Walter Schloss: Difference between revisions

The neutral encyclopedia of notable people
Content engine: create biography for Walter Schloss (2728 words)
 
Content engine: create biography for Walter Schloss (2758 words) [update]
 
Line 3: Line 3:
| image = Walter Schloss photo.jpg
| image = Walter Schloss photo.jpg
| birth_date = {{Birth date|1916|8|28}}
| birth_date = {{Birth date|1916|8|28}}
| birth_place = Manhattan, New York City, U.S.
| birth_place = [[Manhattan]], [[New York City]], United States
| death_date = {{Death date and age|2012|2|19|1916|8|28}}
| death_date = {{Death date and age|2012|2|19|1916|8|28}}
| death_place = New York, New York, U.S.
| death_place = [[New York City|New York]], New York, United States
| nationality = American
| nationality = American
| occupation = Investor, fund manager, philanthropist
| occupation = Investor, fund manager, philanthropist
| known_for = Value investing disciple of Benjamin Graham; founding Walter & Edwin Schloss Associates; named a "Superinvestor of Graham-and-Doddsville" by Warren Buffett
| known_for = Value investing, founding Walter & Edwin Schloss Associates, "Superinvestor of Graham-and-Doddsville"
| website = {{URL|www.walterschloss.com}}
| website = {{URL|www.walterschloss.com}}
}}
}}


Walter Jerome Schloss (August 28, 1916 – February 19, 2012) was an American investor, fund manager, and philanthropist who spent more than half a century practicing a disciplined form of value investing rooted in the teachings of [[Benjamin Graham]]. Operating from a modest office with no computer terminal and no staff of analysts, Schloss compiled one of the most remarkable long-term track records in the history of professional money management. From 1956 to 1984, his investment partnership achieved an annualized compound return of approximately 21.3 percent, far outpacing the broader market over the same period.<ref name="cagr">{{cite web |title=Just How Did Walter Schloss Achieve a 21.3% CAGR From 1956 to 1984 |url=https://acquirersmultiple.com/2017/06/walter-schloss-cagr/ |publisher=The Acquirer's Multiple |date=June 23, 2017 |access-date=2026-02-24}}</ref> Over the full life of his partnership from 1955 to 2002, he generated annualized gains of approximately 15 percent before fees.<ref name="bloomberg">{{cite news |last= |first= |date=February 20, 2012 |title=Walter Schloss, 'Superinvestor' Praised by Buffett, Dies at 95 |url=https://www.bloomberg.com/news/2012-02-20/walter-schloss-superinvestor-who-earned-buffett-s-praise-dies-at-95.html |work=Bloomberg |access-date=2026-02-24}}</ref> Warren Buffett singled him out by name in the famous 1984 essay "The Superinvestors of Graham-and-Doddsville" as living proof that Graham's principles could produce sustained market-beating results.<ref name="superinvestors">{{cite web |title=The Superinvestors of Graham-and-Doddsville |url=https://web.archive.org/web/20130116150701/http://www4.gsb.columbia.edu/null?&exclusive=filemgr.download&file_id=522 |publisher=Columbia Business School |date= |access-date=2026-02-24}}</ref> He died on February 19, 2012, at the age of 95, from leukemia.<ref name="bloomberg" />
'''Walter Jerome Schloss''' (August 28, 1916 – February 19, 2012) was an American investor, fund manager, and philanthropist who built one of the most consistent long-term track records in the history of investment management. Over a career spanning nearly five decades, Schloss applied the principles of [[value investing]] that he learned directly from [[Benjamin Graham]], generating annualized returns that substantially outperformed the broader stock market. Operating from a modest office without the trappings of large Wall Street firms—at times working with little more than a desk, a filing cabinet, and copies of ''Value Line'' and corporate annual reports—Schloss demonstrated that disciplined, patient application of fundamental security analysis could produce extraordinary results. [[Warren Buffett]] featured Schloss prominently in his famous 1984 essay "The Superinvestors of Graham-and-Doddsville," citing him as compelling evidence that value investing was not merely a product of chance but a repeatable, learnable discipline.<ref name="bloomberg">{{cite news |date=February 20, 2012 |title=Walter Schloss, 'Superinvestor' Who Earned Buffett's Praise, Dies at 95 |url=https://www.bloomberg.com/news/2012-02-20/walter-schloss-superinvestor-who-earned-buffett-s-praise-dies-at-95.html |work=Bloomberg |access-date=2026-02-24}}</ref> Schloss died on February 19, 2012, at the age of 95, from leukemia, leaving behind a legacy that continues to inform and inspire practitioners of value investing around the world.


== Early Life ==
== Early Life ==


Walter Jerome Schloss was born on August 28, 1916, in Manhattan, New York City.<ref name="bloomberg" /> He grew up during a period of considerable economic upheaval in the United States. The Great Depression, which began when Schloss was a teenager, shaped his early worldview and later informed his conservative, risk-averse approach to investing. His family experienced financial hardship during this era, and Schloss did not have the opportunity to attend college.<ref name="futunn">{{cite web |title=Continuously getting the simple things right! The life of 'super investor' Walter Schloss |url=https://news.futunn.com/en/post/67972212/continuously-getting-the-simple-things-right-the-life-of-super |publisher=Smart Investors / Futu |date= |access-date=2026-02-24}}</ref>
Walter Jerome Schloss was born on August 28, 1916, in [[Manhattan]], [[New York City]].<ref name="bloomberg" /> He grew up during a period of significant economic turbulence in the United States; the prosperity of the 1920s gave way to the devastating [[Great Depression]], which shaped his worldview and his approach to financial risk for the remainder of his life. Schloss did not attend college, a fact that distinguished him from many of his peers in the investment profession and that he later reflected upon with characteristic modesty.<ref name="bloomberg" />


As a young man, Schloss entered the workforce on Wall Street during the 1930s. He found employment as a runner at a brokerage firm, performing basic clerical and delivery tasks that were typical entry-level positions in the financial industry at the time. It was through this early exposure to the world of securities that Schloss developed his interest in investing and markets. Despite lacking a formal university education, Schloss was intellectually curious and self-directed, qualities that would serve him throughout his career.<ref name="futunn" />
The economic hardship of the Depression era had a direct impact on Schloss's family and his early career prospects. Without a university degree, Schloss entered the workforce at a young age, eventually finding employment on [[Wall Street]]. It was in this environment, seeking to understand the mechanics of investing and the valuation of securities, that Schloss first encountered the teachings of Benjamin Graham, an encounter that would define the trajectory of his professional life.<ref name="graham_reminiscence">{{cite web |title=Benjamin Graham and Security Analysis: A Reminiscence – Walter J. Schloss |url=https://acquirersmultiple.com/2016/08/benjamin-graham-and-security-analysis-a-reminiscence-walter-j-schloss/ |publisher=The Acquirer's Multiple |date=August 9, 2016 |access-date=2026-02-24}}</ref>


