Walter Schloss Quotes

I have been around a long time and Wall Street has changed a lot.

My first job at Graham-Newman was to prepare the annual report for that 10th year.

I'm a passive investor. There are people who are very aggressive; they try to buy companies.

We get a feeling, if we can, about what we think the company is worth.

Be careful of leverage. It can go against you.

This is a business. Like any other business.

I tried to follow Ben Graham's ideas.

You never get the high and you never get the low.

Sell is tough. It's the worst, it's the most difficult thing of all.

The market is a very emotional place that appeals to fear and greed.

Fear and greed tend to affect one's judgement.

One of the tricks of this business is, keep your losses down.

Price is the most important factor to use in relation to value.

Remember that a share of stock represents a part of a business and is not just a piece of paper.

Buy stocks where the outlook is not good.

You have to have confidence in what you're doing.

Before selling, try to re-evaluate the company again and see where the stock sells in realtion to its book value.

You have to be a little aware of the emotions of the people who have invested with you.

Ben was a great believer in buying a diversified group of securities, so that he limited his risk.

I liked the results of the profits in the markets.

Yes, Warren has done very well.

Graham liked the idea of protection on the downside.

Use book value as a starting point to try and establish the value of the enterprise.

Don't be afraid to be a loner but be sure that you are correct in your judgement.

I don't have a ticker-tape machine in my office.

We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.

My job was to find stocks that were undervalued.

Our average holding period is four years.

Ben's emphasis was on protecting his expectation of profit with minimum risk.

Ben was a very simple straightforward man with a brilliant quick mind.

One has to know more about a company if one buys earnings.

Warren is a very good judge of people and he's a very good judge of businesses.

Try to look for weaknesses in your thinking.

Try to establish the value of a company.

I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.

All the publicity about value investing - it's become a very popular thing.

You know, people tend to like to buy companies that are doing well.

Ben didn't want to lose money. He had had a rough time during the depression.