This interview was conducted in 1989 by Outstanding Invest Digest for Walter and Edwin Schloss, the managers of Walter J. Associates. It was a generally interesting read, and I would like to share a few excerpts which I found particularly insightful. You can find the full transcript here.  Please note that the following excerpts below might not be in the same sequence as the original.

Lesson One

OID: In terms of the way you look at a stock, relative to the way Graham looked at a stock or Buffett looks at a stock, how do you look at it differently? Walter Schloss: Basically, we like to buy assets. OID: Why assets? Why not earnings? Walter Schloss: Assets seem to change less than earnings. You could argue that assets are not always worth what they’re carried for. Graham made an argument at one point that inventory was a plus, not a ......