28 February 2016
89 Awesome Value Investing Quotes From Walter Schloss
I tried to follow Ben Graham‘s ideas
– Walter Schloss
We do not spend a great deal of time talking to management
– Walter Schloss
I helped Ben with the third edition of Security Analysis, published in 1951
– Walter Schloss
When you buy a depressed company it’s not going to go up right after you buy it, believe me
– Walter Schloss
Sell is tough. It’s the worst, it’s the most difficult thing of all
– Walter Schloss
You never get the high and you never get the low
– Walter Schloss
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper
– Walter Schloss
My first job at Graham-Newman was to prepare the annual report for that 10th year
– Walter Schloss
I agree with Warren to keep it simple and not use higher mathematics in your analysis
– Walter Schloss
You have to be a little aware of the emotions of the people who have invested with you
– Walter Schloss
Warren is a very good judge of people and he’s a very good judge of businesses
– Walter Schloss
Ben’s emphasis was on protecting his expectation of profit with minimum risk
– Walter Schloss
You know, people tend to like to buy companies that are doing well
– Walter Schloss
We like to buy stocks which we feel are undervalued and then we have to have the guts to buy more when they go down
– Walter Schloss
My job was to find stocks that were undervalued
– Walter Schloss
Ben was really a contrarian but he didn’t use those terms because he was really buying value
– Walter Schloss
You have to invest the way that’s comfortable for you
– Walter Schloss
Fear and greed tend to affect one’s judgement
– Walter Schloss
By setting up Berkshire Hathaway, Warren has done everything very rationally
– Walter Schloss
I found that it was much better to look at the figures rather than people
– Walter Schloss
If the stock goes down we want to buy more
– Walter Schloss
Basically, we try to buy value expressed in the differential between its price and what we think its worth
– Walter Schloss
One has to know more about a company if one buys earnings
– Walter Schloss
Ben was a very simple straightforward man with a brilliant quick mind
– Walter Schloss
Ben didn’t want to lose money. He had had a rough time during the depression
– Walter Schloss
Some kinds of stocks are easier to analyse than others
– Walter Schloss
Book values have some good and some bad features
– Walter Schloss
I don’t have a ticker-tape machine in my office
– Walter Schloss
Try to establish the value of a company
– Walter Schloss
People don’t like to buy things that are going down
– Walter Schloss
I liked the results of the profits in the markets
– Walter Schloss
Enjoy your work and have ethical standards
– Walter Schloss
Try to buy assets at a discount than to buy earnings
– Walter Schloss
Buy stocks where the outlook is not good
– Walter Schloss
I have been around a long time and Wall Street has changed a lot
– Walter Schloss
You have to have patience in this field
– Walter Schloss
The market is a very emotional place that appeals to fear and greed
– Walter Schloss
Most look at earnings and earnings potential, well I can’t get into that game
– Walter Schloss
Look for companies that do not have a lot of debt
– Walter Schloss
Be careful of leverage. It can go against you
– Walter Schloss
You never really know a stock until you own it
– Walter Schloss
I like the idea of company-paid dividends
– Walter Schloss
Try not to let your emotions affect your judgement
– Walter Schloss
Earnings can change dramatically. Usually assets change slowly
– Walter Schloss
Timidity prompted by past failures causes investors to miss the most important bull markets
– Walter Schloss
Have a philosophy of investment and try to follow it
– Walter Schloss
Look at companies selling at new lows
– Walter Schloss
Price is the most important factor to use in relation to value
– Walter Schloss
Have patience. Stocks don’t go up immediately
– Walter Schloss
Yes, Warren [Buffett] has done very well
– Walter Schloss
Ben was a very simple straightforward man with a brilliant quick mind
– Walter Schloss
Ben didn’t want to lose money. He had had a rough time during the Depression
– Walter Schloss
Ben was a great believer in buying a diversified group of securities, so that he limited his risk
– Walter Schloss
We basically followed the idea of buying companies selling below working-capital — at two thirds of working-capital
– Walter Schloss
This is a business. Like any other business
– Walter Schloss
I was in Graham’s office the day he bought GEICO. Warren owns one-third of the stock today
– Walter Schloss
Graham liked the idea of protection on the downside
– Walter Schloss
One of the tricks of this business is, keep your losses down
– Walter Schloss
I’m not very good on timing. In fact, I’ve stayed away from it
– Walter Schloss
You have to have confidence in what you’re doing
– Walter Schloss
Stockbrokers aren’t too interested in a stock you can sit there for five years with
– Walter Schloss
When I buy a stock, I have kind of an idea where I want to sell it
– Walter Schloss
Our average holding period is four years
– Walter Schloss
I’m a passive investor. There are people who are very aggressive; they try to buy companies
– Walter Schloss
Making a decision to sell is the most difficult thing we do
– Walter Schloss
All the publicity about value investing – it’s become a very popular thing
– Walter Schloss
We don’t put the same amount of money in each stock
– Walter Schloss
We may buy a little bit of a stock, to get our feet wet and get a feeling for it
– Walter Schloss
Managements, you know, often think of themselves
– Walter Schloss
A lot of companies have lots of assets tied up in plant and equipment. Well, is it old plant, or is it new plant?
