Walter Schloss quotes:

My first job at Graham-Newman was to prepare the annual report for that 10th year.

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!

Basically, we try to buy value expressed in the differential between its price and what we think its worth.

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

Devise a simple strategy so you can sleep at night.

Don't sell on bad news.

Earnings can change dramatically. Usually assets change slowly.

Graham liked the idea of protection on the downside.

Enjoy your work and have ethical standards.

I agree with Warren to keep it simple and not use higher mathematics in your analysis.

All the publicity about value investing - it's become a very popular thing.

Ben didn't want to lose money. He had had a rough time during the depression.

Ben was a great believer in buying a diversified group of securities, so that he limited his risk.

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

Ben's emphasis was on protecting his expectation of profit with minimum risk.

Book values have some good and some bad features.

Buy stocks where the outlook is not good.

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

Be sure that debt does not exceed 100% of the equity.

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

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

Be careful of leverage. It can go against you.

Before selling, try to re-evaluate the company again and see where the stock sells in realtion to its book value.

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

Don't be in too much of a hurry to sell.

Don't buy on tips or for a quick move.

Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.

Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks.

Fear and greed tend to affect one's judgement.

Have a philosophy of investment and try to follow it.

Have patience. Stocks don't go up immediately.

Have the courage of your convictions once you have made a decision.

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

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

I found that it was much better to look at the figures rather than people.

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

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

I like the idea of company-paid dividends.

I liked the results of the profits in the markets.

I tried to follow Ben Graham's ideas.

I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.

If the market is so cheap, you want to get something with a little more zip in it, or potential.

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

If the stock goes down we want to buy more.

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

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.

I'm a passive investor. There are people who are very aggressive; they try to buy companies.

I'm not very good on timing. In fact, I've stayed away from it.

Look at companies selling at new lows.

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

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

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

Managements, you know, often think of themselves.

Most look at earnings and earnings potential, well I can't get into that game.

My job was to find stocks that were undervalued.

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

One of the tricks of this business is, keep your losses down.

Our average holding period is four years.

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

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

Remember that a share of stock represents a part of a business and is not just a piece of paper.

Sell is tough. It's the worst, it's the most difficult thing of all.

Some kinds of stocks are easier to analyse than others.

Stockbrokers aren't too interested in a stock you can sit there for five years with.

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

This is a business. Like any other business.

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

Try not to let your emotions affect your judgement.

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

Try to establish the value of a company.

Try to look for weaknesses in your thinking.

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

Warren is a very good judge of people and he's a very good judge of businesses.

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

We do not spend a great deal of time talking to management.

We don't put the same amount of money in each stock.

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

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.

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

When I buy a stock, I have kind of an idea where I want to sell it.

When you buy a depressed company it's not going to go up right after you buy it, believe me.

Yes, Warren has done very well.

You have to be a little aware of the emotions of the people who have invested with you.

You have to have confidence in what you're doing.

You have to have patience in this field.

You have to invest the way that's comfortable for you.

You know, people tend to like to buy companies that are doing well.

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

You never really know a stock until you own it.