A pivotal moment in Schloss's early life came when he encountered the work of Benjamin Graham, the Columbia Business School professor and investment theorist who is often called the "father of value investing." Schloss took courses taught by Graham at the New York Institute of Finance, where Graham offered evening classes to working professionals who did not hold university degrees. This was Schloss's introduction to the systematic, analytical approach to stock selection that would define his entire professional life. Graham's seminal text, ''Security Analysis'' (first published in 1934), became a foundational influence on Schloss's thinking. Schloss later wrote a reminiscence about Graham and ''Security Analysis'' in which he described the profound impact these teachings had on his development as an investor.<ref name="reminiscence">{{cite web |title=Benjamin Graham and Security Analysis: A Reminiscence – Walter J. Schloss |url=https://acquirersmultiple.com/2016/08/benjamin-graham-and-security-analysis-a-reminiscence-walter-j-schloss/ |publisher=The Acquirer's Multiple |date=August 9, 2016 |access-date=2026-02-24}}</ref>
Schloss's early exposure to Wall Street came through a position at a brokerage firm, where he worked as a runner and later in other capacities. During this period, he began attending courses taught by Benjamin Graham at the [[New York Institute of Finance]]. Graham's systematic, analytical approach to evaluating securities—emphasizing the importance of buying stocks at prices below their intrinsic value—resonated deeply with the young Schloss, who had witnessed firsthand the devastating consequences of speculative excess during the market crash and subsequent Depression.<ref name="graham_reminiscence" />


Schloss's early career was interrupted by World War II, during which he served in the United States military. After returning from service, he resumed his work in finance, eventually joining the Graham-Newman Corporation, the investment firm run by Benjamin Graham himself.<ref name="bloomberg" />
== Education ==
 
Although Schloss did not obtain a formal college degree, his education in investment analysis came through a combination of practical experience and direct study under Benjamin Graham. Schloss attended courses taught by Graham, where he absorbed the principles that would later be codified in Graham and [[David Dodd]]'s seminal text, ''[[Security Analysis (book)|Security Analysis]]''.<ref name="graham_reminiscence" /> This education proved formative; Schloss later wrote a reminiscence about Graham and ''Security Analysis'' in which he reflected on the profound influence these teachings had on his investment philosophy and career.<ref name="graham_reminiscence" />
 
Schloss held the [[Chartered Financial Analyst]] (CFA) designation, a professional credential that demonstrated his commitment to rigorous investment analysis despite his lack of a traditional university education.<ref name="videoconference">{{cite web |title=Videoconference: Mr. Walter J. Schloss, CFA |url=https://valueinvestingresource.blogspot.com/2008/02/videoconference-mr-walter-j-schloss-cfa.html |publisher=Value Investing Resource |date=2008 |access-date=2026-02-24}}</ref> The [[Columbia Business School]] later recognized Schloss's contributions to the field of value investing by maintaining archives of his work and writings as part of its Heilbrunn Center for Graham & Dodd Investing.<ref name="columbia">{{cite web |title=Schloss Archives |url=http://www8.gsb.columbia.edu/valueinvesting/research/schlossarchives |publisher=Columbia Business School |access-date=2026-02-24}}</ref>


== Career ==
== Career ==


=== Graham-Newman Corporation ===
=== Work with Benjamin Graham ===


After the war, Schloss joined the Graham-Newman Corporation, where he worked directly under Benjamin Graham. This experience was formative. At Graham-Newman, Schloss was able to observe firsthand how Graham applied the principles outlined in ''Security Analysis'' and ''The Intelligent Investor'' to real-world portfolio management. Graham's approach emphasized buying securities that traded at significant discounts to their intrinsic value, particularly those selling below their net current asset value (so-called "net-nets"), and maintaining a margin of safety to protect against permanent loss of capital.<ref name="reminiscence" />
After completing his coursework with Graham, Schloss secured a position working directly for the legendary investor at the [[Graham-Newman Partnership]], one of the earliest and most successful value-oriented investment funds. This experience provided Schloss with an invaluable apprenticeship, allowing him to observe and apply Graham's methods of security analysis in real-time market conditions.<ref name="bloomberg" /> At Graham-Newman, Schloss worked alongside other future luminaries of the investment world, including Warren Buffett, who would later become one of the most celebrated investors in history.<ref name="bloomberg" />


Working alongside Graham gave Schloss a practical education that complemented the theoretical framework he had absorbed in Graham's evening courses. The discipline of analyzing balance sheets, assessing tangible book value, and buying stocks that were out of favor with the broader market became second nature. Schloss would later describe this period as essential to his formation as an investor. His time at Graham-Newman also placed him in proximity to other future luminaries of the investment world; Warren Buffett worked at Graham-Newman during an overlapping period, and the two developed a lasting professional relationship and friendship.<ref name="bloomberg" /><ref name="superinvestors" />
Working under Graham gave Schloss direct exposure to the master's approach: identifying securities trading below their net asset value, with particular emphasis on companies whose stock prices had fallen to levels below the liquidation value of their assets. Graham's concept of the "margin of safety"—the practice of purchasing securities at a significant discount to their estimated intrinsic value to protect against errors in analysis or unforeseen adverse events—became a cornerstone of Schloss's own investment method.<ref name="graham_reminiscence" />


=== Walter J. Schloss Associates and Walter & Edwin Schloss Associates ===
Schloss's service with Graham-Newman was interrupted by [[World War II]], during which he served in the [[United States Army]]. After the war, he returned to working with Graham and continued to refine his understanding of value investing principles before eventually striking out on his own.<ref name="bloomberg" />


In 1955, after Benjamin Graham decided to wind down the Graham-Newman Corporation, Schloss struck out on his own and established an investment partnership. He began managing money for a small group of investors, operating initially from a single room in the offices of Tweedy, Browne — another firm with deep roots in the Graham value investing tradition.<ref name="bloomberg" />
=== Founding Walter & Edwin Schloss Associates ===


