232 NOTES
8.Outstanding Investor Digest(August 10, 1995), 63.- Berkshire Hathaway Annual Report, 1993, 18.
- Ibid., 13.
11.Outstanding Investor Digest(August 8, 1996), 29. - Berkshire Hathaway Annual Report, 1988, 18.
13.Outstanding Investor Digest(August 8, 1996), 29. - The speech was adapted as an article in the Columbia Business School’s
publication Hermes( Fall 1984), with the same title. The remarks directly
quoted here are from that article. - Warren Buffett, “The Superinvestors of Graham-and-Doddsville,” Hermes
( Fall 1984). The superinvestors Buffett presented in the article include
Walter Schloss, who worked at Graham-Newman Corporation in the mid-
1950s, along with Buffett; Tom Knapp, another Graham-Newman alum-
nus, who later formed Tweedy-Browne Partners with Ed Anderson, also a
Graham follower; Bill Ruane, a former Graham student who went on to es-
tablish the Sequoia Fund; Buffett’s partner Charlie Munger; Rick Guerin
of Pacif ic Partners; and Stan Perlmeter of Perlmeter Investments. - Ibid.
- Ibid.
- Sequoia Fund Annual Report, 1996.
- Solveig Jansson, “GEICO Sticks to Its Last,” Institutional Investor( July
1986), 130. - Berkshire Hathaway Annual Report, 1986, 15.
21.Outstanding Investor Digest(August 8, 1996), 10. - Berkshire Hathaway Annual Report, 1996.
- Berkshire Hathaway Annual Report, 2001, 4.
Chapter 11 The Psychology of Money
1.BusinessWeek( July 5, 1999), quoted in Andrew Kilpatrick, Of Permanent
Value: The Story of Warren Buffett( Birmingham, AL: AKPE, 2004), 1353.- Carol Loomis, ed., “Mr. Buffett on the Stock Market,” Fortune(November
22, 1999). - Berkshire Hathaway annual meeting, 2002, quoted in Kilpatrick, Of Per-
manent Value(2004), 1360. - Mark Hulbert, “Be a Tiger Not a Hen,” Forbes(May 25, 1992), 298.
- Berkshire Hathaway Annual Report, 1990, 17.
- Berkshire Hathaway Annual Report, 1992, 6.
- Berkshire Hathaway Annual Report, 1986, 16.
- Benjamin Graham, The Intelligent Investor: A Book of Practical Counsel
(New York: Harper & Row, 1973), 107.