Walter Schloss is on the short list of the most interesting investors I’ve ever studied on Wall Street. He worked under Ben Graham himself, and struck out on his own once he saw the outsized attention that Warren Buffett was receiving under Graham’s tutelage and realized that his best life outcome would result from striking out on his own rather than living under the shadow of what would become the most high-profile investor that the world had ever seen.
Schloss developed an offbeat investment strategy that consisted of buying gobs of cheap stocks (at one point, he owned several hundred stocks in his partnership, causing Warren Buffett to joke that his favorite story from biblical times must have been Noah’s Ark because Walter liked to buy two of everything). He also had rock bottom expense rates for administering his investment strategy. At one point, it was reported that he was … Read the rest of this article!