Carol Loomis

Carol Junge Loomis (born June 25, 1929) is an American financial journalist, who retired in 2014 as senior editor-at-large at Fortune magazine.[1][2]

Carol Junge Loomis
Born (1929-06-25) June 25, 1929
Nationality United States
EducationDrury College, University of Missouri
OccupationJournalist and retired senior editor-at-large at Fortune
Years active1954-2014

Education

Carol Junge Loomis attended Drury College, and graduated from the University of Missouri, with a Bachelor of Journalism degree in 1951.[3]

Career

Loomis had the longest tenure of any employee in Fortune magazine's history, having joined the staff in 1954 as a research associate and retired on July 1, 2014.[4]

In 1966, she coined the term "hedge fund".[5] for a hitherto little known strategy that took off as a result. That year Carol Loomis wrote an article called "The Jones Nobody Keeps Up With." Published in Fortune, Loomis' article lionized Jones and his approach. The article's opening line summarizes the results at A.W. Jones & Co.: "There are reasons to believe that the best professional money manager of investors' money these days is a quiet-spoken seldom photographed man named Alfred Winslow Jones."[14] Coining the term 'hedge fund' to describe Jones' fund, it pointed out that his hedge fund had outperformed the best mutual fund over the previous five years by 44 percent, despite its management-incentive fee. On a 10-year basis, Mr. Jones's hedge fund had beaten the top performer Dreyfus Fund by 87 percent. This led to a flurry of interest in hedge funds and within the next three years at least 130 hedge funds were started, including George Soros's Quantum Fund and Michael Steinhardt's Steinhardt Partners.[15]

In 1976, she was appointed to the Advisory Committee on Federal Consolidated Financial Statements.

In 1980, Loomis was one of six panelists at the presidential debates of Ronald Reagan and John B. Anderson.[3]

She retired from Time/Fortune magazine in July 2014 after a tenure of over 60 years with the company.[6]

Carol was met with sexism at the Economic Club of New York, after they called Fortune to send someone to cover their black tie dinner in 1970. They refused Carol's attendance as they "didn't allow women"; their director said he did not want "any frivolous little Smith girls looking for a free dinner and the chance to spend an evening with 1,200 men in black tie."[7] She still went, and later sued them. It was a private club so she lost the case.

Carol was later invited to the Economic Club and she turned down the invitation.

Personal life

Loomis is a "longtime friend of Warren Buffett's, the pro bono editor of his annual letter to shareholders, and a shareholder in Berkshire Hathaway."[2]

Awards

Works
  • "A conversation with Warren Buffett", Fortune, June 25, 2006
  • "Warren Buffett's Wild Ride at Salomon", October 27, 1997 (website of the Los Angeles Chinese Learning Center)
  • "The 15% Delusion", Fortune, February 5, 2001 (website of a McDonough School of Business faculty member)
  • Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012, Penguin, 2012, ISBN 9781101601501

References
  1. "Fortune's Carol Loomis sets the standard - Jon Friedman's Media Web". MarketWatch. Retrieved 2013-02-14.
  2. "Buffett and Brazilian investor to buy Heinz - The Term Sheet: Fortune's deals blogTerm Sheet". Fortune. cnn.com. Archived from the original on 2013-02-16. Retrieved 2013-02-14.
  3. "MU to Award Degrees at May 2007 Commencement Ceremonies | MU News Bureau". University of Missouri. 2007-05-04. Archived from the original on 2019-04-28. Retrieved 2013-02-14.
  4. "Retirement". New York Post. Retrieved 2014-07-01.
  5. "The Original Hedge Fund". A.W. Jones. Archived from the original on 2012-12-14. Retrieved 2013-02-14.
  6. https://www.nytimes.com/2014/07/04/business/media/carol-loomis-editor-for-warren-buffett-leaves-job-after-60-years.html?_r=0
  7. "Carol Loomis, Editor for Warren Buffett, Leaves Job After 60 Years". The New York Times. July 3, 2014. Retrieved 10 June 2020.
  8. "S-G Writer Wins Award". Star-Gazette. 7 (41) (Final ed.). March 20, 1969. Retrieved July 18, 2020.
  9. "Historical Winners List". UCLA Anderson School of Management. Retrieved January 31, 2019.
  10. "Winners selected for Loeb Awards". The New York Times. June 18, 1974. p. 58. Retrieved February 6, 2019.
  11. "Globe's David Warsh is Loeb Award winner". Boston Globe. 235 (130). Associated Press. May 10, 1989. p. 78. Retrieved February 15, 2019 – via Newspapers.com.
  12. "Wall Street Journal reporters are named Loeb award winners". The Wall Street Journal. May 19, 1993. p. B5.
  13. "Carol Loomis to receive Society of American Business Editors and Writers award". UNC School of Journalism and Mass Communication. March 30, 2006. Retrieved 2013-02-14.
  14. Lowe, Mary Ann (June 27, 2006). "2006 Gerald Loeb Award Winners Announced by UCLA Anderson School of Management". UCLA. Archived from the original on February 2, 2019. Retrieved February 1, 2019.
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