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The Undoing of Cowardice Paperback – August 19, 2009


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Product Details

  • Paperback: 254 pages
  • Publisher: BookSurge Publishing (August 19, 2009)
  • Language: English
  • ISBN-10: 143924703X
  • ISBN-13: 978-1439247037
  • Product Dimensions: 9 x 6 x 0.6 inches
  • Shipping Weight: 15.2 ounces (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #2,226,710 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Bill Feingold spent the better part of twenty years on Wall Street in a variety of roles, including a stint with Goldman Sachs. He has worked on mergers and helped companies sell stocks and bonds to the public, and has traded and researched options and convertible bonds for several top Wall Street firms and managed portfolios for hedge funds. In addition, he has taught and lectured about his experiences at a number of schools, including his alma mater, Yale, and he is an online columnist who has been a featured guest on CNBC.

More About the Author

Bill Feingold is the co-founder and managing principal of Hillside Advisors LLC, a New York City-area consulting firm that advises institutional and individual investors and corporate issuers on convertible bonds and related investments. A recognized convertible authority and 20-year market veteran, Bill appears regularly in major financial online, print and broadcast media.

Bill began his Wall Street career in 1985 as a corporate-finance analyst with Dillon Read after graduating from Yale, summa cum laude, Phi Beta Kappa in economics. Bill received Yale's Hadley Prize for being the top graduating social sciences major. He earned his MBA in 1991 with distinction in finance from the Wharton School.

Bill previously served as a portfolio manager for Wellesley Investment Advisors, a leading manager of convertible bonds. Before Wellesley, Bill served as Managing Director and Convertible Strategist at BTIG LLC in New York, having also traded convertibles for the firm. Bill has also traded convertible bonds for Goldman Sachs.

Between Goldman Sachs and BTIG, Bill contributed regularly to the financial education Web site Minyanville and published his first book, 2009's The Undoing of Cowardice. Before that, he was the senior partner and co-manager of the FrontPoint Convertible Arbitrage Fund from 2003 to 2005. From 2000 to 2003, Bill co-managed the Clinton Riverside Convertible Fund, during most of which time the Fund grew substantially and was one of the top performers in its strategy.

Between FrontPoint and Goldman Sachs, Bill served as a consultant to Schaeffer's Investment Research, a firm founded in 1981 and dedicated to the individual investor, with a focus on option-based strategies. Bill created the Advanced Trading Center at Schaeffer's, designed for clients looking to expand their investment toolkits with advanced option strategies, convertible bonds, and other techniques. In the fall of 1999 and 2000, Bill co-taught the acclaimed Yale seminar "Market Psychology and the Truth About Derivatives." Bill's objective with the seminar was to provide liberal-arts students likely headed for policy-making careers the skills necessary to get behind the financial headlines and understand the real issues for themselves.

A native of New York City, Bill was raised in Berkeley, California. He lives in Westchester County, New York, with his wife, two daughters, and two cats.

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4 of 4 people found the following review helpful By David R. Schellhase on September 23, 2009
Format: Paperback Verified Purchase
This book is terrific and I highly recommend it. It deserves close attention from anyone who wants to be an educated, active investor or anyone who wants to read a very funny, insider's view of the world of big money.

There is an ocean of undistinguished books about investing, the recent financial meltdown and the good and bad to be found on Wall Street, most of which will make you no savvier about managing your money. The Undoing of Cowardice is quite different. Bill manages to both capture history while it was being made and teach critical lessons at the same time. His anecdotes are very amusing and very relevant, and each story reinforces an important principle about investing. He makes sophisticated concepts easily digestible.

This book is not the last mile on the road to becoming an independent-thinking, confident investor -- no single book can be. However, it is the key starting point that will give you the confidence and overall direction to make the journey. Many of the tactics that Bill suggests require further study, but the overall strategy he lay out is a superb guide to taking control of your money and getting ahead of the crowd.
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5 of 6 people found the following review helpful By S. Kline on August 25, 2009
Format: Paperback
Bill Feingold's "The Undoing of Cowardice" is one of the most valuable books on investing that I have ever picked up. Mr. Feingold's ideas, like most of the great economic thinkers of the past three centuries, seem almost amazingly commonsensical once he has explained them, and yet they resonate with significant power. Feingold is absolutely correct that most people have the knowledge and wisdom to invest well, but have been talked into making poor decisions by a system which greatly rewards failure to think outside the box. Whether you are a professional money-manager or an investor with a 401k account, you owe it to yourself to study and understand Mr. Feingold's theories gained from 20 years of Wall Street experience and an equally impressive academic career.
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2 of 2 people found the following review helpful By M. Liebson on October 28, 2009
Format: Paperback Verified Purchase
The lead sentence of the back cover testimonial, "Plotting a course between The Black Swan, Liar's Poker, and The Little Book that Beats the Market ...." gives a good feel for the book's perspective; if you liked those books, you'll enjoy this excellent contribution to the subject of finance and investing. Feingold offers a thoughtful and provocative view of how Wall Street really works, based on firsthand experience at the upper echelons of finance, as a Goldman Sachs bond trader and portfolio manager at several hedge funds. With this background, he explains how the curse of "closet indexing" has led to a herd mentality (thus the title and herd of sheep on the cover) that is undoing the efficient market and offers long term investors an opportunity to beat the street. After applying this observation to investment strategy, the author then does a deep dive into his specialty area, convertible bonds, which combine the principal protection of bonds with the upside potential of stocks.
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1 of 1 people found the following review helpful By Michael E. Lewitt on August 3, 2010
Format: Paperback
Bill Feingold speaks out courageously about the flaws in today's financial system in his wonderfully written book, The Undoing of Cowardice. Rejecting the Wall Street group-thinking that so badly serves investors while continuing to line the pockets of investment banks and other monied interests, Bill tells the truth to investors about how to protect their interests and their pocketbooks. This is not the kind of book you will find in the reading rooms of the investment banks with good reason - BECAUSE IT TELLS THE TRUTHS THAT THEY DO NOT WANT TOLD. Bill is a wonderful writer and cogent thinker and investors and policy makers would be well-served by reading this honest and politically incorrect appraisal of our highly flawed financial system.
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