– Walter Schloss
If the market is so cheap, you want to get something with a little more zip in it, or potential
– Walter Schloss
We get a feeling, if we can, about what we think the company is worth
– Walter Schloss
If there are not too many value stocks that I can find, the market isn’t all that cheap
– Walter Schloss
If the market were way overpriced, I wouldn’t own any stocks
– Walter Schloss
Remember that a share of stock represents a part of a business and is not just a piece of paper
– Walter Schloss
Use book value as a starting point to try and establish the value of the enterprise
– Walter Schloss
Be sure that debt does not exceed 100% of the equity
– Walter Schloss
Don’t buy on tips or for a quick move
– Walter Schloss
Don’t sell on bad news
– Walter Schloss
Don’t be afraid to be a loner but be sure that you are correct in your judgement
– Walter Schloss
Try to look for weaknesses in your thinking
– Walter Schloss
Have the courage of your convictions once you have made a decision
– Walter Schloss
Don’t be in too much of a hurry to sell
– Walter Schloss
Before selling, try to re-evaluate the company again and see where the stock sells in relation to its book value
– Walter Schloss
Be aware of the level of the stock market. Are yields low and PE ratios high?
– Walter Schloss
I find it helpful to buy near the low of the last few years
– Walter Schloss
Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks
– Walter Schloss
Devise a simple strategy so you can sleep at night
– Walter Schloss
Make sure you have the courage to stay true to your convictions and not let the market affect your emotions
– Walter Schloss
– Walter Schloss
We do not spend a great deal of time talking to management
– Walter Schloss
I helped Ben with the third edition of Security Analysis, published in 1951
– Walter Schloss
When you buy a depressed company it’s not going to go up right after you buy it, believe me
– Walter Schloss
Sell is tough. It’s the worst, it’s the most difficult thing of all
– Walter Schloss
You never get the high and you never get the low
– Walter Schloss
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper
– Walter Schloss
My first job at Graham-Newman was to prepare the annual report for that 10th year
– Walter Schloss
I agree with Warren to keep it simple and not use higher mathematics in your analysis
– Walter Schloss
You have to be a little aware of the emotions of the people who have invested with you
– Walter Schloss
Warren is a very good judge of people and he’s a very good judge of businesses
– Walter Schloss
Ben’s emphasis was on protecting his expectation of profit with minimum risk
– Walter Schloss
You know, people tend to like to buy companies that are doing well
– Walter Schloss
We like to buy stocks which we feel are undervalued and then we have to have the guts to buy more when they go down
– Walter Schloss
My job was to find stocks that were undervalued
– Walter Schloss
Ben was really a contrarian but he didn’t use those terms because he was really buying value
– Walter Schloss
You have to invest the way that’s comfortable for you
– Walter Schloss
Fear and greed tend to affect one’s judgement
– Walter Schloss
By setting up Berkshire Hathaway, Warren has done everything very rationally
– Walter Schloss
I found that it was much better to look at the figures rather than people
– Walter Schloss
If the stock goes down we want to buy more
– Walter Schloss
Basically, we try to buy value expressed in the differential between its price and what we think its worth
– Walter Schloss
One has to know more about a company if one buys earnings
– Walter Schloss
Ben was a very simple straightforward man with a brilliant quick mind
– Walter Schloss
Ben didn’t want to lose money. He had had a rough time during the depression
– Walter Schloss
Some kinds of stocks are easier to analyse than others
– Walter Schloss
Book values have some good and some bad features
– Walter Schloss
I don’t have a ticker-tape machine in my office
– Walter Schloss
Try to establish the value of a company
– Walter Schloss
People don’t like to buy things that are going down
– Walter Schloss
I liked the results of the profits in the markets
– Walter Schloss
Enjoy your work and have ethical standards
– Walter Schloss
Try to buy assets at a discount than to buy earnings
– Walter Schloss
Buy stocks where the outlook is not good
– Walter Schloss
I have been around a long time and Wall Street has changed a lot
– Walter Schloss
