NOTES
The footnotes that provide sources are numbered and are all here, at the end of the book. They’ll tell you in which book or article I found the quote. If that doesn’t interest you, simply ignore them. You won’t miss a thing.
Chapter 2
1“Are Stocks Too High?” Fortune, September 18, 1987, pages 28–40.
2George Soros, The Alchemy of Finance (Wiley, New York, 1994), page 301.
3Warren Buffett, “1981 Letter to Shareholders,” Letters to Shareholders, 1977–1986 (Berkshire Hathaway, Omaha, n.d), page 33.
4John Train, The Midas Touch (Harper & Row, New York, 1988), page 83.
5Roger Lowenstein, Buffett: The Making of an American Capitalist (Weidenfeld & Nicolson, London, 1996), page 111.
6Warren Buffett, Berkshire Hathaway Annual General Meeting, April 29, 2000.
7“While Stocks Slide, Wall Street Binges on Pay and Perks,” Asian Wall Street Journal, September 19, 2000, page 8.
Chapter 3
1George Soros, Soros on Soros (Wiley, New York, 1995), page 61.
2Jack Schwager, Market Wizards (New York Institute of Finance, New York, 1989) page 189.
3Soros, Alchemy of Finance, pages 12–13.
4Soros, Soros on Soros, page 26.
5Tivadar Soros, Masquerade: Dancing Around Death in Nazi-Occupied Hungary (Arcade Publishing, New York, 2001), page 71.
6Ibid., page 69.
7Ibid., page 74.
8Soros, Soros on Soros, pages 28–29.
9Ibid., page 29.
10Michael T. Kaufman, Soros: The Life and Times of a Messianic Billionaire (Knopf, New York, 2002), page 127.
11Ibid., page 5.
12Lowenstein, Buffett, page 20.
13Ibid., page 87.
14Andrew Kilpatrick, Of Permanent Value: The Story of Warren Buffett (AKPE, Birmingham, Ala., 1996), page 59.
Chapter 4
1Dean LeBaron, Romesh Vaitilingam, and Marilyn Pitchford, Dean LeBaron’s Book of Investment Quotations (Wiley, New York, 2001).
2Janet Lowe, Warren Buffett Speaks (Wiley, New York, 1997), page 105.
3Robert G. Hagstrom, Jr., The Warren Buffett Way (Wiley, New York, 1994), pages 94–95.
4Jack Schwager, Market Wizards, page 186.
5Slater, Soros: The Life, Times, and Trading Secrets of the World’s Greatest Investor (Irwin, Chicago, 1996), page 60.
6Ibid., page 175.
7Lowe, Warren Buffett Speaks, page 106.
8Kaufman, Soros, page 143.
9Information from Slater, Soros, page 147.
10Kaufman, Soros, page 143.
11Michael Steinhardt, No Bull: My Life In and Out of Markets (Wiley, New York, 2001), page 176.
12Nassim Nicholas Taleb, Fooled by Randomness (Texere, New York, 2001), page 189.
13Warren Buffett, “1982 Letter to Shareholders,” Letters to Shareholders, 1977–1986, page 61.
14Benjamin Graham, The Intelligent Investor, 4th ed. (Harper & Row, New York, 1993), page 284.
Chapter 5
1Robert W. Kent, ed., Money Talks (Facts on File Publications, New York, 1985), page 42.
2Warren Buffett, “1990 Letter to Shareholders,” Letters to Shareholders, 1987–1995 (Berkshire Hathaway, Omaha, nd), page 79.
3Van Tharp, Trade Your Way to Financial Freedom (McGraw-Hill, New York, 1999), page 64.
4Lowe, Warren Buffett Speaks, page 93.
5Kilpatrick, Of Permanent Value, page 56.
6Warren Buffett, “1987 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 12.
7Benjamin Graham and David Dodd, Security Analysis, 1934 edition (McGraw-Hill, New York, 1984), page 493.
8Lowenstein, Buffett, pages 67–68.
9Ibid., page 80.
