The Craft of Investing

Overall this is a great investment book. It covers an extremely broad range of topics and for the most part the reader cannot go too far wrong following the author's advice. The sections on the nature of markets and his advice on commodities alone makes the book worthwhile. Bear in mind that the book was published in 1994 but most of the content is timeless. Another book with much of the same advice is The Only Investment Guide You'll Ever Need by Andrew Tobias. One additional thing- some of the charts and tables and examples date from the 1970's and are evidently from magazine articles that the author wrote. Just so you know what you are buying. The example are good ones and mostly remain relevant today. The only real limitation of the book is Train's simplistic approach to growth stock picking.

It is impossible to praise this book enough. I have been actively investing for greater than 10 years, and I have read more books than I care to count. You will feel much more confident in your investing and making choices. I finally have a good grip on why do stocks go up and down. But you get insight into other matters as well ,and get to feel the wisdom of a true master,in a well written easy style. Just what we need during this deflating bubble we are in now.

"The Craft of Investing" is a short, basic, and fun-to-read book that teaches you a bit about conservative investment. It doesn't go into analytic detail but emphasizes the broader concepts. The first half of the book is the best and deals mainly with stock investment. You can neglect most of the later chapters if you want and still benefit greatly. You will learn how not to sit on a bad investment, or as John Train says, not "become a boiled frog." It is claimed that if a frog is put in a cup of warm water, it will just sit there, even as the water is slowly heated. If the poor old frog had been tossed into a pan of boiling water he would have realized the situation was not good and immediately jump out. But, as the water is slowly heated, the frog decides he can tolerate the slight change in temperature. Never making his mind up to get out, the frog boils. Many investors do the same with bad investments. As the company gets progressively worse, they hold on hoping the situation will improve--only to lose more and more money. Much of successful investment demands little more than learning what not to do and John Train will help show you what not to do.Peter Hupalo, Author of "Becoming An Investor: Building Wealth By Investing In Stocks, Bonds, And Mutual Funds."

This book is an easy to read primer on investing and other financial matters such as estate planning and retirement planning. There are no specific formulas to follow. Rather, the book is loaded with common sense and practical advice. As far as investing, Train as one would expect discusses growth and value investment styles. But there are gems not found in other books such as his comments on emerging markets, real estate and art. Beginning and experienced investors will get alot out of this book. I'm reading it for my second time - always a sign of a good book.

If you are interested in learning the "craft" of investing, Train's masterwork on the subject has got to be the place to begin. Train offers to the reader the tried and true wisdom of the greatest investors of all time: not the speculative or newfangled theories that manefest themselves on the bookshelves all too often. Train's chapters on growth investing and value investing are timeless, and his brilliant (and funny!) chapter on the psyche of investors through the market's cycle is entirely compelling. I have read hundreds of similar books, yet this is one of the few that I return to year after year, and recommend to friends and clients weekly.