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Peter Lynch is America's number-one money manager. The former star manager of Fidelity's multibillion-dollar Magellan Fund, Lynch reveals how he achieved his spectacular record. His mantra is Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research. By simply observing business developments and taking notice of your immediate world, from the mall to the workplace, you can discover potentially successful companies before professional analysts do. This jump on the experts is what produces "ten-baggers," the stocks that appreciate tenfold or more and turn an average stock portfolio into a star performer.
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An important key to investing, Lynch says, is to remember that stocks are not lottery tickets. There's a company behind every stock and a reason companies, and their stocks, perform the way they do. In this book Peter Lynch shows you how you can become an expert in a company and how you can build a profitable investment portfolio, based on your own experience and insights and on straightforward do-it-yourself research. There's no reason the individual investor can't match wits with the experts, and this book will show you how.
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John Train's status as an investment wizard is the result of decades of stock market investing and investment counselling. The Craft of Investing is the ultimate treatise on how to invest well, outlining Train's key strategies and the principles that have brought him success. He addresses everything from the psychology of the market to practical portfolio management tips. He explains growth investing, value investing, when to buy and when to sell, estate planning and shows how to build wealth and value systematically. Authoritative and practical, Train's analysis of winning techniques will help every investor.
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Here are insights into nine of the most successful investors of our time, Benjamin Graham, Warren Buffett, John Templeton, and Philip Fisher, among others. In these fascinating profiles John Train reveals the unique investment styles that have made each a master: the traits that distinguish them from the crowd and the techniques that create the single characteristic unifying them all, consistently profitable investments. Their methods, Train reveals, include those both the non-professional and the seasoned investor can apply for profit.
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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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John Train once again displays his ability to explain clearly the strategies, experience, and human qualities of those money masters who have stood the test of time, as well as newer ones. He brings together experts who represent various investment "schools", growth, value, technology, emerging markets, specialty companies, micro-caps, turnarounds, top down, bottom tip, and others, clarifying their similarities and differences and showing how different methods and techniques work. Whether contrasting the long-term approach of Warren Buffett, with the "relentless pursuit" style of Peter Lynch or distilling the principles of market timing or expounding a list of investment "don'ts," John Train makes the collective wisdom of the greatest, most successful investors available to all, professional and amateur alike. Money Masters of Our Time covers the investment methods of: T. Rowe Price, Warren Buffett, Paul Cabot, Philip Carret, Philip Fisher, Benjamin Graham, Mark Lightbown, Peter Lynch, John Neff, Richard Rainwater, Julian Robertson, Jim Rogers, George Soros, Michael Steinhardt, John Templeton, Ralph Wanger, and Robert Wilson. He focuses on their investment techniques and also gives critical evaluations.
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In Buffettology, Mary Buffett details Warren Buffett's approach to investing. It's a style of investing based on the work of Benjamin Graham and one that requires a quality that most investors lack, discipline. Citing many fascinating case histories and examples, Buffettology shows us what kinds of companies Buffett looks for and why, and which he avoids and why. The authors show us the mathematical models and equations Buffett uses to determine the basic value and earnings potential of his final choices (and the right price to pay, for which he is willing to wait). We also learn how with the aid of an inexpensive, widely available handheld calculator, anyone can do similar equations.
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Robert Hagstrom presents an in depth examination of Warren Buffett's strategies, and the 'how and why' behind his selection of each of the major securities that have contributed to his remarkable record of success. The Second Edition is a completely revised and updated look at the Oracle of Omaha. It describes Buffett's numerous investments and accomplishments over the past ten years, as well as the timeless and highly successful investment strategies and techniques he has always used to come out a market winner. Buffett's basic tenets of investing are presented and illuminated with relevant and up to date examples.
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This book looks at the mathematics, the psychology, and the mental models necessary to build a successful portfolio. The basic ideas: Pick no more than 10 to 15 companies with good track records and high probabilities of future success; plan to hang onto them for at least five years; and ignore predictions and the sometimes terrifying swings in market behaviour. It's hard to argue with Hagstrom's approach, especially when he practices what he preaches.
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Charlie Munger's life story is a version of the classic American Dream: a hard-working young man builds a billion-dollar fortune through hard work and honest business deals, all the while raising eight children with the help of an intelligent, devoted wife. Janet Lowe brings this story and Munger's personality to life with well-chosen anecdotes from family, friends and business associates. Munger's business history is complex, the chapters are organized thematically rather than strictly chronologically. Lowe provides a handy timeline in an appendix.
