Does it pay to try to beat the market? In this volume, the author contrasts interviews with investment advisors who don't think the market can be beaten and managers who believe that it can (and whose records prove it). Peter Tanous interviews Wall Street's top money managers who have demonstrated an ability to consistently perform well and Nobel Prize winning economists, to uncover what special skills or talents these individuals bring to bear and what in their backgrounds or investing approach accounts for their success. In addition, he shares the tools of investment consulting business that should enable readers to apply this knowledge to their own investment strategies.
Investment Gurus
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Book Description
Editorial Reviews
Amazon.com Review
It sometimes seems as if there were as many different investment styles in practice today as stocks in which to invest, with virtually every one of them--styles as well as stocks--offering varying levels of appeal to various people. Professional investment consultant Peter J. Tanous has come to understand this after three decades in the field, and in Investment Gurus, he presents a wide range of tactics and strategies that have been developed by acknowledged stock-picking experts. At the heart of this book are Tanous's interviews with 18 top money managers and academics, including Mario Gabelli, William F. Sharpe, Peter Lynch, Laura J. Sloate, and Merton Miller. The book concludes with "Your Roadmap to Wealth," which summarizes the success factors common to each of the money managers interviewed and suggests ways to develop an "intelligent personal investment plan." --Howard Rothman
--This text refers to an out of print or unavailable edition of this title.
From Publishers Weekly
Can a smart money manager working from the outside revive a bankrupt company with his clients' massive capital and a sharp management agenda? Are "value" stocks better than "growth" stocks? Can anyone "beat the market"? Is volatility okay? What about the role of the Internet in trading? These and other questions vital to stock market investors are aired in this remarkable series of interviews with investment industry leaders by Tanous, whose firm, Lynx Investment Advisory, finds money managers for billion-dollar clients. The author brings out the financial background, strategy and tactics of such mutual-fund miracle men as Fidelity Magellan's Peter Lynch ("what happens to the company... happens to the stock"); "momentum" trader Richard Driehaus ("look for earnings surprises") and "Super Mario" Gabelli, who champions "intrinsic private market value." Other big-name trader/managers also speak out freely here. In closing, the author constructs sample "portfolios" of guru-managed mutual funds for the reader's consideration. $50,000 ad/promo; author tour.
Copyright 1996 Reed Business Information, Inc.
Copyright 1996 Reed Business Information, Inc.
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Most Helpful Customer Reviews
11 of 11 people found the following review helpful:
5.0 out of 5 stars
By far the best "Interviews with Money Managers" book,
By alexthevc (Los Angeles, CA USA) - See all my reviews
This review is from: Investment Gurus: A Road Map to Wealth from the World's Best Money Managers (New York Institute of Finance) (Paperback)
Tanous's effort is far superior to the other collections of interviews with money managers. Most books of this sub-genre fall into two categories, depending on the author. The first type of author is usually a journalist who knows little about the disciplines of stock picking and running investment funds, and you are usually hard pressed to find any new insight in their books, because they don't know how to ask their subjects the really insightful questions. The second type, which I'll call the John Train style, has a sophisticated investor/fund consultant doing the interviews, and can often produce real insight from the interviewees. The problem with many of these books, and Train's in particular, is that the author is often not trying to interview the successful money managers. Instead, authors like Train are often trying to play gotcha! with their interviewees, subjecting them to asinine questions and frequently diverging from the topics that made you buy their book in the first place. The Money Masters by Train is so full of political tangents and Train's forcing his opinion on the likes of Peter Lynch and Warren Buffett that I've wanted to scream at him at some points.In contrast, Tanous knows how to ask questions that are of interest to professional and serious amateur investors, and he knows how to stay on topic. He does ask every interviewee about the efficient market hypothesis, but that's a theme of his book and can be excused. What you get from Tanous is an interviewer who knows how to ask really penetrating, really revealing questions of the world's best money managers, and the humility to realize that his readers don't want to know what he, Tanous, thinks, but what his interviewees think! What's more, he managed to get interviews with at least two money managers--Bruce Sherman of Private Capital Management and Scott Sterling Johnston of Sterling Johnston Asset Management--that have excellent track records but who speak very, very rarely to the press. There is real value to Tanous's book, and I'm a better investor for having read it. Serious investors should still read Train's books for their revealing interviews with Buffett, Templeton, Lynch and others, but in Tanous's book, you have all the strengths of the Train books without any of the that author's obvious, glaring shortcomings as a writer and interviewer.
16 of 21 people found the following review helpful:
3.0 out of 5 stars
Very amusing!,
By A Customer
This review is from: Investment Gurus: A Road Map to Wealth from the World's Best Money Managers (New York Institute of Finance) (Paperback)
Most of the interviews in this book appear to have been conducted in 1996.I checked as many of the managers/funds as I could on Morningstar (some of managers have private equity funds, and therefore are not available on Morningstar), and it appears that most of the managers described here have underperformed the market since 1996. Some of the funds (e.g. Linder) have gone out of business or dramatically restructured due to poor performace. Since one of the major themes of the book is to pit the efficient market theory/passive manager (Fama/French/DFA) types against active managers, and the author seems to side with active managers over passive, this is very amusing. It seems that time has proven the contrary of the point the author chose to make.
3 of 3 people found the following review helpful:
5.0 out of 5 stars
Highly Recommended!,
This review is from: Investment Gurus: A Road Map to Wealth from the World's Best Money Managers (New York Institute of Finance) (Paperback)
Peter Tanous features interviews with 18 individuals he identifies as top, common stock investment consultants - or "gurus." His choices are based on his work as a consultant identifying investment advisers for corporations. The consultants he selected for this book represent the major stock investing approaches as growth, value or momentum investors. The interview format lets them speak for themselves. He briefly introduces the book with a primer on basic investment terms and principles, and a summary of major themes. We at getAbstract find the range of views shown very helpful, but note that the book suffers from overwriting and a lack of focus and editing. Some tightening would help highlight the main points in the long interviews. The introduction and conclusion are long and general, and a clearer, more detailed summary would be very welcome. Yet, the book offers a lot of information for the average serious investor, much of it straight from the mouths of some very important horses.
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