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发表于 12-3-2008 02:56 PM
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人物介绍 ( Walter Schloss )
One of the best pieces of advice on investing I ever read came from Walter Schloss: you never really know a stock until you own it.
I thought about that when I saw this article (by way of VInvesting) about the New York Society of Security Analysts paying tribute to Schloss in celebration of his 90th birthday:
During its 47-year lifetime, Walter J. Schloss Associates generated in excess of 20% gross annualized returns and netted to its partners more than 15% per year, while the S&P 500 gained slightly more than 10%. An investor with $100,000 in the S&P 500 from January 1, 1956, to December 31, 2002, would have made $9.3 million. That same $100,000 invested in the Schloss partnership would have generated over $78 million.
“I worked for Benjamin Graham for 9 1/2 years, and Ben said he was going to retire and move to California,” began Schloss. “I had to get another job, so one of the people who was a stockholder of Graham Newman came to me and said, ‘Walter, if you start a fund, I will put some money in it.’ We ended up with $100,000. The structure was that I would not get paid unless we realized gains. The kind of stocks I bought were not growth stocks. Graham was really value-oriented. In those days he would buy stocks that were selling below working capital. There were less of them, but they were still around.
This is a wonderful article and I encourage you to read it all. But let me highlight this from Schloss, because what he says can be used by individual investors:
“I’m not very good at judging people. So I found that it was much better to look at the figures rather than people. I didn’t go to many meetings unless they were relatively nearby. I like the idea of company-paid dividends, because I think it makes management a little more aware of stockholders, but we didn’t really talk about it, because we were small. I think if you were big, if you were a Fidelity, you wanted to go out and talk to management. They’d listen to you. I think it’s really easier to use numbers when you’re small."
[ 本帖最后由 chengyk 于 12-3-2008 02:58 PM 编辑 ] |
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