Walter Schloss: When You Find Great Stocks, Keep Them A SecretThe Acquirer's Multiple
We’ve just been reading through a great interview that Walter and Edwin Schloss did with OID back in 1989. During the interview Walter Schloss explains one of the reasons why he always kept the holdings in his portfolio a secret, saying:
Walter Schloss: Apropos of that, while I was at Graham-Newman, a man called up and said he’d like to speak to Mr. Graham. Because he was out of town that day, I asked if there was anything I could do in his stead. He said, “I just wanted to thank him. Every 6 months Graham-Newman publishes their portfolio holdings. And I’ve made so much money on the stocks that he had in his portfolio, I just wanted to come by and thank him.
That was one of the reasons I decided never to publish our holdings. We work hard to find our stocks. We don’t want to just give them away. It’s not fair to our partners.
You can read the entire interview here:
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Article by The Acquirer’s Multiple