- Publisher: Penguin Books (1983)
- ASIN: B000GPUVEE
- Average Customer Review: 4.6 out of 5 stars See all reviews (14 customer reviews)
- Amazon Best Sellers Rank: #15,685,978 in Books (See Top 100 in Books)
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THE MONEY MASTERS Paperback – 1983
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Top Customer Reviews
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.")
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.Read more ›
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.Read more ›
Most Recent Customer Reviews
Item was received on time and was as described. I had no problems in the purchase or in receiving this product.Published on March 31, 2013 by Done
I first read John Train's "The Money Masters" in 1981 as a novice investor. Today, 31 years later, I pull that book from my bookshelf and reread the same hardcover copy that is... Read morePublished on June 30, 2012 by Alan Lattanner
In this book, John Train details the lives and asks about the investing strategies of nine great investors. Read morePublished on February 18, 2011 by big reader