Walter schloss quotes

If the stock goes down we want to buy more.

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

Devise a simple strategy so you can sleep at night.

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

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

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

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

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

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

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

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

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

Try to look for weaknesses in your thinking.

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

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

I tried to follow Ben Graham's ideas.

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

Fear and greed tend to affect one's judgement.

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

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

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

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

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

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

You have to have patience in this field.

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

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

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

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

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

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.

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

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

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

Earnings can change dramatically. Usually assets change slowly.

Book values have some good and some bad features.

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

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

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

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

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

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

Our average holding period is four years.

Try to establish the value of a company.

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

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

Try not to let your emotions affect your judgement.

Buy stocks where the outlook is not good.

You never really know a stock until you own it.

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

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

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

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

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

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

Enjoy your work and have ethical standards.

Don't sell on bad news.

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

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

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

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

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

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

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

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

Have a philosophy of investment and try to follow it.

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

Graham liked the idea of protection on the downside.

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

Look at companies selling at new lows.

My job was to find stocks that were undervalued.

I like the idea of company-paid dividends.

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

Some kinds of stocks are easier to analyse than others.

I liked the results of the profits in the markets.

Managements, you know, often think of themselves.

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!

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

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

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

Have patience. Stocks don't go up immediately.

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

This is a business. Like any other business.

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

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

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

Yes, Warren has done very well.

Be careful of leverage. It can go against you.