Does it pay to try to beat the market? In this volume, the author contrasts interviews with investment advisors who don't think the market can be beaten and managers who believe that it can (and whose records prove it). Peter Tanous interviews Wall Street's top money managers who have demonstrated an ability to consistently perform well and Nobel Prize winning economists, to uncover what special skills or talents these individuals bring to bear and what in their backgrounds or investing approach accounts for their success. In addition, he shares the tools of investment consulting business that should enable readers to apply this knowledge to their own investment strategies.
Investment Gurus
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1 of 1 people found the following review helpful
By A Customer
Format:Hardcover
This book provides an overview of several prominent investment strategies. Those providing their insights are and have been highly successful in investing in the stock markets.
In my opinion, the novice investor can gain some very helpful guides for how to succeed in the stock markets. The little guy can succeed in today's stock market, as the gurus interviewed in this book attest, but the little guy must be well armed with a long term strategy...This book gives the little guy some great insights on how to succeed.
1 of 1 people found the following review helpful
By A Customer
Format:Hardcover
I recently read Investment Gurus, by Peter Tanous. This is one of the most informative and interesting books on investing I've ever read. In the book Mr. Tanous interviews a number of investment professionals who have compiled incredible records over extended periods of time. To balance the opinions raised, he also interviews several academicians who contend the markets are efficient and the most predictable road to investment success is through the use of low cost index funds. One of the interviewees makes a compelling argument that to beat the market averages an investor has to do substantial digging to gain any advantage. The cost of the digging negates the higher returns obtained. It was also pointed out by several of the academicians that studies show no correlation between past and future performance. In other words, those who had exceptional returns in the past, only have a 50 percent chance of repeating this in the future. It should be noted that high (expense ratios) cost funds have a tendency to perform poorly no matter what timeframe you look at.
An interesting side note: The manager of the Brandywine fund was one of the professionals interviewed because his long-term record was exceptional prior to the publishing of the book. If you check the performance of the Brandywine fund recently and it has only been an average performer trailing the S&P 500 substantially over the last year. Maybe there is something to this idea of market efficiency.
One of the active managers with an exceptional record, Laura Sloate, mentioned a couple of stocks during the interview which she felt were bargains and would rise. One was Marvel Entertainment. Ms. Sloate didn't feel it could go much lower than its price then of around $10 a share.... Read more ›
An interesting side note: The manager of the Brandywine fund was one of the professionals interviewed because his long-term record was exceptional prior to the publishing of the book. If you check the performance of the Brandywine fund recently and it has only been an average performer trailing the S&P 500 substantially over the last year. Maybe there is something to this idea of market efficiency.
One of the active managers with an exceptional record, Laura Sloate, mentioned a couple of stocks during the interview which she felt were bargains and would rise. One was Marvel Entertainment. Ms. Sloate didn't feel it could go much lower than its price then of around $10 a share.... Read more ›
1 of 1 people found the following review helpful
By A Customer
Format:Hardcover
Investment Gurus by Peter Tanous I enjoyed reading Investment Gurus. The bulk of the book is devoted to interviews with various portfolio managers who have excellent track records. What I found most interesting about the interviews were the many different ways/styles of investment these managers employ to make money in the stock market. Some of the styles are diametrically opposed to each other, though each manager sticks to his/her style and does well. The author gives some background information about the interviewee before the interview, then summaries the interview briefly at the end. While the interviews were useful in identifying an investment style I would feel comfortable with, for me the greatest value of the book came in the last section - Part 3, The Route. Here the author sums up the interviews succinctly while offering his own advice. I found his section on crafting an intelligent personal investment plan very enlightening. The author was writing to my level, unlike many of the popular money/investment magazines of the day. Overall, an excellent book for those who have at least an intermediate understanding of investing and want to get actively involved in managing their nest egg. And who wouldn't want to do that?
1 of 1 people found the following review helpful
By A Customer
Format:Hardcover
Pete Tanous made a real effort to make this book so that almost anyone could read and understand it. He simplified complex ideas. He asked all the "gurus" the same questions. He tried to find out what the average investor could learn from these experts and in a summary he puts together what he learned. If you want to learn how to invest better, then this book should help.
By A Customer
Format:Hardcover
Why was there not an interview with Warren Buffet? Some of the 'gurus' performance has lagged the S&P500's, e.g Gabelli. Better books exist -- read the books by Peter Lynch, for. eg. or Buffetology by Mary Buffet
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