Market Masters: Interviews with Canada’s Top Investors Proven Investing Strategies You Can Apply
Canadians complain, and rightly so, that Americans pay them no mind. For instance, we can name scores of famous U.S. investors, but we’ve never heard of the leading Canadian investors. Robin R. Speziale helps fill this void with his 600-page Market Masters: Interviews with Canada’s Top Investors Proven Investing Strategies You Can Apply (ECW Press, 2016). The only non-Canadian investor included is Bill Ackman, deemed to be “almost an honorary Canadian, since he’s been heavily involved in the Canadian market through three large and notable plays: Wendy’s/Tim Hortons, Canadian Pacific Railway, and Valeant.” (p. 451) Of course, in the case of his Valeant investment, Ackman’s “Canadian love affair” has been anything but happy.
In six parts—value (and sometimes contrarian), growth, fundamental (a mix of value and growth), macro (top-down), systematic (or technical), and other styles—Speziale shares 26 conversations. He then summarizes what he calls “master keys,” the most important things he learned from the market masters.
These interviews often repeat the old saws of investing, but here and there the reader catches a glimpse into the sweat equity that goes into running a fund, especially in trying times. Ryaz Shariff is a case in point. He is a commodity investor who has had to expand beyond his core area of expertise (the junior and mid-size mining market) to survive the prolonged commodities bear market. His interview is full of insights into the necessity of a hands-on approach in under-followed areas of the commodities market as well as into the nature of commodity cycles.
Throughout the book, the reader is privy to the range of biographical arcs that resulted in these men and women adopting their particular styles of investing and the skills critical to a becoming top investor.
Market Masters: Interviews with Canada’s Top Investors Proven Investing Strategies You Can Apply
Canada’s Top Investors Review
“A wonderful resource for anyone who wants to study…world-class investors.”
Canada’s Top Investors “…provides a wealth of insights in to what it takes to succeed as an investor.”
Canada’s Top Investors “Great addition to the Canadian investing literature.”
“Robin Speziale has interviewed Canada’s 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.” — Ellen Roseman, personal finance expert and Toronto Star business columnist
“First-class interviews of successful investors sharing a diverse range of sound investment philosophies. Robin Speziale and his interlocutors remind us that Canada is rich with financial savvy and business acumen.” — Lawrence A. Cunningham, co-author and publisher ofThe Essays of Warren Buffett: Lessons for Corporate America
“A great addition to Canadian investing literature. Robin Speziale’s new book, Market Masters, spans the styles, stories, and strengths of 28 super investment characters. Investors — novice or experienced — will gain from it.” — Ken Fisher, 31-year Forbes portfolio strategy columnist, five-time New York Times bestselling author, founder/CEO of Fisher Investments
“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 reach 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 develop their own ways of thinking about markets and investing.” — Aswath Damodaran, professor of corporate finance and valuation at New York University’s Stern School of Business, and author of Damodaran on Valuation
“Robin Speziale’s 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. Emotional buying and selling are a huge tax on investment returns. If you manage to conquer your emotions and use some of the plethora of ideas in this book, you’ll be well ahead of the majority of investors.” — James P. O’Shaughnessy, author of What Works on Wall Street
“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 Limited, and author of The Value Investors: Lessons from the World’s Top Fund Managers
“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
“Robin has written a fascinating book. The chapter and interview with the elusive Francis Chou alone makes it worth it to buy Market Masters.” — 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 Canada’s world-class investors.” — Guy Spier, managing partner of Aquamarine Capital, and author of The Education of a Value Investor
“You excel by learning from people who are better than you. Robin Speziale’s 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 ofPurple Chips: Winning in the Stock Market with the Very Best of the Blue Chip Stocks
“Market Masters by Robin Speziale is an excellent book and belongs on any serious investor’s 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
“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 Canada’s 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 of Carbon Beach Asset Management, and author of Deep Value and Quantitative Value
“This book is full of useful nuggets.” — Vitaliy Katsenelson, CIO of Investment Management Associates, Inc., and author of The Little Book of Sideways Markets
“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