By Joshua M. Brown
Chances are you haven't been making the easiest making an investment decisions.
BECAUSE THAT'S HOW WALL highway desires IT
"[T]he continually irreverent writer of the Reformed dealer web publication has written a superb narrative that stocks your whole broker's soiled little secrets and techniques. very similar to Michael Lewis' Liar's Poker captured the essence of Nineteen Eighties institutional Wall highway, Brown's Backstage Wall Street recreates the boiler room retail brokerage tradition of the Nineties and early 2000s in bright color."
"With a smirk, a lashing wit, and a suitable irreverence, Joshua Brown offers voice to what all funding pros are—or may still be—secretly thinking."
—MICHAEL SANTOLI, Barron's columnist
"The pages of this booklet are choked with colourful exposés of misconduct within the means Wall highway offers and sells itself (and its monetary items offerings!). . . . Run don't stroll to learn Brown's chronicles of deception [perpetrated by way of] these significant fogeys on Wall road, who approximately bankrupted the world's fi nancial approach a couple of brief years ago."
—DOUGLAS A. KASS, Seabreeze companions administration, Inc.
"Everything you've ever examine Wall road is a complete lie. everyone seems to be mendacity to you each day. until eventually you learn this book."
—JAMES ALTUCHER, formulation Capital and writer of I used to be Blind yet Now I See
"Joshua desires Wall road to be outstanding. you could think it each day on his impressive weblog and during this nice ebook. he's satisfied to shout whilst Wall road drives him loopy. I warrantly you are going to take pleasure in this publication that describes the motion in the back of the company of Wall highway and his personal reports alongside the way."
—HOWARD LINDZON, Lindzon Capital and founding father of StockTwits
"Joshua Brown could be the funniest author on finance this day, yet Backstage Wall Street can make you cry greater than giggle. The buffoons, manipulators, and incompetents Brown parades prior to us are the stewards of our retirement accounts....What's vital is that traders comprehend the alternatives earlier than them. Backstage Wall Street is going far to taking us behind the curtain, whereas making us chortle within the process."
About the Book:
Wall highway is excellent at something: convincing you to behave opposed to your individual pursuits. And there's nobody available in the market higher built with the information and moxie to give an explanation for the way it all works than Josh Brown. a guy The big apple Times known as "the service provider of Snark" and Barron's referred to as "pot-stirring and provocative," Brown labored for 10 years within the undefined, a time in which he realized a few challenging truths approximately how consumers are many times treated—and how their cash is distributed on a one-way journey to Wall Street's coffers.
Backstage Wall Street unearths the interior workings of the world's greatest cash desktop and explains how a comparatively small confederation of terrific, occasionally ill-intentioned humans gasoline it, function it, and service it whilst necessary—none of that is for the nice of the common investor.
Offering a glance that just a long term insider may provide (and that just a "reformed" insider could want to provide), Brown describes:
THE PEOPLE—Why retail agents consistently profit—even if you happen to don't
THE PRODUCTS—How cash, ETFs, and different items are invented as failsafe revenue generators—for the inventors alone
THE PITCH—The advertising schemes designed for something and something in simple terms: to split you out of your money
Read or Download Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments PDF
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Additional info for Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments
28 BACKSTAGE WALL STREET And we have a new complaint I need you to look at from one of Alex’s clients, I don’t care how much of our monthly gross commissions come from his business, I don’t like it. And then I need you for another two minutes to talk about this e-mail I saw go out this morning. And then can I see that ﬁle with our outgoing faxes from the last three months? And I need you for ten minutes after the close to talk about that other thing. And did you see this ‘Notice to Members’ from FINRA yesterday?
Have you ever received a cold call from a stockbroker? All these guys sound the same, right? That jocular introduction, the easy familiarity as they address you by your ﬁrst name? This is all by design. “You better sound like you’re in a good mood, or the guy on the other end will think you’re not making people money! And call him by his ﬁrst name, this establishes you as his equal. If you call him ‘Mr. ” The reason why every cold-calling stockbroker sounds the same is that this is a science, not an art form.
The man standing before us is 300 pounds, and he is sweating profusely. He is Tony Soprano but bigger and more intimidating. He has the type of bulky fat that you can tell was once muscle. He is so angry that veins are bulging from his hands, neck, and forehead. Maybe he is angry because of how he let himself go. He is acting as though he is angry at us, however, and we believe him. We call him the “Mountain of Misinformation,” but not to his face. He gives daily, hour-long meetings–slash–pep rallies that 41 42 BACKSTAGE WALL STREET are completely divorced from reality; we are only taught what the ﬁrm wants us to learn.
Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments by Joshua M. Brown