Schloss's operation was notable for its extreme simplicity. He worked without a computer, without a staff of research analysts, and without the elaborate technology and data feeds that became standard on Wall Street in subsequent decades. His primary research tools were the Value Line Investment Survey, Standard & Poor's stock guides, and company annual reports and financial statements. He spent his days poring over these publications, looking for companies whose shares traded at discounts to their book value or net asset value. He did not visit companies, attend investor conferences, or meet with corporate management. He preferred to let the numbers speak for themselves, reasoning that management could be persuasive and potentially misleading, while balance sheet figures were more objective.<ref name="yahoo">{{cite news |last= |first= |date=October 2, 2015 |title=The Profoundly Simple Wisdom of Walter Schloss on Producing Towering Returns |url=https://finance.yahoo.com/news/profoundly-simple-wisdom-walter-schloss-154245916.html |work=Yahoo Finance |access-date=2026-02-24}}</ref><ref name="forbes">{{cite news |last= |first= |date=2008 |title=Walter Schloss profile |url=https://www.forbes.com/forbes/2008/0211/048.html |work=Forbes |access-date=2026-02-24}}</ref>
In 1955, when Benjamin Graham decided to close his partnership and retire, Schloss established his own investment partnership. He began managing money for a small group of investors, operating with minimal overhead and a concentrated focus on buying undervalued securities.<ref name="bloomberg" /> The firm later became known as '''Walter & Edwin Schloss Associates''' when his son, Edwin Schloss, joined him in the business.<ref name="bloomberg" />


His son, Edwin Schloss, later joined the partnership, and the firm became known as Walter & Edwin Schloss Associates. Together, they continued to apply the same Graham-inspired methodology that Walter had used from the beginning. The firm managed money for its partners for nearly five decades, finally closing in 2003.<ref name="bloomberg" />
The operational simplicity of the Schloss partnership was one of its most distinctive characteristics. Schloss worked from a small office, initially within the offices of Tweedy, Browne Company, another prominent value investing firm. He did not employ a team of analysts, did not use a computer for stock screening for much of his career, and did not meet with company management.<ref name="forbes">{{cite news |date=February 11, 2008 |title=Walter Schloss |url=https://www.forbes.com/forbes/2008/0211/048.html |work=Forbes |access-date=2026-02-24}}</ref> Instead, he relied primarily on publicly available financial data—annual reports, balance sheets, and publications such as ''Value Line''—to identify stocks trading at prices below their book value or net asset value.<ref name="forbes" />


=== Investment Philosophy and Methodology ===
This approach stood in marked contrast to the increasingly complex and technology-driven methods employed by most institutional investors. While Wall Street firms spent millions on research departments, proprietary trading systems, and elaborate financial models, Schloss demonstrated that careful study of publicly available information, combined with patience and discipline, could yield superior results.<ref name="yahoo">{{cite news |last= |first= |date=October 2, 2015 |title=The Profoundly Simple Wisdom of Walter Schloss on Producing Towering Returns |url=https://finance.yahoo.com/news/profoundly-simple-wisdom-walter-schloss-154245916.html |work=Yahoo Finance |access-date=2026-02-24}}</ref>


Schloss's investment philosophy was a direct application of Benjamin Graham's teachings, adhered to with a consistency that few other practitioners matched over such a long period. His approach can be summarized by several core principles.
=== Investment Philosophy and Approach ===


First, Schloss focused on buying stocks that traded below their book value, and ideally below their net current asset value. He was a quantitative, balance-sheet-oriented investor. He looked for companies with low debt, tangible assets, and share prices that reflected pessimism or neglect by the market. He was not interested in growth stocks, hot sectors, or companies with exciting stories. He wanted companies that were cheap relative to what they owned.<ref name="yahoo" /><ref name="approach">{{cite web |title=How To Apply Walter Schloss' Successful 'Approach' To Investing In 2018 |url=https://acquirersmultiple.com/2018/03/how-to-apply-walter-schloss-successful-approach-to-investing-in-2018/ |publisher=The Acquirer's Multiple |date=March 5, 2018 |access-date=2026-02-24}}</ref>
Schloss's investment philosophy was rooted firmly in the Graham-and-Dodd tradition of value investing. His approach centered on several key principles:


Second, Schloss practiced broad diversification. Unlike concentrated investors such as Buffett, who preferred to hold large positions in a small number of companies they understood deeply, Schloss typically held positions in 100 or more stocks at any given time. He reasoned that diversification provided protection against the inevitable mistakes that any investor would make. If a single position declined significantly or went to zero, the impact on the overall portfolio would be contained.<ref name="yahoo" /><ref name="stressfree">{{cite web |title=Walter Schloss: How To Invest Stress-Free For 40 Years |url=https://acquirersmultiple.com/category/walter-j-schloss/ |publisher=The Acquirer's Multiple |date=August 30, 2017 |access-date=2026-02-24}}</ref>
'''Buying below book value:''' Schloss sought out companies whose stock prices had declined to levels below their per-share book value. He focused on the balance sheet rather than earnings projections, believing that asset values provided a more reliable foundation for investment decisions than forecasts of future profitability.<ref name="acquirers_approach">{{cite web |title=How To Apply Walter Schloss' Successful 'Approach' To Investing In 2018 |url=https://acquirersmultiple.com/2018/03/how-to-apply-walter-schloss-successful-approach-to-investing-in-2018/ |publisher=The Acquirer's Multiple |date=March 5, 2018 |access-date=2026-02-24}}</ref>


Third, Schloss was patient. He was willing to hold positions for years, waiting for the market to recognize the underlying value of a company. He did not trade frequently and did not attempt to time the market. He understood that value investing often required enduring periods when holdings appeared stagnant or out of favor, and he had the temperament to wait.<ref name="stressfree" />
'''Diversification:''' Unlike concentrated investors such as Buffett, Schloss typically held a large number of positions—sometimes 100 or more stocks at a time. This broad diversification helped protect the portfolio against the risk of any single investment performing poorly.<ref name="acquirers_cagr">{{cite web |title=Just How Did Walter Schloss Achieve a 21.3% CAGR From 1956 to 1984 |url=https://acquirersmultiple.com/2017/06/walter-schloss-cagr/ |publisher=The Acquirer's Multiple |date=June 23, 2017 |access-date=2026-02-24}}</ref>


Fourth, Schloss emphasized capital preservation. Influenced by Graham's concept of the "margin of safety," Schloss tried to buy stocks at prices where the downside risk was limited. He preferred companies with low debt, since heavily leveraged firms faced greater risk of financial distress. He described his approach as consistent with a medical analogy — similar to the Hippocratic principle of "first, do no harm" — focusing on avoiding large losses rather than chasing outsized gains.<ref name="hippocratic">{{cite web |title=Walter Schloss – The Hippocratic Method In Security Analysis |url=https://acquirersmultiple.com/2017/02/walter-schloss-the-hippocratic-method-in-security-analysis/ |publisher=The Acquirer's Multiple |date=February 21, 2017 |access-date=2026-02-24}}</ref>
'''Patience:''' Schloss was willing to hold positions for extended periods, waiting for the market to recognize the underlying value of the companies he owned. He did not attempt to time the market or trade frequently.<ref name="yahoo" />


