl-1961/output-176.wav'
-file ./wavs/bpl-1961/output-177.wav'
-file ./wavs/bpl-1961/output-178.wav'
-file ./wavs/bpl-1961/output-179.wav'
-file ./wavs/bpl-1961/output-180.wav'
-file ./wavs/bpl-1961/output-181.wav'
-file ./wavs/bpl-1961/output-182.wav'
-file ./wavs/bpl-1961/output-183.wav'
-file ./wavs/bpl-1961/output-184.wav'
-file ./wavs/bpl-1961/output-185.wav'
-file ./wavs/bpl-1961/output-186.wav'
-file ./wavs/bpl-1961/output-187.wav'
-file ./wavs/bpl-1961/output-188.wav'
-file ./wavs/bpl-1961/output-189.wav'
-file ./wavs/bpl-1961/output-190.wav'
-file ./wavs/bpl-1961/output-191.wav'
-file ./wavs/bpl-1961/output-192.wav'
-file ./wavs/bpl-1961/output-193.wav'
-file ./wavs/bpl-1961/output-194.wav'
-file ./wavs/bpl-1961/output-195.wav'
-file ./wavs/bpl-1961/output-196.wav'
-file ./wavs/bpl-1961/output-197.wav'
-file ./wavs/bpl-1961/output-198.wav'
-file ./wavs/bpl-1961/output-199.wav'
-file ./wavs/bpl-1961/output-200.wav'
-file ./wavs/bpl-1961/output-201.wav'
-file ./wavs/bpl-1961/output-202.wav'
-file ./wavs/bpl-1961/output-203.wav'
-file ./wavs/bpl-1961/output-204.wav'
-file ./wavs/bpl-1961/output-205.wav'
-file ./wavs/bpl-1961/output-206.wav'
-file ./wavs/bpl-1961/output-207.wav'
-file ./wavs/bpl-1961/output-208.wav'
-file ./wavs/bpl-1961/output-209.wav'
-file ./wavs/bpl-1961/output-210.wav'
-file ./wavs/bpl-1961/output-211.wav'
-file ./wavs/bpl-1961/output-212.wav'
-file ./wavs/bpl-1961/output-213.wav'
-file ./wavs/bpl-1961/output-214.wav'
-file ./wavs/bpl-1961/output-215.wav'
-file ./wavs/bpl-1961/output-216.wav'
-file ./wavs/bpl-1961/output-217.wav'
-file ./wavs/bpl-1961/output-218.wav'
-file ./wavs/bpl-1961/output-219.wav'
-file ./wavs/bpl-1961/output-220.wav'
-file ./wavs/bpl-1961/output-221.wav'
-file ./wavs/bpl-1961/output-222.wav'
-file ./wavs/bpl-1961/output-223.wav'
-file ./wavs/bpl-1961/output-224.wav'
-file ./wavs/bpl-1961/output-225.wav'
-file ./wavs/bpl-1961/output-226.wav'
-file ./wavs/bpl-1961/output-227.wav'
-file ./wavs/bpl-1961/output-228.wav'
-file ./wavs/bpl-1961/output-229.wav'
-file ./wavs/bpl-1961/output-230.wav'
-file ./wavs/bpl-1961/output-231.wav'
-file ./wavs/bpl-1961/output-232.wav'
-file ./wavs/bpl-1961/output-233.wav'
-file ./wavs/bpl-1961/output-234.wav'
-file ./wavs/bpl-1961/output-235.wav'
-file ./wavs/bpl-1961/output-236.wav'
-file ./wavs/bpl-1961/output-237.wav'
-file ./wavs/bpl-1961/output-238.wav'
-file ./wavs/bpl-1961/output-239.wav'
-file ./wavs/bpl-1961/output-240.wav'
-file ./wavs/bpl-1961/output-241.wav'
-file ./wavs/bpl-1961/output-242.wav'
-file ./wavs/bpl-1961/output-243.wav'
-file ./wavs/bpl-1961/output-244.wav'
-file ./wavs/bpl-1961/output-245.wav'
-file ./wavs/bpl-1961/output-246.wav'
