- Paperback: 400 pages
- Publisher: HarperCollins Canada / Finance; New edition edition (Sep 22 1994)
- Language: English
- ISBN-10: 0887306373
- ISBN-13: 978-0887306372
- Product Dimensions: 20.1 x 13.5 x 2.5 cm
- Shipping Weight: 363 g
- Average Customer Review: 4.2 out of 5 stars See all reviews (5 customer reviews)
- Amazon Bestsellers Rank: #384,405 in Books (See Top 100 in Books)
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Product Details |
Product Description
Review
The New Money Masters is John Train's second compilation of interviews with successful investors, including the famous, the infamous, and some that are relatively unknown except to a select few. It focuses on a group of investing champions that became household names in the 1980s, while his first compilation, The Money Masters, deals with Golden Age investors who, for the most part, attained their reputations prior to the crash of 1973 and 1974.
Train's writing is crisp and entertaining, and his synopses of the lengthy interviews with investment luminaries contain many pearls of wisdom applicable to any investor's philosophy. That Train himself is an accomplished investor in his own right allows him to bring a level of insight and perspicacity to the effort that a traditional financial writer or business journalist might not have captured.
The New Money Masters launches into the crazy heyday of the 1980s, covering some names that the term trader, rather than investor, might apply more readily. The biggest brand name interviewed here is Peter Lynch, an author in his own right who attained fame for his performance with 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. Another mutual fund giant profiled in the book is John Neff, whose performance with Vanguard's flagship Windsor fund firmly illustrates that a countercyclical approach can actually consistently outperform the market. Neff is most famous for buying cyclical companies' stocks at their lows and then holding them for three to five years to make money.
The New Money Masters diverges from The Money Masters in that it discusses names like George Soros, Jimmy Rogers and Michael Steinhardt, some of the more famous traders of our age. Soros and Rogers are famous for beginning the market-smashing Quantum fund, a hedge fund limited to less than a 100 investors able to pay the million dollar-plus price to get in. Quantum did wonderful things like putting most of its assets short the English pound. Both Soros and Rogers have fairly interesting ideas about the nature of investing and the sentiment behind it, although I must confess a personal distaste for Sorosian philosophical leanings, as they tend to exhibit everything about Continental philosophy since 1900 that I dislike. However, Soros and Rogers provide key insights into the factors that result in specific equities becoming mispriced, information that allows the individual investor to recognize the very regimented process of investing. -- The Motley Fool, Randy Befumo
Book Description
John Train's The Money Masters is one of the most widely read investment books in history. In The New Money Masters, Train describes the technique of today's investment wizards, from Peter Lynch to George Soros. Revealed are the advantages of over-the-counter issues, the best ways to invest in foreign stocks and in newly industrialization countries, how the masters determine when the market is too high or too low, and how to lay out the key facts about a company in order to understand it most easily.
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Most helpful customer reviews
4.0 out of 5 stars
Good but nothing mind blowing,
By
This review is from: New Money Masters Ri (Paperback)
If you want to read a concise book about the investment styles and philosophies of recent great 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 Money Masters, its predecessor. 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. 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.
5.0 out of 5 stars
winning investment strategies ? start with blood and sweat,
By "ragingstevek" (louisville, KY USA) - See all my reviews
This review is from: New Money Masters Ri (Paperback)
sorry if you expected a how-to in 25 words or less; the guys highlighted within could think- arriving at creative solutions, work obsessively or at least- with discipline [ check out Rogers' work sheet in the appendix..], and were rock solid in their convictions .....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.
2.0 out of 5 stars
Dont expect much, or simply dont expect at all,
This review is from: New Money Masters Ri (Paperback)
I read The New Money Masters after the Market Wizards and the New Market Wizards. When I saw "winning investment strategies of: Soros, Lynch, Rogers, etc etc on the front cover, I immediately bought it. Like any trader who jumps into the market without a plan or thorough study, I lost this trade. Train tried to portrait what's in the masters brains but he failed. Even worse, his writing skill had been quite bad to convince me to complete the whole book. Well, how am I supposed to expect something from a 379 page book that carries 147 pages of appendix?
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