{"id":569,"date":"2012-01-07T03:52:42","date_gmt":"2012-01-07T02:52:42","guid":{"rendered":"http:\/\/www.inkomsten.se\/?p=569"},"modified":"2012-01-07T03:52:42","modified_gmt":"2012-01-07T02:52:42","slug":"walter-schloss-investerade-i-foretag-med-rabatt-pa-eget-kapital","status":"publish","type":"post","link":"https:\/\/sitetips.nu\/ekonomitips\/walter-schloss-investerade-i-foretag-med-rabatt-pa-eget-kapital\/","title":{"rendered":"Walter schloss investerade i f\u00f6retag med rabatt p\u00e5 eget kapital"},"content":{"rendered":"

Walter J. Schloss<\/strong> f\u00f6ddes den 11 oktober 1915 i New York och v\u00e4xte upp under sv\u00e5ra f\u00f6rh\u00e5llanden i 1930-talets depression. Familjen hade det knapert, och Walters pappa f\u00f6rlorade jobbet som m\u00e5nga andra under dessa sv\u00e5ra \u00e5r.<\/p>\n

Walter b\u00f6rjade 18 \u00e5r gammal, fick b\u00f6rja som springpojke p\u00e5 aktiem\u00e4klarfirman Carl M. Loeb & Co. En av del\u00e4garna, Armand Erpf, fick upp \u00f6gonen f\u00f6r unge Walter och f\u00f6reslog att han skulle l\u00e4sa den d\u00e5 just utgivna boken Security Analysis, av Benjamin Graham och David Dodd.<\/p>\n

Walter leddes in p\u00e5 v\u00e4rdeinvestering och b\u00f6rjade g\u00e5\u00a0 kv\u00e4llskurser i aktieanalys f\u00f6r Benjamin Graham.<\/p>\n

<\/strong> 1946 b\u00f6rjade Walter Schloss, 31 \u00e5r gammal, som analytiker hos Graham Newman. D\u00e4r fick han dela kontor med Warren Buffett och l\u00e4ra sig Grahams konservativa investeringsstil, som i enkelhet gick ut p\u00e5 att k\u00f6pa f\u00f6retag som v\u00e4rderades till h\u00f6gst tv\u00e5 tredjedelar av r\u00f6relsekapitalet (oms\u00e4ttningstillg\u00e5ngar minus kortfristiga skulder). N\u00e4r Graham pensionerade sig nio \u00e5r senare, 1956, blev Schloss tillfr\u00e5gad av en av del\u00e4garna om han ville starta en egen f\u00f6rvaltningsverksamhet. Vilket han ocks\u00e5 gjorde.<\/p>\n

Schloss investerade i f\u00f6retag som handlades under eget kapital. Speciellt intresserad var han av familje\u00e4gda f\u00f6retag. Aff\u00e4rsmodellen \u00e4r viktig, det vill s\u00e4ga hur f\u00f6retaget tj\u00e4nar pengar. Schloss f\u00f6redrog tr\u00e5kiga och impopul\u00e4ra f\u00f6retag.\u00a0 Helst skulle f\u00f6retaget, enligt Grahams modell, v\u00e4rderas under r\u00f6relsekapitalet. Samtidigt erk\u00e4nde Schloss i slutet av sin karri\u00e4r att det inte l\u00e4ngre var l\u00e4tt att hitta dessa typer av investeringar.<\/p>\n

Precis som m\u00e5nga andra framg\u00e5ngsrika investerare levde Schloss ett enkelt och t\u00e4mligen anspr\u00e5ksl\u00f6st liv och hans fond drevs mycket kostnadseffektivt.<\/p>\n

N<\/strong>\u00e5gra kvalitativa regler Walter Schloss levde efter var f\u00f6ljande:<\/p>\n

<\/strong>\u2022\u00a0Investera i f\u00f6retag med reala tillg\u00e5ngar och som har en aktiekurs betydligt under sitt inneboende v\u00e4rde.
\n\u2022\u00a0Helst ska f\u00f6retaget v\u00e4rderas med 20 procents rabatt av bokf\u00f6rt v\u00e4rde p\u00e5 eget kapital.
\n\u2022\u00a0Direktavkastningen ska vara \u201dgod\u201d.
\n\u2022\u00a0Ledningen ska helst \u00e4ga aktier i f\u00f6retaget.
\n\u2022\u00a0Ledningen ska vara hederlig och inte betala sig sj\u00e4lv f\u00f6r stora ers\u00e4ttningar.
\n\u2022\u00a0Var inte r\u00e4dd f\u00f6r att sitta p\u00e5 kontanter.
\n\u2022\u00a0K\u00f6p efter att utdelning har avskilts. Marknaden brukar \u00f6verreagera.
\n\u2022 S\u00e4lj inte p\u00e5 d\u00e5liga nyheter.
\n\u2022 K\u00f6p hellre aktier som \u00e4r billiga \u00e4n att betala\u00a0dyrt f\u00f6r f\u00f6retag som g\u00f6r stora vinster.\u00a0Vinsterna kan snabbt minska, men tillg\u00e5ngarna f\u00f6r\u00e4ndras l\u00e5ngsammare.<\/p>\n","protected":false},"excerpt":{"rendered":"

Walter J. Schloss f\u00f6ddes den 11 oktober 1915 i New York och v\u00e4xte upp under sv\u00e5ra f\u00f6rh\u00e5llanden i 1930-talets depression. Familjen hade det knapert, och Walters pappa f\u00f6rlorade jobbet som m\u00e5nga andra under dessa sv\u00e5ra \u00e5r. Walter b\u00f6rjade 18 \u00e5r gammal, fick b\u00f6rja som springpojke p\u00e5 aktiem\u00e4klarfirman Carl M. Loeb & Co. En av del\u00e4garna, … Forts\u00e4tt l\u00e4sa Walter schloss investerade i f\u00f6retag med rabatt p\u00e5 eget kapital<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[16],"tags":[],"class_list":["post-569","post","type-post","status-publish","format-standard","hentry","category-investeringar"],"yoast_head":"\nWalter schloss investerade i f\u00f6retag med rabatt p\u00e5 eget kapital - ekonomitips<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sitetips.nu\/ekonomitips\/walter-schloss-investerade-i-foretag-med-rabatt-pa-eget-kapital\/\" \/>\n<meta property=\"og:locale\" content=\"sv_SE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Walter schloss investerade i f\u00f6retag med rabatt p\u00e5 eget kapital - ekonomitips\" \/>\n<meta property=\"og:description\" content=\"Walter J. Schloss f\u00f6ddes den 11 oktober 1915 i New York och v\u00e4xte upp under sv\u00e5ra f\u00f6rh\u00e5llanden i 1930-talets depression. Familjen hade det knapert, och Walters pappa f\u00f6rlorade jobbet som m\u00e5nga andra under dessa sv\u00e5ra \u00e5r. Walter b\u00f6rjade 18 \u00e5r gammal, fick b\u00f6rja som springpojke p\u00e5 aktiem\u00e4klarfirman Carl M. Loeb & Co. 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