Walter Schloss was one of Benjamin Graham’s most successful students. From 1955 through 2002, Schloss returned 16% per annum, according to his own figures, successfully using Benjamin Graham’s net-nets strategy to outperform the market for five decades.
Walter Schloss didn’t give many interviews over his career, but he did write a number of memos and letters to various publications over the years.
Walter Schloss: Intrinsic Value
Below is an example of one such letter. This letter was a rebuttal to another analysts suggestion that “Security analysis is the discipline of comparative selection.”:
“...Since stocks are only under - or overpriced with respect to each other, the process of comparison is going to identify over - and under-priced...
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