- Hardcover: 240 pages
- Publisher: Kaplan Business; First Edition edition (June 19, 2000)
- Language: English
- ISBN-10: 0793137152
- ISBN-13: 978-0793137152
- Product Dimensions: 6 x 0.6 x 9 inches
- Shipping Weight: 1.3 pounds (View shipping rates and policies)
- Average Customer Review: 15 customer reviews
- Amazon Best Sellers Rank: #1,507,238 in Books (See Top 100 in Books)
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Lessons from the Legends of Wall Street : How Warren Buffett, Benjamin Graham, Phil Fisher, T. Rowe Price, and John Templeton Can Help You Grow Rich Hardcover – June 19, 2000
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From Publishers Weekly
The five investors named in the subtitle of this book are undoubtedly among the most influential American investors of the 20th century: Graham and Fisher primarily as teachers, the other three for building large, successful investment companies. Ross summarizes their methods, then presents a composite version of their strategies. Is such a "greatest hits" compilation useful? After all, three of these investors have written their own books, and one could fill a small library with works by their interpreters and disciples. Many investment students will still find this book valuable as a starting point or as an accessible alternative to the originals. Ross packs a large fraction of each investor's ideas into an average of 45 pages, including enough details and formulas to make the ideas usable, yet the book is still easy to read. Benjamin Graham, by contrast, can be tedious to read and Warren Buffett is fond of dropping aphorisms that sound indisputable but provide little useful guidance for real investment decisions. One advantage here is that each method is broken down into three systematic steps, making it easy to see the commonalities and departures of each system. Biographical information is also included, giving context to the teachings. Purists will justifiably complain that this approach does not adequately capture the essence of each investor, and some will argue that grasping this essence makes all the difference between serious, disciplined investing and dilettantism. But most readers will find at least some useful insights. (Sept.)
Copyright 2000 Reed Business Information, Inc.
From the Publisher
"Nikki Ross has wisely simplified most of the commonsense policies used by famous investors for the best long-term results."
John M. Templeton Founder, Templeton Mutual Funds The Templeton Foundation
Nikki Ross has captured the spirit of our founder and provides valuable information for investors of stocks as well as mutual funds.
George A. Roche Chairman, T. Rowe Price Associates, Inc.
Would you like to learn about investing and have fun too? With decades of Wall Street wisdom woven into this delightful book, I learned lessons, and relearned and remembered my way back to being a better investor. Thank you, Nikki, and thank you legends.
Gail M. Dudack Chief U.S. Strategist and Managing Director, UBS Warburg LLC and Guest commentator, CNBC, PBSs Nightly Business Reports and CNNs Moneyline
Nikki Ross tells how the great investors achieved success and provides a plan for investors to apply the information. This book is a must-read for NAIC members and belongs on the shelf of every investor.
Thomas E. OHara Chairman of the Board of Trustees, National Association of Investors Corporation (NAIC)
Take all this hero worship with a grain of salt; but take it. I wish there were books like this around in the first decade of my investment career.
Kenneth L. Fisher Founder and CEO, Fisher Investments, Inc., and Forbes Portfolio Strategy Columnist
This book is a worthwhile read for anyone who takes their investments and money seriously.
Muriel F. Siebert President and Chairwoman, Siebert Financial Corp.
The legends advice will help you to make wise decisions. I suggest every serious investor buy a copy of this book and give one to friends and family members.
Vern Hayden, CFP Past Chairman National Endowment for Financial Education, and Regular guest advisor, CNBC, NBC, and Bloomberg
Provides unprecedented insights into the best financial minds of our timemust reading for all investors.
Christopher L. Hayes, Ph.D. Founder and Director, National Center for Women & Retirement Research
(endorsements continued inside)
All investors can benefit from studying how others have made fortunes in the market, and Lessons from the Legends is an excellent way to discover the strategies of five of Americas best known stock market investors. Use this book to see how you can adapt the strategies of Graham, Buffett, Price, and the others to help your own portfolios. You will surely benefit from it.
Stephen Sanborn Director of Research, Value Line Publishing, Inc.
Over a 35 year career in equity investing, I have come across few books which I have found to be useful. This book is one of the few. It belongs on my very short list of recommended reading for any serious investor.
Philip K. Swigard Berkshire Hathaway Shareholder and Private Investor
If you want to understand literature, you study the great authors; music, the great composers. Why, then, do most investment courses ignore the great investors and instead preach the efficient market theory, which tells us no one can beat the market and ignore those who do? Thankfully, Nikki Rosss Lessons from the Legends of Wall Street helps to right the score. Youll find more practical advice in this one book than in a dozen academic investment texts.
