More Praise for The Warren Buffett Way, First Edition

Outstanding Investor Digest
(August 10, 1995), 63.
9. Berkshire Hathaway Annual Report, 1993, 18.
10. Ibid., 13.
11.
Outstanding Investor Digest
(August 8, 1996), 29.
12. Berkshire Hathaway Annual Report, 1988, 18.
13.
Outstanding Investor Digest
(August 8, 1996), 29.
14. 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.
15. 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.
16. Ibid.
17. Ibid.
18. Sequoia Fund Annual Report, 1996.
19. Solveig Jansson, “GEICO Sticks to Its Last,” 
Institutional Investor
( July
1986), 130.
20. Berkshire Hathaway Annual Report, 1986, 15.
21.
Outstanding Investor Digest
(August 8, 1996), 10.
22. Berkshire Hathaway Annual Report, 1996.
23. 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 Stor y of War ren Buf fett
( Birmingham, AL: AKPE, 2004), 1353.
2. Carol Loomis, ed., “Mr. Buffett on the Stock Market,” 
Fortune
(November
22, 1999).
3. Berkshire Hathaway annual meeting, 2002, quoted in Kilpatrick, 
Of Per-
manent Value
(2004), 1360.
4. Mark Hulbert, “Be a Tiger Not a Hen,” 
Forbes
(May 25, 1992), 298.
5. Berkshire Hathaway Annual Report, 1990, 17.
6. Berkshire Hathaway Annual Report, 1992, 6.
7. Berkshire Hathaway Annual Report, 1986, 16.
8. Benjamin Graham, 
The Intelligent Investor: A Book of Practical Counsel
(New York: Harper & Row, 1973), 107.

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N o t e s
2 3 3
9.
Outstanding Investor Digest
(May 5, 1995), 51.
10. Graham, 
The Intelligent Investor,
107.
11. Brian O’Reilly, “Why Can’t Johnny Invest?” 
Fortune
(November 9, 1998),
73.
12. Fuerbringer, “Why Both Bulls and Bears Can Act So Bird-Brained,” 
New
York Times
(March 30, 1997), section 3, 6.
13. Andrew Kilpatrick, 
Of Permanent Value: The Stor y of War ren Buf fett
( Birmingham, AL: AKPE, 1998), 683.
Chapter 12 The Unreasonable Man
1. This quote was used to describe Warren Buffett in V. Eugene Shahan’s arti-
cle, “Are Short-Term Performance and Value Investing Mutually Exclusive?”
Hermes
(Spring 1986).
2. Carol J. Loomis, “The Inside Story of Warren Buffett,” 
Fortune
(April 11,
1988), 30.
3. Ibid., 34.
4.
Fortune
( January 4, 1988), quoted in Andrew Kilpatrick, 
Of Permanent
Value: The Stor y of War ren Buf fett
( Birmingham, AL: AKPE, 2004),
1329.
5. Loomis, “Inside Story,” 28.
6. Linda Grant, “The $4 Billion Regular Guy,” 
Los Angeles Times Maga-
zine,
36.
7. Berkshire Hathaway Annual Report, 1993, 15.
8. Berkshire Hathaway annual meeting, 1993, quoted in Kilpatrick,