-file ./wavs/bpl-1961/output-247.wav'
-file ./wavs/bpl-1961/output-248.wav'
-file ./wavs/bpl-1961/output-249.wav'
-file ./wavs/bpl-1961/output-250.wav'
-file ./wavs/bpl-1961/output-251.wav'
-file ./wavs/bpl-1961/output-252.wav'
-file ./wavs/bpl-1961/output-253.wav'
-file ./wavs/bpl-1961/output-254.wav'
-file ./wavs/bpl-1961/output-255.wav'
-file ./wavs/bpl-1961/output-256.wav'
-file ./wavs/bpl-1961/output-257.wav'
-file ./wavs/bpl-1961/output-258.wav'
-file ./wavs/bpl-1961/output-259.wav'
-file ./wavs/bpl-1961/output-260.wav'
-file ./wavs/bpl-1961/output-261.wav'
-file ./wavs/bpl-1961/output-262.wav'
-file ./wavs/bpl-1961/output-263.wav'
-file ./wavs/bpl-1961/output-264.wav'
-file ./wavs/bpl-1961/output-265.wav'
-file ./wavs/bpl-1961/output-266.wav'
-file ./wavs/bpl-1961/output-267.wav'
-file ./wavs/bpl-1961/output-268.wav'
-file ./wavs/bpl-1961/output-269.wav'
-file ./wavs/bpl-1961/output-270.wav'
-file ./wavs/bpl-1961/output-271.wav'
-file ./wavs/bpl-1961/output-272.wav'
-file ./wavs/bpl-1961/output-273.wav'
-file ./wavs/bpl-1961/output-274.wav'
-file ./wavs/bpl-1961/output-275.wav'
-file ./wavs/bpl-1961/output-276.wav'
-file ./wavs/bpl-1961/output-277.wav'
-file ./wavs/bpl-1961/output-278.wav'
-file ./wavs/bpl-1961/output-279.wav'
-file ./wavs/bpl-1961/output-280.wav'
-file ./wavs/bpl-1961/output-281.wav'
-file ./wavs/bpl-1961/output-282.wav'
-file ./wavs/bpl-1961/output-283.wav'
-file ./wavs/bpl-1961/output-284.wav'
-file ./wavs/bpl-1961/output-285.wav'
-file ./wavs/bpl-1961/output-286.wav'
-file ./wavs/bpl-1961/output-287.wav'
-file ./wavs/bpl-1961/output-288.wav'
-file ./wavs/bpl-1961/output-289.wav'
-file ./wavs/bpl-1961/output-290.wav'
-file ./wavs/bpl-1961/output-291.wav'
-file ./wavs/bpl-1961/output-292.wav'
-file ./wavs/bpl-1961/output-293.wav'
-file ./wavs/bpl-1961/output-294.wav'
-file ./wavs/bpl-1961/output-295.wav'
-file ./wavs/bpl-1961/output-296.wav'
-file ./wavs/bpl-1961/output-297.wav'
-file ./wavs/bpl-1961/output-298.wav'
-file ./wavs/bpl-1961/output-299.wav'
-file ./wavs/bpl-1961/output-300.wav'
-file ./wavs/bpl-1961/output-301.wav'
-file ./wavs/bpl-1961/output-302.wav'
-file ./wavs/bpl-1961/output-303.wav'
-file ./wavs/bpl-1961/output-304.wav'
-file ./wavs/bpl-1961/output-305.wav'
-file ./wavs/bpl-1961/output-306.wav'
-file ./wavs/bpl-1961/output-307.wav'
-file ./wavs/bpl-1961/output-308.wav'
-file ./wavs/bpl-1961/output-309.wav'
-file ./wavs/bpl-1961/output-310.wav'
-file ./wavs/bpl-1961/output-311.wav'
-file ./wavs/bpl-1961/output-312.wav'
-file ./wavs/bpl-1961/output-313.wav'
-file ./wavs/bpl-1961/output-314.wav'
-file ./wavs/bpl-1961/output-315.wav'
-file ./wavs/bpl-1961/output-316.wav'

