Riches Among the Ruins: Adventures in the Dark Corners of the Global Economy [Hardcover]

Robert P. Smith (Author), Peter Zheutlin (Author)

Book Description

Publication Date: March 18, 2009

Today, Robert P. Smith is a legend in the world of finance. Part adventurer and part economic warrior, this Indiana Jones of the financial world was an advance man for the forces of globalization, having spent more than thirty years traveling through five continents, buying and selling high risk securities in the world's most downtrodden economies. So tenuous was his operation and so covert the transactions, that an overnight fluctuation in a country's currency rate could mean the difference between a spectacular profit or a devastating loss. Today, the trade in emerging market debt is worth more than five billion dollars a day, but it was virtually non-existent when Smith, a one-time collections lawyer, pioneered the business in the late 1970s. "Riches Among the Ruins" is the extraordinary story of Robert Smith's search to make money doing the riskiest kind of business. We are at his side as he travels through the treacherous and exhilarating world of the debt trader, dodging bullets and roadside bombs in post-Saddam Iraq, and risking his life on the chaotic streets of Nigeria. As he engages in a battle of wills with businessmen in Istanbul, and loses millions overnight in the ruins of the post-Soviet Russian economy, we experience all of the thrill and terror that accompanies making big money in emerging markets. At once adrenaline-fueled and utterly compelling, this is the gripping story of one man's quest for fortune where others fear to tread.

Editorial Reviews

From Publishers Weekly

Smith's memoir of a career spent brokering sales of sovereign debts (also known as government debts) makes for a gripping read. With a raconteur's gusto, the author describes his flight from a solidly conservative New England Jewish upbringing into a world of high-stakes wheeling and dealing. He plied his trade in developing markets, where shortages of hard currency force governments to offer promises of payment for imported goods or services. The author bought and sold these debts, thriving on the risk (he lost $15 million in one day in "the ruins of the Russian economy" in 1988) and the rewards (in three years he had more than made up his losses). He details his travels to five continents seeking creditors looking to cut their losses and investors willing to take on the tremendous risk, hoping for a windfall should an ailing government ever fulfill its obligation. Smith clearly explains the mechanics of international debt trading—now a $1.7 trillion industry—and his yarns of successes, failures and dangerous near-misses are thrilling. (Mar.)
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Review

“A gripping read….his yarns of successes, failures, and dangerous near-misses are thrilling.” Publishers Weekly

"This crackling good yarn about a high roller in the age of globalism will appeal to financial specialists and to general readers."

Foreword Magazine

“… a rambunctious rollercoaster that dodges bullets and missiles, maneuvers around shady characters, and speeds through all sorts of danger…shines an unnerving light on the state of today’s economy.”

Conference Board Review

“…one of the best books I have read about what it has been like to do business in the crazy…international debt markets of the past 30 years. It's an immensely engaging and often exciting memoir... lessons are particularly germane to today's financial crisis…”

Providence Journal

“Usually, the world of finance doesn’t yield memoirs that keep you turning the pages… Riches Among the Ruins is the true exception to the rule…great reading and insight to the way the real world operates.”

--Bookviews.com

“Smith offers lessons relevant for U.S. investors seeking opportunity overseas…also shares his take on the importance of narrowing the gap between rich and poor; the U.S. role in the global economy; and an increasingly integrated world trade system.” -- Associated Press

"With his ear and eye for the telling detail, his vignettes have the stamp of authenticity and are often screamingly funny."-- Financial Post

“Wow! This is one fascinating book; it reads like an adventure story...Not only is it a terrific book, but Smith and Zheutlin are great teachers….Enjoy!” -- Life Insurance Selling

“… it’s great to read a book like this and live vicariously through some of these incredible stories.” -- 800 CEO-Read

“…a treasure trove of stories of profit and loss and of warnings of the on the ground reality of economic crisis.” -- Blog Business World

“…riveting adventure that takes you deep within the world of emerging market debt….we thoroughly enjoyed learning more through his roller coaster ride.” -- MarketFolly.com

See all Editorial Reviews

Product Details

• Reading level: Ages 18 and up
  
• Hardcover: 256 pages
• Publisher: AMACOM; 1 edition (March 18, 2009)
• Language: English
• ISBN-10: 081441060X
• ISBN-13: 978-0814410608
• Product Dimensions: 9.1 x 6.3 x 1.1 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 4.8 out of 5 stars  See all reviews (28 customer reviews)
• Amazon Best Sellers Rank: #699,473 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

