IN THIS ISSUE
▶ By Lawrence A . Cunningham
▶ By Mark Higgins
▶ By Peter C . Earle
▶ By Stephanie Forshee
▶ By Alfred Mazzorana
▶ By Daniel C . Munson
▶ By Ramon Vasconcellos
IN THIS ISSUE
FEATURES
The magazine of the Museum of American Finance
in association with the Smithsonian Institution
Issue 148 • Winter 2024 ( ISSN 1520-4723 )
Kristin Aguilera Editor
EDITORIAL ADVISORY BOARD
Howard A . Baker , Esq . Howard Baker Associates Lawrence A . Cunningham Mayer Brown Peter C . Earle American Institute for Economic Research Brian Grinder Eastern Washington University Gregory DL Morris Freelance Journalist Susie Pak St . John ’ s University Arthur W . Samansky The Samansky Group Myles Thompson Columbia Business School Publishing Janice Traflet Bucknell University Robert E . Wright Central Michigan University Jason Zweig The Wall Street Journal
ART DIRECTION Alan Barnett Design
MUSEUM STAFF David J . Cowen , President / CEO Kristin Aguilera , Deputy Director Robert Dinkelmann , IT / Technology Maura Ferguson , Director of Exhibits Sarah Poole , Collections Manager
Linda Rapacki , Managing Director of Visitor Services and Operations
Mindy Ross , Director , External Relations Ben Urizar , Assistant Director of Visitor Services
Copyright © 2024 by the Museum of American Finance , publisher . All rights reserved .
Financial History is the official membership magazine of the Museum of American Finance .
12 Charlie Munger : The Life and Legacy of Our Late , Eminent Friend
A tribute to Charlie Munger , who helped shape the culture and philosophy of one of the world ’ s most successful and admired companies , and died on November 28 , 2023 at the age of 99 .
▶ By Lawrence A . Cunningham
16 The Unexpected Legacy of a Prudent Man
The Prudent Investor Rule has evolved over nearly 200 years to intermittently solve and cause problems .
▶ By Mark Higgins
20 The Russian Debt Default , 25 Years Later
The Russian debt debacle of 25 years ago was not merely an isolated event , but rather the culmination of dashed hopes for a transformed capitalist Russia .
▶ By Peter C . Earle
24 Anna Sutherland Bissell : America ’ s First Female CEO
Anna Sutherland Bissell was a sweeping sensation at the turn of the 20th century .
▶ By Stephanie Forshee
30 The Birth of the Fixed Income Analyst
A new financial profession , and an organization to advance it , arise in the turbulent decade of the 1970s .
▶ By Alfred Mazzorana
34 An Investment Banker Lights the World
Backed by J . P . Morgan , Edward Dean Adams and a team of engineers harness Niagara Falls .
▶ By Daniel C . Munson
40 A Divorce of Bank and State
The evolution and role of the Independent Treasury during the 19th century .
▶ By Ramon Vasconcellos
2 FINANCIAL HISTORY | Winter 2024 | www . MoAF . org