inputs.txt

@@ -1,66 +0,0 @@
-file './outputs/output-00.wav'
-file './outputs/output-01.wav'
-file './outputs/output-02.wav'
-file './outputs/output-03.wav'
-file './outputs/output-04.wav'
-file './outputs/output-05.wav'
-file './outputs/output-06.wav'
-file './outputs/output-07.wav'
-file './outputs/output-08.wav'
-file './outputs/output-09.wav'
-file './outputs/output-10.wav'
-file './outputs/output-11.wav'
-file './outputs/output-12.wav'
-file './outputs/output-13.wav'
-file './outputs/output-14.wav'
-file './outputs/output-15.wav'
-file './outputs/output-16.wav'
-file './outputs/output-17.wav'
-file './outputs/output-18.wav'
-file './outputs/output-19.wav'
-file './outputs/output-20.wav'
-file './outputs/output-21.wav'
-file './outputs/output-22.wav'
-file './outputs/output-23.wav'
-file './outputs/output-24.wav'
-file './outputs/output-25.wav'
-file './outputs/output-26.wav'
-file './outputs/output-27.wav'
-file './outputs/output-28.wav'
-file './outputs/output-29.wav'
-file './outputs/output-30.wav'
-file './outputs/output-31.wav'
-file './outputs/output-32.wav'
-file './outputs/output-33.wav'
-file './outputs/output-34.wav'
-file './outputs/output-35.wav'
-file './outputs/output-36.wav'
-file './outputs/output-37.wav'
-file './outputs/output-38.wav'
-file './outputs/output-39.wav'
-file './outputs/output-40.wav'
-file './outputs/output-41.wav'
-file './outputs/output-42.wav'
-file './outputs/output-43.wav'
-file './outputs/output-44.wav'
-file './outputs/output-45.wav'
-file './outputs/output-46.wav'
-file './outputs/output-47.wav'
-file './outputs/output-48.wav'
-file './outputs/output-49.wav'
-file './outputs/output-50.wav'
-file './outputs/output-51.wav'
-file './outputs/output-52.wav'
-file './outputs/output-53.wav'
-file './outputs/output-54.wav'
-file './outputs/output-55.wav'
-file './outputs/output-56.wav'
-file './outputs/output-57.wav'
-file './outputs/output-58.wav'
-file './outputs/output-59.wav'
-file './outputs/output-60.wav'
-file './outputs/output-61.wav'
-file './outputs/output-62.wav'
-file './outputs/output-63.wav'
-file './outputs/output-64.wav'
-file './outputs/output-65.wav'

process-bpl.sh

@@ -1,9 +0,0 @@
-#!/bin/sh
-
-year=$1
-
-python3 speak.py $year
-python3 ffmpeg_input.py $year
-ffmpeg -f concat -safe 0 -i inputs-$year.txt -c copy output.wav
-ffmpeg -i output.wav bpl-$year.mp3
-rm output.wav

speak.py

@@ -1,27 +0,0 @@
-import requests
-from urllib.parse import quote
-import subprocess
-import os
-import sys
-
-speaker_id="p230"
-
-letter_year = sys.argv[1]
-
-fn = f"./annual-letters/bpl-{letter_year}.txt"
-
-output_dir = f"./wavs/bpl-{letter_year}/"
-
-subprocess.run(['mkdir', '-p', output_dir])
-
-with open(fn) as f:
-    lines = f.readlines()
-    all_text = ''.join(lines)
-    sentences = all_text.split('.')
-    count = len(sentences)
-
-    for (i, sentence) in enumerate(sentences):
-        text_prompt = quote(sentence)
-        query_string = f"http://localhost:5002/api/tts?text={text_prompt}&speaker_id={speaker_id}&style_wav=&language_id="
-        subprocess.run(['curl', query_string, '-o', f"./{output_dir}/output-{str(i).zfill(3)}.wav"])
-