people try and appear what they fear they are not.

-the secret of making money is to avoid risks
-the best investors are misers
-do not be guided by what people say, do nto tell people what you are doing
-choose on the basis of value no popularity
-keep permanent capital loss to a minimum (not short term quotational loss)
-85% graham which is value (graham), 15% growth (fisher)
-commodity businesses attract competition in good times. there are never 3 years of good potato prices as the farmers plant the sidewalks.
-franchise is a business that is almost impossible to compete with. the real test of a business is how much damage a competitor can do to it, even if he is stupid about returns. soem bsuinesses have large moats around them with sharks and crocodiles.

investing principles - buy good businesses (high roe, cash profits, predictable, inventory turns high, high rocapital, mgr thinks like owner, can raise prices, toll bridge business, definable character (not conglom).

a bad business - accounting profit not cash profit, dishonest mgrs, profoundly changes character over time, heavily indebted, not inflation proof nor long tail proof such as insurance or LT contract to supply product or service (such as uranium), large capital intensive busieness, when a mgt with a reputation for brilliance tackles a business with a reputation for poor economics, it is the reputation of the business that stays intact, govt regulation

in time market price will relfect value.

the market is manic depressive - this presents the opportunities the smart investor is looking for.

margin of safety.

a fool with money is soon invited everywhere.

seek situations where reality is diferent from perception.

how to invest like buffet - understand figures, apply your own experience, visit business, know values, avoid risk, steady compounding,never lose money,

Train presents a fair introduction to some of Buffett’s foundational principles (Margin of safety, stocks as a fractional ownership of businesses, the equity coupon analogy) but bungles some very critical pieces. For example, Train mentions repeatedly that Buffett seeks to buy businesses at a discount to what an informed private buyer would pay for the whole business. This is essentially the same as Mario Gabelli’s PMV approach, but Buffett is far more concerned with determining intrinsic value than in figuring out what others, however well or poorly informed they may be, will pay for a business. Indeed, Train makes ZERO mention of intrinsic value in the entire book! Imagine reading a version of the Bible that doesn’t mention Jesus, or the Iliad without Achilles.

John Train presents an investing book that is both interesting and informative. There is little difference between this book and many of the other concerned with how Wareen Buffett invests and what makes value investing the must do for all cop cat style investing. What does make this different is that there are no soft punches, no cuddly rabbits and a healthy does of sarcasm interlaced thorughout the practical advice that Train brings to the investing feast.

I enjoyed The Midas Touch's no punch pulled and easy to read prose that i went back into my Kindle store to see what other books were avavailable. Unfortunately, i did not find any other books by train in the Amazon store. At the back of this book there are the other books written by Train which i will endeavour to read sometime into the future; there is a long list of books that i have to read before i get there!

If you have read books written by Peter Lynch or Robert G. Hagstrom, then you will find this book to be complimentary to the material that they also cover. The best part i found in the book was toward the end where John Train contextualizes the lessons and information that has already delivered though the book. If you do want to be an investor then you need to get off you ass (my turn of phrase) and do the leg work that is required as part of the due diligence to understand companies before you start investing in them. Have a strong understanding of accounting and realise that the numbers and the reality of comprehension will always sithe through the hyperbole that bad managers and ineffective boards will project onto unknowing investors.

This is a quick and easy to read book, and if you want to read something concerning investing that is a bit more pragmatic and realistic rather than the flowery guffy or the overly academic and mathematical, then this is the book for you. Some of the material is dated but it is still just as relevant today as when Ben Graham was actively trading. Enjoy.

Anything written by John Train is worth reading-concise and to the point

An old timeless classic.

One of the poorer books on Buffett.
You are better off reading Lowenstein.

The tally of things in the end is nice - - a good look at how his stockholding changed over the early years of Berkshire as his investment vehicle.