Experience

If it hasn't been made obvious in the last week or so that I admire Walter Schloss I think this post will drive the point home. Back in the beginning of 2008 Walter Schloss did a speech at the Ben Graham Center for Value Investing and also did an interview with Forbes. I'm sure most have seen this, but if you haven't I promise you'll enjoy this.

I find the video of Schloss answering questions absolutely hilarious at times. Especially when the students will ask some question and Schloss only responds, "I have no idea what your talking about but buy companies with low book and NO DEBT." In fact their is a running joke around here where the response to any investment question is just to simply yell, "NO DEBT!"

The video is a bit long and at times I admit Schloss does get a bit off topic--particullary in the beginning so I have included my notes I PDF'd after watching this video.


Forbes article Schloss refers to in the video: Experience- Forbes

The video:


My brief notes from the video:
SchlossInterview2008

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Distressed Debt Investing-Common Stock Due Diligence

I have to say I really enjoy reading the posts up over at Distressed Debt Investing. Today their is a great post on common stock due diligence. The author goes through and outlines his basic process for researching equities. He also mentions the next book I will probably profile "The Art of Short Selling" by Kathryn Staley. Hopefully I can get through and post a review up by mid-May.

Link: Anatomy of Common Stock Due Diligence @ Distressed Debt Investing.

Value investors....boring and rich!

This article interviews Christopher Browne from Tweedy Browne back in 1999. The last couple lines are hilarious.

"Most value people end up rich -- tbey do. They end up rich."

"....Keeps you away when the police raid the party. You're outside watching. You missed all the fun but you also missed going to jail."

Absolutely classic.

TBInterview1

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Sunday Schloss

Its Sunday that means its time for Walter Schloss. This profile was done in April 2003:

CIER

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Graham and Doddsville Winter 2009

The Helibrunn center for Graham and Dodd investing at Columbia Business School has some great articles on its website. More importantly it has a quarterly newsletter that every value investor should be aware of and read. This quarter’s newsletter was particularly good as the writers included 50% more content then usual. This issue contains an interview with Bruce Berkowitz, The Pershing Square Challenge, Highlights from the Graham & Dodd breakfast, Bruce Greenwald’s thoughts, and an Interview with Legg Masons Chief Investment Strategist Michael Mauboussin.

The interview with Berkowitz is great and includes topics such as:

• -Working as a bookie when he was young
• -His thoughts on Eddie Lampert and Sears
• -How he goes about killing his companies
• -Why he’s gotten himself into the healthcare sector

At the Graham and Dodd breakfast they managed to track down Seth Klarman and a few interesting comments were made by him. The first being that Klarman mentioned he really hadn’t been interested in the US equity markets for the last 15 years, and that now was, “….A great time to be a value investor.”

Ill leave you to read the rest, but its well worth your time today to spend a few minutes reading the entire newsletter.

Graham and Doddsville Winter 2009

More Seth Klarman

Not much time today, but wanted to redirect people over to a great link posted up by Distressed Debt Investing. The link redirects over to the SEC Edgar database for one of Seth Klarman's funds. The reports date from mid 1990's to the early 2000's. Their is a wealth of knowledge contained in these reports I hope you enjoy!

If you have time I also recommend you browse around the other posts as well the author has done a great job.

Distressed Debt Investing Link

Buffett's Four Market Calls

For those that haven't seen it:
4BuffettMarketCalls

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Book Coverage: Value Investing: From Graham to Buffett and Beyond

In 2004 Bruce Greenwald, a professor at Columbia, wrote this wonderful book on value investing. The book does a great job of going over valuation techniques as well as profiling some of the more well known modern value investors. In the coming weeks I'll be re-reading the book and will be going over my notes here on the blog. Coverage on Chapter 1 will begin on Saturday the 25th.

If you would like to purchase to the book, its quite cheap at $13.57, here is the link to it on Amazon.com: Value Investing From Graham to Buffett and Beyond

Seth Klarman June 1990 Article

Fortune article profiling Seth Klarman and what he was currently investing in.

Klarman6.18.90

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Updated Web Address

www.mrmarketblog.com

Why I love Net-Net's

-From the Intelligent Investor

Walter Schloss Remembers Ben Graham

I love anything Schloss writes. He has such a no nonsense simple way of going about everything. Its amazing to keep in mind Schloss never went to college or had any formal training. He simply read Security Analysis and stuck to its principals. In this article Schloss shows his tremendous admiration for Graham, and reflects on his time at Graham Newman Corp. Enjoy!

0471244724

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Charlie's Check List

Charlie Munger, Chairman of Wesco Financal, wrote a great book a few years ago called Poor Charlies Almanack. Charlie discussed his life, investing, and ideals. One of his keys to success was to make checklists. In this article you'll see Charlies checklist regarding investing.

If you want to buy the book, I recommend you do, you can only buy it from Charlies website. Charlie donates all the money he receives from the book to charity. Link: http://www.poorcharliesalmanack.com/index.html

Hat tip to Joe Koster over at Value Investing World who put this article together from his notes. (The original PDF source can be found here. )

Munger-An Investing Principles Checklist

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Walter Schloss 1985 Article

Anyone who's involved with value investing knows about Walter Schloss. Not only did he achieve amazing returns over a 50 year period, but he did it by using basic value techniques. Despite his success Schloss appears to have never wrote that much about the subject or his work is hard to track down. However every now and then I'm able to find a great article by him.

This interview with Schloss is from Barrons in 1985. Schloss covers his strategy and talks about a couple of stocks he was buying at the time. Enjoy!

Walter Schloss - Barrons 1985

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