Walter-Schloss-Collections-Final(沃尔特·施洛斯资料集PDF英文版)

Contents1973：MakingMoneyOutofJunk11976：BenjaminGrahamandSecurityAnalysis:AReminiscence31985：TheRightStuff71989：OIDInterview131993：ColumbiaBusinessSchoolSpeech781994：FactorsNeededtoMakeMoneyintheStockMarket901996：WhyWeInvesttheWayWedo911998：Sixty-fiveyearsonWallStreet962003：GoingOutonTop1072004：KeepItSimpleandCheap1092008：Experience1182008：TheSuperInvestor1212008：VideoInterviewTranscript12512BenjaminGrahamandSecurityAnalysis:AReminiscenceWalterJ.SchlossBenGrahamwasanoriginalthinkeraswellasaclearthinker.Hehadhighethicalstandardsandwasmodestandunassuming.Hewasoneofakind.Iworkedforhimfornearly10yearsasasecurityanalyst.Inre-readingtheprefacetothefirsteditionofSecurityAnalysis,IamimpressedalloveragainwithBen’sviews.Iquote...“[W]eareconcernedchieflywithconcepts,methods,standards,principles,andaboveallwithlogicalreasoning.Wehavestressedtheorynotforitselfalonebutforitsvalueinpractice.Wehavetriedtoavoidprescribingstandardswhicharetoostringenttofollowortechnicalmethodswhicharemoretroublethantheyareworth.”SecurityAnalysissaysitall.ItisuptoanalystsandinvestorstoputBen’sideasintopractice.Backin1935whileworkingatLoebRhodes(thencalledCarlM.Loeb&Co.),oneofthepartners,ArmandErpf,gaveagoodpieceofadvicewhenIaskedhimhowIcouldgetintothe“statisticaldepart-ment.”Inthosedaysandperhapstodaytosomeextent,thebestwaytoadvancewasbybringinginbusiness.Ifyouhadawealthyfamilyorfriends,youbroughtincommissions.Securityanalysiswasinitsin-fancyandwhoyouknewwasmuchmoreimportantthanwhatyouknew.Ifyoudidn’thaveconnections,itwasdifficulttogetahead.InanycaseMr.ErpftoldmethattherewasanewbookcalledSecurityAnalysisthathadjustbeenwrittenbyamancalledBenGraham.1Reproducedbypermissionfromtheprivatewritings(1976)ofWalterJ.Schloss.3189P-013/23/998:37AMPage13“Readthebookandwhenyouknoweverythinginit,youwon’thavetoreadanythingelse.”ItookBen’scourseinAdvancedSecurityAnalysisattheNewYorkStockExchangeInstitute(NewYorkInstituteofFinance).Benwasagoodspeaker,enthusiasticandlogical.Bendidsome-thingthatIhaven’tseendoneoften.Hewouldtakeanundervaluedsit-uationatthattime,suchasthebankruptbondsofBaldwinLocomotive,andshowhowmuchthenewsecuritieswouldbeworthbasedontheirprojectedearningpowerandassetsandrelatethistothepriceofthebonds.ManybrightWallStreeterssuchasGusLevyofGoldmanSachs,wholaterbecamethetoparbitrageurinthecountry,usedtotakehiscourse.IoftenwonderedhowmuchmoneypeoplemadeonBen’sideasbytransformingthemintoinvestments.Benwasverygenerouswithhisthoughtsandhistime,particularlywithyoungpeople.ByofferingmeajobashissecurityanalystasIwasabouttoleavetheArmyattheendof1945,hechangedmylife.Iknowhehelpedothersinourfieldtoo.AtBen’smemorialservice,DaveDodd,Ben’sco-author,toldhowhehadgotinvolvedinthebook.ItseemsthatBenwasaskedtoteachacourseatColumbiaUniver-sityoninvestmentsandheagreedtodoitwiththestipulationthathewouldonlydosoifsomeonewouldtakenotes.DaveDodd,ayounginstructor,volunteeredandtookcopiousnotesateachofBen’slectures.Ben,usingthenotes,thenwentaheadandwroteSecurityAnalysis.AsDavesaid,BendidtheworkbutheinsistedthatDavegetcreditbybeingco-author.ProfessorDoddwentontobecomeaverysuccessfulinvestorandadirectorofGraham-NewmanCorporation,aninvestmenttrustthatBenhadfoundedin1936withhispartner,JeromeNewman.Theabilitytothinkclearlyintheinvestmentfieldwithouttheemo-tionsthatareattachedtoit,isnotaneasyundertaking.Fearandgreedtendtoaffectone’sjudgment.BecauseBenwasnotreallyveryaggres-siveaboutmakingmoney,hewaslessaffectedbytheseemotionsthanweremanyothers.BenhadbeenhurtbytheDepression,sohewantedtoinvestinthingsthatwouldprotecthimonthedownside.Thebestwaytodothiswastolayoutruleswhich,iffollowed,wouldreducehischanceofloss.2BENJAMINGRAHAMANDSECURITYANALYSIS3189P-013/23/998:37AMPage24AgoodexampleofthiswasthedayIhappenedtobeinhisofficeatGraham-Newmanwhenhereceivedatelephonecallthattheyhadbought50percentofGovernmentEmployeesInsuranceCo.(nowGEICO).Heturnedtomeandsaid,“Walter,ifthispurchasedoesn’tworkout,wecanalwaysliquidateitandgetourmoneyback.”ThefactthatGEICOworkedoutbetterthanhiswildestdreamswasn’twhathewaslookingfor.Asthesayinggoes,astockwellboughtishalfsold.IthinkBenwasanexpertinthatarea.Graham-NewmanfollowedthepreceptssetdownbyBenandthefundprospered.Comparedtotoday’sinvestmentcompany,itwastiny.ItstotalnetassetsonJanuary31,1946,were$3,300,000.Ben’semphasiswasonprotectinghisexpectationofprofitwithminimumrisk.IfonewantstogetholdofMoody’sInvestmentManu-alsforthe1947–1956period,itisinterestingtoseeGraham-Newman’sholdings.Manyofthemweresmall,practicallyunknowncompaniesbuttheywerecheaponthenumbers.ItisinstructivetoreadtheirannualreportfortheyearendedJanuary1946.Itstatesthattheirgen-eralinvestmentpoliciesweretwofold.1.Topurchasesecuritiesatpriceslessthantheirintrinsicvalueasdeterminedbycarefulanalysiswithparticularemphasisonthepurchaseofsecuritiesatlessthantheirliquidatingvalue.2.Toengageinarbitrageandhedgingoperations.IhelpedBenwiththethirdeditionofSecurityAnalysis,publishedin1951.IntheappendixisanarticleonspecialsituationsthatfirstappearedinTheAnalystsJournalin1946.Inthearticle,hehadworkedoutanalgebr