There is a great story in the latest issue of Fortune magazine about Carol Loomis, the writer who has spent 51 years at the publication. She recounts her experience in covering various stories. I like how she read 50 years of annual reports before writing a story on Bethlehem Steel and how she read the filings at the Connecticut Insurance Department on ITT’s insurance operations before interviewing the company CEO. She knew more about what was going on in the insurance operations than the CEO.
But is anyone else more than a little bit troubled by her relationship with Warren Buffett and the fact that she edits his annual shareholder’s letter, which she mentions in this article? Would any other business journalist be allowed to have such a relationship with such an important source? It does give her entry into one of the most important business people of the last 25 years, allowing her to write about him in a way in which no other journalist has been able. But has there been a price to her credibility?
Anyway, this should be required reading for any business reporter. It can be found here.
