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Carol Loomis, Warren Buffett and Coastal States Gas


jollyjumper324
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Hello All!

 

I was listening to the Longform Podcast interview with Carol Loomis and Loomis mentioned something that piqued my curiosity at around 28:55:

http://longform.org/posts/longform-podcast-152-carol-loomis?t=28m56s

 

She talks about how upon first meeting Buffett in 1967, they clicked on a little bit of financial minutia where they had both been looking at a company, Coastal States Gas, where there were revenues in the footnotes that weren't in the financial statements. I looked for more about this incident and found this interview:

http://www.marketplace.org/2015/04/29/business/big-book/warren-buffett-jamie-dimon-treasury-secretary-fiscal-cliff-and-taxes

 

After some digging, I found the annual reports she was talking about. It's an interesting situation. Screenshots are attached.

CSG_-_1965.jpg.9ce976ad41ebf6c451bb21c50bc679d9.jpg

CSG_-_1965_-_Footnote.jpg.aeb7d68c7862bba69ca566507a8fc7c6.jpg

CSG_-_1966.jpg.57575e316e0fbde4ad05b32b663487cd.jpg

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