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2. Charles Munger, Chairman's Letter, Wesco Financial Corporation Annual Report,
March 1983.

3. Charles Munger, Wesco Financial Corporation Annual Report, 1989.

4. Charles T. Munger, Chairman's Letter, Wesco Financial Corporation Annual Report, March 8, 1999.

5. Charles Munger, Wesco Financial Corporation Annual Report to Shareholders,
1998.

6. Charles Munger, Wesco Financial Corporation Annual Report, 1999.

7. Charles Munger, Chairman's letter, Wesco Financial Corporation, March 5, 1990.

8. Kathleen Day, "Buffett S&L Pulls out of U.S. League," Washington Post, May 31,
1989, p. Fl.

9. Brett Duval Fromson, "Money & Markets: Will the FCIC run out of Money," Fortune, October 8, 1990.

10. Charles Munger, Chairman's letter, Wesco Financial Corporation, March 5, 1990.

11. Charles Munger, Wesco Financial Corporation Annual Report, 1990.

12. Kathleen Day, S&L Hell (New York: W.W. Norton, 1993).

13. Charles Munger, Wesco Financial Corporation Annual Report, 1989.

14. Jim Rasmussen, "Berkshire Unit to Shed Mutual S&L," Omaha World Herald,
April 22, 1993, p. 18.

15. Charles Munger, Wesco Financial Corporation Annual Report, 1989.

16. Ibid.

17. Charles T. Munger, Chairman's Letter, Wesco Financial Corporation Annual Report, 1999.

18. Charles T. Munger, Chairman's Letter, Wesco Financial Corporation Annual Report, 1996.

19. " Conversations from the Warren Buffett Symposium," edited by Lawrence A.
Cunningham, Cardozo Law Review, Vol. 19, Numbers 1 & 2, September-November 1997,
p. 773.

20. Ibid.

21. "Wesco Sold Part of Travelers Stake in 2nd Quarter," Bloomberg Neu's, August 19,
1998.

22. Charles T. Munger, Chairman's Letter, Wesco Financial Corporation Annual Report, 1999.

23. Ibid.

24. Brett D. Fromson, "Sharing in a Piece of Buffett's Pie," Washington Post, November 26, 1993, p. B12.

Chapter Fifteen The Blossoming of Berkshire Hathaway

1. Charles Munger, See's Candy Seventy-Fifth Anniversary Lunch, Los Angeles, California, March 1998.

2. Superior Court of the State of California for the County of Los Angeles, Metropolitan News Company v. Daily Journal Corporation and Charles T. Munger, July 1, 1999,
Vol. 12, pp. 1819-20.