10Philip A. Fisher, “Developing an Investment Philosophy,” in Common Stocks and Uncommon Profits (Wiley, New York, 1996), page 209.
11Ibid., page 211.
12Ibid., page 210.
13Ibid., pages 208–209.
14Ibid., page 209.
15Adam Smith, “12 Minds That Made the Market,” Bloomberg Personal Finance, December 1999, page 71.
16Fisher, Common Stocks, page 85.
17Ibid., page 231.
18Hagstrom, Warren Buffet Way, page 47.
19Soros, Soros on Soros, page 33.
20Adam Smith television program, April 15, 1993.
21Soros, Soros on Soros, page 48.
22“The Man Who Moves Markets,” Business Week, August 23, 1993, pages 50–60.
23As quoted in Slater, Soros, page 48.
24Soros, Alchemy, page 1.
25Ibid., page 8.
26Soros, Soros on Soros, page 71.
27Soros, “The Case for Mortgage Trusts,” Alchemy, page 62.
28Soros, Alchemy, page 62.
29Ibid., page 63.
30Kaufman, Soros, page 132.
31Warren Buffett, “1993 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 126.
Chapter 6
1Jack Schwager, The New Market Wizards: Conversations with America’s Top Traders (HarperBusiness, New York, 1992), page 248.
2Schwager, New Market Wizards, page 159.
3Schwager, New Market Wizards, page 99.
4Berkshire Hathaway Annual General Meeting 2000.
5Slater, Soros, pages 67–68.
6Soros, Soros on Soros, page 79.
7Ibid., pages 79–80.
8Ibid., page 81.
9Ibid., page 81.
10Kaufman, Soros, page 239.
11Schwager, New Market Wizards, page 208.
12Warren Buffett, “1993 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 136.
13Warren Buffett, “Chairman’s Letter to Shareholders,” 2000 Berkshire Hathaway Annual Report, page 3.
14Frederick Allen, Secret Formula: How Brilliant Marketing and Relentless Salesmanship Made Coca-Cola the Best-Known Product in the World (HarperBusiness, New York, 1994), page 390.
15Ibid., page 390.
16Berkshire Hathaway Annual Meeting, 2000.
17Hagstrom, Common Stocks, page 80.
18Berkshire Hathaway Annual Meeting, 2000.
19Warren Buffett, “1990 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 81.
20Lowenstein, Buffett, page 330.
21Ibid., page 132.
22Wall Street Journal, July 7, 1987.
23Slater, Soros, page 68.
24Lowenstein, Buffet, page 135.
25Berkshire Hathaway Annual Report, 2003.
Chapter 7
1Schwager, New Market Wizards, pages 207.
2Lowe, Warren Buffett Speaks, page 160.
3Slater, Soros, page 159.
4Schwager, New Market Wizards, pages 207–208.
5Andy Serwer, “Tech Is King: Now Meet the Prince,” Fortune, December 6, 1999, page 45.
6Bernard Baruch, My Own Story (Holt, Rinehart & Winston, New York, 1957), page 256.
7Slater, Soros, page 103–104.
8Schwager, New Market Wizards, page 207.
9Warren Buffett, “1990 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 79.
10Anthony Hughes, Geoff Wilson, and Matthew Kidman, Masters of the Market (Milton, Queensland: Wright books, 2003) page 213.
Chapter 8
1Siimon Reynolds, Thoughts of Chairman Buffett: Thirty Years of Unconventional Wisdom from the Sage of Omaha (HarperBusiness, New York, 1998).
2Kilpatrick, Of Permanent Value, page 408.
3Warren Buffett, “1989 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 46.
4Soros, Soros on Soros, page 62.
5Ibid., page 244.
6www.cs.rpi.edu/-thaps/quotes.html
Chapter 9
1Graham, Intelligent Investor, page 286.
2Warren Buffett, “1982 Letter to Shareholders,” Letters to Shareholders, 1977–1986, page 53.
3Schwager, Market Wizards, page 315.
4Lowenstein, Buffett, page 234.
