At 91, Walter Schloss is still picking stocks (and borrowing his son’s copy of Value Line)

“Schloss screens for companies ideally trading at discounts to book value, with no or low debt, and managements that own enough company stock to make them want to do the right thing by shareholders. If he likes what he sees, he buys a little and calls the company for financial statements and proxies. He reads these documents, paying special attention to footnotes. One question he tries to answer from the numbers: Is management honest (meaning not overly greedy)? That matters to him more than smarts.

Schloss doesn’t profess to understand a company’s operations intimately and almost never talks to management. He doesn’t think much about timing–am I buying at the low? selling at the high?–or momentum. He doesn’t think about the economy.

It’s been two years since he bought Superior Industries (SUP), and the stock is down a third. But [he] is philosophical and confident this one is worth book at least. ‘How much can you lose?’ he asks.”

Well, you can lose everything, but I know what he’s saying. :)

– via controlledgreed.com –