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Schloss left the Graham firm in 1955 and with $100,000 from 19 investors began buying "working capital stocks" on his own, like mattressmaker Burton-Dixie and liquor wholesaler Schenley Industries. Success drew in investors, eventually rising to 92. But Schloss never marketed his fund or opened a second one, and he kept money he had to invest to a manageable size by handing his investors all realized gains at year-end, unless they told him to reinvest.
Good lord!! I wonder what the investors' after tax returns were. At least Buffet found a tax efficient way to do it.
Edited to Add: Opps.. I missed the "realized gains" part.
When I saw that article, I did a simple "cigar butt" screen. One stock that intrigued me was ACAT. They make snow mobiles and ATVs, but they've been beat up to the point that they're trading below book with no debt.
Unfortunately, I decided to just watch for a couple of days instead of buying. They're up 25% in just a few days. The stock still seems to have lots of momentum and is still below book value.
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