3. Worth, April 1997.

4. Andrew Kilpatrick, Of Permanent Value: The Story of Warren Buffett (Birmingham, Alabama: AKPE, 1998), p. 158.

5. Charles Munger, Wesco Financial annual meeting, Pasadena, California, May 21,
1997.

6. Forbes, January 22, 1996.

7. Roger Lowenstein, Buffett: The Making of an American Capitalist (New York:
Random House, 1995), p. 223.

8. Alan Bersten, "Buffett Tells Shareholders What He Seeks in Firms," Omaha World
Herald, May 21, 1986.

9. Berkshire Hathaway Annual Report, March 14, 1978.

10. Charles Munger, Berkshire Hathaway annual meeting, Omaha, Nebraska, May
1995.

11. John Nauss, CPCU, Best's Review, June 1999.

12. Charles Munger, Berkshire Hathaway annual meeting, Omaha, Nebraska, May
1993.

13. Charles Munger, Berkshire Hathaway annual meeting, Omaha, Nebraska, May 1991.

14. Jim Rasmussen, "Warren Buffett Is Selling Omaha," Omaha World Herald, May 2,
1998, p. Al.

15. Judith H. Dohrzynski, "Warren's World," Business Week, May 10, 1993.

16. Charles T. Munger, Omaha, Nebraska, Berkshire Hathaway annual meeting, 1992.

17. Charles Munger, Omaha, Nebraska, Berkshire Hathaway annual meeting, 1994.

18. John Taylor, "Berkshire Shareholders Quiz Boss," Omaha World Herald, May 2,
1995, p. 14.

19. Andrew Kilpatrick, OfPermanent Value: The Story of Warren Buffett (Birmingham, Alabama: AKPE, 1998), p. 679.

Chapter Sixteen Berkshire in the 1990s-Power Building

1. Brett D. Fromson, "How Do You Think Big?" Washington Post, January 9, 1994,
p. H1.

2. Forbes, October 18, 1993.

3. Laurie P. Cohen, "Warren Buffett: His Folksy Image Belies a Killer Instinct," Wall
Street Journal, November 8, 1991, p. A6.

4. Anthony Bianco, The Warren Buffett You Don't Know," Business Week, July 5,
1999, p. 54.

5. Alice Schroeder and Gregory Lapin, "Berkshire Hathaway: The Ultimate Conglomerate Discount," Paine-Webber Equity Research, January 1999.

6. Berkshire Hathaway Annual Report, March 26, 1979.

7. Steve Jordan, "Berkshire Report Notes Insurance, USAir Downside," Omaha
World Herald, March 20, 1995, Business Section, p. 12.

8. Gary Weiss and David Greising, "Poof! Wall Street's Sorcerers Lose Their Magic,"
Business Week, January 27, 1992, p. 74.

9. Stan Hindon, "The Geico Deal: How Billionaire Buffett Bit at $70," Washington
Post, November 6, 1995, p. 29.

10. Greg Burns, "This Sage Isn't from Omaha," Business Week, April 1, 1996.

11. Alice Schroeder and Gregory Lapin, "Berkshire Hathaway: The Ultimate Conglomerate Discount," Paine-Webber Equity Research, January 1999.

12. www.ntsb.gov/publictn/1999/AAAR9901.htm.

13. Steve Jordan, "Berkshire Report Notes Insurance, USAir Downside," Omaha
World Herald, March 20, 1995, Business Section, p. 12.

14. Warren Buffett, Omaha, Nebraska, Berkshire Hathaway Annual Meeting, May
1997.

15. Associated Press, "Airplane Firm Attracts Stake by Buffett Firm," Omaha World
Herald, May 5, 1990.

16. UPI, "Berkshire to Buy More of Firm," Omaha World Herald, September 17, 1990.

17. Dolly Setton and Robert Lenzner, "The Berkshire Bunch," Forbes, October 12,
1998.

18. Don Bauder, "PS Group Board Member Steps Down with a Parting Shot," San
Diego Union-Tribune, April 13, 1999, p. C-1.

19. John Taylor, "Buffett Dazzles 7,700 with Humor," Omaha World Herald, May 6,
1997, p. 1.

20. Lawrence A. Cunningham, ed., "Conversations from the Warren Buffett Symposium," Cardozo Law Review, Volume 19, Nos. 1 and 2, September-November, 1997,
p. 813.

21. Tim W. Ferguson, "A Revolution that has a long way to go," Forbes, August 11,
1997.

22. Ibid.

23. The Motley Fool, http://www.fool.com, May 5, 1999.

24. Dean Galbreath, "Munger Group Buys Chunk of Price REIT," San Diego UnionTribune, February 11, 1999, p. C-2.

25. "Berkshire Hathaway Earnings Fall," The Associated Press, March 11, 1998.

26. Forbes, October 18, 1993.

27. John Taylor and Jim Rasmussen, "Buffett Takes Center Stage for Upbeat Berkshire
Bash," Omaha World Herald, May 5, 1998, p. 18.

