Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Other Sellers on Amazon
+ $3.99 shipping
+ $3.99 shipping
+ $6.18 shipping
Backstage Wall Street: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments Hardcover – March 27, 2012
|New from||Used from|
"Enlightenment Now: The Case for Reason, Science, Humanism, and Progress"
Is the world really falling apart? Is the ideal of progress obsolete? Cognitive scientist and public intellectual Steven Pinker urges us to step back from the gory headlines and prophecies of doom, and instead, follow the data: In seventy-five jaw-dropping graphs, Pinker shows that life, health, prosperity, safety, peace, knowledge, and happiness are on the rise. Learn more
Frequently bought together
Customers who bought this item also bought
Customers who viewed this item also viewed
"I have long wanted to see a book that would teach ordinary investors how to avoid being cheated by those that create/sell financial products. If this book isn't it, the one that surpasses it will be astounding. If Wall Street is a show, this book gives you a peek behind the curtain." -- David Merkel "SeekingAlpha"
"I have long referred to the author of Backstage Wall Street as "Downtown" Josh Brown because he is no "Uptown Guy." Rather, he is irreverent, unorthodox and iconoclastic.The pages of his new book are filled with colorful exposes of misconduct in the way Wall Street presents and sells itself (and it's financial products offerings!).
Josh's anecdotes - like his description of the audience's reaction to Piper Jaffrey analyst Nicole Miller Regan's questions at a Jamba Juice's analyst day - are priceless.
(With apologies to Billy Joel) if you have "never met a backstreet guy..".. run, don't walk to read the Downtown Man's chronicles of deception from those wonderful folks on Wall Street that nearly bankrupted the world's financial system a few short years ago." -- Doug Kass "TheStreet.com"
From the Back Cover
Sure to be a revelation to even the savviest financial professional, Backstage Wall Street is a brutally honest look at the investment business from a veteran who’s seen it all. “Reformed” Wall Street insider Joshua M. Brown offers clear and proven advice on how to navigate all the snares set by the lords of Wall Street.
If you buy a new print edition of this book (or purchased one in the past), you can buy the Kindle edition for only $2.99 (Save 82%). Print edition purchase must be sold by Amazon. Learn more.
For thousands of qualifying books, your past, present, and future print-edition purchases now lets you buy the Kindle edition for $2.99 or less. (Textbooks available for $9.99 or less.)
Top customer reviews
There was a problem filtering reviews right now. Please try again later.
Pretty much everything in this book I already knew. His satire and manner of information-sharing is typical Josh Brown excellence (and why I bought the book in the first place), but it's not ground breaking. He doesn't say anything I don't already know, but I still enjoy his style of writing. His way with words really makes topics easier to grasp - and humorous - without dumbing down the information.
I think this book is meant for the novice investor who does not know much about the financial industries. If you're an advisor, day trader, or pay attention to the markets regularly - there's not much in here you don't already know. It's never bad to hear Josh's take on things, but the "insight" seems more geared to those who aren't able to follow the markets day-in and day-out.
Maybe I misunderstood who the book was meant for, and being a Josh Brown fanboy I just bought it without taking the time to research first. Good for new investors or those not already familiar with markets. Rather redundant information if you're market-savvy.
Here are some of the insights I picked up from reading it:
1. Selling one's expertise is much easier than actually developing an expertise, especially as it pertains to investing.
2. A good broker can close on anyone and he means anyone. Well almost. I was secretly hoping to adopt some of the successful selling techniques in my portfolio of bar pick up lines, but then Brown slapped me with the following: "It is nearly impossible to impulse-sell securities to women, as they tend to invest more for financial security than for bragging rights, big fish tales, or naked greed like wealthy men do." If only stocks were shoes.
3. By driving the costs out of trading, the online brokerages had inadvertently driven the investment banks back to the profit drawing board--as history has shown time and again, Wall Street getting creative is almost never a good thing.
4. Social media is just one more disruptive force that allows talented individuals to build their own brands and to gnaw away at the once-mighty oaks that have ruled the industry for so long.
5. Wall Street Sell-side research is a giant joke. In bull markets, you don't need them because everything goes up. In bear markets, their warning is usually way after the fact.
6. The game used to be played like this: "Do your initial public offering through our banking department, and our brokerage analysts will guarantee you a `strong buy' rating for your first six months of trading."
7. There is still an understanding that you don't downgrade the big clients of the firm. When analysts do downgrade stocks, in my experience, it tends to come only after a slew of weak earnings reports and in the context of a stock price that has already been falling for months. In fact, ask most experienced traders about which type of sell-side call gets them most excited and they'll almost unanimously answer that they love when a broker goes negative. The value investors will wholeheartedly agree.
8. The most effective method of selling anything in this world is through storytelling. And it is not just product that needs to be sold. Strategies have received their own stories as well. "Buy and hold" is one of the greatest stories ever told, this despite the fact that in the past century we've seen 25 cyclical bear markets and two bone-crushing secular bear markets.
9. There are a lot of "murderholes" on Wall Street: SPACs, Chinese ADRS, one-drug biotechs, private placements among others. I love the quote from Mike Tyson in the book: ""Everyone has a plan, 'til they get punched in the mouth."
Finally, Josh Brown has the distinct advantage of being in the same office with Barry Ritholtz, the author of "Bailout Nation" and one of the best minds in the business. I would think just being on the same block with Barry would improve one's perspective on what to do and what not to do when it comes to investing.