5www.nyse.com as of July 31, 2004.
6Lowe, Warren Buffett Speaks, page 120.
Chapter 10
1Kilpatrick, Of Permanent Value, page 673.
2Schwager, Market Wizards, page 181.
3Kilpatrick, Of Permanent Value, page 673.
4Lowenstein, Buffett, page 114.
Chapter 11
1Kilpatrick, Of Permanent Value, page 472.
2Kent, Money Talks, page 139.
3Reynolds, Thoughts.
4Kilpatrick, op. cit., page 670.
5Ibid., page 27.
6Ibid., page 417.
7Reynolds, Thoughts.
8Soros, Soros on Soros, pages 40–41.
9Ibid., page 41.
10Ibid., pages 51–52.
11Hughes, Masters of the Market, page 28.
Chapter 12
1Kilpatrick, Of Permanent Value, pages 672–673.
2“The World’s Greatest Money Manager,” Institutional Investor, June 1981, pages 39–45.
3Slater, Soros, page 79.
4Warren Buffett, “1990 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 77.
5Outstanding Investor Digest (Berkshire Hathaway reprint, Vol. XIII, Nos. 3 & 4, September 24, 1998), page 47.
6Soros, Soros on Soros, page 17.
7Reynolds, Thoughts.
8Slater, Soros, page 65.
9Reynolds, Thoughts.
10Schwager, Market Wizards, page 286.
Chapter 13
1Outstanding Investor Digest, (Berkshire Hathaway reprint, Vol. XIII, Nos. 3 & 4, September 24, 1998) page 47.
2Ibid., page 48.
3Kilpatrick, Of Permanent Value, page 324.
4Lowenstein, Buffett, page 250.
Chapter 14
1Schwager, Market Wizards, page 65.
2Nikki Ross, Lessons from the Legends of Wall Street (Dearborn, Chicago, 2000), page 129.
3Berkshire Hathaway Annual Meeting, 2002.
4Hughes, Masters of the Market, page 303.
Chapter 15
1Schwager, Market Wizards, page 160.
2Schwager, The New Market Wizards, page 245.
3Ibid., page 291.
4Ibid., page 119.
Chapter 16
1The Man Who Moves Markets,” Business Week, August 23, 1993, pages 50–60.
2Warren Buffett, “1992 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 117.
3Berkshire Hathaway Annual Meeting, 2000.
4Warren Buffett, “1985 Letter to Shareholders,” Letters to Shareholders, 1977–1986, page 106.
5Kaufman, Soros, page 98.
6Warren Buffett, “1989 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 62.
7Lowenstein, Buffett, page 67.
8Ibid., page 76.
9Warren Buffett, “1981 Letter to Shareholders,” Letters to Shareholders, 1977–1986, page 42.
10Hagstrom, Warren Buffett Way, page 84.
11Soros, Alchemy, page 305.
Chapter 17
1www.capitalideasonline.com/quotes/oct2002.htm
2Schwager, Market Wizards, page 123.
3Hagstrom, Warren Buffett Way, page 220.
4Warren Buffett, An Owner’s Manual (Berkshire Hathaway, Inc., Omaha, Nebraska, 1996), page 8.
5Soros, Soros on Soros, page 11.
6Kaufman, Soros, page 100.
7Ibid., page 100.
8Warren Buffett, “1991 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 102.
9Kilpatrick, Of Permanent Value, page 418.
10Warren Buffett, “1991 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 102.
11Soros, Soros on Soros, page 249.
12Ibid., page 45.
13Ibid., page 12.
14Ibid., page 12.
15Warren Buffett, “1995 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 172.
16Fisher, Common Stocks, page 68.
17Outstanding Investor Digest, (B.H. reprint, Vol. XIII, Nos. 3 & 4, September 24, 1998) page 44.
Chapter 18
1Kent, Money Talks, page 195.
2Ibid., page 174.
3Ibid., page 323.
4Lowenstein, Buffett, page 28.
5Ibid., page 32.
