Remembering Economist Bill Baxter Jr.

Bill Baxter Jr., an economist who consulted with laborers, including Turkish farmers, was known for his influential economic forecast newsletter that supported Warren Buffett long before Buffett gained fame, according to his family.

“He was a long-time investor,” shared his son, Bill Baxter III from Stamford, Connecticut. “His advice was always about buying quality and holding onto it for years.”

Baxter’s main focus on inflation led to some of his most significant accomplishments during his tenure at Baxter Investment Management, which was part of his father’s Manhattan-based firm.

In the 1970s, he advocated for investment as a way to protect against soaring inflation. His family noted that he credited his readers for helping him navigate challenging times. In August 1987, for instance, he urged them to sell shares, reflecting his cautious approach to market fluctuations.

Baxter passed away on July 4th at the age of 91, splitting his time between Stuart, Florida, and other locations.

Whether engaging in sports or professional matters, those close to him remarked on his focus on others, often expecting the same in return.

Baxter III fondly recalled sailing with his father. One memory stood out: during a childhood sailing trip, while he was distracted by a sandwich, the sail lost its shape. His father, playfully exasperated, declared, “You threw my sandwich overboard!” which felt quite typical.

However, there were moments when Baxter Jr. didn’t seem so focused. After he achieved a B-grade in high school, his father surprised him with a two-hour car ride that ultimately dropped him off at Canterbury School, a private boarding institution in Connecticut.

“Before Canterbury, he described his life as wandering,” Baxter III noted. “That school set high expectations and worked diligently with students.”

Baxter earned his economics degree from Colgate University in 1956 and followed that up with an MBA from Columbia University a year later.

He expanded his business by offering investment management services tailored to the needs of his readers. Baxter also included a unique measure in his newsletters called “Turkey Countings,” which tracked bird purchases as an indicator of economic health, a concept introduced by his father.

His investment advice, published over 40 years ago, was considered forward-thinking; he recommended investing in land and utilities in warmer states like Texas and Florida long before migrations to those areas became popular.

While economic predictions were a passion, as many noted, Baxter cherished his time on the water, sailing in areas from Rhode Island to the Caribbean. He would often start his workday around 6:30 AM and then head out to sail around 2 PM. A regular participant in sailing races, he formed friendships with some of the country’s top competitors.

At one point, he held the title of Commodore at the Old Cove Yacht Club in New Suffolk and served on the board, influencing younger generations to learn sailing, as noted by Bill Renato, who worked alongside Baxter for 20 years.

“He was always eager to share his knowledge, always teaching, never keeping secrets,” Renato remarked.

Baxter’s love for the water inspired him to ensure his children understood the value of hard work. His son recalled tasks such as clearing weeds from the cliffs so his view of the water remained unobstructed.

In addition to his son, Baxter Jr. is survived by his wife, Patricia, and children: Kathy Enos from Jensen Beach, Florida; Susie Miller from Greenwich, Connecticut; and John Baxter, also from Greenwich, along with eight grandchildren.

A Christian burial liturgy was held on July 9th at Our Lady of Our Lady in Matthituck, followed by internment at Sacred Heart Cemetery in Katichogue.