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Confessions of a Wall Street Analyst: A True Story of Inside Information and Corruption in the Stock Market Paperback – May 29, 2007
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Top Customer Reviews
A friend who works in the world of investments suggested that I read Dan Reingold's memoir, recently published by Collins, the Harper Collins imprint that produces most of their business titles. The full title of this fascinating and chilling book is, "Confessions of a Wall Street Analyst - A True Story of Inside Information and Corruption in the Stock Market." From his vantage point as one of the most respected Wall Street analysts covering the telecom industry, Reingold tells the ultimate "caveat emptor" story that should give pause to all of us who make stock market investment decisions.
Reingold tells a very credible tale, mixing in enough elements of mea culpa to make his story believable and accessible. In hindsight, he wonders why he and other analysts did not uncover before it was too late the accounting duplicity and fraud that ultimately led to indictments of several key telecom executives, and that served as the straw that broke the camel's back of the telecom industry.
In the first 300 pages, Reingold does an excellent job of walking the reader through the development of his role as an award-winning analyst, first within the fledgling MCI, and then on Wall Street with Morgan Stanley and finally with Credit Suisse First Boston.Read more ›
Well, this is a terrific book and I enjoyed reading it very much. Honestly, I picked it up with some trepidation for the reasons I list above. Dan Reingold tells his own story as one of the very top telecom analysts on Wall Street. He provides a very interesting and honest context for his entry and rapid rise and is quite clear about the lavish pay scales and pressures his job enjoyed and endured. He is quite open about his own experiences in moving up the ladder and from firm to firm (always at higher pay and better terms). I very much enjoyed the way he describes how these negotiations are handled.
The most interesting part of the book, for me, was his discussion of the inherent conflicts between the analysts and the banking side of the firm. For the most part, Reingold managed these conflicts well and honorably. This approach to his job not only earns our respect, but kept him from being caught up in the scandals that took down so many in his industry, especially the notorious Jack Grubman.Read more ›
Dan Reingold is vulnerable to criticism himself. He pats himself on the back for putting "Hold" recommendations on stocks that fell sharply, and that he claims he thought were probably going to fall sharply. Why not say "Sell?" His defense seems to be that he was spending his time finding stocks that were Buys, and if a stock was not a "Buy" there was no point in writing a report on the stock.
At the end of the book he makes some recommendations about how to reform the role of Wall Street analysts. He makes well-founded points about the flaws in Spitzer's "reforms". But his own recommendations are poorly thought out. He does not seem fully to appreciate the economics behind research departments.
Most Recent Customer Reviews
I am interested in the topic, so it got my attention. But it is one storyline book. At certain points dull, at others Dan comes out as an outright naive guy for a professional... Read morePublished 2 months ago by Amazon Customer
This book is about coruption and inside trade on Wallstreet in the late 90s and early 2000. It's told by one of the top telecom analysists of the time and shows why the market... Read morePublished 12 months ago by Henrik
No spoilers--This was an interesting and well-written documentary of how one analyst made his way to some of the big firms and big payrolls! Read morePublished on July 10, 2013 by Teresa
This is one very interesting book for someone working in the telecommunications company. It reinforce my belief that the market place is not as level as it has been painted out to... Read morePublished on November 10, 2011 by Edwynpoh
The authors do a good job describing some of the mechanics and BS that goes on on Wall Street. I thought it was refreshing to see a guy who lived it come clean on some of the crap... Read morePublished on October 6, 2011 by Michael J. Troutner
Although this book is well-written and interesting, it is completely mis-titled. Reingold does not really confess to anything (except feeling at times uneasy about the inherent... Read morePublished on September 3, 2011 by DRM
I enjoyed this book, but as a trader it contained little I didnt already know so not much of a "confession" for me. Read morePublished on May 23, 2010 by R. Zerbo
Dan Reingold did a fantastic job on this book by giving us a glimpse of the day to day activity inside the wall street. Read morePublished on September 1, 2009 by Edyson Dy
This is an excellent book, very well written and reading as very honest and truthful. The only reasons that I did not give it 5* are: first, the title overdramatises the contents -... Read morePublished on July 18, 2009 by Stewart MILLMAN