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The New Buffettology is the first guide to Warren Buffett's selective contrarian investment strategy for exploiting down stocks, a strategy that has made him the nation's second-richest person. Designed to teach investors how to decipher and use financial information the way Buffett himself does, this book guides investors through opportunity-rich bear markets, walking them step-by-step through the equations and formulas Buffett uses to determine what to buy, what to sell and when. Mary Buffett and David Clark explore Buffett's recent investments in detail, proving time and again that his strategy has earned enormous profits at a time no one expects them to and with almost zero risk to his capital.
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The classic bestseller by Benjamin Graham, perhaps the greatest investment advisor of the 20th century, The Intelligent Investor has taught and inspired hundreds of thousands of people worldwide. Since its original publication in 1949, Benjamin Graham's book has remained the most respected guide to investing, due to his timeless philosophy of "value investing," which helps protect investors against the areas of possible substantial error and teaches them to develop long-term strategies with which they will be comfortable down the road. Over the years, market developments have borne out the wisdom of Benjamin Graham's basic policies. Here he takes account of both the defensive and the enterprising investor, outlining the principles of stock selection for each, and stressing the advantages of a simple portfolio policy. Among the book's special features are the use of numerous comparisons of pairs of common stocks to bring out their elements of strength and weakness and the construction of investment portfolios designed to meet specific requirements of quality and price attractiveness.
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This classic book secured Benjamin Graham's status as a Wall street immortal. the carefully honed methods for finding undervalued stocks and bonds he described here have never been equalled, and have already outlived their author by more than 20 years. Even as Security Analysis has gone through five editions and nearly a million copes, you can learn time tested investment secrets and strategies by going back to the source and paying close attention to its wisdom. Written just five years after the crash, Security Analysis's message today is just as vivid, just as lucid, and just as vital as it was in 1934.
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Widely respected and admired, Philip Fisher is among the most influential investors of all time. His investment philosophies, introduced almost forty years ago, are not only studied and applied by today's finance professionals, but are also regarded by many as gospel. He recorded these philosophies in Common Stocks and Uncommon Profits, a book considered invaluable reading when it was first published in 1958, and a must-read today.
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The stock market may be the only exchange in which buyers rush in when prices are raised and stand back warily when prices are marked down. The few investors able to resist this herd psychology are called contrarians; they buy and sell when others won't. Anthony M. Gallea, a Senior Portfolio Management Director, and William Patalon III, a newspaper reporter, have written a guide for those who aim to join the contrarians' lonely ranks. The authors' first rule is never to buy a stock unless its price has dropped at least 50 percent from its 52-week high. Following this rule would have meant missing out on a lot of the fun during the 1990s, but it may serve investors well if the market's momentum stalls.
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First published in 1930, The Art of Speculation by Philip Carret has long been praised for its perceptive examination of the various ways that speculation impacts the worlds of both business and financial trading. Now, almost seven decades later, a newly updated edition proves as instructive as ever on this and related investment topics such as short selling, government regulation, options, and arbitrage. Chapters on reading a balance sheet and an income statement remain classics.
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The Unemotional Investor offers you a purely mechanical set of approaches for investing in stocks. These intriguingly simple formulas for investing have yielded gains in recent years that have crushed the market averages. One, in fact, that you'll find here has returned an average of almost 40 percent a year for the last ten years. Here, all subjectivity, all emotional decision-making, all second-guessing is eliminated. If you can look at two numbers and tell which of them is larger, you have all the basic skills necessary to manage your own stock portfolio. The secret is in knowing where to look for the right numbers to compare. And that's precisely what you'll learn here in a simple step-by-step, number-by-number approach.
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Contrarian Investment Strategies: The Next Generation shows investors how to outperform professional money managers and profit from potential Wall Street panics, all in Dreman's trademark style, which The New York Times calls "witty and clear as a silver bell." Dreman reveals a proven, systematic, and safe way to beat the market by buying stocks of good companies when they are currently out of favour. At the heart of his book is a fundamental psychological insight: investors overreact. Dreman demonstrates how investors consistently overvalue the so-called "best" stocks and undervalue the so-called "worst" stocks, and how earnings and other surprises affect the best and worst stocks in opposite ways. Since surprises are a way of life in the market, Dreman shows you how to profit from these surprises with his ingenious new techniques, most of which have been developed in the nineties.
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This book is an exact text replica of the first edition of The Interpretation of Financial Statements, published by Harper & Brothers in 1937. Graham's original language has been restored, and readers can be assured that every idea and technique presented here appears exactly as Graham intended. Written just three years after his landmark Security Analysis, The Interpretation of Financial Statements gets to the heart of the master's ideas on value investing in astonishingly few pages. Readers will learn to analyze a company's balance sheets and income statements and arrive at a true understanding of its financial position and earnings record. Graham provides simple tests any reader can apply to determine the financial health and well-being of any company.
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Stock Market, Options, and Investment Books
