Invest Like a Dealmaker: Secrets from a Former Banking Insider (Agora Series) [Hardcover]

Christopher W. Mayer (Author)

Book Description

Series: Agora Series | Publication Date: January 28, 2008

Invest Like a Dealmaker outlines an approach to investing that is far removed from what most investors have been conditioned to believe, but which has produced consistent profits for its practitioners decade after decade. While the concepts covered are not well known by the average investor, they are well appreciated by Wall Street insiders and dealmakers—particularly those who think about stocks as whole companies, as things with real assets, and cash flows that exist in the real world.

Editorial Reviews

From the Inside Flap

It takes more than the latest technology and some timely tips to make money in today's markets. What you need to ultimately succeed is a firm understanding of how these markets really work and the ability to look at the investment process from a slightly different perspective. With Invest Like a Dealmaker, author Christopher Mayer will prepare you to do this and much more.

As a former banking insider and current Editor of Capital & Crisis—a highly regarded financial newsletter—Mayer has gained some invaluable investment insights during the course of his career. Drawing from a wide range of sources, this book pulls together anecdotes and stories from some of the greatest investors of years past, such as nineteenth-century speculator Jay Gould, investment theorist John Burr Williams, and even seventeenth-century businessman Joseph de la Vega. Invest Like a Dealmaker also examines some of the best ideas from today's top performing investors, such as Marty Whitman, Seth Klarman, Joel Greenblatt, and many more. Also included are lesser known names and quirky characters—like poker great Puggy Pearson—who have all contributed to the pile of investment wisdom.

Written in a straightforward and accessible style, Invest Like a Dealmaker outlines an approach to investing that is far removed from what most investors have been conditioned to believe, but which has produced consistent profits for its practitioners decade after decade. While the concepts covered are not well known by the average investor, they are well appreciated by Wall Street insiders and dealmakers—particularly those who think about stocks as whole companies, as things with real assets, and cash flows that exist in the real world.

With this book as your guide, you'll quickly become familiar with the two markets that exist for stocks—the market of public quotations and the private market for control—and discover how to profit from discrepancies between the two. After this engaging introduction, Mayer shows you what it takes to make it in this type of investment environment by discussing how to:

• Incorporate the tools and techniques of great "money minds" into your everyday investment endeavors

• Think about risk and wealth creation in a whole different way

• Locate potential investment opportunities through a variety of resources

• Develop a sound and smart selling strategy

• Avoid losing investments

There are many paths you can take on the investment journey, but only a few are worth following. By translating sophisticated financial ideas into approachable investment insights, this book will show you how to think like a dealmaker when trading the markets and put you in a better position to make profitable investment decisions.

From the Back Cover

Praise for Invest Like A Dealmaker

"Chris Mayer is one of the few people in America who thinks deeply and originally about investing. The ideas in this book will enrich you and?change your perspective about investing forever. You'll never look at a stock symbol in the same way. This is the complete guide to sophisticated, safe investing."
—Porter Stansberry, founder, Stansberry & Associates Investment Research

"I've known Chris for years now. His new book has all the essential principles of investing, historical vignettes about curious characters, and insights from all the greatest investing legends, tied up in an entertaining package that only someone as well read as Chris could produce. In the last twenty years, I've read hundreds of financial books.? Most weren't worth the time it took to read the table of contents. You'll want to read Invest Like a Dealmaker cover to cover and refer to it often."
—Dan Ferris, Editor, Extreme Value

"Chris Mayer has put together a wonderful compendium of investment wisdom. You'll find the 'usual suspects'—Warren Buffett, Jay Gould, George Soros, et al. But you'll also learn from great investors you've never heard of, backed up with great research. Turn to just about any page and you'll find something profound that will help you make more money in the markets."
—Mark Tier, author, The Winning Investment Habits of Warren Buffett & George Soros

"Chris Mayer's book is highly readable and refreshing because, as a true value investor, he provides the knowledge and the tools for every investor to select undervalued securities, and convincingly articulates the case for commonsense investing."
—Marc Faber, Editor, the Gloom Boom & Doom Report

"Chris Mayer has done a nice job of explaining and illustrating how and why a company (and its stock) can be valued differently by people who simply view it through different perspectives. His book is a useful addition to the library on investing."
—Ron Muhlenkamp, President, Muhlenkamp & Company, Inc., and author, Ron's Road to Wealth

