Walter Schloss was by no means a celebrity. He was never a face on financial television programs,     1    was he known for marketing his skills to investors. His death last month, at the age of 95,     2    little public comment but among a certain crowd it meant the     3    of a mind that was brave, independent and     4    distinct from much of modern finance.
    Mr. Schloss was part of a small group who worked with Benjamin Graham, a Columbia Business School professor whose most famous     5    is Warren Buffett. Mr Schloss did not spend time     6    corporate managers. His research team doubled in size when his son joined. He favored discarded "cigar butt" stocks that could be     7    off the floor. Often, they weren't worth much but they sold for far     8    .
    As for high-flying shares, he was not afraid to go     9    . During the late 1990s, when a "new era" caused many people to     10    any normal valuation measures as hopelessly     11    , Mr. Schloss stayed     12    and bet against some of the most popular and inflated names.
    In part, he could do so     13    a famous cost saving structure. In part, he was protected by an extraordinary long-term record. When he     14    managing money for outsiders, his returns were reported to have     15    16% annually, six percentage points higher than the market. He had other     16    , too. In 1999, when his portfolio was composed of everything no one wanted, he was asked how,     17    his own convictions were unshaken, he could ensure that his investors     18    with him. Being a true     19    required just one rule, he said: "    20    tell a client what they own."