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The Money Masters by John Train: A Book Review

If you are interested in learning from some of the most successful investors of all time, you might want to read The Money Masters by John Train. This book, first published in 1980, profiles nine great investors who have achieved remarkable results in the stock market. In this book review, we will summarize what the book is about, who the author is, who the nine investors are, what their winning strategies are, and what we can learn from them. We will also provide some links where you can download the book in PDF format for free.

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Introduction: What is the book about and who is the author?

The Money Masters is a classic book on investing that reveals the secrets of nine legendary investors who have made fortunes in the stock market. The book covers their backgrounds, personalities, philosophies, methods, techniques, examples, and advice. The book aims to show how these investors have different styles and approaches, but share some common traits and principles that make them masters of their craft.

The author of the book is John Train, a renowned investor, author, and financial journalist. He has written several books on investing, such as The Craft of Investing, The New Money Masters, The Midas Touch, and Money Masters of Our Time. He has also written hundreds of columns for various publications, such as The Wall Street Journal, Forbes, The New York Times, Harvard Magazine, and The Financial Times. He is the founder of Train, Smith Investment Counsel and the chairman of Montrose Advisors, both based in New York. He has also served as a director of several government agencies and mutual funds.

Summary: What are the main points and lessons of the book?

The main points and lessons of the book are: - There is no one best way to invest in the stock market. Different investors have different styles, preferences, goals, risk tolerances, time horizons, and personalities. The key is to find a style that suits you and stick to it. - However, there are some common characteristics that all successful investors share. These include: discipline, patience, independence, curiosity, courage, humility, honesty, and learning from mistakes. - Successful investors also follow some general principles that guide their decisions. These include: doing thorough research and analysis, looking for value and quality, diversifying across sectors and regions, buying low and selling high, ignoring market noise and emotions, and compounding returns over time. - Successful investors also use some specific techniques that help them execute their strategies. These include: screening for stocks based on certain criteria, using margin of safety and intrinsic value calculations, applying fundamental and technical analysis tools, using checklists and filters to avoid biases and errors, seeking expert opinions and advice from others, and keeping records and journals of their trades and performance.

Analysis: How does the book compare to other books on investing and finance?

The book compares favorably to other books on investing and finance for several reasons: - The book is based on real-life examples and case studies of actual investors who have proven track records of success. The book does not rely on theories or models that may not work in practice or may be outdated or irrelevant. - The book covers a wide range of investors who have different styles and approaches. The book does not favor one style over another or claim that one style is superior to another. The book shows that there are many ways to succeed in the stock market. - The book is written in a clear, concise, and engaging style that makes it easy to read and understand. The book does not use jargon or technical terms that may confuse or intimidate readers. The book uses simple language and explanations that anyone can follow. - The book is timeless and relevant for today's investors. The book was first published in 1980, but the lessons and insights are still applicable today. The book shows that the principles and techniques of successful investing do not change much over time or across markets.

Conclusion: What are the main takeaways and recommendations from the book?

The main takeaways and recommendations from the book are: - If you want to become a successful investor in the stock market, you should learn from the best. You should study the lives, philosophies, methods, techniques, examples, and advice of the nine great investors featured in this book. - You should also find your own style and approach that suits you best. You should not blindly copy or imitate others. You should develop your own criteria, rules, systems, processes, habits, and routines that work for you. - You should also follow some common characteristics and principles that all successful investors share. You should be disciplined, patient, independent, curious, courageous, humble, honest, and willing to learn from your mistakes. You should also do your homework, look for value and quality, diversify your portfolio, buy low and sell high, ignore market noise and emotions, and compound your returns over time. - You should also use some specific techniques that help you execute your strategy. You should screen for stocks based on certain criteria, use margin of safety and intrinsic value calculations, apply fundamental and technical analysis tools, use checklists and filters to avoid biases and errors, seek expert opinions and advice from others, and keep records and journals of your trades and performance. If you follow these 71b2f0854b