沃爾特·施洛斯和巴菲特師出同門， 他比巴菲特大14歲， 曾經也是格雷厄姆-紐曼公司旗下的雇員。 在為格雷厄姆工作9年半之後， 1955年開始獨立管理資金， 並成立了自己的有限合夥公司， 此後一直到2003年他才停止管理別人的錢。 在替合夥人管錢接近50年的歲月中， 施洛斯的年複合回報率高達16%， 這是扣除了全部費用的結果（還原後預計在23%左右）， 而同期標普500指數的回報率只有10%。 換句話說， 施洛斯的投資期間累計回報率為1240倍。
施洛斯偏愛冷門股， 經歷了美國的18個經濟衰退， 時間甚至可以追溯到伍德羅·威爾遜當總統的時候， 這個老派的價值投資者， 通過這些危機賺了很多錢， 而且使他成為投資史上不間斷投資時間最長的投資者之一。 2012年2月19日， 沃爾特病逝， 享年95歲。 在聽聞這一消息後， 巴菲特發表聲明稱施洛斯是與自己相交61年的朋友， “他的投資記錄輝煌，
01Price is the most important factor to use in relation to value.價格， 是價值投資中最重要的因素。
02Try to establish the value of the company. Remember that a share of stock represents a part of a business and is not just a piece of paper.要確定公司的價值是多少。 記住， 股票代表企業的部分所有權， 不只是一紙憑證。
03Use book value as a starting point to try and establish the value of the enterprise. Be sure that debt does not equal 100% of the equity. (Capital and surplus for the common stock).從帳面價值入手， 估算並確定企業的價值。 負債一定不能等於 100% 的淨資產（普通股的股本和盈餘留存）。
04Have patience. Stocks don't go up immediately.要有耐心。 股票不會立即上漲。
05Don't buy on tips or for a quick move. Let the professionals do that, if they can. Don't sell on bad news.不要因為小道消息或抓短線而去買入。 如果專業人員有這個本事， 就讓他們去做吧。 別因為壞消息賣出。
06Don't be afraid to be a loner but be sure that you are correct in your judgment. You can't be 100% certain but try to look for weaknesses in your thinking. Buy on a scale and sell on a scale up.不害怕孤獨， 但要確定自己的判斷正確。 你無法 100% 確定， 但你要尋找自己的邏輯中有什麼弱點。
07Have the courage of your convictions once you have made a decision.一旦做了決定， 要有勇氣相信自己的判斷。
08Have a philosophy of investment and try to follow it. The above is a way that I‘ve found successful.找到並追隨合適的投資理念。 我說的方法是適合我的。
09Don't be in too much of a hurry to sell. If the stock reaches a price that you think is a fair one, then you can sell but often because a stock goes up say 50%, people say sell it and button up your profit. Before selling try to reevaluate the company again and see where the stock sells in relation to its book value. Be aware of the level of the stock market. Are yields low and P-E ratios high. If the stock market historically high. Are people very optimistic etc?賣出時別太急。 你可以在股票漲到了你認為合理的價格時賣出。 許多時候只是因為股票漲了， 比如漲了 50%， 人們就說賣掉鎖定利潤。 賣出之前， 要重新評估公司， 比較價格與淨資產價值。 要注意股市的估值水準：是不是股息率較低、市盈率較高？股市是否處於歷史高位？人們是否非常樂觀？
10When buying a stock, I find it helpful to buy near the low of the past few years. A stock may go as high as 125 and then decline to 60 and you think it attractive. 3 years before the stock sold at 20 which shows that there is some vulnerability in it.買入股票時， 最好在過去幾年的低位附近買入。 可能有一檔股票最高漲到 125， 然後跌到 60， 你就動心了。 三年前， 這檔股票的價格是 20。 這說明這檔股票現在還是有下跌的風險。
11Try to buy assets at a discount than to buy earnings. Earnings can change dramatically in a short time. Usually assets change slowly.One has to know much more about a company if one buys earnings.要打折買入資產，
12Listen to suggestions from people you respect. This doesn’t mean you have to accept them. Remember it's your money and generally it is harder to keep money than to make it. Once you lose a lot of money it is hard to make it back.你敬重的人給出了建議要傾聽， 接不接受你自己決定。 記住， 錢是你自己的錢， 賺錢容易守財難。 一旦虧了很多錢， 很難再賺回來。
13Try not to let your emotions affect your judgment. Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks.不要讓情緒影響判斷。 買賣股票， 最不該有的情緒或許就是貪婪和恐懼。
14Remember the work compounding. For example, if you can make 12% a year and reinvest the money back, you will double your money in 6 yrs, taxes excluded. Remember the rule of 72. Your rate of return into 72 will tell you the number of years to double your money.記住複利原理。 例如， 你每年賺 12%， 並將收益繼續投資， 不考慮稅費， 資金會在 6 年以後翻倍。 記住 72 法則：用 72 除以你的年收益率就可以知道， 資金翻倍要幾年時間。
16Be careful of leverage. It can go against you.小心杠杆，
小心搬起石頭砸自己的腳。