| Wise words from Walter Schloss |
| 03/13/22 Funds Value Investing Schloss |
"A fee structure, by the way, that would make any fund managers squeamish. Schloss believed his pay should be tied to success. So he got 25% of realized gains. But if there were losses, his limited partners were made whole before he earned a cent. He only got paid when his partners made money."
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| Making money out of junk |
| 05/19/13 Value Investing Schloss |
A 1973 interview with Walter Schloss
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| The school of patience and pluck |
| 09/26/12 Value Investing Stingy Investing Schloss |
"You don't need special sources of information or cutting-edge analysis to make money in the market. It helps, though, if you have patience and the willingness to buy stocks that other people despise. For proof, look to the career of Walter Schloss."
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| Walter Schloss 2008 talk |
| 09/26/12 Value Investing Schloss |
"Get some inspiration from Walter's talk at the Ben Graham Centre for Value Investing"
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| 65 years on Wall Street |
| 09/26/12 Value Investing Schloss |
"Walter Schloss talks at a Grant's event. An oldie but a goodie."
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| Schloss' factors |
| 10/26/09 Schloss |
"Price is the most important factor to use in relation to value."
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| Walter J. Schloss Q&A 2008 |
| 02/28/08 Value Investing Schloss |
"Mr. Schloss started his limited partnership in the middle of 1955. In 1963, he earned the Chartered Financial Analyst designation. Waller's son Edwin joined the partnership in 1973 and the fund changed its name to Walter & Edwin Schloss Associates. Over the period 1956 to 2000, Mr. Schloss and his son Edwin provided investors a compounded return of 15.3% compared with the S&P 500.s annual compounded return on 11.5%."
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| Experience: Walter Schloss |
| 01/27/08 Value Investing Schloss |
"Walter Schloss has lived through 17 recessions, starting with one when Woodrow Wilson was President. This old-school value investor has made money through many of them. What's ahead for the economy? He doesn't worry about it. A onetime employee of the grand panjandrum of value, Benjamin Graham, and a man his pal Warren Buffett calls a "superinvestor," Schloss at 91 would rather talk about individual bargains he has spotted. Like the struggling car-wheel maker or the moneylosing furniture supplier. Bushy-eyebrowed and avuncular, Schloss has a laid-back approach that fast-money traders couldn't comprehend. He has never owned a computer and gets his prices from the morning newspaper. A lot of his financial data come from company reports delivered to him by mail, or from hand-me-down copies of Value Line, the stock information service."
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| Tip of the hat to Walter Schloss |
| 04/24/07 Schloss |
Warren Buffett highlights Walter Schloss in his latest letter. Starting on page 21, "Let me end this section by telling you about one of the good guys of Wall Street, my long-time friend Walter Schloss, who last year turned 90. From 1956 to 2002, Walter managed a remarkably successful investment partnership, from which he took not a dime unless his investors made money. My admiration for Walter, it should be noted, is not based on hindsight. A full fifty years ago, Walter was my sole recommendation to a St. Louis family who wanted an honest and able investment manager. Walter did not go to business school, or for that matter, college. His office contained one file cabinet in 1956; the number mushroomed to four by 2002. Walter worked without a secretary, clerk or bookkeeper, his only associate being his son, Edwin, a graduate of the North Carolina School of the Arts. Walter and Edwin never came within a mile of inside information. Indeed, they used 'outside' information only sparingly, generally selecting securities by certain simple statistical methods Walter learned while working for Ben Graham. When Walter and Edwin were asked in 1989 by Outstanding Investors Digest, 'How would you summarize your approach?' Edwin replied, 'We try to buy stocks cheap.' So much for Modern Portfolio Theory, technical analysis, macroeconomic thoughts and complex algorithms." I bring this section of Buffett's report to your attention because it is hard to find much written on the publicity shy Walter Schloss.
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