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Ugly Americans: The True Story of the Ivy League Cowboys Who Raided the Asian Markets for Millions
 
 
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Ugly Americans: The True Story of the Ivy League Cowboys Who Raided the Asian Markets for Millions (Hardcover)

by Ben Mezrich (Author) "The breeze was thick and hot and weighed down with the stench of cigarettes, alcohol, cheap perfume, and dead fish..." (more)
Key Phrases: tracker fund, star trader, hostess bar, Hong Kong, New York, Wall Street (more...)
3.3 out of 5 stars See all reviews (89 customer reviews)

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Frequently Bought Together

Customers buy this book with Busting Vegas: A True Story of Monumental Excess, Sex, Love, Violence, and Beating the Odds by Ben Mezrich

Ugly Americans: The True Story of the Ivy League Cowboys Who Raided the Asian Markets for Millions + Busting Vegas: A True Story of Monumental Excess, Sex, Love, Violence, and Beating the Odds

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Editorial Reviews

Amazon.com Review
Ugly Americans documents the "Wild East" of the mid-1990s, where young, brilliant, and hypercompetitive traders became "hedge fund cowboys," manipulating loopholes in an outdated and inefficient Asian financial system to rake in millions. Using a concept called arbitrage, they made their fortunes mainly on minute shifts in stocks being sold on the Nikkei, the Japanese stock market, collapsing banks and nearly bankrupting the Japanese economy in the process. Other schemes were also concocted, most of which were technically legal, though certainly unethical. This true story revolves around "John Malcolm," who, in exchange for anonymity, agreed to give Ben Mezrich all the access and information he needed to write this book. As a recent Princeton graduate in the mid-1990s, Malcolm accepted an undefined job offer from an American expatriate in Japan to work in the investments field. Though he had no prior experience, he facilitated 25 million dollars worth of trades on his first day on the job, and it just got more exciting from there. He soon joined a small group of expatriates, all in their twenties and mostly Ivy League graduates, who lived like rock stars, thriving on the stress and excitement of their jobs to create their own steroid versions of the American Dream half a world away. Mezrich tells this riveting story well, incorporating elements of the culture into his narrative, including the infamous and pervasive Japanese "Water Trade," or sex business, romantic intrigue, and even run-ins with the Yakuza, the Japanese mafia. Though there is little real analysis of their financial dealings and how they ultimately changed the rules of finance in Asia, this entertaining page turner does offer a glimpse into a world little explored in print until now. --Shawn Carkonen

From Publishers Weekly
Though the names have been changed to protect the not-so-innocent, this is a true story, containing all the ingredients of a great narrative—a main character the reader can relate to, an appealing love interest, money, danger, the need for acceptance, suspense and even the realization (in some form) of the American dream. Mezrich (Bringing Down the House) presents wanna-be financial star "John Malcolm," who accepts a nebulous job offer in Japan in the mid-1990s and leaves his middle-class New Jersey postcollege aimless existence for an adventure he might have dreamed of had he any idea of what the big boys' world of finance was really like. After hitting the ground at top speed from day one, John and his cohorts—all male, mostly Ivy League graduates—learn their way around the lucrative, fast-paced and legal-but-barely-palatable world of cowboy-style Asian market finance. In the process, they make millions (sometimes per trade) and pride themselves on knowing when to get in and how to spot their exit point. Their bottom line is all that matters; everything else—from emotion to opinion—is secondary. In a truly engaging look at how an innocent who thinks he knows the world does actually end up understanding a small but significant piece of it, Mezrich manages to incorporate solid journalism into a narrative that just plain works.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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Product Details

  • Hardcover: 288 pages
  • Publisher: William Morrow; First Edition edition (May 4, 2004)
  • Language: English
  • ISBN-10: 006057500X
  • ISBN-13: 978-0060575007
  • Product Dimensions: 9 x 6.2 x 1 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.3 out of 5 stars See all reviews (89 customer reviews)
  • Amazon.com Sales Rank: #82,650 in Books (See Bestsellers in Books)

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Customer Reviews

89 Reviews
5 star:
 (24)
4 star:
 (21)
3 star:
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2 star:
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Average Customer Review
3.3 out of 5 stars (89 customer reviews)
 
 
 
