- Hardcover: 208 pages
- Publisher: Escape Velocity Press (July 15, 2003)
- Language: English
- ISBN-10: 0972783210
- ISBN-13: 978-0972783217
- Product Dimensions: 6.4 x 0.9 x 9.3 inches
- Shipping Weight: 1.1 pounds (View shipping rates and policies)
- Average Customer Review: 33 customer reviews
- Amazon Best Sellers Rank: #2,176,091 in Books (See Top 100 in Books)
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
+ $5.04 shipping
+ $4.27 shipping
Wall Street Meat: Jack Grubman, Frank Quattrone, Mary Meeker, Henry Blodget and me Hardcover – July 15, 2003
Frequently bought together
Customers who viewed this item also viewed
"A scathing critique of everything wrong with Wall Street ... and what's wrong with a few of the critics as well. -- Adam Lashinsky, Fortune - CNN/Money April 23, 2003
"Fascinating book full of biting humor and cynicism that's informed by firsthand experiences in a crazy industry." -- FierceFinance April 23, 2003
A deliciously naughty new book... I finished it in a gulp, perfectly astonished." -- Michael Lewis, author of Liar's Poker, The New New Thing
A fun read. Andy Kessler makes use of his pen, wit and cynical outlook. -- CBS Marketwatch, Bambi Francisco
It's funny and brings characters to life. Andy Kessler makes use of his pen, wit and cynical outlook. -- Bambi Francisco, CBS MarketWatch, March 11, 2003
Now arrives a fascinating little testimony from Andy Kessler...breezy, Wall Street-y style. He can be quite funny. -- Robert Teitelman, The Daily Deal, April 4, 2003
This book is a hoot. -- CNBC, James Cramer, Kudlow & Cramer
This book is gripping, like watching the Zapruder film versus reading the Warren report, I couldn't put it down. -- Rich Karlgaard, Publisher, Forbes Magazine, March 2003
From the Author
Wall Street is a funny business. All you have is your reputation. Taint it and someone else will fill your shoes. Longevity comes from maintaining that reputation.
Ask Jack Grubman, the All-Star telecom analyst from Salomon Smith Barney stuck recommending the Worldcom and Global Crossing disasters. Or uber-banker Frank Quattrone, who did a few too many skanky IPOs at CS First Boston. Or Morgan Stanleys Mary "Queen of the Net" Meeker. Or Henry Blodget, whose $400 price target on Amazon.coms stock got him a job at Merrill Lynch.
They probably wont tell you anything. But I will. I sat next to Jack Grubman when we both started at Paine Webber. Later at Morgan Stanley, I did deals with Frank Quattrone and was a mentor to Mary Meeker. During the heat of the Internet bubble, I befriended Henry Blodget. Have I got some great stories for you.
Add to these four folks the strategists and axes, barking dogs and Piranhas, ducks and momos, Vomit Comets and Joe Six-Stock, and youll get a clear picture of how Wall Street works and how analysts and bankers went from merely being famous to become notorious.
We really were just pieces of Wall Street Meat. The Street is a disgustingly lucrative capital-raising machine -- its players keep half of the revenues they generate. The tales of Jack, Frankie, Mary, Henry and all the rest of us are important, if only to show how powerful and then how fickle Wall Street can be. Creeping hubris is terminal.
Try the Kindle edition and experience these great reading features:
Showing 1-3 of 33 reviews
There was a problem filtering reviews right now. Please try again later.
Kessler recounts his days on Wall Street, starting as fresh-scrubbed engineer who stumbles onto the Street almost by accident, to his departure and subsequent career investing in and writing about technology from Silicon Valley. He had the good fortune to learn the ropes from an old school traditionalist, which allowed him both to be successful in the old fashioned sense (achieving a top analyst ranking, as determined by clients) and to understand the transition that happened in the 1990s, as analysts became more involved in investment banking and, in many cases, lost their bearings in the telecom/Internet boom and bust markets (Jack Grubman being the penultimate example).
What makes Kessler's book so powerful is that he calls it as he sees it, from his objective, fundamentally grounded insider's viewpoint. He's made enough money, he's happy in his career, and he cares deeply about the future of Wall Street, so he's not out to perform character assassination; he truly wants to point out what went wrong (and does so in a very entertaining fashion) and make suggestions for reform. He doesn't put much weight in additional regulations and prosecutions, believing that reputation is a more effective mechanism for ensuring proper behavior over the long term. Rather, Kessler pushes structural economic reforms such as a "synthetic Goldman Sachs" in which stock research could be performed by truly independent, stand-alone entities (TheStreet.com isn't there yet, according to Kessler), and ending IPO lockups, to eliminate the huge post-IPO pops that happened during the boom and which led to such a frenzy of deal making. The Dutch auction method for allocating and pricing IPO shares, which Google is using during its upcoming IPO, could also eliminate this problem.
WSM is a must read for Wall Streeters, and people involved in the financing of technology companies. Individual investors (especially tech stock investors) would benefit greatly from reading WSM, to learn Kessler's cautionary tale of how the Street really worked during the boom, and what perversions remain.
Kessler was an engineer plucked from obscurity to become a stock analyst. With simple but great advice from his boss, Kessler flies by the seat of his pants learning the business from 1985 to the mid 90s. But what makes this book perfect is while he describes life on Wall Street and the many conflicts of interest as he learns the business, his Wall Street years were spent working along side many famous analyst who moved the market in the late 90s to the biggest stock market rally in history. Jack Grubman is the most prominent and is described as a good friend, fun-loving guy of incredible talent who later in life controlled the telecom market possibly with questionable tactics. Later he works with Frank Quattrone, known as the banker for the Internet. As an analyst, Quattrone and Kessler were many times on opposite sides of client debates. Kessler humorously describes their battles and debates while giving credit to Frank's unique talents and giving hints of how he might have helped in his downfall. Mary Meeker and Henry Blodgett are also mentioned from a perspective few investors would see from just reading about them in magazines or newspapers.
I can't over-emphasize how much fun this book is. Many times authors try to tell you everything they know. Kessler, possibly from experience writing concise research reports, does a great job of saying a lot without using many words wasting your time. While this book will be good for anyone wanting to learn of the conflicts reseach analysts must face, it is a must read for novice or hobby stockpickers. If nothing else but to show you the system you are working against. I strongly recommend this book for all readers with interest in finance or the stock market.
DISCLOSURE: I wrote this review for the Hardback copy. For some reason it doesn't show up on the Paperback so I have also reviewed here. Buy this book. It's great!!!
I urge Kessler to write again, this time on the subject of hedge funds and short positions. While hedge funds and short positions can serve a positive purpose in correcting stocks that are overpriced, they can also be a real challenge for young, fragile companies. Short positions are taken with the HOPE that the value of the company will decline significantly. Today, as in the late 90's, some of those with short positions will do whatever it takes to drive a stock price down, including the spreading of lies. Young companies need to focus on execution. They do not have the time nor resources to fend off the swirl of lies that go hand in hand with large short positions. There is no transparency here as with other investment instruments. As such, there is room for plenty of mischief.
This is a must read for any development stage CEO or CFO. For those who do not study history are doomed to repeat it. Despite the attempts by Spitzer and others, the pattern of the late 90's will again emerge, albeit in a different form.