1. General Douglas MacArthur made a halfhearted run for the nomination but was eclipsed by Taft. He and his former aide Eisenhower were bitter enemies.
2. This was the same Robert Taft who had cosponsored the Taft-Hartley Act, much favored among businessmen but despised by broad swaths of Americans. In short, Taft represented the extreme end of the party, which made him less likely to capture moderate voters.
3. Ironically, many in this faction promoted tariffs, government farm supports, and tough labor laws desired by their small-business and farm constituents, even though this may have seemed inconsistent with their other views on government. Another famous member of this group was popular Nebraska Senator Ken Wherry, the “merry mortician,” famous for malapropisms such as calling Indochina “Indigo China,” addressing the chairman as “Mr. Paragraph,” and offering his “unanimous opinion.” Time, June 25, 1951. Wherry died shortly before the election.
4. “Top GOP Rift Closed But Not the Democrats’,” New York Times, September 14, 1952; Elie Abel, “Taft Rallies Aid for GOP Ticket,” New York Times, October 5, 1952.
5. Howard Buffett wrote to former President Hoover, October 23, 1952: “I have no enthusiasm for Eisenhower, but your decision to support his election is good enough for me.” He apparently changed his mind after this letter was written.
6. Interview with Roberta Buffett Bialek.
7. Interview with Katie Buffett, who recalled this conversation and found it amusing. “Warren’s probably forgotten he told me that one,” she said.
8. Susan Goodwillie Stedman, recalling personal interview with Susan Thompson Buffett conducted November 2001, courtesy of Susan Goodwillie Stedman and Elizabeth Wheeler.
9. Interview with Susan T. Buffett.
10. Interviews with Mary and Dick Holland, Warren Buffett.
11. Interviews with Racquel Newman, Astrid Buffett.
12. The IQ story is a family tale, but since Dr. Thompson was in charge of IQ testing for the whole school system, it has at least some credence. Within the family, Dr. Thompson often tested his daughters and grandchildren while he was creating new psychology and intelligence tests. Whatever her IQ, Dottie was considered no dummy.
13. This story is related in Leila Buffett’s diary. Also, Gabe Parks, “Court Has Nomination Vote Vacancy,” Omaha World-Herald, July 4, 1954.
14. Warren Buffett letter to “Pop” Howard Buffett, dated “Wednesday,” presumed August 4, 1954. “Scarsdale G.I. Suicide, Army Reports the Death of Pvt. Newton Graham in France,” New York Times, August 3, 1954. The entire text of the item read: “Frankfurt, Germany, Aug. 2 (Reuters)—Pvt. Newton Graham of Scarsdale, N.Y., committed suicide at La Rochelle, France, the United States Army announced today.” Newton—named after Sir Isaac Newton—was the second of Graham’s sons to be named Isaac Newton; the first had died of meningitis at age nine. Noting Newton’s increasing mental instability, which he labeled “highly neurotic, even probably schizophrenic,” Graham had written letters trying to get him discharged from the Army, but failed. (Benjamin Graham, The Memoirs of the Dean of Wall Street. New York: McGraw-Hill, 1996.)
15. Susie Buffett Jr. says she had a crib.
16. Using the term “pay” loosely, since all of the earnings are not actually paid out as a dividend. This distinction was once the subject of heavy academic debate as to the discount that should be imputed to a stock’s valuation for earnings that were not paid out. The premium assigned to companies that pay dividends has waned for a number of reasons. See also the reference to “The Frozen Corporation” in Chapter 46, “Rubicon.”
17. Interview with Fred Stanback.
18. His personal investment return that year was 144.8%, compared to 50.1% for the DJIA.
19. Union Underwear was the predecessor to Fruit of the Loom.
20. Buffett recalled this classic story in an interview.
21. Interview with Sue James Stewart.
22. Interview with Elizabeth Trumble.
23. Interview with Roxanne Brandt.
24. Buffett’s exact quote was “I can see her pulsing and moaning as she said, ‘Tell me more …’ ”