Chapter Seventeen Salomon Brothers

1. Laurie P. Cohen, "Buffett Shows Tough Side to Salomon-and Gutfruend," Wall
Street Journal, November 8, 1991, p. A6.

2. Carol J. Loomis, "Warren Buffett's Wild Ride at Salomon," Fortune, October 27,
1997, p. 114.

3. Ibid.

4. Laurie P. Cohen, "Buffett Shows Tough Side to Salomon-and Gutfruend," Wall
Street. journal, November 8, 1991, p. A6.

5. Kurt Eichenwald, "Salomon's 2 Top Officers to Resign Amid Scandal," New York
Times, August 17, 1991, p. Al.

6. Carol J. Loomis, "Warren Buffett's Wild Ride at Salomon," Fortune, October 27,
1997, p. 114.

7. Steve Coll, "Buffett to Buy Stake in Salomon Brothers, Inc." Washington Post, September 28, 1987.

8. Sarah Bartlett, "Changing of the Guard at Salomon," New York Times, August 17,
1997, p. L33.

9. Carol J. Loomis, "The Inside Story of Warren Buffett," Fortune, April 11, 1988,
p. 26.

10. Ibid., p. 114.

11. Warren Buffett, Chairman's Letter, Berkshire Hathaway Annual Report, 1987.

12. Sarah Bartlett, "Changing of the Guard at Salomon," New York Times, August 17,
1991, p. L33.

13. Ibid.

14. Roger Lowenstein, Buffett: The Making of an American Capitalist (New York:
Random House, 1995), p. 374.

15. Daniel Hertzberg and Laurie P. Cohen, "Scandal Is Fading Away for Salomon, but
Not for Trader Paul Mozer," Wall Street Journal, August 7, 1992, p. Al.

16. Sarah Bartlett, "Fate of One Top Officer Still Appears Uncertain," New York
Times, August 17, 1991, p. 44.

17. Roger Lowenstein, Buffett: The Making of an American Capitalist (New York:
Random House, 1995), p. 297.

18. Leah Nathans Spiro, "The Lion in Winter," Business Week, May 1, 1995, p. 152.

19. Laurie P. Cohen, "Buffett Shows Tough Side to Salomon-and Gutfruend," Wall
Street Journal, November 8, 1991, p. A6.

20. Carol J. Loomis, "Warren Buffett's Wild Ride at Salomon," Fortune, October 27,
1997, p. 114.

21. Laurie P. Cohen, "Buffett Shows Tough Side to Salomon-and Gutfruend," Wall
Street Journal, November 8, 1991, p. A6.

22. Warren Buffett, Chairman's Letter, Salomon Bros. Annual Report, 1992.

23. Roger Lowenstein, Buffett: The Making of an American Capitalist (New York:
Random House, 1995), p. 388.

24. Carol J. Loomis, "Warren Buffett's Wild Ride at Salomon," Fortune, October 27,
1997, p. 114.

25. Jaclyn Fierman, "The Perilous New World of Fair Pay," Fortune, June 13, 1994,
p. 57.

26. Andrew Kilpatrick, Of Permanent Value: The Story of Warren Buffett (Birmingham, Alabama: AKPE, 1998), p. 676.

27. "Salomon's New Look May Seem Familiar," Business Week, June 15, 1992.

28. Thomas S. Mulligan, "California: News and Insight on Business," Los Angeles
Times, June 10, 1998.

29. Thomas S. Mulligan, "California: News and Insight on Business," Los Angeles
Times, June 10, 1998.

30. Leah Nathans Spiro, "The Lion in Winter," Business Week, May 1, 1995, p. 152.

31. Roger Lowenstein, Buffett: The Making of an American Capitalist (New York:
Random House, 1995), p. 409.

32. Leah Nathans Spiro, "The Lion in Winter," Business Week, May 1, 1995, p. 152.

33. Ibid.

34. Ibid.

35. James Sterngold, "Two More Quit in Turmoil at Salomon," New York Times,
February 12, 1998, p. D1.

36. Leah Nathans Spiro, "Turmoil at Salomon," Business Week, May 1, 1995, p. 144.

37. "The Trillion Dollar Bet," Nova, PBS Television, February 8, 2000.

38. David Sherreff, "Lessons from the Collapse of Hedge Fund, Long Term Capital
Management," http://risk.ifci.ch/146520.htm.

39. Charles Munger, "Investment Practices of Leading Charitable Foundations,"
Speech to the Foundation Financial Officers Group, Santa Monica, California, October
14, 1998.

