Bulls Make Money, Bears Make Money, Pigs Get Slaughtered: Wall Street Truisms that Stand the Test of Time [Hardcover]

Anthony M. Gallea (Author)

Book Description

Publication Date: January 15, 2002

Presenting the collective wisdom of the last 100 years, this witty and wise book provides an instant introduction into the "real" world of investing for the beginner and a reminder for those more experienced investors who may need a refresher course in the fundamentals. A serious investment book with a light touch, this handy volume is organized by topic and includes bite-sized nuggets of solid financial advice covering dozens of different subjects -- from equities, risk management, and options to bonds, asset allocation, and short- and long-term trading techniques.

Whether reminding investors that greed is ruinous or teaching them how to deal with a bull market coming head-on, Gallea imparts the wisdom necessary for investors to become more market savvy and, ultimately, more successful. Investors will turn to Bulls Make Money, Bears Make Money, Pigs Get Slaughtered again and again for proven tips and market truths worth learning and remembering.

Editorial Reviews

From Publishers Weekly

Gallea, an executive at Smith Barney and coauthor of Contrarian Investing, is someone people will want to believe. Given the stock market's recent upheaval, investors are nervous and confused, and Gallea understands why. A frank businessman, he knows that he hasn't always made the wisest decisions, and he wants to tell investors how to learn from his mistakes. Gallea offers snippets of advice that touch on the most common investing strategies and concepts, including selling short, using options, choosing the safety of bonds, risk and reward, etc. He sticks to the basics and doesn't offer long explanations for what he sees as unnecessary moves. For example, on high-risk bonds, he says, "Buying junk bonds, penny stocks, and fractional out-of-the-money options is, for most investors, to be avoided. Each of these securities is among the poorest values in its respective asset class.... Just look at the price. The cheaper the price, the longer the odds." He gives pointers on assessing readers' performance as investors, too, advising them to do "postmortems on all your trades." More sophisticated investors are likely to quickly flip through Gallea's book and note where they agree with the author's philosophy. Though not quite brimming with hypothetical portfolios or real-life scenarios, Gallea's book is appropriate for nascent or earnest investors.

Copyright 2002 Cahners Business Information, Inc.

About the Author

Anthony M. Gallea is a senior vice president-investments, senior portfolio management director at Smith Barney and leads a team of 12 people who are responsible for 1 billion dollars in client assets. He is the author of many articles on investing and finance and was named as one of the 10 outstanding brokers in America.

Product Details

• Hardcover: 288 pages
• Publisher: Prentice Hall Press; 1st edition (January 15, 2002)
• Language: English
• ISBN-10: 0735201455
• ISBN-13: 978-0735201453
• Product Dimensions: 8.3 x 5.5 x 0.9 inches
• Shipping Weight: 1.1 pounds
• Average Customer Review: 3.7 out of 5 stars  See all reviews (15 customer reviews)
• Amazon Best Sellers Rank: #1,486,272 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

6 of 6 people found the following review helpful:

4.0 out of 5 stars Quick and Practical, February 3, 2002

By 

Scott K. (USA) - See all my reviews

Amazon Verified Purchase

This review is from: Bulls Make Money, Bears Make Money, Pigs Get Slaughtered: Wall Street Truisms that Stand the Test of Time (Hardcover)

This is a compilation of sayings on Wall Street with a practical lesson behind each. In my opinion it is something that every investor and trader can benefit from. The author touches on just about every scenario investors and traders are faced with.

It is not a "how to" book on investing, but the author does provide the experienced investor/trader with some solid ideas to create wealth. The autor does have a book called "Contrarian Investing" written several years ago. This was a good book, and if you are looking for a book on investing, CI would be a better choice than Bulls make money.

4 of 4 people found the following review helpful:

3.0 out of 5 stars How to not be a pig!, April 13, 2005

By 

G. Shkodra (Montreal, Canada) - See all my reviews
(REAL NAME)   

This review is from: Bulls Make Money, Bears Make Money, Pigs Get Slaughtered: Wall Street Truisms that Stand the Test of Time (Hardcover)

This is a nice little book written by a savvy investor who has a strong proven track record over the decades. It's mainly written for the small investors and new participants who are eager to learn about the ways of the market, and as such, it truly provides a whole host of kernels of market wisdom.

The most part of the lessons and ideas in this book will seem like ad nauseam repeated old stuff. But it's really amazing how often individuals will tend to forget or even ignore the most fundamental of rules over the weeks, months and years (I know what I'm talking about, I'm one of them). As they say, your trading and investing skills are tested every day, so you really need constant reminding of some fundamental things. After all, every market participant is a never graduating student in the art of trading and investing, regardless of age or experience.

I just wish I had read this precious little book many years ago, when I first naïvely and overconfidently introduced myself to Mister Market. Who knows? Had I done so, maybe I would have paid less tuition to Him, and He would have made less fun of me throughout my first two trading years.

This book offers advice on what not to do, rather than what to do. I've always thought that first and foremost you have to learn what not to do (this may sound easy, but sometimes it can be really difficult), and only thereafter you can learn what to do. Throughout the book you find precious little gems that have really stood the test of time.

So go ahead, be whatever you want to be, a bull or a bear, but never, ever, be a pig! Be humble when you win and gracious when you lose!

3 of 3 people found the following review helpful:

5.0 out of 5 stars Save Your Portfolio With Bulls Make Money, December 18, 2001

By A Customer

This review is from: Bulls Make Money, Bears Make Money, Pigs Get Slaughtered: Wall Street Truisms that Stand the Test of Time (Hardcover)

I couldn't put this book down. Organized with each strategy or example to a page, it is an easy read that uses common sense, illustrated with everyday examples to discuss how to handle various portfolio management decisions and investments. There is a very broad range of subjects and strategies covered. If you're looking for a book that offers tactics, discipline and a wealth of practical investment advice grounded in what really works, this is the book to read.