Financial History 140 Winter 2022 - Page 19

EDUCATORS ’ PERSPECTIVE
Lowenstein , Roger . Buffett : The Making of an American Capitalist . New York : Random House . 1995 .
Rogers , Will . Will Rogers ’ Daily Telegrams . Claremore , OK : Will Rogers Memorial Museums . 2008 .
Rogers , Will . Will Rogers ’ Weekly Articles . Claremore , OK : Will Rogers Memorial Museums . 2009 .
Notes
1 . Warren Buffett writes that this “ strategy is one many unfortunate investors have employed , but never intentionally !”
2 . Lowenstein mentions Rogers five times in his Buffett biography . Every mention of Rogers is in comparison to Warren Buffett . He first writes that “ the American Ideal has always been a self-made man from the midcountry — a Lincoln , a Twain , a Will Rogers . In an age without
heroes , this , too is what Buffett ’ s disciples were seeking in Omaha .” Later , he writes , “ What [ Americans ] expected of Wall Street was J . P . Morgan ; what they saw in Buffett was Will Rogers .” Then when discussing Berkshire Hathaway Annual Reports , he writes , “ here , in one package , was a J . P . Morgan writing with the irreverence of Will Rogers .” He also reports soap opera star Agnes Nixon ’ s description of Buffett as “ the reincarnation of Will Rogers .” Finally , Lowenstein notes that after an investment in USAir went sour , Buffett , “ with a touch of Will Rogers ,” wrote in the 1990 Annual Report , “ No one pushed me ; in tennis parlance , I committed an ‘ unforced error .’”
3 . According to Buffett , “ Charlie formed his partnership in 1962 and operated much as I did . Neither of us had any institutional investors , and very few of our partners were financially sophisticated . The people who joined our ventures simply trusted us to treat their money as we treated our own . These individuals — either intuitively or by relying on the advice of friends — correctly concluded that Charlie and I had an extreme aversion to permanent loss of capital and that we would not have accepted their money unless we expected to do reasonably well with it .” Berkshire Hathaway , Inc . 2020 Letter to Shareholders , page 10 .
4 . According to Rogers historian Randall Young , one of Rogers ’ s lesser-known quotes is , “ If you find yourself in a hole , stop digging .”
5 . Cunningham ( 2020 ) defines quality shareholders as “ those who buy large stakes and stick around , neither thoroughly-diversified indexers nor shortterm traders .”
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