Walter J. Schloss's Simple Message on Value Investing

I don't like to lose money. I don't like Debt.

Started fund when Graham closed his one; people came from Newman
When you make a good purchase you often don´t know how good it really is
Likes to buy stock hitting new lows; finds valueline very helpful; doesn' t talk to the management
Doesn't like to lose money; buys stocks protected to the downside, the upside will look after itself; buys stocks with little debt, he doesn't like debt; could work out well with debt but he doesn't like it; does buy stocks at new lows, usually they are in trouble
Likes stocks with simple capital, e.g little to no debt, management will own stocks, has history about them too (how long in business, what business)
Was never very good in judging character, might be charming people, found it better to look at numbers than people itself,
Usually stock goes down after buying, trying to protect capital. doesn't like to lose money, buys more when stock goes down, doesn't like debt
Likes to get 50% profit if he can, you have to be willing to make mistakes
Debt gets a lot of people in trouble; likes to buy below book; good history last 20 yrs, with little debt
Margin of safety doesn't gurantee that you get it right
Don't get emotional about stocks; put the price in where you want to buy the stock, dont watch the ticker (good til cancelled)
If buying a good company wants to buy at discount

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