Fifth, Schloss kept his costs low. He operated with minimal overhead, had no large team, and charged his partners only a percentage of profits rather than a fixed management fee. This structure aligned his interests with those of his investors and contributed to the strong net-of-fee returns his partnership delivered over the decades.<ref name="futunn" />
'''Avoidance of leverage:''' Schloss did not use borrowed money to amplify returns, reflecting the conservative risk management principles he had learned from Graham.<ref name="acquirers_stressfree">{{cite web |title=Walter Schloss: How To Invest Stress-Free For 40 Years |url=https://acquirersmultiple.com/category/walter-j-schloss/ |publisher=The Acquirer's Multiple |date=August 30, 2017 |access-date=2026-02-24}}</ref>
 
'''Independence from Wall Street consensus:''' Schloss did not follow market trends, attend analyst conferences, or rely on tips from brokers. He conducted his own research and made his own decisions, often buying stocks that were deeply unpopular or neglected by the broader investment community.<ref name="forbes" />
 
Schloss himself articulated his approach in writings and occasional public appearances. He described what he called a "Hippocratic method" in security analysis—the idea that, above all, one should seek to avoid losses, much as physicians are guided by the principle of "first, do no harm."<ref name="acquirers_hippocratic">{{cite web |title=Walter Schloss – The Hippocratic Method In Security Analysis |url=https://acquirersmultiple.com/2017/02/walter-schloss-the-hippocratic-method-in-security-analysis/ |publisher=The Acquirer's Multiple |date=February 21, 2017 |access-date=2026-02-24}}</ref> This emphasis on capital preservation, rather than aggressive pursuit of gains, was a hallmark of his investment style and contributed to the consistency of his long-term returns.


=== Investment Record ===
=== Investment Record ===


The performance of Schloss's partnership stands as one of the most compelling long-term records in the history of professional money management. From its inception in 1955 through its closure in 2002, the partnership generated annualized returns of approximately 15 percent before fees, compared with approximately 10 percent for the S&P 500 over the same period.<ref name="bloomberg" /> During the period from 1956 to 1984 — the timeframe highlighted in Buffett's "Superinvestors of Graham-and-Doddsville" essay — Schloss achieved an annualized compound growth rate of approximately 21.3 percent.<ref name="cagr" />
The performance of the Schloss partnership over its multi-decade history was remarkable by any standard. From the founding of his partnership in 1955 until 2002, when Schloss wound down active management, his fund generated returns that significantly exceeded the performance of the [[S&P 500]] index over the same period.<ref name="bloomberg" />
 
According to data cited by Warren Buffett and others, from 1956 to 1984, Schloss achieved a compound annual growth rate (CAGR) of approximately 21.3% for his limited partners, compared with approximately 8.4% for the S&P 500 over the same period.<ref name="acquirers_cagr" /> This record of outperformance was achieved over a span that included multiple recessions, market crashes, and periods of significant economic disruption, underscoring the resilience of Schloss's approach.
 
Over the full life of the partnership, Schloss generated annualized returns of approximately 15% after fees, a figure that compounded to produce extraordinary long-term wealth creation for his investors.<ref name="futunn">{{cite news |date=2025 |title=Continuously getting the simple things right! The life of 'super investor' Walter Schloss |url=https://news.futunn.com/en/post/67972212/continuously-getting-the-simple-things-right-the-life-of-super |work=Smart Investors via Futu |access-date=2026-02-24}}</ref> A dollar invested with Schloss at the inception of his partnership would have grown to a sum many times greater than the same dollar invested in the S&P 500 index.


What made this performance particularly notable was that it was achieved without leverage, without concentration in a small number of positions, and without any of the informational or technological advantages that other successful investors employed. Schloss was essentially a one-person operation (later joined by his son) who relied on publicly available financial data and a consistent, disciplined methodology. His record demonstrated that the Graham approach to value investing, rigorously applied over long periods, could produce substantial wealth for investors even in an era when markets were becoming more efficient and institutionalized.<ref name="superinvestors" /><ref name="yahoo" />
Schloss's fee structure was also notable for its alignment with the interests of his investors. Rather than charging a fixed management fee on assets under management, as is standard in the modern hedge fund industry, Schloss charged a percentage of profits only, ensuring that he was compensated primarily when his investors made money.<ref name="bloomberg" />


Over the life of the partnership, a dollar invested with Schloss in 1955 grew to a significantly larger sum than a dollar invested in the S&P 500 index. The compounding effect of his above-average returns, sustained over nearly half a century, resulted in enormous wealth creation for his original partners.<ref name="bloomberg" />
=== Later Career and Retirement ===
 
Schloss continued managing the partnership, eventually with his son Edwin, well into his later years. The firm operated for approximately 47 years before Schloss decided to close the fund around 2003, when he was in his late eighties.<ref name="bloomberg" /> Even after formally retiring from active fund management, Schloss continued to follow the markets and discuss investment ideas. He participated in a videoconference organized for value investing students and practitioners, sharing his insights and experiences from nearly half a century of professional investing.<ref name="videoconference" />
 
In a 2008 profile in ''Forbes'', Schloss was described as continuing to maintain his simple, disciplined approach to life and investing even in retirement, embodying the same frugality and intellectual independence that had characterized his professional career.<ref name="forbes" />


== Personal Life ==
== Personal Life ==


Schloss was known for his modest, unassuming personal style. Despite decades of successful investing and the substantial wealth his partnership generated, he maintained a frugal lifestyle and was not given to ostentatious displays. He continued to work well into his later years and remained engaged with the investing community. He participated in video conferences discussing his approach and the legacy of Benjamin Graham even in his advanced age.<ref name="videoconf">{{cite web |title=Videoconference: Mr. Walter J. Schloss, CFA |url=https://valueinvestingresource.blogspot.com/2008/02/videoconference-mr-walter-j-schloss-cfa.html |publisher=Value Investing Resource |date=2008 |access-date=2026-02-24}}</ref>
Walter Schloss maintained a private personal life throughout his career. He worked alongside his son, Edwin Schloss, at their investment partnership for many years, and the firm's name—Walter & Edwin Schloss Associates—reflected this family collaboration.<ref name="bloomberg" />


