A Letter From The Publisher: Dec. 30, 1966

It has long been our annual custom to take a thorough look at the U.S. economy—its performance in the past year and what it is likely to do in the year ahead. In our shop phrase we call it "the year-end business review." This week it takes the form of a cover story, written by Marshall Loeb and edited by Champ Clark, on one of the most astute money managers of our day.

Reviewing TIME'S own experience in the past twelve months, we are happy to be able to say that it was an excellent...

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