This blue stock certificate from the Fund of Letters, issued in 1968, features a vignette of a male figure with city buildings and a power plant in the background. The certificate includes cancellation holes and stamps, indicating its authenticity and historical usage. It was printed by the American Banknote Company.

The Fund of Letters was a registered closed-end investment company that emerged during the "go-go years" of the 1960s, when "letter stocks"—securities sold without SEC registration—became popular. These stocks had restrictions that prevented them from being sold in ordinary stock market transactions for an extended period. The Fund of Letters, essentially a venture capital fund, was launched with a highly publicized initial public offering, raising $60 million, though only $54 million remained for investment after fees.

As a closed-end investment vehicle, the fund could not raise additional capital from the market. Its only option to increase net asset value was through sensible investments, a task complicated by its initial high expenses. Consequently, the fund soon traded below its net asset value. Investors Munger and Guerin seized this opportunity to acquire the business and implemented significant changes.

According to Janet Lowe's book "Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger," the fund was renamed the New America Fund, the board was reorganized, and the investment style shifted to a value approach. They quickly liquidated assets chosen by former managers, aligning the fund's philosophy with Munger's value investment strategy.

In 1979, Business Week highlighted the New America Fund's success, noting that officer and director remuneration was only $54,950, while net asset value per share increased from $9.28 in October 1974 to $29.28 on September 30, 1979. The fund's holdings included Capital Cities Communications, 100% of the Daily Journal Corporation, and Blue Chip Stamps, which accounted for about 25% of its assets.