40. Laurie P. Cohen, "Buffett Shows Tough Side to Salomon-and Gutfruend," Wall
Street Journal, November 8, 1991, p. A6.

41. "How Buffett Cleaned Up Salomon," C.S. Neu's and World Report, June 20. 1994,
p. 64.

Chapter Eighteen The Daily Journal Corporation-A Modest
Media Empire

1. Charles T. Munger, Berkshire Hathaway Annual Meeting, Omaha, Nebraska, May
1987.

2. Superior Court of the State of California for the County of Los Angeles, Metropolitan News Company v. Daily Journal Corporation and Charles T. Munger, July 1, 1999,
vol. 12, p. 1823.

3. Ibid., p. 1844.

4. Ibid., p. 1890.

5. Ibid.

6. Ibid., p. 1827.

7. Ann Davis, "Meet Mr. Munger: Shrewd Investor with Odd Investment," Wall Street
Journal, November 19, 1997, BI.

8. Ibid.

9. Ron Russell, "Raking Muck," New Times Los Angeles, August 1999.

10. Jack Epstein and James Evans, "Grill's Blitz," California Business, June 1987.

11. Ibid.

12. Ibid.

13. Ibid.

14. Ibid.

15. Ibid.

16. Ann Davis, "Meet Mr. Munger: Shrewd Investor with Odd Investment," Wall Street
Journal, November 19, 1997, BI.

17. Ibid.

18. Roger M. Grace, "Perspectives," Metropolitan-News Enterprise, June 1, 1999.

19. "Brash `Brill's Content' Makes a Splash," clin403.htmatwww.usatoday.com.

20. Roger M. Grace, "Perspectives," Metropolitan-News Enterprise, June 1, 1999.

21. Ann Davis, "Meet Mr. Munger: Shrewd Investor with Odd Investment," Wall Street
Journal, November 19, 1997, BI.

22. Ibid.

23. Gail Diane Cox, "Munger, Grace spar over retrial," The National Law Journal,
May 24, 1999.

24. Ibid.

25. Roger M. Grace, "Perspectives," Metropolitan-News Enterprise, June 1, 1999.

26. Ron Russell, "Raking Muck," New Times Los Angeles, August 1999.

27. Ann Davis, "Meet Mr. Munger: Shrewd Investor with Odd Investment," Wall Street
Journal, November 19, 1997, B I .

28. Superior Court of the State of California for the County of Los Angeles, Metropolitan News Company v. Daily Journal Corporation and Charles T. Munger, July 1, 1999,
Vol. 12, p. 1832.

29. Charles Munger, Speech, Santa Barbara, California, November 1998.

Chapter Nineteen Doing Good at Good Samaritan Hospital

1. Charles Munger, "Investment practices of Leading Charitable Foundations,"
Speech to the Foundation Financial Officers Group, Santa Monica, California, October
14, 1998.

2. Forbes, January 22, 1996.

3. Mary Lou Loper, "RSVP/The Social City," Los Angeles Times, October 12, 1997,
p. E-10.

4. Harvard-Westlake school newsletter, Spring, 1995.

5. Charles Munger, "The Need for More Multidisciplinary Skill from Professionals:
Educational Implications." Address to the 50th reunion of the Harvard Law School Class
of 1948. April 4, 1999.

6. Ibid.

7. Ibid.

8. Ibid.

9. Ibid.

10. Forbes, January 22, 1996.

Chapter Twenty Elder Statesman and Conscience of the
Investment World

1. Lawrence A. Cunningham, ed., "Conversations from the Warren Buffett Symposium," Cardozo Law Review, Volume 19, Nos. 1 and 2, September-November 1997,
pp. 769-770.

2. Ibid.

3. Ibid., p. 774.

4. Outstanding Investor Digest, March 13, 1998.

5. Charles T. Munger, Harvard School Commencement Speech, Los Angeles, California, June 13, 1986.

6. Outstanding Investor Digest, March 13, 1998.

7. Ibid.

8. Lawrence A. Cunningham, ed., "Conversations from the Warren Buffett Symposium," Cardozo Law Review, Volume 19, Nos. 1 and 2, September-November 1997.

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