| Walter J. Schloss | |
| Born | 1916 New York |
|---|---|
| Nationality |  United States |
| Occupation | Investment management |
| Employer | Graham-Newman Partnership |
| Net worth | $1million+ |
| Known for | Manager of Walter & Edwin Schloss Associates |
Walter J. Schloss (b. 1916) is a well-regarded value investor, as well as a notable disciple of the Benjamin Graham school of investing.
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Biography
Schloss did not attend college and was initially hired at the age of 18 as a runner on Wall Street in 1934. Schloss took investment courses taught by Graham at the New York Stock Exchange Institute. One of his classmates was Gus Levy, the future chairman of Goldman Sachs. He eventually went to work for Graham in the Graham-Newman Partnership.
In 1955, Schloss left Graham's company and started up his own investment firm, eventually managing money for 92 investors. By maintaining a manageable asset size, Schloss averaged a 15.3% compound return over the course of five decades, versus 10% for the S&P 500. [1]
Schloss closed out his fund in 2000 and stopped actively managing others' money in 2003.
He served four years in the U.S. Army during World War II.
Warren Buffett named him as one of The Superinvestors of Graham-and-Doddsville, who disproved the academic position that the market was efficient, and that beating the S&P 500 was "pure chance".[2]
Warren Buffett had this to say about 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.[3]
Philanthropy
He is Treasurer for Freedom House.[4] He has given to the Tenement Museum.[5]
His archive is held at Columbia University.[6]
See also
References
- ^ Investment Leadership: Building a Winning Culture for Long-Term Success. by James W. Ware, Beth Michaels, Dale Primer. Published by John Wiley and Sons, 2003. pg. 124. ISBN 0471453331.
- ^ "Official Buffett Biography to Hit Shelves". New York Times. 2008-08-12. http://dealbook.blogs.nytimes.com/2008/08/12/official-buffett-biography-to-hit-shelves/. Retrieved 2008-08-15.
- ^ Investment Nuggets. Business Line. Jan 14, 2007.
- ^ Board of Trustees, Freedom House
- ^ Donors, Lower East Side Tenement Museum
- ^ Schloss Archives for Value Investing, The Heilbrunn Center for Graham & Dodd Investing at Columbia Business School
External links
- Experience: Walter Schloss Cover Story on Forbes
- 2008 Berkshire Hathaway Meeting Transcript
- Benjamin Graham and Security Analysis : A Reminiscence excerpt
- Walter Schloss Presentation, The Ben Graham School of Value Investing, Richard Ivey School of Business
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