Who are the best investors?
A new book, “The World's 99 Greatest Investors: the Secret of Success,” identifies the best, including deceased as well as those currently active in managing money. As Magnus Angenfelt, author of the book, published by Roos & Tegner AB in Malmo, Sweden, writes, his objective “has been to compile a list of those who have produced the highest absolute returns, regardless of investment style.”
The managers, portrayed in the book in alphabetical order, include John Bogle, Warren Buffett, Leon Cooperman, Raymond T. Dalio, Richard H. Driehaus, Ken Fisher, Mario Gabelli, Jeremy Grantham, John W. Henry, Carl Icahn, Mark Kingdon, Edward Lampert, Howard Marks, Mark Mobius, John Neff, Richard Perry, Michael F. Price, Julian Robertson, John W. Rogers Jr., James H. Simons, Donald G. Smith, George Soros, David Tepper, Paul Tudor Jones, Ralph Wanger, Donald A. Yacktman and Martin Zweig.
“On average, my chosen 99 investors outperformed the market by about 12 percentage points a year for 25 years,” writes Mr. Angenfelt, who has worked for more than 20 years in investing, including as CEO of Manticore Capital AB.
The book excludes a number of prominent investors, including William Gross, co-chief investment officer, Pacific Investment Management Co. LLC, whom the author calls “the king of bonds.” The reason: “Neither he nor any other investor who solely focuses on bonds has made the cut. Their returns are simply too poor.”
The book leaves out women, despite what the author describes as his best efforts to find any for inclusion. Susan M. Byrne. chairwoman, Westwood Management Corp., Dallas, has “produced better returns than many men, but not good enough to qualify for a place” in the book, Mr. Angenfelt writes.
A key to success is “investing is not a sprint,” Mr. Angenfelt writes. “It is symptomatic that the American investor John Rogers' company logo is a turtle.” Mr. Rogers is chairman, CEO, and CIO of Ariel Investments LLC, Chicago.
