Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments

Backstage Wall Street An Insider s Guide to Knowing Who to Trust Who to Run From and How to Maximize Your Investments Chances are you haven t been making the best investing decisions Why BECAUSE THAT S HOW WALL STREET WANTS IT T he always irreverent author of the Reformed Broker blog has written an excellent narrativ

  • Title: Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments
  • Author: Joshua M. Brown
  • ISBN: 9780071782326
  • Page: 499
  • Format: Hardcover
  • Chances are you haven t been making the best investing decisions.Why BECAUSE THAT S HOW WALL STREET WANTS IT T he always irreverent author of the Reformed Broker blog has written an excellent narrative that shares all of your broker s dirty little secrets Much like Michael Lewis Liar s Poker captured the essence of 1980s institutional Wall Street, Brown s Backstage WalChances are you haven t been making the best investing decisions.Why BECAUSE THAT S HOW WALL STREET WANTS IT T he always irreverent author of the Reformed Broker blog has written an excellent narrative that shares all of your broker s dirty little secrets Much like Michael Lewis Liar s Poker captured the essence of 1980s institutional Wall Street, Brown s Backstage Wall Street recreates the boiler room retail brokerage culture of the 1990s and early 2000s in vivid color FORBES With a smirk, a lashing wit, and an appropriate irreverence, Joshua Brown gives voice to what all investment professionals are or should be secretly thinking MICHAEL SANTOLI, Barron s columnist The pages of this book are filled with colorful expos s of misconduct in the way Wall Street presents and sells itself and its financial products offerings Run don t walk to read Brown s chronicles of deception perpetrated by those wonderful folks on Wall Street, who nearly bankrupted the world s fi nancial system a few short years ago DOUGLAS A KASS, Seabreeze Partners Management, Inc Everything you ve ever read about Wall Street is a total lie Everyone is lying to you every day Until you read this book JAMES ALTUCHER, Formula Capital and author of I Was Blind but Now I See Joshua wants Wall Street to be awesome You can feel it every day on his amazing blog and in this great book He is happy to shout when Wall Street drives him crazy I guarantee you will enjoy this book that describes the action behind the business of Wall Street and his own experiences along the way HOWARD LINDZON, Lindzon Capital and founder of StockTwits Joshua Brown may be the funniest writer on finance today, but Backstage Wall Street could make you cry than laugh The buffoons, manipulators, and incompetents Brown parades before us are the stewards of our retirement accounts.What s important is that investors understand the choices before them Backstage Wall Street goes a long way to taking us backstage, while making us laugh in the process BARRON SAbout the Book Wall Street is very good at one thing convincing you to act against your own interests And there s no one out there better equipped with the knowledge and moxie to explain how it all works than Josh Brown A man The New York Times referred to as the Merchant of Snark and Barron s called pot stirring and provocative, Brown worked for 10 years in the industry, a time during which he learned some hard truths about how clients are routinely treated and how their money is sent on a one way trip to Wall Street s coffers.Backstage Wall Street reveals the inner workings of the world s biggest money machine and explains how a relatively small confederation of brilliant, sometimes ill intentioned people fuel it, operate it, and repair it when necessary none of which is for the good of the average investor.Offering a look that only a long term insider could provide and that only a reformed insider would want to provide , Brown describes THE PEOPLE Why retail brokers always profit even if you don tTHE PRODUCTS How funds, ETFs, and other products are invented as failsafe profit generators for the inventors aloneTHE PITCH The marketing schemes designed for one thing and one thing only to separate you from your moneyIt s that bad but there s a light at the end of the tunnel Brown gives you the knowledge you need to make the right decisions at the right time.Backstage Wall Street is about seeing reality for what it is and adjusting your actions accordingly It s about learning who and what to steer clear of at all times And it s about setting the stage for a bright financial future your own way.

    One thought on “Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments”

    1. I certainly appreciated the irreverence in Brown's narratives. Although the book was written to be self-aggrandizing, he seems like an honest, aware guy, and it benefits that the writing was purportedly born out of catharsis. I learned some things that I should have known better - the difference between a broker and an advisor, how etf's compare to mutual funds, and a general summary of events and vocabulary in the finance world in the last 30 years. Nevertheless, most of the general lessons sho [...]

    2. Ten-word summary: Joshua Brown is great and honest, regular brokers are not.If you are an idiot who has a broker who actually makes investing decisions for you, then you should read this book. If you are an educated investor, there is nothing valuable for you to learn here.

    3. It would be a good idea for everyone who is or expects to be an investor (and that includes everyone who has a retirement account) to read this book. It won't take long; the book is rather short and it reads quickly. After you've gotten halfway through the book, if you find yourself thinking, I'm not learning much new here, then Congratulations! You are a reasonably cautious and knowledgeable investor. You passed the test. While reading, you might have found yourself reflecting on investing mist [...]

    4. Much of what this book discusses is now common knowledge, but seeing the numerous industry conflicts of interest in a neat — if a bit rough around the edges — narrative projects the enormity of the problem. Brown does a commendable job of highlighting these issues; after all, there's a big difference between being aware of corruption and actually having it laid out before you.

    5. Easy to read. Follows the redemption plot. Would be more interesting if he perhaps cudgeled the New Wall Street hypocrites. Old WS is kind of an easy target at this point. Too bad his definitions didn't include these terms! It seems like everyone is bashing OWS. And claiming to be NWS these days. But if you read this AND his blog you will see he continues to skewer the pompous and self serving.

    6. The title of this book isn't terribly accurate. It's a rough guide on "who to run from", but it doesn't get particularly far on "who to trust", and it never gets near "How to maximize your investments".

    7. An honest appraisal of the brokerage industry from one participant's point of view. It is a good buyer beware type book that points out the many conflicts of interest that exist when it comes to managing one's money.

    8. very fast read. although the straight line method had been advertised to me as the selling point for the book, i got the most use out of the rias and bds discussion and the (very) brief 12b-1 discussion. honestly nobody does a good job distinguishing registered reps from investment advisors to the more colloquial financial advisors and producers nametag and it's a pretty good primer at distinguishing the two (although it gives short shrift to the dually registered types). admittedly the whole bl [...]

    9. Really enjoyed this book. I am a rook at a warehouse firm and found it really entertaining and educational. Reads like a memoir so it doesn't have a ton of dry, analytical content. Great book for investors and reps to get a behind the scenes look at what makes Wall Street tick.

    10. Great bookIt was a nice "peek behind the curtain" of how Wall Street actually is. Great intro to Wall Street without getting too technical. Josh 's sense of humor makes it a fast read.

    11. Overall book is a fun look at the retail sales culture of Wall Street. Highlight of the book: Josh's revealing of the "sales script" that brokers use on prospective clients.

    12. Very entertaining. I think the oceanic metaphor is dead on. I would suggest that a big producerwho has a single sizable account. known as a narwhal!

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