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The Money Masters Paperback – September 1, 1994


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Product Details

  • Paperback: 301 pages
  • Publisher: HarperBusiness (September 1, 1994)
  • Language: English
  • ISBN-10: 0887306381
  • ISBN-13: 978-0887306389
  • Product Dimensions: 8 x 5.3 x 0.8 inches
  • Shipping Weight: 8.8 ounces
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Best Sellers Rank: #519,743 in Books (See Top 100 in Books)

Editorial Reviews

Review

"Highly readable and valuable ....best one in the investment field I have read in years." -- --Paul Erdman,New York Times

About the Author

John Train founded Train, Smith Investment Counsel and is chairman of Montrose Advisors, both of New York. His bestselling books on investing include The Craft of Investing, The Money Masters, The New Money Masters, and The Midas Touch. He has written several hundred columns for The Wall Street Journal, Forbes, The New York Times, Harvard Magazine, The Financial Times, and other publications. He is a part-time director of two independent government agencies reporting directly to Congress and of several emerging market mutual funds. He lives in New York, spends summers in Maine, and travels frequently to Europe, Asia, and South America.


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Customer Reviews

4.4 out of 5 stars
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Most Helpful Customer Reviews

25 of 25 people found the following review helpful By S. Schneider on December 12, 1999
Format: Paperback Verified Purchase
I studied Ben Graham, Warren Buffett and Phil Fisher fairly carefully and came to this book after the fact. And I was surprised how thoroughly John Train neatly encapsulates the approaches of these investment masters. The chapter on Ben Graham may in fact be the definitive place to start one's study of this great thinker's initially intimidating body of work.
I'd give the book 5 stars, but the author sometimes uses finance terms loosely when clarity is absolutely critical (when he's describing key financial insights). For instance, in the chapter on Warren Buffett, Train notes that one of the ways Buffett distinguishes winners from losers via the balance sheet is to make sure payables are more than offset by receivables. Train's description appears to provide a key insight, but it's vague to the point of being meaningless. (He does it again in his follow-up book THE NEW MONEY MASTERS when in a discription of how Train's firm estimates approximate growth in unit sales from financial statements, he writes that he multiplies "the retained operating margin on sales and the turnover rate of gross operating assets.")
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9 of 11 people found the following review helpful By Dan E. Ross on February 27, 2002
Format: Paperback
If you want to read a concise book about the investment styles and philosophies of historic "golden age" investors this book might be the one for you. Any student considering asset management as a career should read this one as well as The New Money Masters, its counterpart that highlights investors post 1975 or so.
I would encourage everyone to understand the difference from this book and its latter brother, the NEW MONEY MASTERS. This book is primarily focused on investors that became household names via the companies that are their legacy such as T. Rowe Price, John Templeton and Warren Buffett. Other notable investors are Paul Cabot, Philip Fisher, Benjamin Graham, Stanley Kroll, Larry Tisch, and Robert Wilson. If you want to know how the experts do it, this is a great anthology to get you started. Listen to the best and forget the rest!
Both of Train's books are in the form of interviews he has with them. Train's writing is crisp and entertaining, and his interviews uncover many pearls of wisdom applicable to any investor's philosophy.
The Money Masters covers the origins of the value and growth philosophies of investing that many managers practice variations of today. The sections on Ben Graham and Sir John Templeton both outline the development of the fundamental approach to valuation as well as its original application in stock markets throughout the world. Phil Fisher and T. Rowe Price represent the two most celebrated proponents of what has come to be known as the growth strategy, adding the additional rigor of another layer of criteria to the value-style approach.
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5 of 6 people found the following review helpful By A Customer on January 1, 1999
Format: Paperback
The Money Masters by John Train describes the winning strategies of nine excellent investors.  The investors described include:Warren Buffett, Paul Cabot, Philip Fisher, Benjamin Graham, Stanley Kroll, T. Rowe Price, John Templeton, Larry Tisch, and Robert Wilson.  If you want to know how the experts do it, this is a great anthology to get you started. Listen to the best and forget the rest!
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8 of 11 people found the following review helpful By Steven R. Becker on February 10, 2000
Format: Paperback Verified Purchase
Perhaps the best place to start learning about investing. Read the conclusions first, then read the book, then re-read the conclusions. Peter Lynch said he read this book 3 times. I have read it probably 5 times over the years (Lynch may have caught up by now). I would give this more than 5 stars if I could. After reading the Money Masters, then you may be ready for The Intelligent Investor (Graham), A Random Walk down Wall St (Malkiel), & Where are the Customers Yachts (Schwed). then start investing for real. VERY readable, VERY enjoyable, BEST insights.
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