6Ibid., page 12.
7Lowe, Warren Buffett Speaks, page 88.
8Lowenstein, Buffett, page 46.
9Ibid., page 54.
10Soros, Soros on Soros, pages 36–37.
11Ibid., page 44.
12Kilpatrick, Of Permanent Value, page 682.
13Roger Lowenstein, When Genius Failed: The Rise and Fall of Long-Term Capital Management (Random House, New York, 2000), page 128.
14Peter Tanous, Investment Gurus (New York Institute of Finance, New York, 1997), page 163.
15Lowenstein, Buffett, page 234.
Chapter 19
1Slater, Soros, page 144.
2Lowenstein, Buffett, page 64.
3Train, Midas Touch, page 70.
4Kilpatrick, Of Permanent Value, pages 66–67.
5Train, The Money Masters, (Harper & Row, New York, 1980), page 10.
6Lowenstein, Buffett, pages 84–85.
7Kilpatrick, op. cit., page 400.
8Warren Buffett, “1983 Letter to Shareholders,” Letters to Shareholders, 1977–1986, page 66.
9Lowenstein, Buffett, page 51.
10Kaufman, Soros, page 158.
11Ibid., page 126.
12Slater, Soros, page 139.
13Kaufman, Soros, page 158.
14Jay Palmer, “Market Mover,” Barron’s, November 6, 1995, page 33.
15Ibid.
16Train, Money Masters, page 194.
17Ibid., page 194.
18Soros, Soros on Soros, page 86.
19www.anecdotage.com/index.php?aid=4595
20Kaufman, Soros, page 128.
21Hagstrom, Warren Buffett Way, page 128.
Chapter 20
1Hagstrom, Warren Buffett Way, pages 172–173.
2Soros, Soros on Soros, page 17.
3Lowe, Warren Buffett Speaks, pages 102–103.
4Lowenstein, Buffett, page 256.
5Michael Goldberg, quoted in “The Warren Buffett You Don’t Know,” Business Week, July 5, 1999, page 58.
6Berkshire Hathaway Annual Meeting, 2000.
7Kilpatrick, Of Permanent Value, pages 415–416.
8Devon Spurgeon, “Envelope Please: Warren Buffett Hints at Successor,” Asian Wall Street Journal, October 19, 2000, page 11.
9Anthony Bianco, “The Warren Buffett You Don’t Know,” Business Week, July 5, 1999, page 58.
10Soros, Soros on Soros, page 18.
11Ibid., page 52.
12Ibid., page 21.
13Ibid., page 58.
14Ibid., pages 55.
15Ibid., page 53.
16Kaufman, Soros, page 141.
17Soros, Soros on Soros, page 18.
18Kaufman, Soros, page 230.
19Soros, Soros on Soros, page 62.
20Brent Schlender, “The Bill and Warren Show,” Fortune, July 20, 1998, page 46.
21Berkshire Hathaway Annual Report, 2003.
22Kent, Money Talks, page 212.
Chapter 21
1Soros, Soros on Soros, page 246.
2Reynolds, Thoughts.
3Kaufman, Soros, page 205.
4Ibid., page 206.
5Soros, Soros on Soros, pages 53–54.
6Kilpatrick, Of Permanent Value, page 647.
7Warren Buffett, “1990 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 78.
8Warren Buffett, “1984 Letter to Shareholders,” Letters to Shareholders, 1977–1986, page 87.
9Kilpatrick, Of Permanent Value, page 537.
10Lowenstein, Buffett, page 75.
Chapter 22
1www.time.com/time/asia/asia/magazine/1998/981123/spotlight.html
2Kilpatrick, Of Permanent Value, page 632.
3Soros, Alchemy, page 12.
4Warren Buffett, “1992 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 108.
5Lowenstein, Buffett, page 20.
6Kilpatrick, op. cit., page 669.
7Warren Buffett, Berkshire Hathaway Annual Meeting, 2000.
8Berkshire Hathaway Annual Report, 2003.
9Kaufman, Soros, page 148.