You have to have patience in this field
– Walter Schloss
The market is a very emotional place that appeals to fear and greed
– Walter Schloss
Most look at earnings and earnings potential, well I can’t get into that game
– Walter Schloss
Look for companies that do not have a lot of debt
– Walter Schloss
Be careful of leverage. It can go against you
– Walter Schloss
You never really know a stock until you own it
– Walter Schloss
I like the idea of company-paid dividends
– Walter Schloss
Try not to let your emotions affect your judgement
– Walter Schloss
Earnings can change dramatically. Usually assets change slowly
– Walter Schloss
Timidity prompted by past failures causes investors to miss the most important bull markets
– Walter Schloss
Have a philosophy of investment and try to follow it
– Walter Schloss
Look at companies selling at new lows
– Walter Schloss
Price is the most important factor to use in relation to value
– Walter Schloss
Have patience. Stocks don’t go up immediately
– Walter Schloss
Yes, Warren [Buffett] has done very well
– Walter Schloss
Ben was a very simple straightforward man with a brilliant quick mind
– Walter Schloss
Ben didn’t want to lose money. He had had a rough time during the Depression
– Walter Schloss
Ben was a great believer in buying a diversified group of securities, so that he limited his risk
– Walter Schloss
We basically followed the idea of buying companies selling below working-capital — at two thirds of working-capital
– Walter Schloss
This is a business. Like any other business
– Walter Schloss
I was in Graham’s office the day he bought GEICO. Warren owns one-third of the stock today
– Walter Schloss
Graham liked the idea of protection on the downside
– Walter Schloss
One of the tricks of this business is, keep your losses down
– Walter Schloss
I’m not very good on timing. In fact, I’ve stayed away from it
– Walter Schloss
You have to have confidence in what you’re doing
– Walter Schloss
Stockbrokers aren’t too interested in a stock you can sit there for five years with
– Walter Schloss
When I buy a stock, I have kind of an idea where I want to sell it
– Walter Schloss
Our average holding period is four years
– Walter Schloss
I’m a passive investor. There are people who are very aggressive; they try to buy companies
– Walter Schloss
Making a decision to sell is the most difficult thing we do
– Walter Schloss
All the publicity about value investing – it’s become a very popular thing
– Walter Schloss
We don’t put the same amount of money in each stock
– Walter Schloss
We may buy a little bit of a stock, to get our feet wet and get a feeling for it
– Walter Schloss
Managements, you know, often think of themselves
– Walter Schloss
A lot of companies have lots of assets tied up in plant and equipment. Well, is it old plant, or is it new plant?
– Walter Schloss
If the market is so cheap, you want to get something with a little more zip in it, or potential
– Walter Schloss
We get a feeling, if we can, about what we think the company is worth
– Walter Schloss
If there are not too many value stocks that I can find, the market isn’t all that cheap
– Walter Schloss
If the market were way overpriced, I wouldn’t own any stocks
– Walter Schloss
Remember that a share of stock represents a part of a business and is not just a piece of paper
– Walter Schloss
Use book value as a starting point to try and establish the value of the enterprise
– Walter Schloss
Be sure that debt does not exceed 100% of the equity
– Walter Schloss
Don’t buy on tips or for a quick move
– Walter Schloss
Don’t sell on bad news
– Walter Schloss
Don’t be afraid to be a loner but be sure that you are correct in your judgement
– Walter Schloss
Try to look for weaknesses in your thinking
– Walter Schloss
Have the courage of your convictions once you have made a decision
– Walter Schloss
Don’t be in too much of a hurry to sell
– Walter Schloss
Before selling, try to re-evaluate the company again and see where the stock sells in relation to its book value
– Walter Schloss
Be aware of the level of the stock market. Are yields low and PE ratios high?
– Walter Schloss
I find it helpful to buy near the low of the last few years
– Walter Schloss
Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks
– Walter Schloss
Devise a simple strategy so you can sleep at night
– Walter Schloss
Make sure you have the courage to stay true to your convictions and not let the market affect your emotions
– Walter Schloss
Labels: Investment Quote
