Walter Schloss
Born 1916 · Age 110
American value investor, disciple of Benjamin Graham, founder of Walter J. Schloss (later Walter & Edwin Schloss) partnerships; delivered long-term outperformance via deep-value 'cigar-butt' investing, managed a modest, low-overhead partnership for decades, praised by Warren Buffett.
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Life & Career Timeline
Born in Manhattan, New York
Walter Jerome Schloss was born in Manhattan, New York City.
Started on Wall Street as a runner (Carl M. Loeb & Co.)
At age 18 Schloss began his Wall Street career as a runner (entry-level messenger) at Carl M. Loeb & Co. during the Depression.
Promoted to cashier duties (early career)
Within his early years on Wall Street Schloss advanced from runner to cashier/cage duties, handling certificates and basic accounting.
Took Benjamin Graham investment courses (NYSE Institute)
Enrolled in/interned in investment/security analysis courses taught by Benjamin Graham at the New York Stock Exchange Institute (New York Institute of Finance).
Entered U.S. Army service (WWII)
Schloss served in the U.S. Army for approximately four years during World War II (Signal Corps service during the war years).
Prepared Graham-Newman 1946 annual report
Contributed materially to the firm's reporting and analysis; prepared the firm's 1946 annual report (early analytic responsibilities).
Joined Graham-Newman Partnership as security analyst
After WWII Schloss accepted Benjamin Graham's offer and began working as a security analyst for Graham-Newman Corporation.
Observed Graham-Newman's GEICO investment (learning milestone)
Observed Graham-Newman's purchase/ownership stake in GEICO — a formative example of Graham's asset-oriented approach.
Left Graham-Newman and founded Walter J. Schloss Associates
Schloss left Graham's firm and formed his own investment partnership in 1955 to manage money using Graham-style deep-value methods.
Seed capital / initial investor commitments for new partnership
Initial early commitments/capital for the partnership from family/friends/early backers (sources cite figures in the range of $100k in early capital commitments across anecdotes).
Start of documented compounding period for partnership
Performance records and comparisons generally begin from the mid‑1950s (1956 commonly cited) for Schloss's partnership returns vs. market.
Earned Chartered Financial Analyst (CFA) designation
Schloss obtained the CFA designation, enhancing his professional credentialing (reported in biographical sources).
Son Edwin Schloss joined; firm renamed Walter & Edwin Schloss Associates
Edwin Schloss joined his father in the partnership and the firm later operated under Walter & Edwin Schloss Associates.
Forbes profile: 'Making Money Out of Junk' (approx.)
Schloss was profiled by Forbes as a deep-value investor who profited from cheap, overlooked stocks (Forbes piece cited in archives; he was ~57 in 1973 when a notable Forbes profile ran).
Spoke at Benjamin Graham memorial (Columbia Faculty Club)
Schloss spoke at a memorial service for Ben Graham on Oct 10, 1976, reflecting his close connection to Graham and his methods.
Peak partnership scale — managed money for a modest group of investors (peak ~92 investors)
At peak the partnership managed money for ~92 investors (peak date reported variably during middle-late partnership years).
Very low overhead while generating large partnership profits (anecdote)
Reported anecdote: office expenses ~ $11,000 versus partnership net profit reported in the millions (example used to illustrate frugality and efficiency).
Named one of the 'Superinvestors of Graham-and-Doddsville' by Warren Buffett
Warren Buffett's famed 1984 essay/speech 'The Superinvestors of Graham-and-Doddsville' highlighted Schloss as a prime example of repeatable value investing success.
WJS Partnership performance reported: 1956–1984 compound returns
The WJS Partnership's annual compounded rate was reported at ~21.3% (1956–1984) in Buffett's write-up and other sources (limited partners lower).
Interview: Outstanding Investor Digest (OID)
Schloss & Edwin Schloss participated in an Outstanding Investor Digest interview (March 6, 1989), discussing their value approach.
Seminar at Columbia Business School (upper-level seminar/lecture)
Delivered a seminar/presentation at Columbia Business School's value investing programs (Ben Graham-related centers host Schloss frequently).
Published/compiled 'Factors Needed to Make Money in the Stock Market' (widely cited piece)
Schloss authored or was attributed with a set of investment rules/essays ('Factors to Make Money' and similar) circulated in value-investing literature.
Authored 'Benjamin Graham and Security Analysis: A Reminiscence' (approx.)
Writings/remembrances about Graham and Security Analysis appear in late 1990s/1999 archives and programs; Schloss contributed a lasting written recollection.
Shorted major internet stocks pre-dot-com crash
Schloss reportedly shorted stocks such as Yahoo and Amazon before the dot-com crash, generating significant profits from short positions (reported anecdote).
Closed partnership (stopped public partnerships)
Schloss closed out his investment fund in 2000 after decades of running the partnership (ended active partnership operations).
Death of first wife, Louise Schloss
Louise Filer Schloss (his first wife) died in 2000; this was a significant personal milestone late in Walter Schloss's life.
Married Ann Pearson
Walter Schloss married Ann Pearson in 2001 (met during retirement travel), a personal milestone in his later years.
Reported long-term partnership returns (1955–2002)
Schloss reported partnership returns across 1955–2002 with average annualized performance often cited ~15–16% net of fees; gross returns higher.
Stopped actively managing other people's money; became Treasurer of Freedom House
By 2003 Schloss ceased active management for outside investors and took philanthropic/board roles such as Treasurer for Freedom House.
Warren Buffett praise in 2006 Berkshire Hathaway letter
Warren Buffett praised Schloss in his 2006 Berkshire Hathaway annual letter, calling him 'one of the good guys of Wall Street' and describing his record.
NYSSA/Honors dinner celebrating 90th birthday
The Value Investing Committee (NYSSA) and friends honored Walter Schloss with a dinner at the Harvard Club on Oct 11, 2006 celebrating his 90th birthday.
Featured/profiled widely (Forbes, Berkshire meeting transcripts, lectures)
Schloss was profiled in Forbes (2008) and participated in recorded lectures and interviews (e.g., Ben Graham Center events, 2008 lecture).
Dinner/meeting with Dr. George Athanassakos and related interviews (May 8, 2008)
Dr. Athanassakos met with Schloss for an interview/dinner (documented May 8, 2008) discussing investing and preservation of Graham-style teachings.
Son Edwin Schloss won Tony Award (personal family milestone)
Walter's son Edwin achieved success on Broadway and won a Tony Award in 2010 (Edwin's award is a notable family milestone).
Archive of Walter Schloss holdings and papers (Columbia/Heilbrunn Center)
The Schloss archive (papers and materials on value investing) is held at Columbia University's Heilbrunn Center for Graham & Dodd Investing (archive accession noted publicly; timing around/after his death).
Legacy: cited in academic and practitioner debates on market efficiency
Posthumously and during late career Schloss's long-term record continued to be cited (e.g., Buffett's essay) as evidence against strict efficient-market claims.
Died of leukemia in New York
Walter J. Schloss died of leukemia at his Manhattan home on Feb 19, 2012 at age 95.
Key Achievement Ages
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