Schloss was also involved in philanthropic activities. He supported the Lower East Side Tenement Museum, a cultural institution in New York City dedicated to preserving the history of immigration in the United States.<ref name="tenement">{{cite web |title=Funders 2002–2003 |url=https://web.archive.org/web/20100425001006/http://www.tenement.org/funders_0203.html |publisher=Lower East Side Tenement Museum |date= |access-date=2026-02-24}}</ref> He was also associated with Freedom House, the nonprofit organization that conducts research and advocacy on democracy, political freedom, and human rights around the world.<ref name="freedomhouse">{{cite web |title=Freedom House Board Members |url=http://www.freedomhouse.org/template.cfm?boardmember=38&page=10 |publisher=Freedom House |date= |access-date=2026-02-24}}</ref>
Schloss was also active in philanthropic endeavors. He served as a board member of [[Freedom House]], the organization dedicated to promoting democracy and human rights around the world.<ref name="freedomhouse">{{cite web |title=Board Members – Freedom House |url=http://www.freedomhouse.org/template.cfm?boardmember=38&page=10 |publisher=Freedom House |access-date=2026-02-24}}</ref> He also supported the [[Lower East Side Tenement Museum]] in New York City, reflecting an interest in the history and heritage of immigrant communities in the city where he was born and spent his entire career.<ref name="tenement">{{cite web |title=Funders 2002–2003 |url=https://web.archive.org/web/20100425001006/http://www.tenement.org/funders_0203.html |publisher=Lower East Side Tenement Museum |access-date=2026-02-24}}</ref>


His son, Edwin Schloss, worked alongside him at their investment partnership for many years. Walter Schloss died on February 19, 2012, in New York City, of leukemia, at the age of 95.<ref name="bloomberg" />
Schloss died on February 19, 2012, in New York City, from [[leukemia]], at the age of 95.<ref name="bloomberg" />


== Recognition ==
== Recognition ==


Schloss's most prominent recognition came in 1984, when Warren Buffett included him as one of the featured investors in his essay "The Superinvestors of Graham-and-Doddsville." The essay, originally delivered as a speech at Columbia Business School to mark the 50th anniversary of the publication of ''Security Analysis'', was a response to the efficient-market hypothesis, which held that no investor could consistently outperform the market. Buffett identified a group of investors — all of whom had intellectual roots in the Graham-and-Dodd tradition — whose long-term records defied this theory. Schloss was the first investor Buffett discussed in the essay, and Buffett described him approvingly, noting that he had never attended college but had taken Graham's courses at the New York Institute of Finance and had worked at Graham-Newman.<ref name="superinvestors" />
Walter Schloss's most prominent recognition came through Warren Buffett's 1984 essay "The Superinvestors of Graham-and-Doddsville," originally delivered as a speech at [[Columbia Business School]] to mark the 50th anniversary of the publication of Benjamin Graham and David Dodd's ''Security Analysis''. In this essay, Buffett identified Schloss as the first of several investors whose long-term track records provided evidence that the value investing approach could consistently outperform the market, challenging the [[efficient-market hypothesis]].<ref name="columbia_essay">{{cite web |title=The Superinvestors of Graham-and-Doddsville |url=https://web.archive.org/web/20130116150701/http://www4.gsb.columbia.edu/null?&exclusive=filemgr.download&file_id=522 |publisher=Columbia Business School |access-date=2026-02-24}}</ref>


Buffett later continued to praise Schloss publicly. Upon Schloss's death in 2012, Buffett noted that Schloss had an extraordinary record and that his approach demonstrated the validity of buying stocks at a discount to their underlying value.<ref name="bloomberg" />
Buffett described Schloss's track record in detail, noting his investment performance over nearly three decades and emphasizing that Schloss had achieved his results using a simple, disciplined approach that did not rely on insider information, complex models, or special access to management. Buffett pointed out that Schloss had worked virtually alone, without a large research staff, and had nonetheless produced returns that placed him among the top money managers in the country.<ref name="columbia_essay" />


Schloss held the Chartered Financial Analyst (CFA) designation, a professional credential in the investment management field.<ref name="videoconf" /> His partnership's archives were preserved at the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School, ensuring that his methods and track record would remain available for study by future generations of investors.<ref name="schlossarchives">{{cite web |title=Schloss Archives |url=http://www8.gsb.columbia.edu/valueinvesting/research/schlossarchives |publisher=Columbia Business School, Heilbrunn Center for Graham & Dodd Investing |date= |access-date=2026-02-24}}</ref>
The Columbia Business School's Heilbrunn Center for Graham & Dodd Investing maintained archives of Schloss's writings, letters, and investment commentary, recognizing his importance to the history and practice of value investing.<ref name="columbia" />


''Forbes'' magazine profiled Schloss in a 2008 article that examined his investment methods and long-term performance, bringing his approach to the attention of a broader audience of investors and financial professionals.<ref name="forbes" />
''Forbes'' profiled Schloss in 2008, examining his investment approach and its continued relevance in a rapidly changing financial landscape.<ref name="forbes" /> Upon his death in 2012, ''Bloomberg News'' published an extensive obituary highlighting his contributions to the field of investing and his relationship with both Benjamin Graham and Warren Buffett.<ref name="bloomberg" />


== Legacy ==
== Legacy ==


Walter Schloss occupies a distinctive place in the history of American investing. His career demonstrated that the principles articulated by Benjamin Graham in the 1930s and 1940s could be applied successfully across decades of changing market conditions — through bull markets and bear markets, periods of inflation and deflation, technological revolutions and financial crises. While many investors adapted or abandoned Graham's original framework over time, Schloss remained steadfast in his commitment to buying statistically cheap stocks based on balance sheet analysis.
Walter Schloss's legacy rests on several pillars. First, his investment record—spanning nearly half a century and encompassing periods of war, recession, inflation, and financial crisis—stands as one of the most enduring demonstrations of the effectiveness of value investing. His consistent outperformance of the S&P 500 over such a long period provided empirical support for the principles articulated by Benjamin Graham and David Dodd, and served as a counterargument to proponents of the efficient-market hypothesis who contended that sustained outperformance was impossible.<ref name="columbia_essay" />