 
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107 of 130 people found the following review helpful:
2.0 out of 5 stars Weak attempt to cover interesting material, May 18, 2004
By J. Meyercord "jdm58" (New York, NY USA) - See all my reviews
(REAL NAME)   
I was a fan of BDTH, but there are several significant problems with this book. I work at a hedge fund that invests in Asian markets and the discussion of "hedge funds" and Asian markets is superficial, at best. Please don't read this book and think that you have any relavent knowledge of either of those topics. Secondly, there are little details that the author did not research very well and that just destroy his credibility. For example, Ivy League schools do not give athletic scholarships. It is one of the conditions of being in the Ivy League athletic conference, a conference that prides itself on "scholar athletes." For this reason it would be difficult to get a "full ride" for football at Princeton. Another example, foreigners are not allowed to rent cars in Bermuda. That is why everyone rides those vespas around everywhere. I know these are minor details, but they destory the credibility of the author. When you change the details of someone's story you have to do the research to make sure the new persona makes sense. Lucky Mezrich isn't creating cover stories for a CIA spy, or they would surely be dead. Finally, I think the discussion of the sex trade is relevant to the story, but somewhat gratuitous and cliche.
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10 of 10 people found the following review helpful:
3.0 out of 5 stars Good, but not great, July 6, 2004
I have mixed feelings about this book but the overwhelming one is disappointment. Underneath, there is a tremendous story that begs, and needs, to be told, but unfortunately Mr Mezrich, for whatever reason, does not tell it. Im a pop-history junkie and I work in the financial industry so I was doubly excited about this book. I was expecting a detailed, inside account of a little known slice of recent financial history, something akin to Liar's Poker. But what this book provides is far short of that expectation. For one, the names of all the main players and pertinent details of their lives, except for the big dogs who could not be disguised like Joe Jett or Nick Leeson, are altered so you never really grow an attachment or a bond to any of the characters. "John Malcolm", the main character, is a made up name. My first thought was that these guys were in to something so juicy that in order to protect their lives their true identities couldnt be revealed. Mezrich even says this. So Im waiting all book to find out what it was. At the end of it, I was still waiting. Sure the book gives you a peep into the wild, rock-star lives of these "hedge fund cowboys", but thats all you get, a peep. As far as I can tell, the main characters ran a hedge fund in Japan that may or may not have been funded by the Yakuza (the Japanese mob) and because the main guy who ran the fund was so feared in Japan and southeast Asia, they were able to acquire favors and inside info which allowed them to make a killing. But you never find out why a skinny pasty white ivy-league American guy is so feared in Japan. So the book in essence is a work of fiction based on factual data and thus in no way at all has any historical worth. It's like a movie thats "based" on actual events - its flashy and entertaining, but it has to be in order to sell. The true events are similar and there is some overlap, but thats it. So where as in Liar's Poker, you learn about the actual guys on Wall Street in their actual firms doing the deeds that altered history, in Ugly Americans, you get small pieces that pique your attention and get you hungry but never really satisfy your appetite.

Plus its such a fast and easy read, that I finished it in 2 days.

Shawn Carkonen's review for Amazon says it best "Though there is little real analysis of their financial dealings and how they ultimately changed the rules of finance in Asia, this entertaining page turner does offer a glimpse into a world little explored in print until now." I was expecting the analysis of their dealings and its effect on the Asian financial markets, as well as the lifestyle portion. It was entertaining, and it is something that has never been in print before, but there is a lot that still could be put to print.

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7 of 7 people found the following review helpful:
5.0 out of 5 stars Fun book, some information, August 5, 2005
I work in FX trading and I loved this book, unlike the previous reviewer. I also though Mezrich did a good job at giving a cursory explaination of the hedge fund industry and trading. Is it perfect? No, but hey, there are many books written on the industry, this is a story about a person within the industry. Also, they don't give Athletic scholarships to people at Ivies, but they do give academic scholarships to grossly underqualified individuals. It happens, maybe not that often, but it does. Also, Michael Lerch (Malcom) lives in Hawaii. So Bermuda obviously being a cover for the real location...
Overall, great book, fun read, but not overly technical.
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Most Recent Customer Reviews

4.0 out of 5 stars Rice Rocket
Author Ben Mezrich gets most of these stars for the thrill ride he always writes. Ugly Americans is a blast of a page turner. Read more
Published 17 days ago by Jonathan Warren

5.0 out of 5 stars Even better on Audible!
I didn't get this book to learn the details of stocks, hedge funds, or derivatives trading in Japan. Read more
Published 4 months ago by Allen E. Bender

5.0 out of 5 stars Fantastic
If you liked Bringing Down the House, you'll love this book too. Also check out Rigged by Ben Mezerich.
Published 5 months ago by J Michael

5.0 out of 5 stars Money, Sex & Drug Fueled Adventure in Japan
From back cover:

"John Malcolm first went to Japan to play football. He returned to ride the crest of the wave of financial raiding, trading and speculating that... Read more
Published 12 months ago by BYF

4.0 out of 5 stars Very interesting book on the industry in Japan.
This was a quick read that gave an inside look into the industry in Asia. I found the book well-written and informative, as well as entertaining. I highly recommend.
Published 12 months ago by B. Baratz

4.0 out of 5 stars A Great Read
Just finished this book and found it very entertaining. It is definitely not a book on how to trade. It is a very interesting story that I suspect is somewhat dramatized. Read more
Published 15 months ago by A Reader

4.0 out of 5 stars Ugly Americans aptly titled
This book is like Ben's others, a good read that keeps you wanting more. It is clear that the author enjoys digging deep into what these intelligent, elite Ivy Leaguers do with... Read more
Published 17 months ago by J. Shelton

1.0 out of 5 stars True story? BS!
i heard from industry people that actually knew the person mentioned here, so the person does indeed exist, but the story isnt true. Read more
Published 20 months ago by Barrier Options

3.0 out of 5 stars Worth the time
Get's a little lost at times but a very fast read. Would make an interesting movie.
Published 21 months ago by Mark J. Bugge

5.0 out of 5 stars Great book
Another of Ben Mezrich's books which does not evolve around card-counting. It has a similar structure to his other books, which I find very interesting - a story which would take... Read more
Published 21 months ago by Oleg Kojevnikov

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