Carol Junge Loomis (born June 25, 1929) is an American financial
journalist
A journalist is a person who gathers information in the form of text, audio or pictures, processes it into a newsworthy form and disseminates it to the public. This is called journalism.
Roles
Journalists can work in broadcast, print, advertis ...
, who retired in 2014 as senior
editor-at-large
An editor-at-large is a journalist who contributes content to a magazine. They are typically credited in the publication's masthead, even if they technically are not on staff. The responsibilities of the editor-at-large may change project to proj ...
at ''
Fortune
Fortune may refer to:
General
* Fortuna or Fortune, the Roman goddess of luck
* Luck
* Wealth
* Fate
* Fortune, a prediction made in fortune-telling
* Fortune, in a fortune cookie
Arts and entertainment Film and television
* ''The Fortune'' (19 ...
'' magazine.
Education
Carol Junge Loomis attended
Drury College
Drury University, formerly Drury College and originally Springfield College, is a private university in Springfield, Missouri, United States. The university's mission statement describes itself as "church-related". It enrolls about 1,590 undergr ...
, and graduated from the
University of Missouri
The University of Missouri (Mizzou or MU) is a public university, public Land-grant university, land-grant research university in Columbia, Missouri, United States. It is Missouri's largest university and the flagship of the four-campus Univers ...
, with a Bachelor of Journalism degree in 1951.
Career
In 1966, she coined the term "
hedge fund
A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...
" 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."
4Coining 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
George Soros (born György Schwartz; August 12, 1930) is an American investor and philanthropist. , he has a net worth of US$7.2 billion, Note that this site is updated daily. having donated more than $32 billion to the Open Society Foundat ...
's
Quantum Fund and
Michael Steinhardt
Michael H. Steinhardt (born December 7, 1940) is an American billionaire Hedge fund, hedge fund manager, philanthropist, and former antiquities collector. In 1967, he founded a hedge fund, Steinhardt Partners which he ran until he closed it in 19 ...
's Steinhardt Partners.
5
In 1976, she was appointed to the Advisory Committee on Federal
Consolidated Financial Statements.
In
1980
Events January
* January 4 – U.S. President Jimmy Carter proclaims a United States grain embargo against the Soviet Union, grain embargo against the USSR with the support of the European Commission.
* January 6 – Global Positioning Sys ...
, Loomis was one of six panelists at the presidential debates of
Ronald Reagan
Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was an American politician and actor who served as the 40th president of the United States from 1981 to 1989. He was a member of the Republican Party (United States), Republican Party a ...
and
John B. Anderson
John Bayard Anderson (February 15, 1922 – December 3, 2017) was an American lawyer and politician who served in the United States House of Representatives, representing Illinois's 16th congressional district from 1961 to 1981. A member of ...
.
She retired from Time/Fortune magazine in July 2014 after a tenure of over 60 years with the company.
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." 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
Carol Loomis is a "longtime friend of
Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American investor and philanthropist who currently serves as the chairman and CEO of the conglomerate holding company Berkshire Hathaway. As a result of his investment success, Buffett is ...
's, the ''
pro bono
( English: 'for the public good'), usually shortened to , is a Latin phrase for professional work undertaken voluntarily and without payment. The term traditionally referred to provision of legal services by legal professionals for people who a ...
'' editor of his annual letter to shareholders, and a shareholder in
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...
."
She married John Loomis, who was a partner in
First Manhattan Co. They raised two children in
Larchmont, New York
Larchmont is a Village (New York), village located within the Town (New York), Town of Mamaroneck (town), New York, Mamaroneck in Westchester County, New York. Larchmont is a suburb of New York City, located approximately northeast of Midt ...
.
[
]
Awards
* 1968 John Hancock Award for Excellence in business and financial writing, national magazine writers
*1974 Gerald Loeb Award
The Gerald Loeb Awards, also referred to as the Gerald Loeb Awards for Distinguished Business and Financial Journalism, is a recognition of excellence in journalism, especially in the fields of business, finance and the economy. The award was e ...
for Magazines for "How the Terrible Two Tier Market Came to Wall Street"
Works
"A conversation with Warren Buffett"
''Fortune'', June 25, 2006
October 27, 1997 (website of the Los Angeles Chinese Learning Center)
''Fortune'', February 5, 2001 (website of a McDonough School of Business faculty member)
*''Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012'', Portfolio
Portfolio may refer to:
Objects
* Portfolio (briefcase), a type of briefcase
Collections
* Portfolio (finance), a collection of assets held by an institution or a private individual
* Artist's portfolio, a sample of an artist's work or a ...
, 2012,
See also
*Buffett indicator
The Buffett indicator (or the Buffett metric, or the Market capitalization-to-GDP ratio) is a valuation multiple used to assess how expensive or cheap the aggregate stock market is at a given point in time. It was proposed as a metric by inve ...
References
External links
"Fortune magazine senior editor returns to MU"
''Missourian'', KATY STEINMETZ, September 13, 2008
''University of North Carolina'', Chris Roush, Sept. 12, 2005
Carol Loomis articles at Byliner
, ''News Hour'', June 27, 2002
"Carol Loomis"
''Charlie Rose''
"Happy 80th birthday, Carol Loomis"
from the UNC School of Journalism and Mass Communication
Carol Loomis
''Longform podcast'', August 5, 2015
{{DEFAULTSORT:Loomis, Carol
1929 births
Living people
American women journalists
University of Missouri alumni
Gerald Loeb Lifetime Achievement Award winners
Gerald Loeb Award winners for Magazines
21st-century American women