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Born in August 1916, Walter Schloss was a legend of Wall Street and a notable proponent of the Benjamin Graham School of Value Investing. He did not attend college and was hired as a runner on Wall Street at the age of 18. He took investment courses taught by Benjamin Graham at the New York Stock Exchange Institute and eventually went to work for Mr Graham in the Graham-Newman Partnership, where he met Warren Buffett. In 1955, Walter Schloss started his own fund and, over the next four and a half decades, delivered his investors (which numbered 92 at their peak) annualised returns of 15.3% versus 10% for the S&P 500, an achievement matched by few other investors. In 1984, he was named by Warren Buffett as one of the Superinvestors of Graham-and-Doddsville in an article published in the 1984 issue of Hermes, Columbia Business School’s magazine, where Mr Buffett sought to disprove the academic position that the market is efficient, and that beating the S&P 500 was “pure chance”. Warren Buffett had this to say about Walters Schloss: “He knows how to identify securities that sell at considerably less than their value to a private owner; And that’s all he does ... He owns many more stocks than I do and is far less interested in the underlying nature of the business; I don't seem to have very much influence on Walter. That is one of his strengths; No one has much influence on him.” Walter Schloss closed his fund in 2000 and stopped actively managing other people’s money in 2003. He passed away at the age of 95 in February 2012 and left a history of writing/s that we can all learn from today. Although we never had the privilege of meeting Walter Schloss we have created this archive because the articles and writings still remain relevant for investors today.
Super Investors of Graham-and-Doddsville
"Superinvestor" Warren E. Buffett, who got an A+ from Ben Graham at Columbia in 1951, never stopped making the grade. He made his fortune using the principles of Graham & Dodd's Security Analysis. Here, in celebration of the fiftieth anniversary of that classic text, he tracks the records of investors who stick to the "value approach" and have gotten rich going by the book.
Three Industrial Stock Averages Contrasted: by Benjamin Graham and Walter Schloss
Benjamin Graham and Walter Schloss consider closely the relative movement of three representative indexes of industrial common stocks, to note their divergences, and to seek the reasons therefor.
Schloss - The Hippocratic Method in Security Analysis
That excellent compendium of reflecctive thinking known as The Practical Cogitator -from which our own pseudonym may have been filched - contains an interesting account by L.J Henderson of the method of Hippocrates, ''the most famous of physicians.''
Schloss - On Liquidations
1. Percent profit should be minimum 15-20% per annum based on estimate of time and payments to be made.
2. Should be a few points spread between market and estimated work-out despite percentage gain.
Sixty-Five Years on Wall Street.
Walter Schloss, one of the country's foremost value inivestors, got his first job on Wall Street in 1934. Occupation: runner.
Schloss - The Dow Jones Industrial Average Amended
Because the Dow Jones is the most widely used average, it carries more weight and prestige than it should be entitled to on the basis of accuracy. As Harry Comer has indicated the Standard & Poor's index is a much more accurate one than the Dow Jones.
Schloss - In Defence of Stock Dividends
It seems to me that Dr. Neil Carothers in his letter to the editor, published in the Chronicle of Dec. 10, regarding the evils of stock dividends over-simplifies a complicated situation. No one, I believe, has said that paying cash dividends is worse than paying stock dividends, although sometimes payment of large cash dividends may jeopardize a corporation's expansion program.
Schloss - The Over-Valuation of Some Blue Chip Stocks
With the Dow Jones Industrial Average selling over 500 and new highs being made every day, it is interesting to see where some of our better known stocks are selling in relation to other stocks and to their own previous prices.
Basically, we try to buy value expressed in the differential between its price and what we think its worth.
— Walter Schloss
Walter Schloss Responds to Charles Ellis’ HBR Article.
Walter Schloss written responses to Charles Ellis’ article, “Repurchase Stock to Revitalize Equity”, printed in the HBR July-August 1965.
Schloss - Making Money Out of Junk (Forbes)
Walter Schloss, 57, is kind of a junk collector among stock market players. He is not much interested in earnings growth or in management or in other things that concern most analysts. He's only interested in cheap stocks.
Warren Buffett - Letter on Walter Schloss
Normally, when you get a letter from the wife, partner or secretary of Joe Glutz saying, ''Of course, Joe is too modest to tell you about this himself, but I know you would want to hear that...'', it means that Joe is standing over the writer with a gun at his head, telling him not to look up from the xerox machine until the mailing has been completed.
Schloss - Factors Needed to Make
Money in the stock market
A Memorial Service for Ben Graham held at the Columbia University Faculty Club on 10 Oct 1976
A record for a memorial service for Mr. Benjamin Graham held at the Columbia University Faculty Club on 10th October 1976. About 100 people were present. Hear what Mr. Walter Schloss said.
The Survivors
Warren Buffett called Walter Schloss a “super investor” with a singular knack for finding undervalued stocks. That’s high praise from one of the most celebrated investors ever. But really, the avuncular 92-year-old with the big smile came to appreciate the merits of a well-chosen stock much earlier; it was a dividend stock that helped ease the strains of the Depression.
Schloss - The Right Stuff
Why Walter Schloss is such a great investor. Walter J. Schloss doesn't set any store by pretense, or office politics, or frenetic trading, or tape watching, for that matter. The efficient market theory? You've got to be kidding. Ben Graham's another matter entirely.