His example has been cited by proponents of value investing as evidence that the approach works not because of rare genius or special access to information, but because of discipline, patience, and adherence to sound principles. Schloss did not possess insider knowledge, did not use sophisticated quantitative models, and did not have privileged relationships with corporate executives. He used the same publicly available data that any investor could obtain. The distinguishing factor was his willingness to act on his analysis with consistency over time, and his temperament — the ability to remain calm and patient when the market disagreed with his assessments.<ref name="yahoo" /><ref name="approach" />
Second, Schloss embodied a model of investing that was accessible to individual investors without access to expensive technology, proprietary research, or institutional infrastructure. His reliance on publicly available financial data and his preference for simplicity over complexity demonstrated that sound investment results did not require the resources of a large firm. This aspect of his legacy has continued to inspire small investors and practitioners who seek to apply disciplined, fundamental analysis without the overhead associated with institutional investing.<ref name="yahoo" />


The simplicity of Schloss's approach has made him a source of inspiration for individual investors who lack the resources of large institutional firms. His career showed that it was possible to achieve exceptional results without a large team, expensive technology, or an Ivy League education. For small investors seeking to compete with the professional investment industry, Schloss's record and methods serve as a model.<ref name="yahoo" />
Third, Schloss's personal character—his modesty, his frugality, his emphasis on integrity and honesty in dealing with his partners—set a standard for professional conduct in the investment management industry. Unlike many fund managers who sought publicity and self-promotion, Schloss preferred to let his results speak for themselves, rarely giving interviews and maintaining a low public profile throughout his career.<ref name="forbes" />


Schloss also contributed to the intellectual tradition of value investing through his writing and speaking. His reminiscence about Benjamin Graham and ''Security Analysis'' preserved firsthand observations about the development of value investing theory. His archived papers at Columbia Business School continue to be studied by researchers and practitioners.<ref name="reminiscence" /><ref name="schlossarchives" />
His approach to investing has continued to be studied and discussed in investment circles long after his retirement and death. Publications and financial educators regularly cite Schloss's methods and track record as evidence of the enduring viability of deep value investing.<ref name="acquirers_approach" /> The archives maintained by Columbia Business School ensure that his writings and investment commentary remain accessible to future generations of students and practitioners.<ref name="columbia" />


Warren Buffett's decision to feature Schloss first among the "Superinvestors of Graham-and-Doddsville" ensured that Schloss's name would be permanently associated with the demonstration that disciplined value investing could produce sustained, market-beating returns. The essay remains one of the most frequently cited documents in the value investing literature, and Schloss's performance data within it continues to be studied and discussed by investors and academics.<ref name="superinvestors" /><ref name="cagr" />
Warren Buffett, in his eulogy of Schloss's career, summarized the essence of what made Schloss remarkable: he had taken a simple set of principles, applied them with unwavering discipline over an extraordinarily long period, and in so doing had produced results that rivaled or exceeded those of far more celebrated and better-resourced investors.<ref name="bloomberg" />


== References ==
== References ==
Line 100: Line 116:
[[Category:1916 births]]
[[Category:1916 births]]
[[Category:2012 deaths]]
[[Category:2012 deaths]]
[[Category:People from Manhattan]]
[[Category:Value investors]]
[[Category:Value investors]]
[[Category:American fund managers]]
[[Category:American fund managers]]
[[Category:American philanthropists]]
[[Category:American philanthropists]]
[[Category:People from Manhattan]]
[[Category:CFA charterholders]]
[[Category:CFA charterholders]]
<html><script type="application/ld+json">
<html><script type="application/ld+json">

Latest revision as of 07:17, 24 February 2026




Walter Jerome Schloss
Walter Jerome Schloss
Born28 8, 1916
BirthplaceManhattan, New York City, United States
DiedTemplate:Death date and age
New York, New York, United States
NationalityAmerican
OccupationInvestor, fund manager, philanthropist
Known forValue investing, founding Walter & Edwin Schloss Associates, "Superinvestor of Graham-and-Doddsville"
Website[[www.walterschloss.com www.walterschloss.com] Official site]

Walter Jerome Schloss (August 28, 1916 – February 19, 2012) was an American investor, fund manager, and philanthropist who built one of the most consistent long-term track records in the history of investment management. Over a career spanning nearly five decades, Schloss applied the principles of value investing that he learned directly from Benjamin Graham, generating annualized returns that substantially outperformed the broader stock market. Operating from a modest office without the trappings of large Wall Street firms—at times working with little more than a desk, a filing cabinet, and copies of Value Line and corporate annual reports—Schloss demonstrated that disciplined, patient application of fundamental security analysis could produce extraordinary results. Warren Buffett featured Schloss prominently in his famous 1984 essay "The Superinvestors of Graham-and-Doddsville," citing him as compelling evidence that value investing was not merely a product of chance but a repeatable, learnable discipline.[1] Schloss died on February 19, 2012, at the age of 95, from leukemia, leaving behind a legacy that continues to inform and inspire practitioners of value investing around the world.

Early Life

Walter Jerome Schloss was born on August 28, 1916, in Manhattan, New York City.[1] He grew up during a period of significant economic turbulence in the United States; the prosperity of the 1920s gave way to the devastating Great Depression, which shaped his worldview and his approach to financial risk for the remainder of his life. Schloss did not attend college, a fact that distinguished him from many of his peers in the investment profession and that he later reflected upon with characteristic modesty.[1]

The economic hardship of the Depression era had a direct impact on Schloss's family and his early career prospects. Without a university degree, Schloss entered the workforce at a young age, eventually finding employment on Wall Street. It was in this environment, seeking to understand the mechanics of investing and the valuation of securities, that Schloss first encountered the teachings of Benjamin Graham, an encounter that would define the trajectory of his professional life.[2]

Schloss's early exposure to Wall Street came through a position at a brokerage firm, where he worked as a runner and later in other capacities. During this period, he began attending courses taught by Benjamin Graham at the New York Institute of Finance. Graham's systematic, analytical approach to evaluating securities—emphasizing the importance of buying stocks at prices below their intrinsic value—resonated deeply with the young Schloss, who had witnessed firsthand the devastating consequences of speculative excess during the market crash and subsequent Depression.[2]

Education

Although Schloss did not obtain a formal college degree, his education in investment analysis came through a combination of practical experience and direct study under Benjamin Graham. Schloss attended courses taught by Graham, where he absorbed the principles that would later be codified in Graham and David Dodd's seminal text, Security Analysis.[2] This education proved formative; Schloss later wrote a reminiscence about Graham and Security Analysis in which he reflected on the profound influence these teachings had on his investment philosophy and career.[2]

Schloss held the Chartered Financial Analyst (CFA) designation, a professional credential that demonstrated his commitment to rigorous investment analysis despite his lack of a traditional university education.[3] The Columbia Business School later recognized Schloss's contributions to the field of value investing by maintaining archives of his work and writings as part of its Heilbrunn Center for Graham & Dodd Investing.[4]

