The Snowball_ Warren Buffett and the Business of Life - Alice Schroeder [577]
69. Charles T. Munger testimony, “In the Matter of Arbitration Between John H. Gutfreund against Salomon, Inc., and Salomon Brothers, Inc.,” Sessions 33 & 34, December 22, 1993.
70. Interview with Sam Butler, Frank Baron.
71. Interview with Frank Barron.
Chapter 50
1. Michael Lewis, “The Temptation of St. Warren,” New Republic, February 17, 1992.
2. Ron Suskind, “Legend Revisited: Warren Buffett’s Aura as Folksy Sage Masks Tough, Polished Man,” Wall Street Journal, November 8, 1991.
3. Patricia Matson letter to Peter Kann, Norman Pearlstine, Paul Steiger, James Stewart, and Lawrence Ingrassia of the Journal, November 18, 1991, and attached chronology of events, in which Tom Murphy recalls explaining to Suskind before publication that he was misquoting and misportraying the conversation; Bill Gates letter to Warren Buffett, November 13, 1991, which says, “The quote is wrong. I never suggested anything of the kind to the reporter.” Gates said he called the Journal before publication to ensure the incorrect quote would not be published and was “shocked” to see the quote in the article. Memo from Patty Matson, official spokesperson of CapCities/ABC, to “Those possibly interested,” November 19, 1991, cc: Buffett, Murphy, Gates, Tisch, which says Steiger of the Journal called and acknowledged a “puzzlement” in which someone might have been “gilding the lily.”
4. Bill Gates letter to Warren Buffett, November 13, 1991.
5. Interviews with Warren Buffett, Bill Gates. The latter may have heard a version from someone else, which got exaggerated in the retelling. On the other hand, Buffett had to use the facilities somehow.
6. Interview with Bill Gates.
7. For four generations the Gateses named their sons William Henry Gates. Bill Jr.’s father, William Henry III, changed his name to Bill Jr. and his son, the new Bill III—who was actually Bill IV—became known as Trey. Bill Jr. then stepped up to become Bill Sr. as the oldest living William Henry Gates, and his son is now known variously as Trey, Bill III, Bill, and The Bill Gates.
8. Interview with Arthur K. Langlie.
9. Interview with Bill Gates.
10. Noyce died June 3, 1990.
11. Interview with Roxanne Brandt.
12. Interview with Bill Gates.
13. Interview with Bill Ruane.
14. Interview with Don Graham.
15. Gates was right; Kodak was toast. From January 1990 to December 2007, Kodak stock rose a measly 20%, barely more than 1% a year. The S&P over the same period rose 315%. Berkshire Hathaway rose 1,627%. Microsoft rose 6,853%.
16. Interview with Bill Gates.
17. Ibid.
18. Statistics courtesy of Berkshire Hathaway.
19. Interview with Louis Blumkin.
20. A Scott Fetzer product.
21. Based on various comments from Kelly Broz, Roberta Buffett Bialek, Peter Buffett, Doris Buffett, Susan Clampitt, Jeannie Lipsey, Stan Lipsey, Ron Parks, Marilyn Weisberg, and Racquel Newman.
22. Interviews with Kathleen Cole, Susie Buffett Jr.
23. Interview with Kathleen Cole.
24. Interviews with Susie Buffett Jr., Howie Buffett. This took place at McMillan Junior High.
25. Which works out to $21,000 per year.
26. Interview with Howie Buffett.
27. Interview with Susie Buffett Jr.
28. Kurt Eichenwald, The Informant. New York: Broadway Books, 2000.
29. Interview with Susie Buffett Jr.
30. Interview with Bill Gates.
31. Interview with Sharon Osberg.
32. Each die has an advantage over one other and a disadvantage to the third.
33. When Buffett pulled out the dice with the author, he kept insisting that she had to go first. She had no idea what the numbers meant. She figured that if Buffett wanted her to go first, there must be some disadvantage to going first. (Experience as an insurance analyst was helpful here.) She said that the dice must somehow work like rock, paper, scissors, and refused to play. Buffett counted this as “figuring out” the dice, but it wasn’t really.
34. The first week the author started working on this book, she came downstairs to the