Have a philosophy of investment
and try to follow it
— Walter Schloss
Schloss - Interview with Outstanding Investor Digest (OID)
Walter (& Edwin Schloss) interview with Outstanding Investor Digest (OID) - 6 March 1989 Edition
Schloss - Searching for Value
At 72, Walter J. Schloss has been around Wall Street for more than four decades. He spent 10 years working for the late Benjamin Graham, author of The Intelligent Investor whose name is synonymous with conservative - and successful - investing.
Schloss - Seminar at Columbia Business School
Before I begin to talk about the subject at hand, I'd like to tell you a little about myself so that you can see where I am coming from and perhaps from this you will understand why I am doing what I and my son, Edwin are doing. I have been around a long time and Wall Street has changed a lot so here goes.
Schloss - Presentation at the Ben Graham Center for Value Investing
Walter J Schloss presentation to the Ben Graham Center for Value Investing
Schloss - Honoring Ben Graham & Janet Lowe
It's tough following Warren but we both had a unique experience of working for Ben and seeing how his mind worked. Bem was a modest man but very bright. I think he would be very pleased with this gathering honoring him and the book by Janet Lowe.
Schloss - Intrinsic Value is Key Factor
I note in your Editor's Comment in your September / October issue, you quote Sidney Cottle as saying: ''Security analysis is the discipline of comparative selection.'' Since stocks are only under- or over-priced with respect to each other, the process of comparison is going to identity over- and under-priced stocks with roughly the same frequency in good markets and bad.
Schloss - Why We Invest the Way We Do
A friend of mine who is a therapist at a mental facility in the New York area, asked me as a favor if I would give a lecture at his facility. He said that there were many intelligent patients there who had emotional problems, but he thought my speech would be helpful to them.
Investing is an art, and we tried to be as logical and unemotional as possible.
— Walter Schloss
Profiles in Investing Walter & Edwin Schloss
Welcome to 'Profiles in Investing', bought to you by The Bottom Line and The Heilbrunn Center for Graham & Doss Investing. Every week we will profile a leading investor and get an inside look into their investment philosophy.
Up next, Walter and Edwin Schloss.
47 Year Results of Walter and Edwin Schloss Associates
Year end results of Walter and Edwin Schloss Associates from 1955 to 2002.
The Other Warren Buffett
As one of Warren Buffett’s oldest friends, Walter Schloss is regarded as “the other Warren Buffett”, but always kept a low profile. Find his investment approaches in this meeting record.
If the stock goes down we want to buy more.
- Walter Schloss
NYSSA Honors Walter Schloss
The Value Investing Committee paid homage to preeminent value in investor Walter Schloss, CFA, with a dinner on 11th October 2006 at the Harvard Club. Over 100 of Schloss’s friends came to celebrate his 90th birthday and share remembrances.
Warren Buffett - On Walter Schloss
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.
Schloss - List of stocks
The first 60 securities were owned prior to 1990. I don't have a record of them. The rest are stocks owned in the 1990's. Stocks were owned by Walter & Edwin Schloss Associates.
- Penn Central Bankruptcy Securities
- Pittsburgh, Ft. Wayne and Chicago
NYSSA Dedication to Walter Schloss
Walter Schloss is a legend in the value investing world. He went to work for Benjamin Graham at Graham-Newman in 1946. He left in 1955 to form Walter J. Schloss and Associates, which he ran from a small room inside Tweedy, Browne’s offices. He compounded money at 16% per annum for the next forty nine years.
Forbes - The Walter Schloss Experience
Lived through 71 recessions, Walter Schloss was called a “super investor” by Warren Buffett. He made money through many of these recessions. Walter’s experience was listed as one of Forbes Top Stories on 11th February 2008.
A Discussion of Dr. George Athanassakos with Mr. Walter Schloss
In his efforts to preserve the ideas, philosophies and style of investing of legendary value investors, Dr. Athanassakos met with Mr. Walter Schloss in New York on May 8, 2008. They met for dinner at a small Greek restaurant, and discussed a number of issues related to Mr. Schloss’ successful career.
Try to look for weakness in your thinking.
- Walter Schloss
Stock Screening with Walter Schloss
Many individual investors may not be familiar with the investment guru- Mr. Walter Schloss. Warren Buffett calls him a “super investor”. Walter studied under Benjamin Graham in 1935 and started his own fund in 1973. Learn Walter’s investing style here.
Finding Value Among the “Lows”: The Walter Schloss Approach
To the average investor, the name Walter J. Schloss does not ring any investment bells. But as a Benjamin Graham disciple, he learned his lessons well. Warren Buffett has called him a “super investor”. Hear Walter’s philosophy and style here.
'Superinvestor' Who Earned Praise From Buffett, Dies at 95
Walter Schloss, the money manager who earned accolades from Warren Buffett for the steady returns he achieved by applying lessons learned directly from the father of value investing, Benjamin Graham, has died. He was 95.
If the markets were way over priced, I wouldn’t own any stock.
- Walter Schloss
92-Year Old Walter Schloss Discussing his Investment Philosophy
Walter Schloss speaks with students at the Ben Graham Centre for Value Investing at the University of Western Ontario.
A Dozen Things I've Learned from Philip Fisher and Walter Schloss About Investing
“I had made what I believe was one of the more valuable decisions of my business life. This was to confine all efforts solely to making major gains in the long-run…”
See the teachings from Mr. Philip Fisher and Mr. Walter Schloss.
Schloss - On Benjamin Graham
Ben Graham was an original thinker as well as a clear thinker. He had high ethical standards and was modest and unassuming. He was one of a kind. I worked for him for nearly 10 years as a security analyst.
You never really know a stock until you own it.
- Walter Schloss