One of the companies I wanted to write about in Buffett’s Early Investments was Merchants’ National Properties. I couldn’t find the right documents so I picked something else. But I did come across this letter from Warren Buffett to an outside director (the document is almost 70 years old, so it’s in bad shape). Buffett is questioning an “outside director” (his quotations clearly indicating his skepticism on the director’s independence) for exchanging MNP stock at a low valuation to management members who owned Retail Properties, enriching themselves at the expense of minority shareholders.