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The
New Money Masters
By John Train
HarperBusiness, 1994 - 416 pages
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. 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. |
