My friend Cardiff Garcia at FT Alphaville blazed through the book this weekend and supposedly, it changed his life. Again, his words, not mine.
Anyway, he asked to publish an excerpt from Chapter 16: Tales from the Sell-Side, in which our hero finds out that brokerage firm research is basically the biggest waste of time on earth. This particular passage is one of the more comedic parts of the story, check it out!
It is the morning of June 12, 2007. My business partner Paul and I are at the NASDAQ MarketSite in New York City’s Times Square sipping Jamba Juice smoothies and waiting for the festivities to begin.
The event we’re there for is the first annual Jamba Juice Analyst and Investor Day presentation. The newly public Jamba (JMBA) is going to trot out its slate of executives who will outline the strategic goals of the company for the first time since its backdoor public offering as a special-purpose acquisition company.
Between Paul and me and a handful of other brokers at my firm, we are long $5 million worth of the stock for both our clients and ourselves. My personal account and my IRA are drowning in Jamba Juice stock; you could suck my portfolio up with a straw.