Don Phillips CEO, Morningstar, Inc.
Well done! An excellent book for the investing public. The blend of biography and academic text is unique. It makes learning more fun.
T. Wayne Whipple, CFA Executive Director, The New York Society of Security Analysts, Inc.
Articulating lessons from the deans of the investment world, this wonderful how-to book is a remarkable resource for investors.
Bernadette B. Murphy Chief Market Analyst, Kimelman & Baird LLC and Regular panelist on Wall $treet Week with Louis Rukeyser
The markets always remind us of the necessity of wise investment counsel. The insights offered by the investment Dream Team put together by Nikki Ross are as timely as they are brilliant. The wisdom and insights of these five legends can help consultants, money managers, financial advisors, stockbrokers, and most importantly the investor, develop successful investment strategies. I thoroughly enjoyed reading this outstanding and informative book and recommend it to all types of investors.
Michael T. Dieschbourg CIMA, Consulting Group, Salomon Smith Barney
Nikki Ross has meticulously mined the gold from some of the richest veins in modern timesand has refined it in a way that makes it valuable for all who want to invest intelligently. Shes made required reading for the experienced investor understandable for the novice.
Ellis Traub Chairman, Inve$tWare Corporation
Entertaining and informative, five legendary investors speak to you through Nikki Ross. She details the strategies they used to acquire and preserve their fortunes and explains how you can create your own blueprint for wealth. I highly recommend it.
Gail Liberman Syndicated columnist and author of Rags to Riches: Motivating Stories of How Ordinary People Achieved Extraordinary Wealth!
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If you already know who Warren Buffett, Benjamin Graham, Phil Fisher, T. Rowe Price, and John Templeton are and what their investment styles are or were, you don't need this book. If these people or the details of their work are unfamiliar to you, this book will serve as a good introduction to those perspectives. It will also take you less time to study than reading the more definitive works on these people. If any of the approaches excite you, I suggest you go in for more depth elsewhere.
What is unique and valuable about this book is an attempt to blend the styles into one you can use to pick stocks and bonds. I thought that it was done reasonably well. Each investor is laid out in the same format, and then the results are summarized in the last part of the book. Basically, you are shown how to gather and evaluate the most appropriate information, and then to make a decision based on your evaluation.
There is also some good material to help you understand your risk profile, so you can focus on the relevant types of investments for you. There are also some questions to fill out like those that financial planners often use (that should be no surprise, given that the author is a certified financial planner).
My only concern is that this book could encourage you to try to do too much of your own investment picking and monitoring. Most people don't want to be that involved. And most people don't have the time or interest to do the job well, even if they want to. Although it is exciting to think about getting great investment returns, the odds are actually against you. If great results interest you, even after those caveats, I suggest you read ChangeWave Investing and think about putting 10 percent or less of your money into that approach. It could be the outstanding result that will become equally respected with the past greats in the future.
In any case, enjoy using this well done book to overcome your misconception, disbelief and procrastination stalls about personal investing. Your brief apprenticeship with the masters outlined in this book will give you a better understanding of what successful investment processes have looked like. Then see if they fit you.
Live long and prosper!
The book is divided into 6 parts on one each of these legends and another on how to combine the knowledge of these experts. The sections are organized in an interesting way first off you learn what some of the stocks the well known investor has bought and why they met their purchasing criteria. There is also a nice 3 steps to how you can use their methods in your investments, this in turn is organized by:
1. Gathering information (this part it almost worthless in my opinion since it is very similar for each of the investors)
2. Evaluate (this is the best part of each of the areas in the book, you learn the questions these masters would ask a company and themselves. It's very good.)
3. Making decisions discusses how the masters decide when to buy and sell the stock.
This book and "The Money Masters" by John Train are interesting reads if you enjoy learning about the careers and wisdom these masters are willing to share.
I believe this book wouldn't be very useful for strict CAN SLIM investors or day traders but good for the buy and hold or long term growth and value investors it definitely shows you some of the possibilities.
Additionally, the author's calculations of financial ratios are way off. For example, she defines free cash flow as "cash flows minus dividends." Huh? She also states that operating profit before depreciation is a "more conservative" measure of profit margin than operating profit after depreciation. I stopped reading the book after about 30 pages. Glad I borrowed it from the library.