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Smarter Than the Street: Invest and Make Money in Any Market Hardcover – October 22, 2010


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Product Details

  • Hardcover: 256 pages
  • Publisher: McGraw-Hill; 1 edition (October 22, 2010)
  • Language: English
  • ISBN-10: 0071749225
  • ISBN-13: 978-0071749220
  • Product Dimensions: 9.2 x 6.2 x 0.9 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Best Sellers Rank: #1,058,489 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Gary Kaminsky is the cohost of CNBC’s "The Strategy Session" and has been one of Wall Street’s savviest money managers for the last two decades. He worked at Neuberger Berman, LLC, where Team Kaminsky’s assets grew from $2 billion to $13 billion during Wall Street’s lost decade.


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Customer Reviews

Kaminsky points out that most money managers, ETF's and mutual funds are not very investor friendly.
Michael L. Loren
After reading the book I asked myself what new stuff did I learn that would help me do better and I couldn't think of anything.
a dad
The Strategy Session (which Gary co-hosts with David Faber) is one of the few shows that provides useful insight.
D. Bello

Most Helpful Customer Reviews

10 of 11 people found the following review helpful By Michael L. Loren on November 25, 2010
Format: Hardcover
Gary Kaminsky makes a strong case for why the markets will be trading sideways in a narrow range for a long term. How about 10-15 years? And the number of investors that have been burned badly will likely not be returning. However depressing this is he makes a number of practical suggestions for "individual" stock picking and how to make money in the stock market. Look for companies that treat stockholders in a nice way and use their cash in a smart way: Organic growth and dividends for the stockholders. How many stocks should be in the portfolio?- 25-30. Kaminsky points out that most money managers, ETF's and mutual funds are not very investor friendly. In fact they may result in substantial portfolio losses. He goes through his own am "workout" routine. Starting at 5-5:30 am. He advises us to spend 30-40 min a day researching companies on the internet and what sites to visit and he gives specific suggestions to determine what stocks to buy. In a future book, I would have liked him to show an example of a portfolio that he owns. How to build the portfolio and his buy/hold/sell strategies for a period of time. He is not a proponent for day trading. He wants to know what news is out there today that may impact his current portfolio in terms of adding or reducing exposure. He gives some advice on how we can "short" our portfolio- but it wasn't clear how long you would hold the position with reverse ETFs. Over all this is a useful book. Kaminsky is very impressive on CNBC Strategy session. His fairness and clarity is in this book. My only concern is that forces like high frequency trading, ETFs, and hedge funds may override the strategy of "picking" stocks. Today more than ever we need clean advice and Kaminsky seems to have good horse sense. This book is dense with information and I can see returning to it frequently.
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1 of 1 people found the following review helpful By pierce scranton on March 2, 2013
Format: Hardcover Verified Purchase
Anyone who has absorbed the journalistic work of Gary Kaminski on CNBC has to wonder what an in-depth look into his investing philosophy might yield? You can't drive a fund from 2 billion to thirteen billion and not have some thoughts worth contemplating! "Smarter than the Street" gives us that look. There are some very nice investment principles, and a common sense approach to taking ownership of managing your money: See what's happening in the world, scan the headlines of major world financial publications looking for trends and ideas. Don't chase falling stocks, throwing good money after bad. Don't be a "closet index'er" mindlessly spreading out risk without considering the financial strength of each individual company - read their 10K's and 10Q's, two years worth. Do have about 20 - 30 stocks of solid companies who are investing in their own growth and rewarding their shareholders. Know when to take profits, and be patient with a three - five year timeline. Maybe some of this sounds boring. Nothing more boring than sleeping well at night and nuturing a growing portfolio.
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7 of 10 people found the following review helpful By Prof Ed U. Cate on December 25, 2010
Format: Hardcover Verified Purchase
There is very little (if any) substance in this book, which could be summarized in one or two free articles that you see posted on trading web sites. The stock selection guidelines the author describes are too broad to put to effective use without substantial work-experience in the finance industry.

The book has a clear self congratulatory tone, which gets irritating in the second half of the book. I understand the need to emphasize your successful track record to establish credibility, but it is way overdone in this book. The first thing I remember about this book is how smart and honest and (consequently successful) team Kaminsky has been over the years.

Also beware of the dishonest promotions by the author's Professional network (people who the author appears with at CNBC's fast money). During the show, these people promoted the book with the attitude of a snake-oil salesmen. Case in point, look at the first review posted by Anthony Scaramucci (who appears at CNBC regularly).

I find two of the author's advise misleading and potentially harmful.

1) The author suggests that by reading several sources of information 45 minutes a day is sufficient to get a good grasp on the direction of the financial markets, identify companies/stocks with good potential, and manage a portfolio of about 25 stocks.

This is way too optimistic. Only a Professional of 20 years (like the author himself) can do that. If you think you can succeed following this schedule, you are in for a costly disappointment.

2) The author suggests that you use leveraged ETFs as a hedge to your long term portfolio, which essentially means that you may hold on to a leverage ETF for months or even years.
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Format: Kindle Edition Verified Purchase
Kaminsky's main points could be distilled into a thiner volume. That is, institutional investors have an edge over small investors because their analysts have access to c-suites, but small investors have the edge over institutional investors because it's much easier for them to enter and exit a position.

There are some interesting anecdotes about his time at Neuberger Berman, but that's memoir. I'd be very interested in a Kaminsky memoir, but this book was sold as investing advice. It's a bit of an odd fit.
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