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Title: Investment Gurus: A Road Map to Wealth from the World's Best Money Managers by Peter J. Tanous, Richard C. Breeden, Andrew P. Tobias ISBN: 0-7352-0069-6 Publisher: Prentice Hall Press Pub. Date: January, 1999 Format: Paperback Volumes: 1 List Price(USD): $16.00 |
Average Customer Rating: 4.15 (13 reviews)
Rating: 5
Summary: By far the best "Interviews with Money Managers" book
Comment: Tanous's effort is far superior to the other collections of interviews with money managers. Most books of this sub-genre fall into two categories, depending on the author. The first type of author is usually a journalist who knows little about the disciplines of stock picking and running investment funds, and you are usually hard pressed to find any new insight in their books, because they don't know how to ask their subjects the really insightful questions. The second type, which I'll call the John Train style, has a sophisticated investor/fund consultant doing the interviews, and can often produce real insight from the interviewees. The problem with many of these books, and Train's in particular, is that the author is often not trying to interview the successful money managers. Instead, authors like Train are often trying to play gotcha! with their interviewees, subjecting them to asinine questions and frequently diverging from the topics that made you buy their book in the first place. The Money Masters by Train is so full of political tangents and Train's forcing his opinion on the likes of Peter Lynch and Warren Buffett that I've wanted to scream at him at some points.
In contrast, Tanous knows how to ask questions that are of interest to professional and serious amateur investors, and he knows how to stay on topic. He does ask every interviewee about the efficient market hypothesis, but that's a theme of his book and can be excused. What you get from Tanous is an interviewer who knows how to ask really penetrating, really revealing questions of the world's best money managers, and the humility to realize that his readers don't want to know what he, Tanous, thinks, but what his interviewees think! What's more, he managed to get interviews with at least two money managers--Bruce Sherman of Private Capital Management and Scott Sterling Johnston of Sterling Johnston Asset Management--that have excellent track records but who speak very, very rarely to the press. There is real value to Tanous's book, and I'm a better investor for having read it. Serious investors should still read Train's books for their revealing interviews with Buffett, Templeton, Lynch and others, but in Tanous's book, you have all the strengths of the Train books without any of the that author's obvious, glaring shortcomings as a writer and interviewer.
Rating: 3
Summary: Very amusing!
Comment: Most of the interviews in this book appear to have been conducted in 1996.
I checked as many of the managers/funds as I could on Morningstar (some of managers have private equity funds, and therefore are not available on Morningstar), and it appears that most of the managers described here have underperformed the market since 1996. Some of the funds (e.g. Linder) have gone out of business or dramatically restructured due to poor performace. Since one of the major themes of the book is to pit the efficient market theory/passive manager (Fama/French/DFA) types against active managers, and the author seems to side with active managers over passive, this is very amusing. It seems that time has proven the contrary of the point the author chose to make.
Rating: 5
Summary: Highly Recommended!
Comment: Peter Tanous features interviews with 18 individuals he identifies as top, common stock investment consultants - or "gurus." His choices are based on his work as a consultant identifying investment advisers for corporations. The consultants he selected for this book represent the major stock investing approaches as growth, value or momentum investors. The interview format lets them speak for themselves. He briefly introduces the book with a primer on basic investment terms and principles, and a summary of major themes. We at getAbstract find the range of views shown very helpful, but note that the book suffers from overwriting and a lack of focus and editing. Some tightening would help highlight the main points in the long interviews. The introduction and conclusion are long and general, and a clearer, more detailed summary would be very welcome. Yet, the book offers a lot of information for the average serious investor, much of it straight from the mouths of some very important horses.
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Title: Investment Visionaries: Lessons in Creating Wealth from the World's Greatest Risk Takers by Peter J. Tanous, James V. Kimsey ISBN: 0735203032 Publisher: Prentice Hall Press Pub. Date: 26 August, 2003 List Price(USD): $27.00 |
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Title: Value Investing With the Masters: Revealing Interviews With 20 Market-Beating Managers Who Have Stood the Test of Time by Kirk Kazanjian ISBN: 0735203210 Publisher: Prentice Hall Press Pub. Date: 30 April, 2002 List Price(USD): $26.00 |
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Title: Investment Titans: Investment Insights from the Minds that Move Wall Street by Jonathan R. Burton ISBN: 0071354964 Publisher: McGraw-Hill Trade Pub. Date: 02 November, 2000 List Price(USD): $24.95 |
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Title: Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher ISBN: 047111927X Publisher: John Wiley & Sons Pub. Date: 28 May, 1996 List Price(USD): $19.95 |
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Title: The Essays of Warren Buffett : Lessons for Corporate America by Warren Buffett, Warren E. Buffett, Lawrence A. Cunningham ISBN: 0966446119 Publisher: Lawrence A. Cunningham (The Cunningham Group) Pub. Date: 11 April, 2001 List Price(USD): $25.00 |
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