In the Dec. 10, 2001, issue of Fortune, Warren Buffett wrote a landmark seven-page article that introduced a crucial market metric that became renowned as the “Buffett Indicator.” The Great Man adapted the piece from a speech he’d given that July at the annual Allen & Co. bash in Sun Valley, Idaho, privately delivered to the audience mainly comprising top CEOs. It was the legendary Fortune writer Carol Loomis who persuaded Buffett to adapt and extend his remarks for the article. Carol was my mentor during my early career at the magazine; I had the honor of working as her research assistant (no coasting allowed!), and she displayed the noblesse oblige to edit a couple of my pieces.
