The Craft of Investing: Growth and Value Stocks, Emerging Markets, Market Timing, Mutual Funds, Alternat [Paperback]

John Train (Author)

Book Description

Publication Date: October 11, 1995

John Train's status as an investment wizard is the result of decades of stock market investing and investment counseling. "The Craft of Investing" is the ultimate treatise on how to invest well, outlining Train's key strategies and the principles that have brought him success

Train addresses everything from the psychology of the market to practical portfolio management tips. He explains growth investing, value investing, when to buy and when to sell, estate planning and shows how to build wealth and value systematically. Authoritative and practical, Train's analysis of winning techniques will help every investor.

"The best book on money management I've ever read, and quite possibly the best book on the subject ever written."" -- Worth"

"As lucid and succinct an introduction to investing as any to be found anywhere; it is also elegantly written, and often quite witty."" -- American Spectator" "It's a book readers will happily read over and over, gaining new insights each time... Be careful when you pick it up, you probably won't be able to put it down."" -- Worth" "Destined to become a classic."" -- Fraser Books Bulletin"

Editorial Reviews

From Library Journal

As Train says, bad books on investing make it sound easy. This is not a bad book. Train (The New Money Masters, HarperCollins, 1990) explains that stock investing requires being thorough, tough-minded, and flexible. He covers different investment styles, market cycles, when to buy and sell, managing a portfolio, and even handling estate matters, all from his own unique experiences as investor and investment consultant. Some of the recommendations may be beyond the average investor (such as having one reliable local source of information in a foreign country), as may some of the analysis-e.g., "doing a spreadsheet for each company you own." But in general the work is accessible, realistic, and filled with amusing snippets. You can make something of yourself, argues Train, "if you are always honest, energetic, and careful." May it be so. Recommended.
Alex Wenner, Indiana Univ. Libs., Bloomington
Copyright 1994 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From Booklist

Train's Money Masters (1980) quickly became a classic among books on investing. In that book he analyzed and contrasted successful investors and their theories and suggested which approaches would be most suited to the nonprofessional or small investor. Five years ago he updated his insights in The New Money Masters (1989), and now he sums up his more than 20 years of investment experience in what is certain to become another standard. He explains the differences between value and growth investing and describes the nature or "psychology" of markets. With an appealing, personal style, Train advises against various investment alternatives and strategies and suggests which others should be successful--and at what times. Highly recommended for all public library collections. David Rouse --This text refers to an out of print or unavailable edition of this title.

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Product Details

• Paperback: 224 pages
• Publisher: Collins (October 11, 1995)
• Language: English
• ISBN-10: 0887307612
• ISBN-13: 978-0887307614
• Product Dimensions: 8 x 5.3 x 0.5 inches
• Shipping Weight: 6.1 ounces
• Average Customer Review: 4.4 out of 5 stars  See all reviews (5 customer reviews)
• Amazon Best Sellers Rank: #2,502,164 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

13 of 13 people found the following review helpful:

5.0 out of 5 stars Excellent Read on Investing and Financial Matters, October 12, 1998

By A Customer

This review is from: The Craft of Investing (Hardcover)

This book is an easy to read primer on investing and other financial matters such as estate planning and retirement planning. There are no specific formulas to follow. Rather, the book is loaded with common sense and practical advice. As far as investing, Train as one would expect discusses growth and value investment styles. But there are gems not found in other books such as his comments on emerging markets, real estate and art. Beginning and experienced investors will get alot out of this book. I'm reading it for my second time - always a sign of a good book.

9 of 9 people found the following review helpful:

5.0 out of 5 stars One of the best collections of market wisdom, August 23, 1998

By 

A Customer - See all my reviews

This review is from: The Craft of Investing (Hardcover)

If you are interested in learning the "craft" of investing, Train's masterwork on the subject has got to be the place to begin. Train offers to the reader the tried and true wisdom of the greatest investors of all time: not the speculative or newfangled theories that manefest themselves on the bookshelves all too often. Train's chapters on growth investing and value investing are timeless, and his brilliant (and funny!) chapter on the psyche of investors through the market's cycle is entirely compelling. I have read hundreds of similar books, yet this is one of the few that I return to year after year, and recommend to friends and clients weekly.

5 of 5 people found the following review helpful:

3.0 out of 5 stars Useful book, but not one of Train's best, April 26, 2003

By 

Wayne (N/A) - See all my reviews

This review is from: The Craft of Investing: Growth and Value Stocks, Emerging Markets, Market Timing, Mutual Funds, Alternat (Paperback)

John Train's slim book The Craft of Investing has a title that might mislead some readers into thinking that it is another one of his well-crafted overviews on investing. A good portion of the text, however, deals with topics that are probably most relevant to high networth individuals, family wealth management professionals and private bankers. Other investors will find chapters such as "Family Capital," "The [Trust] Executor's Job," and "How to Use a Safe-Deposit Box" less than relevant.

There are passages that are of interest to a wider audience. The first portion of the book is a brief, but useful survey of different investment styles. Other passages provide an interesting distillation of Train's tips on what makes a good investor, for instance, his advice about reverse engineering the trades of well-regarded institutional investors ("start by piggybacking on the thinking of the best professionals"); keeping a conservative approach to investing (which he says favors " sober, seasoned, careful older people"), and honing of investment skills to a professional level. "Most points are lost on errors, rather than by forcing shots. Since the investor never has to act, he should focus on not making avoidable mistakes." There is not enough meat on the bone here, though, to rank this book as one of Train's better ones. Instead, readers new to his work are better off starting with The Money Masters and The New Money Masters, two books that rank among the best in the investment field.