Customer Reviews

Confessions of a Stockbroker

5 star:		(3)
4 star:		(2)
3 star:		(0)
2 star:		(1)
1 star:		(6)

 

 

Mr Lanyi sent me an autographed copy of this book in order to solicit me as a client for his private banking practice. I read it out of curiosity; it took me maybe an hour. I can't imagine how he could think that this book would bring him clients.

The book is written at a fifth-grade level, using simple sentences arranged into short paragraphs divided by asterisks. The biographical notes are standard Horatio Alger stuff about rags-to-riches; there is nothing telling or insightful in them, just many stretched analogies in which Mr Lanyi attempts to relate his life story to his investing philosophies. The investing methods presented are vague, cliched, and seem to concentrate on unheard-of small-cap stocks. Polanyi says "I look for companies that are growing," as if he were the first to come up with this idea.

Worst of all, this book emphasizes the stocks Mr Lanyi picked that ended up skyrocketing -- and there is nary a mention of the failures that even the best stock recommender has. Why doesn't Lanyi include an honest chart of how many successes and how many failures he's had? One would have to be very, very naive to think that Lanyi is telling the entire story when he talks about his successes.

Overall, I can't see anything of financial, educational, or literary value in this book. I thought about giving it away to a library, but I don't think financial misinformation such as this should be spread. This book may just end up in the mixed-paper recycling bin. For educational reading about stocks and stockbrokers, try "A Random Walk Down Wall Street," "Reminiscences of a Stock Operator," or "Where Are the Customers' Yachts?"

This book is poorly written and edited. The middle section contains about 100 pages of obvious filler, consisting of descriptions and histories of several companies in which Mr. Lanyi's clients have supposedly invested. The author's attempts at humour are mostly shopworn cliches that grow tedious by the third or fourth chapter. Anyone looking for serious and intelligent investment advice would be well served by looking elsewhere. Confessions of a Stockbroker seems more of a marketing piece designed to get Mr. Lanyi more clients than an effort at educating or helping the average investor.

Not only is this book not very good, it could be dangerous to you investment health. The book is tedious, especially in the slow moving middle sections. In addition, Lanyi's simplistic approach to investing ignores the tremendous risks inherent in buying small cap stocks. My advice to him: save your "confessions" for people not interested in making money in the stock market.

Potential readers of this book should look at the number of used books available for sale. 22 COPIES!!! If that doesn't tell you something I'm not sure what would. At some point in the near future, I expect Mr. Lanyi will have to pay people to read his book. My advice, don't take the bait; life is too short and time is too valuable. "Confessions" contains little of value for either the novice or experienced investor. One last comment to the guy trying to sell an autographed copy for over $20 - you're dreaming. An autographed copy is probably worth less than a normal copy.

A decent read. Interesting in some parts, boring in others. Mr. Lanyi's background is unusual and he does have a good sense of humor. Overall, I would say it is more a book to take out of the library than a book to buy.

Look up the word meretricious in the dictionary - you'll probably see the cover of this book. This is the worst type of non-fiction- boring to read, misleading and worst of all dangerous if the "advice" within is followed. Is anyone else suspicious of the sample "client portfolios" provided? Hmmmm....a client has over a dozen positions in the portfolio and guess what - all big winners, no losers. Anyone who has spent a minimal amount of time studying the market knows this is highly unrealistic. Lanyi must think his readers are either suckers or fools. I can only assume he has something on the publisher and/or editor to get them to back this vanity project. After reading Confessions, I wondered why Amazon does not offer the option of giving a book no stars. If ever there was a book that deserved it - Confessions of a Stockbroker is it.

After reading this book I can honestly say that I didn't walk away with one valuable information other then not wasting my time reading a sequel to Confession of a Stock Broker. A waste of time and a waste of money would be the best way to describe this book. If you're looking to read a book which wont provide you with any benefits then this is it.

To all the reviewers complaining of wasted time, I would counter that the succinct, sectioned writing limits your loss. Better this than a tome with equal content by a polished windbag.

What you get in return is of interest more for the history and biography; it contains better wisdom about sales, gamesmanship, and chutzpah than about investing.

Anyone who still believes they can learn how to invest from a sell-side broker needs to learn the hard way.

Of course, I benefit from sell-side books like this, because I generate income betting against ridiculously overvalued growth stocks. Also, it helps to pay close attention to their arguments, because bubbles must be respected until they burst or moderate.

Two additional suggestions for those who insist on trying to ride growth stocks up:
1) If you really want to get in early, you should be in venture capital rather than a retail investor
2) All exponential growth comes to an end; be sure to get out of your investment in time!

I got this book at zero marginal cost in a $2 bag of library discards, and so can't complain about the price. Price depreciation for autographed copies may be slowed by the author having died in 2009. He seems like an interesting character to have gotten to know, but he likely would have lost interest in me after I failed to invest as he suggested.

The days of being a full service stockbroker are gone. Everyone is now a "Planner" or "Advisor"...but the goal of the business remains the same: How do you find great clients and at the same time implement an investment philosophy that is exciting, unique, and can help your clients acheive their goals? Lanyi accomplished both in his legendary career. No one has ever given a fully open and honest look inside a full commission stock brokerage business. Lanyi does this -- with wit, charm, and warmth. Is it on par with "One Up on Wall Street" or "Common Stocks and Uncommon Profits"? No. But it is a great book. For those who feel the writing is overly simplistic - they should look no further than a Berkshire Hathaway Annual Report - part of Buffet's charm is his ability to break down the complicated so it is digestable and understandable. Lanyi takes the same approach. Definitely a worthwhile read - for investors and new "advisors" alike...

If you are familiar with the fundamentals of investing and take an interest in stocks, then this book is a great resource to learn more about the inside of a full commision brokerage. I have been reading actively for about a year now on investing in the stock markets. I have the fundamentals down. This book gave me insight that I never got from the typical 'intro' books to stocks and the stock markets. Great insight to the structure of a broker, and how full commision brokerage firms work. Some real gems in this book. If you read The Motley Fool and enjoyed it, this is a very good book to follow.