Roseman Ellen - Market masters : proven investing strategies you can apply : interviews with Canadas top investors

PROVEN INVESTING STRATEGIES YOU CAN APPLY

INTERVIEWS WITH

CANADAS TOP INVESTORS

ROBIN R. SPEZIALE

Praise from Around the World for Market Masters

The words of wisdom from the Market Masters are priceless. They offer guiding principles and lessons for anyone who is interested in the stock market. Whether you are a long-term investor or a short-term trader, this book is an essential read.

Ronald W. Chan, Founder and CIO of Chartwell Capital Ltd., and author of The Value Investors: Lessons from the Worlds Top Fund Managers

I have found that the best path to stock market success for individuals is to follow the written strategies of legendary investors with a proven track record. Robin Speziale has identified 28 legendary investors in the Canadian stock market and captured in writing the essence of their strategies in his tour de force, Market Masters .

John Reese, CEO of Validea Capital Management and Globe and Mail columnist

Robin Speziale has written a fascinating book. The interview with the elusive Francis Chou alone makes it worth it to buy the book.

Mohnish Pabrai, founder and managing partner of Pabrai Investment Funds, and author of The Dhandho Investor

A wonderful resource for anyone who wants to study some of Canadas world-class investors.

Guy Spier, Managing Partner of Aquamarine Capital, and author of The Education of a Value Investor

Robin Speziales new book, Market Masters , provides a wealth of insight into what it takes to succeed as an investor from a group of renowned Canadian investors. I think every investor would benefit from reading the book. Find out what group of Master Keys fits your investment personality and then, if you can, rigorously implement them in a systematic, unemotional way. If you manage to conquer your emotions and use some of the plethora of ideas from this book, youll be well ahead of the majority of investors.

James P. OShaughnessy, author of What Works on Wall Street

Only a few investors become great, and they take different paths to get there. For an investor who wants to be successful, this book provides not just the recipe that these investors used to get to success, but also insight into their beliefs, blind spots, and investment philosophies. I recommend it to those who want to get past cookbook models and to develop their own ways of thinking about markets and investing.

Aswath Damodaran, Professor of Corporate Finance and Valuation at the Stern School of Business at New York University, and author of Damodaran on Valuation

One of the most effective ways to improve as an investor is to focus on process through understanding the processes of better investors. In Market Masters , Speziale has collected Canadas best, and provided a rare glimpse into their methods. The invaluable insights available here will help any investor get better.

Tobias Carlisle, founder and managing partner, Carbon Beach Asset Management, and author of Deep Value and Quantitative Value

I have been in the investment business for more than three decades, and there is still much one can learn from Market Masters . This book should be part of your personal investment library.

Chuck Carlson, CFA, author of The Little Book of Big Dividends

This book is full of useful nuggets.

Vitaliy Katsenelson, CIO of Investment Management Associates Inc., and author of the Little Book of Sideways Markets

You excel by learning from people who are better than you. Robin Speziales book gives you the insight on how some of the best investors think. Improve your success rate by reading this book and learning how the pros think and act.

John Schwinghamer, author of Purple Chips: Winning in the Stock Market with the Very Best of the Blue Chip Stocks

Market Masters by Speziale is an excellent book and belongs on any serious investors bookshelf. Investors are often trained in a specific discipline which is learned through apprenticeship. This readily accessible book provides insight into multiple investment disciplines through interviews with experienced practitioners. The breadth of knowledge conveyed by Market Masters is both unique and extraordinary.

Mitch Zacks, Portfolio Manager at Zacks Investment Management

To

Family: Mom, Dad, and Sister.

Grandparents: rest in peace.

All of my relatives: in Canada,

USA, Sweden, and Italy.

Friends. Teachers.

One percent (1%) of the proceeds from the sale of this book will be donated to SickKids Foundation

If I have seen further than others, it is by standing upon the shoulders of giants.

Isaac Newton

It is not a case of choosing those [faces] that, to the best of ones judgment, are really the prettiest, nor even those that average opinion genuinely thinks the prettiest. We have reached the third degree, where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth, and higher degrees.

John Maynard Keynes, The Keynesian beauty contest

One thing I can predict: it is almost axiomatic that the wild enthusiasm of today will be met with the equally unwarranted pessimism of tomorrow.

David Dreman

Maximize your ROI from Market Masters

How to get the most out of this book

• Let your mind be open. Remove any biases or preconceived notions, no matter what your level of skill, before you start to read Market Masters.
• Get ready. Accept that you will learn new investment ideas and refine old concepts.
• Want it. Continuously foster a desire to master the strategies that will be revealed to you by all 28 Market Masters.
• Make it yours. Highlight the most important things that you learn throughout. Dog-ear this book. Jot crucial points into a notepad. Use all the tools at your disposal so that you can quickly and easily come back to concepts later.
• Key in. After you read each chapter, hone in on the Master Keys. These keys will ultimately help you unlock the market.
• Take breaks. Stop throughout and think: how can this or that make me money in the market? When will I apply it? What should I expect?
• Have fun. Imagine that you are there with the Market Masters. Dont rush the journey. Perhaps read one interview at a time. Soak it in, and then come back for more.
• Make connections. The Market Masters share common concepts about the market that have made them successful. Emulate them.
• Go back. After youve read Market Masters once, read it a second time, and then a third whenever you feel the need for guidance in a volatile market or when your portfolio seems to be in disrepair.
• Pay it forward. Recommend Market Masters to a relative, friend, or colleague.

FOREWORD

Knowing how to invest is an essential life skill. While the education system gives you the tools to earn an income, it rarely tells you how to make your money last and keep it from running out before you do.

I learned about investing only when I started covering mutual funds at the Globe and Mail and took the Canadian Securities Course (CSC). I interviewed so many money managers during my 10-year stint at the Globe that I finally started to understand how they valued companies and picked securities.

Robin Speziale has interviewed Canadas top money managers in depth. But instead of asking what stocks they like the flavour of the month he talked to them about the processes they use to find investable securities.