The Intelligent Investor - The Definitive Book On Value Investing

TABLE 5 Charles Munger

Mass. Inv. Investors Lehman

Tri–Cont. Dow

Overall

Limited

Year

Trust (%)

Stock (%)

(%)

(%)

(%)

Partnership (%)

Partners (%)

Yearly Results (1) 1962

–9.8

–13.4

–14.4

–12.2

–7.6

30.1

20.1

1963

20.0

16.5

23.8

20.3

20.6

71.7

47.8

1964

15.9

14.3

13.6

13.3

18.7

49.7

33.1

1965

10.2

9.8

19.0

10.7

14.2

8.4

6.0

1966

–7.7

–9.9

–2.6

–6.9

–15.7

12.4

8.3

1967

20.0

22.8

28.0

25.4

19.0

56.2

37.5

1968

10.3

8.1

6.7

6.8

7.7

40.4

27.0

1969

–4.8

–7.9

–1.9

0.1

–11.6

28.3

21.3

1970

0.6

–4.1

–7.2

–1.0

8.7

–0.1

–0.1

1971

9.0

16.8

26.6

22.4

9.8

25.4

20.6

1972

11.0

15.2

23.7

21.4

18.2

8.3

7.3

1973

–12.5

–17.6

–14.3

–21.3

–23.1

• 31.9

–31.9

1974

–25.5

–25.6

–30.3

–27.6

–13.1

–31.5

• 31.5

1975

32.9

33.3

30.8

35.4

44.4

73.2

73.2