We discuss the importance of phase information and coherence times in determining the dynamo properties of turbulent flows. We compare the kinematic dynamo properties of three flows with the same energy spectrum. The first flow is dominated by coherent structures with nontrivial phase information and long eddy coherence times, the second has random phases and long-coherence time, the third has nontrivial phase information, but short coherence time. We demonstrate that the first flow is the most efficient kinematic dynamo, owing to the presence of sustained stretching and constructive folding. We argue that these results place limitations on the possible inferences of the dynamo properties of flows from the use of spectra alone, and that the role of coherent structures must always be accounted for.