By Joshua M. Brown
Chances are you haven't been making the easiest making an investment decisions.
BECAUSE THAT'S HOW WALL highway wishes IT
"[T]he consistently irreverent writer of the Reformed dealer web publication has written an outstanding narrative that stocks your whole broker's soiled little secrets and techniques. very similar to Michael Lewis' Liar's Poker captured the essence of Eighties institutional Wall road, 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 provides voice to what all funding pros are—or should still be—secretly thinking."
—MICHAEL SANTOLI, Barron's columnist
"The pages of this publication are jam-packed with colourful exposés of misconduct within the manner Wall highway provides and sells itself (and its monetary items offerings!). . . . Run don't stroll to learn Brown's chronicles of deception [perpetrated by way of] these extraordinary 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. till you learn this book."
—JAMES ALTUCHER, formulation Capital and writer of I was once Blind yet Now I See
"Joshua desires Wall road to be notable. you could consider it on a daily basis on his striking web publication and during this nice booklet. he's chuffed to shout while Wall road drives him loopy. I warrantly you are going to take pleasure in this e-book that describes the motion at the back of the company of Wall road and his personal reviews alongside the way."
—HOWARD LINDZON, Lindzon Capital and founding father of StockTwits
"Joshua Brown could be the funniest author on finance this present day, yet Backstage Wall Street can make you cry greater than giggle. The buffoons, manipulators, and incompetents Brown parades earlier than us are the stewards of our retirement accounts....What's very important is that traders comprehend the alternatives sooner than them. Backstage Wall Street is going a ways to taking us behind the scenes, whereas making us snicker within the process."
About the Book:
Wall highway is superb at something: convincing you to behave opposed to your personal pursuits. And there's not anyone in the market larger built with the data and moxie to give an explanation for the way it all works than Josh Brown. a guy The manhattan Times often called "the service provider of Snark" and Barron's known as "pot-stirring and provocative," Brown labored for 10 years within the undefined, a time within which he discovered a few not easy truths approximately how consumers are often treated—and how their cash is shipped on a one-way journey to Wall Street's coffers.
Backstage Wall Street finds the interior workings of the world's largest cash computer and explains how a comparatively small confederation of superb, occasionally ill-intentioned humans gasoline it, function it, and service it whilst necessary—none of that's for the nice of the common investor.
Offering a glance that just a long term insider may supply (and that just a "reformed" insider may want to provide), Brown describes:
THE PEOPLE—Why retail agents regularly profit—even for those who 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 purely: to split you out of your money
Read Online 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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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? We should probably have a meeting about that. I think it’s important that you be there and not just have compliance explain it. Oh, and we also still need you for a moment before you head to lunch on that ﬁrst thing I e-mailed you about this morning . ” It’s a good thing branch managers are somewhat dolphinlike, because there is no shortage of hoops they need to jump through everyday.
The yelling and screaming at the front of the room continues. ” I already know I am leaving this backward place, where selling stocks is more important than recommending the right stocks . . but not quite yet. There are some things I can learn here about work ethic. More importantly, these crazy sonofabitches can teach me how to close. 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?
Because the sharks are so aware of their importance, they throw their weight around, unlike the sales force in virtually any other industry. Managers and other personnel walk around the top-producing sharks as though they are on eggshells; a bookkeeper is replaceable, but a guy doing a million dollars a year in gross commissions isn’t, at least not for the average branch ofﬁce. Support staff knows very well to stay out of the broker-shark’s way because the sharks have a singular purpose each and every day: the selling of more product.