Walter J. Schloss worked as an analyst for Graham himself, and his strategy. Schloss has been managing money since 1955. In that span, his investments have risen 15.7 percent a year; the Standard & Poor’s Industrial Average (not the 500 Index) has climbed only 11.2 percent a year.
At age 84, Schloss still comes to work every day, sharing an office with the Tweedy, Browne folks on Park Avenue in New York City. When he and Christopher Browne go out to lunch, Browne—a man in his early 50s—has to quicken his step to keep up. And in an interview with me, Schloss was full of beans, quick thinking and contentious—for example, dismissing the naïve notion that anyone should buy and hold stocks indefinitely (I had said that ordinary investors might learn that from Buffett), denigrating index funds, and scolding me for mistakenly referring to Bill Ruane, who started the Sequoia Fund, as Charles.
Schloss is nowhere near as famous as Graham’s most notable pupil, with whom Schloss shared an office when both worked for Graham back in 1957. Contented with his role in life, Schloss has never tried to make his firm especially large. He and the Sage of Omaha remain friends. Like Graham, Schloss looks for good companies with cheap stocks, and he focuses almost exclusively on the numbers.
At age 84, Schloss still comes to work every day, sharing an office with the Tweedy, Browne folks on Park Avenue in New York City. When he and Christopher Browne go out to lunch, Browne—a man in his early 50s—has to quicken his step to keep up. And in an interview with me, Schloss was full of beans, quick thinking and contentious—for example, dismissing the naïve notion that anyone should buy and hold stocks indefinitely (I had said that ordinary investors might learn that from Buffett), denigrating index funds, and scolding me for mistakenly referring to Bill Ruane, who started the Sequoia Fund, as Charles.
Schloss is nowhere near as famous as Graham’s most notable pupil, with whom Schloss shared an office when both worked for Graham back in 1957. Contented with his role in life, Schloss has never tried to make his firm especially large. He and the Sage of Omaha remain friends. Like Graham, Schloss looks for good companies with cheap stocks, and he focuses almost exclusively on the numbers.
0 on: "Introduction to Walter Schloss"