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Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments Hardcover – March 27, 2012
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"I have long referred to the author of Backstage Wall Street as "Downtown" Josh Brown because he is no "Uptown Guy." Rather, he is irreverent, unorthodox and iconoclastic.The pages of his new book are filled with colorful exposes of misconduct in the way Wall Street presents and sells itself (and it's financial products offerings!).
Josh's anecdotes - like his description of the audience's reaction to Piper Jaffrey analyst Nicole Miller Regan's questions at a Jamba Juice's analyst day - are priceless.
(With apologies to Billy Joel) if you have "never met a backstreet guy..".. run, don't walk to read the Downtown Man's chronicles of deception from those wonderful folks on Wall Street that nearly bankrupted the world's financial system a few short years ago." -- Doug Kass "TheStreet.com"
From the Back Cover
Sure to be a revelation to even the savviest financial professional, Backstage Wall Street is a brutally honest look at the investment business from a veteran who’s seen it all. “Reformed” Wall Street insider Joshua M. Brown offers clear and proven advice on how to navigate all the snares set by the lords of Wall Street.
More About the Author
Brown is the creator of The Reformed Broker, one of the most widely-followed financial blogs in the world. He has been named the top financial person to follow on Twitter by the Wall Street Journal, Barron's and TIME Magazine. He is also a daily on-air contributor to CNBC.
Most days, Josh can be found advising high net worth clients on their asset management and retirement portfolios at his New York City-based registered investment advisory firm, Ritholtz Wealth Management, where he is co-founder and Chief Executive Officer.
Top Customer Reviews
This book is really four mini-books in one:
1) How the author became a broker, and the ethical difficulties that were forced on him in the process.
2) The difficulties faced by do-it-yourself investors, and the benefits of exchange-traded funds [ETFs].
3) On Brokerages, and all their conflicts of interest, culminating in the straight line pitch.
4) Investments to avoid, and advice from the wise.
That it is four in one is not a weakness but a strength. Wall Street has many ways to skin investors, and each section provides insights that different people will benefit from. It is a more comprehensive book in its short 240 pages as a result.
The first part of the book describes Wall Street as it was and is, with all of the players and their motives. Josh spares no one; the tone of the book is cynical, but not unduly so, noting all of the problems with a profane sense of humor. Some of the funniest bits of the book are recollections of conversations with greedy parties seeing an edge.
There is a certain level of despair for young brokers as they "cold call," knowing that if they don't succeed, they will be let go, but driven by the possibility of riches should they succeed. Those who are successful gain money, prestige, bragging rights, and some level of freedom from tight control.
I have my own experience with this.Read more ›
When that was made clear, I was able to read the book objectively without wondering what it was going to do for me, and that made it a whole lot better. I began to appreciate Brown's insight into some of the inner workings of the "investment game" (my words) and how other people make money off of my money. I began to understand a lot of esoteric concepts related to fairly common things, such as IRA's, ETF's, 12b-1 fees, and so forth. Brown's experience and candor may not help you invest better, but what he has to say may still make you a better investor. How? By making you ask some questions - possibly of your broker, definitely of yourself - that will help you to have better investment judgment. It was certainly eye-opening seeing the world of stocks from a salesman/broker/sweat shop point of view, and the reading was, though not engrossing, at least enjoyable.
My two complaints about this book are minor. The first is that because Brown is a blogger, his writing for this book sounds a lot like a blog. That is, it is a bit disjointed and lacks a good flow and structure from chapter to chapter.Read more ›
Continuing on the cinematic theme, I've only read a few books in my lifetime in one sitting. One was Alien. Another was Babson's Brad Perry's tome "Winning The Investment Marathon" and Jurassic Park was a pretty enthralling read also. I can now add Backstage Wall Street to the list. I'm not sure which one was the most frightening, when I finished Alien I didn't want to turn out the lights.
Backstage is equally unsettling and Josh lays a foundation and history as he describes the "evolution" of Wall Street and the grinding of sausage. I actually think Josh Brown is part of a potential re-awakening of investing as it once was (or was at least intended to be) ... a people's capitalism with a potential outcome that would make Sigourney Weaver proud.
A rudimentary return to principled capital markets ... a New Reformation is clearly in order. If you've been investing for some time but harbor reservations about the way things are, this might be Chapter One of a new day. If you find investing terrifying when it comes to your 401(k), you might find some relief that there are some advocates and champions for the way things ought to be.
Is there hope? I think so. And I think Dustin Hoffman probably plays Josh in the movie, not Vin Diesel. For the sake of Rene Russo and millions of afflicted investors and citizens out there, reform at will.
Most Recent Customer Reviews
I bought this book to learn what the "straight line system" is all about, and for that reason alone, I give it 5 stars. Read morePublished 8 months ago by C.S.
An excellent and funny guide on how to avoid getting fleeced by stockbrokers.Published 11 months ago by Benson Njonjo Ndehi
The title is deceiving, the book is really about how to pick a financial adviser that has fewer conflicts of interest the typical broker (from a Bank, Insurance Company, Private... Read morePublished 12 months ago by tktappa
Some advisors do put clients first...but investors beware of salesmanship and intensity! Firms don't care about people, they care about money. People care about people. Read morePublished 13 months ago by Ed Hoosier
Haven't finished it yet but so far it is interesting in that it describes the back-stage antics going on in brokers offices and the exchanges, in general. Read morePublished 14 months ago by Sops