250 Notes
13.Edwin LeFe`vre,Reminiscences of a Stock Operator(1st ed. 1923; rev. ed. John
Wiley & Sons, 1994).
14.Graham,Intelligent Investor,245.
15.Ibid., 124–125
16.Bill Spindle, “Been There? Euphoric ’80s in Japan Ended in Long Slide,”The
Wall Street Journal, January 18, 2000.
17.Steve Liesman and Jacob M. Schlesinger, “Blunted Spike: The Price of Oil Has
Doubled This Year; So, Where’s the Recession?”The Wall Street Journal,De-
cember 15, 1999; Joseph Kahn, “Surge in Oil Prices Is Raising Specter of In-
flation Spike,”The New York Times, February 21, 2000.
18.Graham,Intelligent Investor,162.
19.Gretchen Morgenson, “Investing’s Longtime Best Bet Is Being Trampled by the
Bulls,”The New York Times, January 15, 2000.
Chapter 6
1.Donald Schwartz, late professor at the Georgetown University Law Center,
prepared the original version of this parable, rewritten for publication here and
previously appearing in others forms in Lawrence A. Cunningham,Introductory
Accounting and Finance for Lawyers(West Group 2d ed., 1999) and Lewis D.
Solomon, et al.,Corporations Law and Policy(West Group 4th ed., 1998).
2.Carol Loomis, “Mr. Buffett on the Stoc kMar ket,”Fortune, November 22, 1999.
3.Charles T. Munger, author of “A Lesson on Elementary, Worldly Wisdom As It
Relates to Investment Management and Business,”Outstanding InvestorDigest,
vol. X (May 5, 1995), furnished this example.
4.Warren E. Buffett and Lawrence A. Cunningham,The Essays of Warren Buffett:
Lessons for Corporate America(The Cunningham Group, 1997), 71.Chapter 7
1.Benjamin Graham,The Intelligent Investor(1st ed. 1949; 4th rev. ed. Harper &
Row, 1973), 63.
2.Warren E. Buffett and Lawrence A. Cunningham,The Essays of Warren Buffett:
Lessons for Corporate America(The Cunningham Group, 1997), 92–93.
3.Benjamin Graham,The Interpretation of Financial Statements(1st ed. 1937; rev.
ed. Harper Business, 1998), 77.
4.Buffett and Cunningham,Essays, 208.
5.Ibid., 91–92.
6.Adrian J. Slywotzky and David J. Morrison, authors ofProfit Patterns(Times
Business, 1999), identify and discuss the patterns described in the accompa-
nying text.
7.Bill Miller, “Amazon.com’s Allure,”Barron’s, November 15, 1999.
8.Buffett and Cunningham,Essays, 96–97.