Pick of the paperbacks; The Money Masters, by John Train. New York: Penguin Books. 320 pp. $4.95.

This book is subtitled ''Nine Great Investors, Their Winning Strategies and How You Can Apply Them.'' John Train, an internationally known investment counselor and financial writer, has interviewed nine of the most successful investment managers (Warren Buffet, Paul Cabot, Philip Fisher, Benjamin Graham, Stanley Kroll, T. Rowe Price, John Templeton, Larry Tisch, and Robert Wilson) and has carefully examined their methods of selecting companies, evaluating risks, and determining when to make purchases and sales. The book avoids technical jargon and can be read profitably by the nonprofessional investor and the seasoned money manager. A valuable summary includes a list of the common attributes of the nine ''masters,'' a well-tested list of do's and don'ts for investors, and a compilation of investment portfolios that have been used for various objectives.

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