Twas a very nice surprise to wake up this morning and see a review of my book Backstage Wall Street in my favorite financial magazine, Barron’s!
The review, by Nancy Miller, gives you a good idea about the secrets I attempted to lay bare for all investors to see:
Brown recounts his hapless years as a young, hungry broker at unnamed firms that seem to be modeled on the infamous pump-and-dump boiler rooms. There’s the summer he spends in midtown Manhattan at a firm that has just 75 desks for 100 cold-callers. Get to work too late to snag a desk, and you go home.
There’s the 300-pound “Mountain of Misinformation,” the blustering tower of sweat who bellows at the newbies that they are “blowing this opportunity to become rich,” and the spike-haired manager who drives a two-door Benz convertible and tells his employees they are in the “moving business,” not the “storage business.” What he means, of course, is that long-term investing is to be discouraged in favor of churning-and-burning customer accounts. He’s also the one who announces that the least-productive broker for the month is getting fired at the end of the day.
…and it’s all true. If you haven’t gotten a copy of the book yet, it’s here on Amazon.
Read the rest of the review below: