Walter Schloss Quotes
104 Walter Schloss Quotes
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Timidity prompted by past failures causes investors to miss the most important bull markets.
Walter Schloss
As the saying goes, a stock well bought is half sold. I think Ben was an expert in that area.
Walter Schloss
In many ways [Ben Graham] was an undervalued situation.
Walter Schloss
[On the super investors of Graham and Doddsville group] I think, in the first place, that we are honest people. We have tried to prevent our investors from losing money, and we have not tried to make money at their expense. I don’t know about the others, but I am 95 years old now, and I sometimes forget what I am supposed to remember. One thing I will always remember, though, is how America has given me the opportunity to invest and the freedom to do what I enjoy doing. Being grateful for that opportunity, my goal was never just to bring value to my investors, but also to do what’s right for those who trusted me!
Walter Schloss
Stick with what you like to do rather than do something you don’t like but that will make you money!
Walter Schloss
Sometimes luck puts you in the right place at the right time!
Walter Schloss
When it comes to investing, my suggestion is to first understand your strengths and weaknesses, and then devise a simple strategy so that you can sleep at night!
Walter Schloss
Investing should be fun and challenging, not stressful and worrying.
Walter Schloss
Investing is an art, and we tried to be as logical and unemotional as possible.
Walter Schloss
Life is tricky, and you really need to be lucky just to survive.
Walter Schloss
I learned that if I can simply survive in the market, just like surviving in the war, and not lose money, eventually I will make something.
Walter Schloss
Ben Graham was an original thinker as well as a clear thinker… He tried to keep things simple.
Walter Schloss
The ability to think clearly in the investment field without the emotions that are attached to it is not an easy undertaking.
Walter Schloss
Fear and greed tend to affect one’s judgment.
Walter Schloss
I don’t like stress and prefer to avoid it, I never focus too much on market news and economic data. They always worry investors!
Walter Schloss
If a stock is cheap, I start buying.
Walter Schloss
I never put a stop loss on my holdings because if I like a stock in the first place, I like it more if it goes down.
Walter Schloss
Somehow I find it difficult to buy a stock that has gone up.
Walter Schloss
I know a lot of good investors who like to talk to management and visit companies, but that’s not me. I don’t like that kind of stress, and if I had had to run around visiting so many companies, I would have been dead after a few years!
Walter Schloss
The challenge in life is knowing what’s next.
Walter Schloss
Earnings have a way of changing, and it’s far more fickle than assets.
Walter Schloss
Have patience. Stocks don’t go up immediately.
Walter Schloss
Have the courage of your convictions once you have made a decision.
Walter Schloss
Try not to let your emotions affect your judgment. Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks.
Walter Schloss
Be careful of leverage. It can go against you.
Walter Schloss
When I buy a stock that is depressed it hardly ever turns around immediately.
Walter Schloss
[On buying a bargain and given enough time he will be rewarded] Something good will happen.
Walter Schloss
[In 1916 he was born] When I was born, the world was at war, and there was a flu epidemic in the United States. My mother, Evelyn, was worried about catching the illness at the hospital, so she gave birth to me at home.
Walter Schloss
[On his family moving to Montclair, New Jersey in 1918 due to worry about the Spanish flu] The place was too remote and inaccessible, so after a while we moved back to New York City, and that’s where I grew up.
Walter Schloss
Sometimes luck puts you in the right place at the right time! If I had been born a little earlier, I seriously would have considered becoming a trolley car driver. Luckily, trolley cars began to fade out and were replaced by buses in the 1930s and 40s, and so I ended up going to Wall Street.
Walter Schloss
[On his parents using margin loans to buy a share called Mathieson Alkai and losing everything] My parents were honest people, but they had trouble financially because they were poor investors.
Walter Schloss
During the depression, my father learned his lesson and said to me, ‘Anything terrible that doesn’t happen to you is profit!’ I took the advice to heart, so when I entered Wall Street, my goal was not to lose money!
Walter Schloss
My father lost his job during the Depression, so I could not attend college had to help my family.
Walter Schloss
[During the depression] The economy was grim, and I remember seeing men on every street corner selling apples for a nickel apiece. Some family friends even criticized my mother for letting me work at a brokerage firm, as they believed there would be no more Wall Street by 1940. That was how pessimistic people were in those days.
Walter Schloss
After working for a year, I asked one of the partners, Mr. Armand Erpf, who was in charge of the statistical department, which is similar to the research department today, if I could become a securities analyst. He said that job wouldn’t bring in any brokerage commissions, and so the answer was no.
Walter Schloss
[During the depression] In those days, and perhaps it is true even to this day, bringing in business was the priority, and so business connections were more important than investment knowledge. Since a research analyst in those days would not advance very far within a company, who you knew was more important than what you knew.
Walter Schloss
[His employer Mr Erpf on a new book called ‘Security Analysis by Benjamin Graham and David Dodd] Mr Erpf said ‘Read that book, and when you know everything in it, you won’t have to read anything else.’
Walter Schloss
[On taking a course and learning directly from Benjamin Graham] Ben was simple, straightforward, and brilliant. Because he had a rough time during the Great Depression, his investment strategy was mainly to look for stocks that would provide downside protection, such as stocks selling below their working capital. The idea simply made a lot of sense to me, and I fell in love with his investment philosophy.
Walter Schloss
[On Benjamin Graham] He would also compare companies that came close to each other in alphabetical order. For example, he compared Coca-Cola to Colgate-Palmolive and statistically deduced that Colgate was cheaper.
Walter Schloss
A lot of investment professionals took his [Benjamin Graham] class just to get investment tips, and they made money off his ideas, but Ben didn’t mind because he was more into the academic exercise than making money. Unfortunately, I didn’t profit from his ideas [at the time] because I had no money, but I learned a great deal.
Walter Schloss
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