The Memoirs of Walter J.

Schloss: A
Personal and Family History Hardcover
2003
by Walter J. Schloss (1 New from $999.00 ) 1 New from $999.00

Walter Schloss was an amazing man. I have even more respect for him ...
By Clark C. on September 25, 2014
A MUST HAVE BOOK FOR ANY SERIOUS VALUE INVESTOR'S LIBRARY!
As I understand it, this book was self-published by Walter for his family and is thus is
incredibly rare. Only a few copies were published.
Walter Schloss was an amazing man. I have even more respect for him after reading his
autobiography. Not only was he a fantastic money manager for his investors, he managed
a non-profit endowment, came from a hard working family, and volunteered for the
Army during WWII.
Walter J. Schloss autobiography is revealing as to what he found important. In addition
to writing about Schloss Associates (and including a few key letters from Ben Graham
and Warren Buffett) he writes about his insights and philosophies and some financial
misjudgments that his parents and grandparents made in hopes that his grandchildren and
future generations will learn from the stories and prosper.
He writes about his ancestry going all the way back to his great grandfather in 1798 in
Bavaria, his grandfather coming to America in 1868, and his grandfathers early textile
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related business that was a victim of a corrupt bookkeeper. Walters dad similarly got
duped in 1920 with a crystal radio manufacturing venture when he partnered with a man
with a prison record.
He writes about growing up in New York and how the experiences he had shaped him. I
enjoyed the stories about how, after graduating from high school, he discovered Ben
Graham and took his classes. He said that many Wall Street big shots like Gus Levy,
the head of Goldman Sachs would attend Grahams classes, and buy the stocks he
recommendedGraham was giving away free stock tips.
He volunteered to enlist in the Army during World War II. He was sent overseas to Iran
to develop a better way of getting supplies to the Russians since German airplanes and
submarines were sinking American ships delivering aid to the Russians. His unit worked
mostly on the communications part of the effort sending supplies around the Cape of
Good Hope and up through the Persian Gulf. While he was in the Army, he made
recommendations on training that impressed his superiors, and for that he was moved to a
position in the Pentagon where he finished his wartime service.
While in the Army, he corresponded with Ben Graham and went to work for Ben after
the war ended. He shared when he worked for Ben that he was in Bens office when Ben
got the call saying his bid for half of Geico was accepted. Ben said to Walter Walter, if
it doesnt work out, we can always liquidate it and get our money back.
When Ben Graham retired, Walter started his own firm. In addition to sharing his
approach to investing, he shared why he is a true value investor.I type on an old
upright Underwood typewriter. I like to buy suits on sale. I take public transportation. I
shine my own shoes. I like iceberg lettuce. I buy stocks that go down before going up. I
dont lie awake at night trying to predict what the market will do. I get a haircut when the
market drops precipitously. I bring my own Scotch tape to the post office. I think First
Call means that lunch has arrived. He includes vintage correspondence between him and
Ben Graham, and Warren Buffett
I like his life philosophy of doing what you want and not worrying. And that luck is a
part of life, and in addition one needs to make their own luck.
He also discusses that he has managed the endowment for Freedom House which is a
bipartisan human rights organization founded in 1941 by Wendell Willkie and Eleanor
Roosevelt, among others.
If you are a fan of Walter Schloss I recommend reading his autobiography. He writes in a
style like he is talking directly to you, and you may benefit from the many insights he
shares.