An area in which young Carret wasn't an overachiever, however, was that of his social life. As he wrote, "At best, my social life at Harvard would have been difficult because of my age. A 16-year old freshman might be able to cope with his instructors but was less able to make friends with classmates a year or two older. Though I did acquire a few very good friends, none was a member of the social and financial elite who comprised the roster of Harvard's social clubs...."

     "When it came to social clubs, I ... [had] one near miss. In my junior year, I received an invitation to join ... perhaps the least distinguished of these organizations.... [It] carried one stipulation: that I ditch my Jewish roommate. To reach a decision took no time at all. Until we graduated, David and I roomed together in harmony and friendship."

     Following the outbreak of World War I, "[my] close friend and roommate ... [joined] the Navy, as did his younger brother Bob.... We all parted company, no doubt with assurances of a postwar reunion after the forces of democracy had triumphed.... [But] it was not to be. In September 1918, the Tampa, on which Dave served as an ensign, was sunk by a German submarine.... [And he became] one of 27 classmates sacrificed in the war 'to make the world safe for democracy.' "

     Our relationship (and indebtedness) to Carret actually dates back prior to the first issue of OID. You might even say he was one of OID's founding fathers Ñ in fact as well as (we hope) in spirit - because he graciously agreed to be the inaugural speaker at a program series your editor founded at the Harvard Business School Club of New York. As a fellow alumnus, he graciously accepted our invitation to kick off the series - "The Breakfast of Champions Series" - featuring (as you might not be so surprised to hear) money managers with exceptional long-term track records.

     For his introduction, incidentally, we thought it only natural to turn to fellow Carret admirer Warren Buffett. Thus, his introduction consisted primarily of praise from a letter written by Buffett specifically for that purpose.

     Subsequently, with the arrival of OID, Carret, his late son Jerry and his granddaughter Renee joined the ranks of our earliest contributors. And in our interactions with the Carret family, we had an opportunity to observe and interact with three generations of talented money minds. We joked with the Carrets about the remarkable genes that seemingly allowed them to age at half the rate of most of us.

     For example, Phil continued coming into the office to analyze securities and manage moneyÊ(activities he relished) until shortly before his death, his only concession to Father Time being to cut back to three days per week. He continued traveling to view eclipses around the world wherever they would be visible - his most recent sojourn having been to Aruba (on a Holland Cruise ship) this past February 26th. Also, but for an accident shortly before it, he would have continued his long tradition of attending Berkshire Hathaway's annual meeting each year.

     As its oldest alumnus, he also enjoyed the honor of leading Harvard's commencement procession (notwithstanding a request by at least one younger alum that he not walk quite so fast). Even after his accident, Carret looked forward to leading this year's procession - enthusiastically performing his rehab exercises (although exercise was allegedly not one of his favorite words) in order to be ready. And we understand that except for the fallibility of doctors, he would have led it again this year.