I have read Mr. Train's earlier books The Money Masters and The New Money Masters and found them informative and interesting, gaining insights from some of the worlds most sucessful investors. Mr. Train's research seemed to rely heavily on personal interviews of these Masters often providing the reader with unique investment philosophies not readily available elsewhere. I especially recommend Mr. Train's first book in this series The Money Masters because this book moved me away from the trading of stocks and futures as practiced by Robert Wilson the short seller and Stanly Kroll the great commodity speculator. The techniques they employed seemed too elusive and fraught with risk and if this was the basis of the trading game it was not the game for me. I was instead attracted to the similer philosophies of mentor and student Ben Grahman and Warren Buffett. Looking at a stock as a share of a business not a piece of paper with a number on it. This was the first time I had been exposed to the wisdom of these two investors and I am grateful to Mr. Train for revealing to the public their methods. The problem I have with the current rendition is that it really adds nothing new. In fact Mr. Train seems to have copied parts of the first Money Masters and spliced them into this version. I may be wrong but it doesn't seem that the effort or creativity that went into the original went into this work. Another sort of irritating quality in this instance thankfully not present in the first book is Mr. Train's need to psychoanalyze some of his subjects especially Mr. Buffett. This adds an edge to the book that is not worthy of Mr. Train.

The bookshelves are full of books containing descriptions of ways to invest based on historical data and models that have not been very fully tested in practice. However, in most areas of human endeavor, a great deal is learned by studying those who are and have been the best for a long time. Money manager John Train has been playing this role for some time with his outstanding books, The Money Masters and The New Money Masters. For about two years, I have been wondering what John Train thinks about the current financial markets. I was delighted to see that he had created an updated and revised sequel to his earlier works.

One of the strengths of John Train's work in this area is that he knows the people he writes about, and the chapters contain discussions he has had with them in most cases. So you get new information that you have not read before in the financial press. He also does a good job of picking a variety of styles and personality types, so you get A to Z with some letters skipped in between in these 17 profiles. These include (in order of presentation): T. Rowe Price; Warren Buffett; John Templeton; Richard Rainwater; Paul Cabot; Philip Fisher; Benjamin Graham; Mark Lightbown; John Neff; Julian Robertson; Jim Rogers; George Soros; Philip Carret; Michael Steinhardt; Ralph Wanger; Robert Wilson; and Peter Lynch. Amongst these men, you will find a variety of growth investors, value investors, those who look to undiscovered markets, intense analysts of trends and individual companies, hedge fund operators, shorts, small cap specialists, and those who focus on emerging foreign markets. It's quite a ride. Naturally, if any of them interest you, you can go further in other sources and learn more.

Warren Buffett, John Templeton, Paul Cabot, Benjamin Grapham, Jim Rogers, George Soros, Robert Wilson, and Peter Lynch have always been people I have learned from, and I was glad they were included. I did not know much about Mark Lightbown and was glad to learn more.

A major strength of the book is that Mr. Train goes on the sum up what it all seems to mean. He says these people validate four styles that work:

"1. Buy into well-managed companies that will grow . . . . When they slow down, sell them and buy new ones.

2. . . . buy stocks that are priced . . . at less than their underlying assets and sell them when they are reasonably priced.

3. Discover a new investment area or one that is . . . neglected . . . .

4. Identify a really good specialist to do the job for you . . . ."

He has a good list of common practices that almost each of the 17 do, that you should find very helpful, as well.

Finally, he talks about what you can expect for the future. He sees the reasonable returns from growth stocks to be 13-14 percent in the future (down from 20 percent in his last book). He still thinks that is a good way to go, but also counsels on when and how to use mutual funds (when they are cheap and give you access to a category you cannot buy efficiently on your own).

He constantly reminds the reader that most investors will earn less than the market average. Rather than sending you to index funds, as many authors do, he feels that by using the lessons here that he outlines, you can hope to do somewhere near or above the average. But you have to be very careful. His philosophy is a variation on the buy and hold growth stock advice that many advocate, but his reasoning and support for the conclusions are more sound.

It would be interesting to see what the stock portfolios do of those who read this book and follow its advice over the next 20 years.

Personally, I am not convinced that the average reader can take even this excellent book and outperform the market. But if you decide to do so, I sincerely hope you succeed.

In any event, you can certainly avoid many costly errors by paying attention to Mr. Train's list of things to avoid doing!

After you have read the book, ask yourself in what other areas of your life outstanding expert case histories could help you improve by overcoming bad habits and developing better ones. Then go find and apply those case histories!

This book is short, but funny. It outlines some of the most quirky names ever held. Some of these include T. Hee or Newton Hewton. A classic if you are a somewhat obscure person. I loved it.

If you want Warren Buffet by John Train.....read his excellent 'Money Masters'.....his chapter on Buffet is first rate, and the entire book is worthwhile for both novice and experience investors. The best Buffet Book is the recent Roger Lowenstein book....

Before judging this book one should understand that it was written in 80's, those dark ages of investments. Therefore the approach taken by the author is to create an "awe" without going into any specific details about the Buffett's approach. I really liked the briefness of the book. Lots of information on his life is packed in hundred pages or so.
Best part of information there is is the part on how to invest like Buffett. Most valuable advises are: Look, Understand Figures, Value of Parts, Want It Enough, Innovate, Be Risk-Averse, Energy.
Overall, nice quick read.

I was disappointed in this book. For the high price, I expected it would be much more comprehensive. Includes a few photographs, many rather crude line drawings and very little text. There is very little here that isn't found in countless other books on Oriental rugs and most of those can be had for far less money.

The cover correctly states "it covers material not contained in other SWAT manuals" No book on the training of SWAT teams will use this material. I may serve as a good introduction to a real manual.

That makes for a bad book on a serious subject. The unarmed combat section is disturbingly funny. The hand signals section looks like it was reprinted from a WW I manual. There are excellent manuals written by serious professionals for those who are serious about this subject. Unfortunately this is not one of them.

This book not being a very complete book, far from it, its a book that has some qualities like some signals you can use to comunicate with your allies and how to make scetches of buildings. Its not a bad book