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The
Money Masters
By John Train
HarperBusiness, 1994 - 301 pages
If you want to read a concise book about the investment
styles and philosophies of historic "golden age"
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 New Money
Masters, its counterpart that
highlights investors post 1975 or so.
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 via the
companies that are their legacy: Warren Buffett, Paul Cabot,
Philip Fisher, Benjamin Graham, Stanley Kroll, T. Rowe Price,
John Templeton, 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. Warren Buffett stands as one of the first great
synthesizers of the ideas of both Graham and Fisher, while
other investors like Larry Tisch represent variations on one
particular strand, in Tisch's case that being value-investing. |
