The Midas Touch: The Strategies That Have Made Warren Buffett America's Pre-Eminent Investor

Several years ago, I saw John Train's "The Money Masters" and "The New Money Masters" on a list of the ten best books on investing, along with Graham and Dodd and the like. It is hard to disagree with that assessment. The man is highly intelligent, understands investing and writes beautifully."The Midas Touch" is cut out of the same piece of cloth -- succinct and perceptive. Unfortunately, it is currently out of print, so if you can find a used copy, buy it.

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.

John Train details stories about how Buffet built his fortune by buying up companies who's value was high, but the stock was low for one reason or another. Buffet leaves nothing to chance. If you are serious about investing, this book will interest you, because it does not just apply to someone who buys entire companies even the small investor can benefit from this.