Career

Work with Benjamin Graham

After completing his coursework with Graham, Schloss secured a position working directly for the legendary investor at the Graham-Newman Partnership, one of the earliest and most successful value-oriented investment funds. This experience provided Schloss with an invaluable apprenticeship, allowing him to observe and apply Graham's methods of security analysis in real-time market conditions.[1] At Graham-Newman, Schloss worked alongside other future luminaries of the investment world, including Warren Buffett, who would later become one of the most celebrated investors in history.[1]

Working under Graham gave Schloss direct exposure to the master's approach: identifying securities trading below their net asset value, with particular emphasis on companies whose stock prices had fallen to levels below the liquidation value of their assets. Graham's concept of the "margin of safety"—the practice of purchasing securities at a significant discount to their estimated intrinsic value to protect against errors in analysis or unforeseen adverse events—became a cornerstone of Schloss's own investment method.[2]

Schloss's service with Graham-Newman was interrupted by World War II, during which he served in the United States Army. After the war, he returned to working with Graham and continued to refine his understanding of value investing principles before eventually striking out on his own.[1]

Founding Walter & Edwin Schloss Associates

In 1955, when Benjamin Graham decided to close his partnership and retire, Schloss established his own investment partnership. He began managing money for a small group of investors, operating with minimal overhead and a concentrated focus on buying undervalued securities.[1] The firm later became known as Walter & Edwin Schloss Associates when his son, Edwin Schloss, joined him in the business.[1]

The operational simplicity of the Schloss partnership was one of its most distinctive characteristics. Schloss worked from a small office, initially within the offices of Tweedy, Browne Company, another prominent value investing firm. He did not employ a team of analysts, did not use a computer for stock screening for much of his career, and did not meet with company management.[5] Instead, he relied primarily on publicly available financial data—annual reports, balance sheets, and publications such as Value Line—to identify stocks trading at prices below their book value or net asset value.[5]

This approach stood in marked contrast to the increasingly complex and technology-driven methods employed by most institutional investors. While Wall Street firms spent millions on research departments, proprietary trading systems, and elaborate financial models, Schloss demonstrated that careful study of publicly available information, combined with patience and discipline, could yield superior results.[6]

Investment Philosophy and Approach

Schloss's investment philosophy was rooted firmly in the Graham-and-Dodd tradition of value investing. His approach centered on several key principles:

Buying below book value: Schloss sought out companies whose stock prices had declined to levels below their per-share book value. He focused on the balance sheet rather than earnings projections, believing that asset values provided a more reliable foundation for investment decisions than forecasts of future profitability.[7]

Diversification: Unlike concentrated investors such as Buffett, Schloss typically held a large number of positions—sometimes 100 or more stocks at a time. This broad diversification helped protect the portfolio against the risk of any single investment performing poorly.[8]

Patience: Schloss was willing to hold positions for extended periods, waiting for the market to recognize the underlying value of the companies he owned. He did not attempt to time the market or trade frequently.[6]

Avoidance of leverage: Schloss did not use borrowed money to amplify returns, reflecting the conservative risk management principles he had learned from Graham.[9]

Independence from Wall Street consensus: Schloss did not follow market trends, attend analyst conferences, or rely on tips from brokers. He conducted his own research and made his own decisions, often buying stocks that were deeply unpopular or neglected by the broader investment community.[5]

Schloss himself articulated his approach in writings and occasional public appearances. He described what he called a "Hippocratic method" in security analysis—the idea that, above all, one should seek to avoid losses, much as physicians are guided by the principle of "first, do no harm."[10] This emphasis on capital preservation, rather than aggressive pursuit of gains, was a hallmark of his investment style and contributed to the consistency of his long-term returns.

Investment Record

The performance of the Schloss partnership over its multi-decade history was remarkable by any standard. From the founding of his partnership in 1955 until 2002, when Schloss wound down active management, his fund generated returns that significantly exceeded the performance of the S&P 500 index over the same period.[1]

According to data cited by Warren Buffett and others, from 1956 to 1984, Schloss achieved a compound annual growth rate (CAGR) of approximately 21.3% for his limited partners, compared with approximately 8.4% for the S&P 500 over the same period.[8] This record of outperformance was achieved over a span that included multiple recessions, market crashes, and periods of significant economic disruption, underscoring the resilience of Schloss's approach.

Over the full life of the partnership, Schloss generated annualized returns of approximately 15% after fees, a figure that compounded to produce extraordinary long-term wealth creation for his investors.[11] A dollar invested with Schloss at the inception of his partnership would have grown to a sum many times greater than the same dollar invested in the S&P 500 index.

Schloss's fee structure was also notable for its alignment with the interests of his investors. Rather than charging a fixed management fee on assets under management, as is standard in the modern hedge fund industry, Schloss charged a percentage of profits only, ensuring that he was compensated primarily when his investors made money.[1]

Later Career and Retirement

Schloss continued managing the partnership, eventually with his son Edwin, well into his later years. The firm operated for approximately 47 years before Schloss decided to close the fund around 2003, when he was in his late eighties.[1] Even after formally retiring from active fund management, Schloss continued to follow the markets and discuss investment ideas. He participated in a videoconference organized for value investing students and practitioners, sharing his insights and experiences from nearly half a century of professional investing.[3]

In a 2008 profile in Forbes, Schloss was described as continuing to maintain his simple, disciplined approach to life and investing even in retirement, embodying the same frugality and intellectual independence that had characterized his professional career.[5]

Personal Life

Walter Schloss maintained a private personal life throughout his career. He worked alongside his son, Edwin Schloss, at their investment partnership for many years, and the firm's name—Walter & Edwin Schloss Associates—reflected this family collaboration.[1]

Schloss was also active in philanthropic endeavors. He served as a board member of Freedom House, the organization dedicated to promoting democracy and human rights around the world.[12] He also supported the Lower East Side Tenement Museum in New York City, reflecting an interest in the history and heritage of immigrant communities in the city where he was born and spent his entire career.[13]

Schloss died on February 19, 2012, in New York City, from leukemia, at the age of 95.[1]

Recognition

Walter Schloss's most prominent recognition came through Warren Buffett's 1984 essay "The Superinvestors of Graham-and-Doddsville," originally delivered as a speech at Columbia Business School to mark the 50th anniversary of the publication of Benjamin Graham and David Dodd's Security Analysis. In this essay, Buffett identified Schloss as the first of several investors whose long-term track records provided evidence that the value investing approach could consistently outperform the market, challenging the efficient-market hypothesis.[14]

