Carol Loomis attended Drury College and graduated from the University of Missouri with a Bachelor of Journalism degree. She joined the staff of Fortune Magazine in 1954 as a research associate and had the longest tenure of any employee in the magazine’s history, retiring in 2014. She is credited with coining the term “hedge fund,” for an investment strategy of A.W. Jones & Co. Loomis served on the Advisory Committee on Federal Consolidated Financial Statements and was one of the six panelists at the presidential debates of Ronald Reagan and John B. Anderson. She is a longtime friend of Warren Buffett’s, the pro bono editor of his annual shareholder letter, and a shareholder in Berkshire Hathaway.