Notes 249Smith, “Instinet, Date kRecently Held Merger Tal ks,”The Wall Street Journal,
March 3, 2000.
21.Thomas Kalinke, “Sleepless in New York: Evening Hours at the Exchange,”
Financial History,vol. 69 (Spring 2000).
22.Rebecca Buckman, “Heavy Losses: The Rise and Collapse of a Day Trader,”
The Wall Street Journal, February 28, 2000.
23.Senate Governmental Affairs Committee, Permanent Subcommittee on Inves-
tigations, February 25, 2000; Bloomberg News, “Day Trading’s Risks and Pres-
sures Are Described to a Senate Panel,”The New York Times, February 25,
2000.
24.Gerald M. Loeb,The Battle for Investment Survival(1st ed. 1935; rev. ed. John
Wiley & Sons, 1996).
25.Warren E. Buffett and Lawrence A. Cunningham,The Essays of Warren Buffet:
Lessons for Corporate America(The Cunningham Group, 1997), 90.
26.Edward Wyatt, “Day Traders Are Formidable Market Force,”The New York
Times, April 14, 1999.
27.The Charles Schwab Corporation, 1999 Annual Report, 41–42; Patric kMc-
Geehan, “Profit Up at Citigroup, Merrill and Schwab,”The New York Times,
April 18, 2000.
28.Patric kMcGeehan, “The Unmutual Fund,”The New York Times, May 18, 2000.
Chapter 5
1.Benjamin Graham,The Intelligent Investor(1st ed. 1949; 4th rev. ed. Harper &
Row, 1973), 110.
2.Warren E. Buffett and Lawrence A. Cunningham,The Essays of Warren Buffett:
Lessons for Corporate America(The Cunningham Group, 1997), 120, 122, 134.
3.Ibid., 110.
4.John C. Bogle,Common Sense on Mutual Funds(John Wiley & Sons, 1999).
5.Gerald M. Loeb,The Battle for Investment Survival(1st ed. 1935; rev. ed. John
Wiley & Sons, 1996).
6.Buffett and Cunningham,Essays, 79; Graham,Intelligent Investor, 54, 282–
283.
7.Gretchen Morgenson, “Buying on Margin Becomes a Habit,”The New York
Times, March 24, 2000.
8.Gretchen Morgenson, “Stock-Trading Cheerleader Now Faces $45 Million
Debt,”The New York Times, April 19, 2000.
9.Nic kLeeson,Rogue Trader(Warner, 1997).
10.Graham,Intelligent Investor,228–231.
11.Buffett and Cunningham,Essays, 57.
12.Charles T. Munger, “A Lesson on Elementary, Worldly Wisdom As It Relates
to Investment Management and Business,”Outstanding Investor Digest,vol.X
(May 5, 1995).