Walter Schloss Quotes

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

Don't sell on bad news.

I tried to follow Ben Graham's ideas.

Devise a simple strategy so you can sleep at night.

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

People don't like to buy things that are going down.

I helped Ben with the third edition of Security Analysis, published in 1951.

Try to buy assets at a discount than to buy earnings.

Buy stocks where the outlook is not good.

My job was to find stocks that were undervalued.

If there are not too many value stocks that I can find, the market isn't all that cheap.

We may buy a little bit of a stock, to get our feet wet and get a feeling for it.

Be aware of the level of the stock market. Are yields low and PE ratios high?

I liked the results of the profits in the markets.

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

Making a decision to sell is the most difficult thing we do.

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

Try to establish the value of a company.

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

Look for companies that do not have a lot of debt.

If the stock goes down we want to buy more.

I find it helpful to buy near the low of the last few years.

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

If the market were way over priced, I wouldn't own any stocks.

Timidity prompted by past failures causes investors to miss the most important bull markets.

You have to have patience in this field.

Book values have some good and some bad features.

Make sure you have the courage to stay true to your convictions and not let the market affect your emotions.

Ben was really a contrarian but he didn't use those terms because he was really buying value.

Earnings can change dramatically. Usually assets change slowly.

Managements, you know, often think of themselves.

Have a philosophy of investment and try to follow it.

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

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

If you are honest, hardworking, reasonably intelligent and have good common sense, you can do well in the investment field as long as you are not too greedy and don't get too emotional when things go against you.

Some kinds of stocks are easier to analyse than others.

Try to look for weaknesses in your thinking.

You never really know a stock until you own it.

Fear and greed tend to affect one's judgement.

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

Try not to let your emotions affect your judgement.

A lot of companies have lots of assets tied up in plant and equipment. Well, is it old plant, or is it new plant?

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

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

By setting up Berkshire Hathaway, Warren has done everything very rationally.

This is a business. Like any other business.