Backstage Wall Street: Essential Reading for Any Investor
- Posted by Robert Sinn
- on April 25th, 2012
I recently finished my good friend Josh Brown’s book “Backstage Wall Street” and I am honestly very impressed both by its content and the quality of the writing. Now, I know you’re probably thinking “Robert is just writing this review to kiss up to Josh because he’s a big deal and he’s on CNBC now….” but that couldn’t be further from the truth. When I first received the book I was concerned that it wouldn’t be very good and Josh would be wondering why I didn’t write a review of his book. Josh, I am here today to tell you that you don’t need to hold your breath any longer. I found Backstage Wall Street to be a delightful read even for someone who knew 90% of this stuff already.
Instead of doing a normal book review in which one recites much of the book in short summary format I prefer to offer a few of my favorite quotes along with a few words on my favorite chapter – here’s Josh:
“One of the main differences between those who work in the money management industry and their customers is that the former are trained never to allow the latter to catch even a glimpse of doubt.”
“I do not wish to make the point that professional investors have proved themselves to be naturally adept timers of the market. What I am attempting to convey, however, is that professionals tend to be less emotional. Part of that stems from the fact that professionals are managing other people’s money, and so they have the luxury of emotional detachment. Another part stems from their being desensitized to a lot of the volatility by the sheer fact that they live with it 32 1/2 hours a week while the markets are open. Psychologists do not psychoanalyze themselves when they find themselves overwhelmed; they have their own shrinks on speed dial. An outside, detached perspective is needed sometimes, especially when it comes to money – one of the most emotionally intense aspects of our lives.”
“But character flaws aren’t the only reason that so many investors fall short of their goals. As I’ve pointed out throughout this book, The Street’s perpetuation of half-truths and outright myths about investment products and services has been near fatal to the average portfolio.”
Chapter 21 “Staying Out of the Murder Holes” is MANDATORY reading for anyone who has ever or will ever invest in anything – here are some of my favorites:
- Oil and gas limited partnerships. (If you’re being cut in on them, the wells are dry.)
- Brokers with thick New York accents and Boca Raton area codes. <~~~ this one really made me laugh because i’m from New York and have a Boca Raton area code, but thankfully I do NOT have a New York accent .
- Anyone who calls himself a “financier.” (He’s guaranteed to be full of sh*t and probably wears a suit and dress shoes with no socks.)
Josh has managed to recount an entertaining and insightful story of his unorthodox career path on “Wall Street” filled with wisdom derived from hard earned real world experience. Don’t be a schmuck, if you don’t already have a copy click on the link and cough up the 18 bucks to order Backstage Wall Street
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Robert Sinn is a professional trader and market analyst who focuses on multiple asset classes including equities, futures, options and currencies. He integrates fundamental and technical analysis. More »