"It's all about value. And one of the smartest value analysts anywhere is Chris Mayer. In Invest Like a Dealmaker, Chris shows us the basics, and then the essential secrets of finding hidden value and turning it into profitable portfolios. This book will help bring your investing game to a whole new level."
—John Mauldin, President, Millennium Wave Investments, author, Bull's Eye Investing,

and Editor, Thoughts from the Frontline

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Product Details

• Hardcover: 240 pages
• Publisher: Wiley; 1 edition (January 28, 2008)
• Language: English
• ISBN-10: 0470180919
• ISBN-13: 978-0470180914
• Product Dimensions: 9.2 x 6.3 x 0.9 inches
• Shipping Weight: 14.9 ounces (View shipping rates and policies)
• Average Customer Review: 4.0 out of 5 stars  See all reviews (12 customer reviews)
• Amazon Best Sellers Rank: #179,340 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

28 of 30 people found the following review helpful:

3.0 out of 5 stars Strong First Two Chapters, Then Loses Direction, March 17, 2008

By 

geegit (Brooklyn, NY United States) - See all my reviews

This review is from: Invest Like a Dealmaker: Secrets from a Former Banking Insider (Agora Series) (Hardcover)

When I started this book, I was looking forward to seeing a somewhat contrarian approach to investing; something a little different from the Cramers, Fishers, Buffetts, etc. out there. And Mayer promises as much.

For the first part of the book, Mayer lives up to his promise, clearly contrasting a dealmakers' approach to investing and analyzing a potential purchase and contrasting it to that of the average investor. He makes a few excellent points, such as how a stock price only tells a fraction of the story, looking at whether a company has tangible vs. intangible assets, etc.

After the first few chapters, the author starts to meander. The rest of the book is a hodgepodge of advice gleaned from various greats, such as Joel Greenblatt and Marty Whitman. In one case, Mayer greatly disappoints when he starts discussing one of Greenblatt's theories, leaves a lot of open questions, and tells us to read Greenblatt's book for the rest. Was Mayer paid to plug Greenblatt's book?

As one who has graduated from the CNBC soundbyte approach to investing and was looking for something more substantive, I found the book to be a good starting point in throwing out some ideas and adding a bunch of books to my reading list. But otherwise, I don't see who the audience is: the book is too advanced for the novice investor, and the advanced investor who's read the classics won't find much new here, especially after the first couple of chapters.

Overall, the book has some redeeming value, but I didn't find it to live up to its promise.

5 of 5 people found the following review helpful:

5.0 out of 5 stars Great book on value investing, August 14, 2009

By 

Mariusz Skonieczny "Author" (Schaumburg, IL) - See all my reviews
(REAL NAME)   

This review is from: Invest Like a Dealmaker: Secrets from a Former Banking Insider (Agora Series) (Hardcover)

The author states that to be a dealmaker means to think of stocks as whole companies and as things with real assets and cash flows that exist in the real world. Many times stock valuations do not reflect what private buyers would pay for the entire companies based on their assets. The differences in prices between public and private markets create opportunities for great returns.

Once the readers are aware that these types of opportunities exist, the author shows readers where to hunt for them. The first place to look is to observe what the great money managers are buying. Other hunting grounds are screens for net tangible asset values and special situations such as spin-offs. He even includes Greenblatt's "Magic Formula," which is simply a screen of companies with low valuation and high growth rates. This book is full of resources and ideas for investors.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

2 of 2 people found the following review helpful:

4.0 out of 5 stars Solid Read, January 2, 2009

By 

Liberty1776 (USA) - See all my reviews

This review is from: Invest Like a Dealmaker: Secrets from a Former Banking Insider (Agora Series) (Hardcover)

I enjoyed Mr. Mayer's insight and philosophies in "Invest Like A Deal Maker". Clearly Mr. Mayer's financial history is top notch and he dole's out numerous references for the avid financial historian. I am a firm believer that for as long as money has been around that smart investing hasn't really changed. Yet there are always the a latest investing trends.

It helps me to think of investing like fashion. New fashions are just that, a flash in the pan. You buy into the trend but years later the clothes are in the back of closet and you never wear them again. Will you be wearing Crocs a decade from now? Doubt it. Classics, like black leather coats, solid jeans, khakis, etc never go out of style and are worth the investment.

Mr. Mayer explains his "C.O.D.E." which is firmly rooted in basic, intelligent principles and is the black leather jacket of approaching investments. Success takes discipline and time.