- Paperback: 400 pages
- Publisher: HarperBusiness (September 1, 1994)
- Language: English
- ISBN-10: 0887306373
- ISBN-13: 978-0887306372
- Product Dimensions: 5.5 x 1 x 8.2 inches
- Shipping Weight: 12.8 ounces
- Average Customer Review: 7 customer reviews
- Amazon Best Sellers Rank: #1,129,526 in Books (See Top 100 in Books)
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 New Money Masters Paperback – September 1, 1994
Customers who bought this item also bought
Customers who viewed this item also viewed
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.
Showing 1-7 of 7 reviews
There was a problem filtering reviews right now. Please try again later.
The book contains an interesting hodgepodge of chapters. Frankly, I'd only heard of George Soros and Peter Lynch before reading this, but now I know about Jim "Up with commodities and China . . . and by the way, I don't like people" Rogers (lose the bowtie, man) and John Neff (who I just saw in a Jan. 2009 issue of "Fortune" magazine). Not only do you get brief biographies of each man, but you get insight into their investment philosophies and techniques.
By far the least comprehensible "guru" is George Soros. He's a genius, crazy, lucky or some combination of all three. Frankly, I had no idea what he was talking about most of the time and--if reviews of his "The Alchemy of Finance" are accurate--few others do, either.
At least when you read the Peter Lynch section, he doesn't constantly say "four-bagger," "ten-bagger" and "twenty-bagger" like he so often does in "One Up on Wall Street." As in that book, he talks about Dunkin' Donuts and companies that make caskets or breed rats for experimentation as good investments.
There are two interesting sections that don't discuss investment gurus per se. These are "Old Money" and "Managing Harvard's Money." The first talks about firms that manage rich people's money and how, over time, the investments tend to become safer over time (preserving existing capital rather than risking it) and how the freeloading, spoiled children of the rich are always pawing over Mom and Dad's loot. The other section is self-explanatory.
The conclusions of the book are seeping with sagacity, my fellow investing friends. Train considers the widely varying philosophies of the men he has interviewed, generates some observations and makes a few recommendations.
I would encourage everyone to understand the difference from this book and its predecessor. This book is primarily focused on investors that became household names in the 1980s such as: Jim Rogers, Michael Steinhardt, Philip Caret, George Soros, George Michaelis, John Neff, Ralph Wanger, and Peter Lynch.
The prior book, The Money Masters, deals with Golden Age investors who, for the most part, attained their reputations prior to the crash of 1973 and 1974.
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 biggest brand name interviewed here, for most, is Peter Lynch who ran Fidelity's flagship Magellan fund. Lynch pioneered a consumer approach to the investing process and invested using a hybrid of the growth and value style that has come to be known within the industry as GARP, standing for Growth At A Reasonable Price. Both Soros and Rogers have fairly interesting ideas about the nature of investing and the sentiment behind it. Both of them worked at Soros' Quantum Fund, which was the largest and most successful hedge fund for decades and left both of them extremely rich.
If anyone is interested in books on the people behind the financial industry read Money Masters, New Money Masters, Predators Ball, Money Culture, Den of Theives and F.I.A.S.C.O. 25 Investment Classics and Goldman Sachs: the Culture of Success are other notable books. I gave the book 4 stars because, while it was very concise and well written I didn't find any information within the book that was of great help to me. It was entertaining and informative but not ground breaking or made me say "AH HAH" or have that light bulb go off in my head.
good to see efforts like these highlighted in the newest go-go era, in which for a lucky few- monster payoffs, quickly, were more common than lottery winnings. [ I know more than a couple who've gone from 15 to 500 in a virtual heartbeat, sometimes with no more conviction than : 'Sure, why not!! ' That's not how these people scored. Nor how most of us ever will.]
Regarding, Train- I'd be inclined to buy a book of his blindly; can't imagine him disappointing.