Backstage Wall Street: An Insider's Guide to Knowing Who to by Joshua M. Brown PDF

By Joshua M. Brown

Chances are you haven't been making the simplest making an investment decisions.

Why?

BECAUSE THAT'S HOW WALL road wishes IT

"[T]he constantly irreverent writer of the Reformed dealer web publication has written a very good narrative that stocks your entire broker's soiled little secrets and techniques. very similar to Michael Lewis' Liar's Poker captured the essence of Eighties institutional Wall highway, Brown's Backstage Wall Street recreates the boiler room retail brokerage tradition of the Nineties and early 2000s in vibrant color."

—FORBES

"With a smirk, a lashing wit, and a suitable irreverence, Joshua Brown provides voice to what all funding execs are—or may still be—secretly thinking."

—MICHAEL SANTOLI, Barron's columnist

"The pages of this ebook are choked with colourful exposés of misconduct within the means Wall road offers and sells itself (and its monetary items offerings!). . . . Run don't stroll to learn Brown's chronicles of deception [perpetrated through] these exceptional fogeys on Wall highway, who approximately bankrupted the world's fi nancial approach a number of brief years ago."

—DOUGLAS A. KASS, Seabreeze companions administration, Inc.

"Everything you've ever examine Wall highway is a complete lie. everyone seems to be mendacity to you each day. until eventually you learn this book."

—JAMES ALTUCHER, formulation Capital and writer of I used to be Blind yet Now I See

"Joshua desires Wall highway to be extraordinary. you could think it on a daily basis on his impressive weblog and during this nice booklet. he's satisfied to shout while Wall road drives him loopy. I warrantly you'll get pleasure from this ebook that describes the motion in the back of the company of Wall highway and his personal reviews alongside the way."

—HOWARD LINDZON, Lindzon Capital and founding father of StockTwits

"Joshua Brown could be the funniest author on finance at the present time, yet Backstage Wall Street can make you cry greater than snort. The buffoons, manipulators, and incompetents Brown parades prior to us are the stewards of our retirement accounts....What's vital is that traders comprehend the alternatives sooner than them. Backstage Wall Street is going a ways to taking us behind the scenes, whereas making us giggle within the process."

BARRON'S

About the Book:

Wall road is superb at something: convincing you to behave opposed to your personal pursuits. And there's not anyone available in the market higher built with the data and moxie to provide an explanation for the way it all works than Josh Brown. a guy The long island Times often called "the service provider of Snark" and Barron's known as "pot-stirring and provocative," Brown labored for 10 years within the undefined, a time within which he discovered a few challenging truths approximately how consumers are usually treated—and how their cash is distributed on a one-way journey to Wall Street's coffers.

Backstage Wall Street unearths the interior workings of the world's largest funds computing device and explains how a comparatively small confederation of excellent, occasionally ill-intentioned humans gas it, function it, and service it whilst necessary—none of that's for the nice of the common investor.

Offering a glance that just a long term insider may provide (and that just a "reformed" insider may want to provide), Brown describes:

THE PEOPLE—Why retail agents regularly profit—even for those who don't

THE PRODUCTS—How money, ETFs, and different items are invented as failsafe revenue generators—for the inventors alone

THE PITCH—The advertising schemes designed for something and something merely: to split you out of your money

It's that...

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Extra info for Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments

Example text

The inner monologue sounds something like this: So what if we were called DLJ last week and this week we are Credit Suisse? PaineWebber becomes Prudential becomes Wachovia becomes Wells Fargo becomes Burger King becomes Merrill Morgan Joseph Smith Stewart Lynch and Sachs & Co. So what? Who knows the difference anymore? The clients may have come in for the name of the firm, but they stay for the relationship with me! That 3 / Brokerage Oceanography 25 sense of constancy for the accounts, that ability I have to reassure them that somebody’s paying attention and that there is one thing in their lives that will always be there.

I was now in a situation where my clients’ success meant success for me and for my practice all at once—a virtuous and symbiotic relationship for all parties involved. I remember walking through Penn Station on my first day back to work, bandages and bruises from the IVs still covering both arms, but with an irrepressible smile across my face. I was smiling so hard it was almost embarrassing; I didn’t want the people bustling by me on the Long Island Railroad concourse to see my face lest they think me a crazy person.

This is all to be expected; once again we are talking about shops—retail stores that happen to sell intangibles. You wouldn’t fault a Korean grocer for displaying a variety of different apples the day after Oprah tells her audience that they are to eat three apples a day, would you? The bottom line is that the brokers need something to sell. This product creation mechanism takes a “story” that investors will be receptive to and turns it into profits for the brokerage firm. 10 BACKSTAGE WALL STREET We are also not talking about a phenomenon that is in any way unique to Wall Street.

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