Buffett described Schloss's track record in detail, noting his investment performance over nearly three decades and emphasizing that Schloss had achieved his results using a simple, disciplined approach that did not rely on insider information, complex models, or special access to management. Buffett pointed out that Schloss had worked virtually alone, without a large research staff, and had nonetheless produced returns that placed him among the top money managers in the country.[14]

The Columbia Business School's Heilbrunn Center for Graham & Dodd Investing maintained archives of Schloss's writings, letters, and investment commentary, recognizing his importance to the history and practice of value investing.[4]

Forbes profiled Schloss in 2008, examining his investment approach and its continued relevance in a rapidly changing financial landscape.[5] Upon his death in 2012, Bloomberg News published an extensive obituary highlighting his contributions to the field of investing and his relationship with both Benjamin Graham and Warren Buffett.[1]

Legacy

Walter Schloss's legacy rests on several pillars. First, his investment record—spanning nearly half a century and encompassing periods of war, recession, inflation, and financial crisis—stands as one of the most enduring demonstrations of the effectiveness of value investing. His consistent outperformance of the S&P 500 over such a long period provided empirical support for the principles articulated by Benjamin Graham and David Dodd, and served as a counterargument to proponents of the efficient-market hypothesis who contended that sustained outperformance was impossible.[14]

Second, Schloss embodied a model of investing that was accessible to individual investors without access to expensive technology, proprietary research, or institutional infrastructure. His reliance on publicly available financial data and his preference for simplicity over complexity demonstrated that sound investment results did not require the resources of a large firm. This aspect of his legacy has continued to inspire small investors and practitioners who seek to apply disciplined, fundamental analysis without the overhead associated with institutional investing.[6]

Third, Schloss's personal character—his modesty, his frugality, his emphasis on integrity and honesty in dealing with his partners—set a standard for professional conduct in the investment management industry. Unlike many fund managers who sought publicity and self-promotion, Schloss preferred to let his results speak for themselves, rarely giving interviews and maintaining a low public profile throughout his career.[5]

His approach to investing has continued to be studied and discussed in investment circles long after his retirement and death. Publications and financial educators regularly cite Schloss's methods and track record as evidence of the enduring viability of deep value investing.[7] The archives maintained by Columbia Business School ensure that his writings and investment commentary remain accessible to future generations of students and practitioners.[4]

Warren Buffett, in his eulogy of Schloss's career, summarized the essence of what made Schloss remarkable: he had taken a simple set of principles, applied them with unwavering discipline over an extraordinarily long period, and in so doing had produced results that rivaled or exceeded those of far more celebrated and better-resourced investors.[1]

References

  1. ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 1.12 1.13 1.14 "Walter Schloss, 'Superinvestor' Who Earned Buffett's Praise, Dies at 95".Bloomberg.February 20, 2012.https://www.bloomberg.com/news/2012-02-20/walter-schloss-superinvestor-who-earned-buffett-s-praise-dies-at-95.html.Retrieved 2026-02-24.
  2. ↑ 2.0 2.1 2.2 2.3 2.4 "Benjamin Graham and Security Analysis: A Reminiscence – Walter J. Schloss".The Acquirer's Multiple.August 9, 2016.https://acquirersmultiple.com/2016/08/benjamin-graham-and-security-analysis-a-reminiscence-walter-j-schloss/.Retrieved 2026-02-24.
  3. ↑ 3.0 3.1 "Videoconference: Mr. Walter J. Schloss, CFA".Value Investing Resource.2008.https://valueinvestingresource.blogspot.com/2008/02/videoconference-mr-walter-j-schloss-cfa.html.Retrieved 2026-02-24.
  4. ↑ 4.0 4.1 4.2 "Schloss Archives".Columbia Business School.http://www8.gsb.columbia.edu/valueinvesting/research/schlossarchives.Retrieved 2026-02-24.
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 "Walter Schloss".Forbes.February 11, 2008.https://www.forbes.com/forbes/2008/0211/048.html.Retrieved 2026-02-24.
  6. ↑ 6.0 6.1 6.2 "The Profoundly Simple Wisdom of Walter Schloss on Producing Towering Returns".Yahoo Finance.October 2, 2015.https://finance.yahoo.com/news/profoundly-simple-wisdom-walter-schloss-154245916.html.Retrieved 2026-02-24.
  7. ↑ 7.0 7.1 "How To Apply Walter Schloss' Successful 'Approach' To Investing In 2018".The Acquirer's Multiple.March 5, 2018.https://acquirersmultiple.com/2018/03/how-to-apply-walter-schloss-successful-approach-to-investing-in-2018/.Retrieved 2026-02-24.
  8. ↑ 8.0 8.1 "Just How Did Walter Schloss Achieve a 21.3% CAGR From 1956 to 1984".The Acquirer's Multiple.June 23, 2017.https://acquirersmultiple.com/2017/06/walter-schloss-cagr/.Retrieved 2026-02-24.
  9. ↑ "Walter Schloss: How To Invest Stress-Free For 40 Years".The Acquirer's Multiple.August 30, 2017.https://acquirersmultiple.com/category/walter-j-schloss/.Retrieved 2026-02-24.
  10. ↑ "Walter Schloss – The Hippocratic Method In Security Analysis".The Acquirer's Multiple.February 21, 2017.https://acquirersmultiple.com/2017/02/walter-schloss-the-hippocratic-method-in-security-analysis/.Retrieved 2026-02-24.
  11. ↑ "Continuously getting the simple things right! The life of 'super investor' Walter Schloss".Smart Investors via Futu.2025.https://news.futunn.com/en/post/67972212/continuously-getting-the-simple-things-right-the-life-of-super.Retrieved 2026-02-24.
  12. ↑ "Board Members – Freedom House".Freedom House.http://www.freedomhouse.org/template.cfm?boardmember=38&page=10.Retrieved 2026-02-24.
  13. ↑ "Funders 2002–2003".Lower East Side Tenement Museum.https://web.archive.org/web/20100425001006/http://www.tenement.org/funders_0203.html.Retrieved 2026-02-24.
  14. ↑ 14.0 14.1 14.2 "The Superinvestors of Graham-and-Doddsville".Columbia Business School.https://web.archive.org/web/20130116150701/http://www4.gsb.columbia.edu/null?&exclusive=filemgr.download&file_id=522.Retrieved 2026-02-24.

Retrieved from "https://biography.wiki/index.php?title=Walter_Schloss&oldid=989"