10 of 10 people found the following review helpful:

5.0 out of 5 stars Fantastic story filled with great insights, September 18, 2009

By 

John Chancellor "Mentor coach" (Spring Hill, TN) - See all my reviews
(VINE VOICE)    (TOP 500 REVIEWER)    (REAL NAME)   

This review is from: Riches Among the Ruins: Adventures in the Dark Corners of the Global Economy (Hardcover)

Most self-help teachers advise those seeking success to find a good role model and emulate what they did to achieve success. The idea is that success leaves footprints - steps that others can follow.

Riches Among the Ruins is a great example and Robert Smith would be an excellent role model for others to follow. He finished last in his high school class. But his financial success has allowed him to build a theater and arts center at his high school, a new student center at the college he attended and to renovate the synagogue in his mother's hometown.

The opening sentence of the introduction tells how he lost $15 million in one day. But that did not spell financial ruin for him.

I will not presume to guess the primary motivation for Mr. Smith writing this book. In my mind there are three themes or lessons to be gained from reading it.

The first is a better understanding of foreign currency and the interdependence of world trade. We are all subject to the forces of globalization and having a better understanding of the interdependencies will help us better understand our world and how things fit together.


The second underlying message is what it takes to achieve financial success. While these are not directly addressed, they are the footprints we need to observe is we are going to try to follow his example. Success is often found among the ruins. Doing what everyone else is doing will not separate you from the crowd. If you are going to achieve huge success, you must separate yourself from the crowd. Do what others might find distasteful.

Another success principle that kept driving Bob was he was doing what inspired and motivated him. You will find it tough going to attempt to do things you truly are not interested in doing. He loved the excitement of working in the "ruins". Find what you love to do and do it.

There are many other success principles contained in the book, but I will only touch on one more. The "ruins" represent a major need of others. It is much easier to find financial success if you are fulfilling a major need for a) lots of people or b) one with lots of zeros associated with it.

The third theme of the book is looking at the different countries and the problems they faced and then viewing the path that America is following. We have turned from a creditor to the largest debtor nation. We are on a very dangerous path. While we may not be in immediate danger of becoming a third world country, unless we put our financial house on order - both on the national and the individual level, we may find ourselves there sooner than we expect.

This is a wonderful read. The first 50 or so pages are a little slow because there is so much background information necessary to understand what is going on. After the introduction, it gets to be a real page turner. There are really a number of valuable lessons in the book. It reads like a novel but probably should be studied like a text book. Some of the lessons are a little understated.

Robert has achieved financial success but he now looks at life more philosophical. He wants to share what he has learned with others. He has shared his success formula but he has also shared a view of the more important things in life - purpose.

I highly recommend it.

6 of 6 people found the following review helpful:

5.0 out of 5 stars I'd recommend this book in a heartbeat!!, March 17, 2009

By 

FAS (New York, NY) - See all my reviews

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This review is from: Riches Among the Ruins: Adventures in the Dark Corners of the Global Economy (Hardcover)

I was intrigued from the title considering the times we're living in, and I zipped through this well-written, humorous, and interesting book. It reads like an international adventure and is great for someone who is curious about how the world used to work when developing countries teetered near bankruptcy in the 70's and 80's, all told from an entrepreneur's eyes with self-deprecating humility. Especially good book for someone who wants inspiration on starting their own business in the worst of times...

6 of 6 people found the following review helpful:

5.0 out of 5 stars Pertinent lessons for today's economy, March 17, 2009

By 

L. Rheinheimer - See all my reviews
(REAL NAME)   

This review is from: Riches Among the Ruins: Adventures in the Dark Corners of the Global Economy (Hardcover)

Part exciting adventure thriller, part financial advice, this book reads like an Indiana Jones or Ian Fleming story. Smith takes us through his shenanigans in often war-torn perilous developing countries, where he tried (sometimes successfully and sometimes unsuccessfully) to forge a new financial instrument. Today's huge emerging market industry was shaped by economic frontmen like Smith, and likewise, our nation's woes could utilize the hard lessons learned in the debt-ridden countries where Smith spent the past 30 years doing business.