Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
The Money Masters Paperback – September 1, 1994
The Amazon Book Review
Author interviews, book reviews, editors picks, and more. Read it now
Customers who bought this item also bought
Customers who viewed this item also viewed
"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.
Top customer reviews
There was a problem filtering reviews right now. Please try again later.
1. Jim Rogers - top down investor. Finds countries that have more potential than is generally believed. Short countries that everyone is bullish on. 1. improving. 2. better off than commonly accepted. 3. convertible currency. 4. liquidity. You have to be right as well as different. there has never been as rapid a depreciation/debasement in resevere currency as is happening. the trick to getting rich is correctly sizing up suply and demand. dont lose money. if you do not know the facts, dont play. ben graham - buy a stock when it simply cannot get cheaper. Jim - buy when things will get better.
2. Micheal Steinhardt - strategic trader. "You never make big money in the market without getting in the way of danger" When long - low multiple dull stocks, laggards with recovery potential. When short - best known companies, the arenas of speculative focus, short the whose who? there is so much debt in the world, it will be repudiated and turned equity.
3. Philip Caret - Money Mind. Wants low D/E. If current ratio is low avoids; better than 2-1 in current ratio. no term debt. nothing with a mkt cap below $50m. mgt must own stock. 1. never less than 10 stocks in 5 fields. 2. asess every 6 months. 3. 1/2 of funds in incomne producers. 4. yield is least important factor in analyzing stock. 5. take losses quickly, profits slowly. 6. only invest where u can get details. 7. avoid inside info. 8. get facts not advice. 9. no mechnical formulas. 10. when stocks are high get 50% intofixed deposits. 11. borrow sparingly. 12. keep some cash. mildy pessimistic letter from chairman is good.
4. George Soros - short term volatility is the greatest at turning points and diminishes as a trend becomes established. by the time all the players have adjusted to a set of rules, the rules will have changed again. the essence to understanding markets is actuall an understanding of how the rules are evolving. a bull market survives and rises aboove a number of tests until it appears invulnerable, theit is ripe for a bust. when a stock reflects two pressures, one favourable and one unfavouable, one or the other pressure will prevail in its valuation as the market does assume a neat middle ground, but rather discounts one or the other alternative; so you have to keep both in mind and be prepared for both. the consumer is the last strong component of the economy. fundamental valuation holds that price reflects assets and underlying value, but it too can affect value in a virtuous cycle. reflexivity - perceptions change events which then change perceptions. particpants have an imperfect understanding - fog of war. reflexivity operates best between lender and collateral (the act of lending increases the value of the collateral the loan is based on - this cycle is thrown into reverse in the bust) and regulator and economy (the least regulation is apparent during credit expansions - this is followed by excess regualtion after the bust). classic eoconomic theory does not hold in markets in which there is wide public participation which ebb and flow with group passion. the concept of equilibrium in classical eocnomics is a myth - buying and selling is based on expectations.
boom and busts follow a cycle
1. unrecognised trend
2. self reinforncing reflexive process kicks in
3. a TEST passed
4. growing conviction
5. divergence between reality and perception
7. mirror image self reinforcing cycle in opposite direction.
trend is your friend but contrariness is sig of investor. u know you are getting a bargain if there are no other buyers.
5. Old Money - new money that has learned to survive.
6. George Michaelis - apostle of ROE. markets play the meeting of emotion and intelligence. if you have a weak serve there is no point in coming in to the net behind it - low risk tolerance. buy earning power at a discount. high roe and roa - analyze where does it come from? wana feel for a stock? own it.
7. John Neff - discipline patience and income. bird in hand is the dividend. more certain. a good manager sells more quickly when things are going wrong - even though it is hard to admit that you were wrong. hunt a bargain. low d/e, good cashflow, above avg roe, good mgt, good outlook, god product/service, strong market. leave some on the table.
8. ralph wanger - A. look for good small companies in growth sectors. B. look for trend leaders that will benefit most from trend.
9. peter lynch - has in portfolio - growth, underpriced assets, special situations and depressed cyclicals, defensives in downward market.
growth or value? growth captures a premium in slow times, value captures a discount in growing times.