- Paperback: 352 pages
- Publisher: Simon & Schuster; Reprint edition (June 6, 2003)
- Language: English
- ISBN-10: 0743224884
- ISBN-13: 978-0743224888
- Product Dimensions: 5.5 x 0.9 x 8.4 inches
- Shipping Weight: 10.6 ounces (View shipping rates and policies)
- Average Customer Review: 246 customer reviews
- Amazon Best Sellers Rank: #162,746 in Books (See Top 100 in Books)
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Confessions of a Street Addict Paperback – June 6, 2003
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David Denby The New Yorker Bellicose, self-justifying, coarse, infantile, lovable, and even at times, saintly....He is the greatest public generator of excitement and knowledge about the market today.
The Washington Post Book World There may be no better glimpse into the workings of Wall Street over the past fifteen years than this one, which can be read with pleasure even by those who don't know a bull from a bear....a riveting memoir.
USA Today Unflinching, rat-a-tat-tat style...[Cramer's] hair-raising descriptions of Wall Street in the waning days of the bull market are worth the price of admission....a cautionary tale for any small investor tempted by stock market hype and mania.
About the Author
James J. Cramer is host of CNBC’s Mad Money and cofounder of TheStreet.com. His many books include Confessions of a Street Addict, Jim Cramer’s Getting Back to Even, Jim Cramer’s Mad Money, Jim Cramer’s Real Money, Jim Cramer’s Stay Mad for Life.
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Cramer's life on Wall Street was no walk in the park. He was sedulous, waking up as early as 3am in quotidian-like fashion with minimal sleep. Everyday that was repleted with activities that started with running the hedgefund, working on his side project - TheStreet, writing many articles, and doing many on-air television appearances then [trying to] accommodate it all with family time. Part of the 'confession' was that he got so obsessed with the market that he often lost touch of higher priority (e.g. familial) things. Some examples: missed his sister's wedding (the situation was understandable though), impulsively taking a call about the market right after his child's conception, and his betrayal of his good friend Marty over a charlatan scumbag. There's two sides to every story, and even though the media may have crudely (and unfairly) portrayed Cramer as a vociferous, egotistical, charlatan - he had his side. Much was elucidated, with what I feel was with much honesty.
The tone is sometimes overtly pretentious, and the text [sometimes] could be described as braggadocio but at the same time humble (e.g. his musing that went by something similar to "im such an idiot") but it doesn't take away the quality or the veracity of the book. Cramer's outspoken and confident, and the combination can falsely project conceitedness. He was very candid and delegated much of his success to those around him. I don't know how I can emphasize this more besides quoting the last words in the text "I am lucky. And it's better to be lucky than good". Take this into consideration and enjoy the book!
To put it simply, this book feels very....raw to say the least. Everything Cramer says is very personal, engaging and easy to sympathize with. Everything Cramer went through while running his hedge fund is covered. All the criticism and accusations he went through, the tough times when he felt stuck with low returns, the issues he faced when Long Term capital management went under etc.
This book also covers a lot of other stuff like how he got started, his tumultuous relationship with his first investor, and his obsession with making the stock market a hobby/passion for the average america.
Overall this book does a good job of expressing how hard working, passionate, and borderline obsessed hedge fund manager who outperform are, while showing off their vulnerable life can be outside of their secretive world
This book offers a lot of insight into the world of hedge fund which is mostly kept hidden. This includes both some of the trading strategies used, methods of analysis (fundamental and technical), and the politics involved. It also details how the Hedge Fund are true market makers that are able to shape the markets based on a number of maneuvers. In addition, this book offers insight into the world of financial analysis and news, as Jim talks about The [...] that he co-founded. This part of the book helps understand the .com burst and put it into context. This section also offers tremendous insight into the stock underwriting process and the associated IPOs. All that being said, it shows how trading can become a lethal addiction. An addiction in which any loss can have severe consequences for the underlying financial institution and reminds us that "you are only as good as your last trade". A thrilling, highly recommended book.
Most recent customer reviews
Chapter 1 is a must read