10“The Man Who Moves Markets,” Business Week, August 23, 1993.
11www.ixpres.com/twolff/moneyquotes.htm
12Kaufman, Soros, page 122.
13Soros, Alchemy, page 13.
14Soros, Soros on Soros, page 246.
15Soros, Alchemy, page 302.
16Soros, Soros on Soros, page 196.
17Ibid., pages 244–245.
18Kaufman, Soros, page 323.
19Soros, Alchemy, page 23.
Chapter 23
1Warren Buffett, “1989 Letter to Shareholders,” Letters to Shareholders, 1987–1995, page 63.
2Kilpatrick, Of Permanent Value, page 67.
3Mihaly Csikszentmihalyi, Flow: The Psychology of Optimal Experience (Harper Perennial, New York, 1990).
4Train, Midas Touch, page 95.
5Sunday Times, London, March 14, 1993.
6Schwager, Market Wizards, page 254.
7Scott Sterling Johnston in Tanous, Investment Gurus, page 150.
8Robert P. Miles, The Warren Buffett CEO (Wiley, New York, 2002), page 108.
9Reynolds, Thoughts of Chairman Buffett.
Chapter 24
1Kilpatrick, Of Permanent Value, page 113.
2John Train, Money Masters, page 156.
3Lowenstein, Buffett, page 92.
4Ibid., page 149.
5Lowe, Warren Buffett Speaks, page 98.
6Schwager, Market Wizards, page 30.
7Kaufman, Soros, page 86.
8Schwager, Market Wizards, page 165.
9Schwager, New Market Wizards, page 63.
10Miles, The Warren Buffett CEO, page 61.
12Tanous, Investment Gurus, page 65.
13Schwager, Market Wizards, pages 44–45.
14Ibid., pages 138–139.
15Tanous, Investment Guns, page 148.
16Peter Lynch, One Up on Wall Street, page 11.
17Kaufman, Soros, page 86.
18www.johnbudden.com/quotes.htm.
Chapter 25
1Soros, Alchemy, page 144.
Chapter 26
1Lowenstein, Buffett, page 311.
2Slater, Soros, page 66.
3Miles, Warren Buffett CEO, page 131.
4Kilpatrick, Of Permanent Value, page 671.
5Ibid., page 30.
6Kaufman, Soros, page 94.
Chapter 27
1Mark Stevens, King Icahn (Dutton, New York, 1993), page 6.
2Quoted in ibid., page 93.
3Ibid., page 55.
4Ibid., page 22.
5“Icahn, Company Scourge, Joins Hedge Fund Rush,” International Herald Tribune, 4 August 2004.
6Nikki Ross, Lessons from Legends of Wall Street, page 178.
7Ibid., page 209.
8Ibid., page 183.
9John Train, Money Masters of Our Time, page 61.
10Victoria Murphy, “Old Dog, New Tricks,” Forbes, May 28, 2001.
11This, all subsequent quotes, and the information in this section come from my interview with Bernhard in his Hong Kong office on June 28, 2004.
Chapter 29
1Kilpatrick, Of Permanent Value, page 673.
2Buffett, 2000 Letter to Shareholders, page 19.
3Lowenstein, Buffett, page 202.
4Schwager, New Market Wizards, page 202.
5Lowe, Warren Buffett Speak, page 69.
6Kaufman, Soros, page 80.
Chapter 30
1“Meg and the Machine,” Fortune, August 11, 2003.
2Schwager, Market Wizards, page 167.
3Buffett, 1993 Letter to Shareholders, page 136.
4Harry Browne, Why the Best-Laid Investment Plans Usually Go Wrong (Morrow, New York, 1987), page 242.
5Ibid., page 248.
Chapter 31
1John Train, Money Masters of Our Time, page 220.
2Kent, Money Talks, page 152.
3Schwager, New Market Wizards, page 133.
4Buffett, 2001 Letter to Shareholders, page 9.
Chapter 32
1Hagstrom, The Warren Buffett Way, page 225.