INSIDE TRACK: A Wall Street deity: BOOK REVIEW NO BULL: Michael Steinhardt's autobiography reveals a complex and difficult man — and deserves a wider audience than those who want the secret of success in finance.
In the sweep of world economic affairs, Michael Steinhardt is a minor figure. His organisation never employed more than about a hundred people. It managed far less than a billion dollars in capital for most of its existence, followed by a brief period in which its capital ballooned to Dollars 5bn; still far below that of the global financial behemoths.
Yet he is an important figure in the Wall Street pantheon. His firm, Steinhardt Partners, was one of the few hedge funds to survive the collapse of the 1960s equity boom.
Steinhardt possessed opportunism without illusions, ingrained scepticism, agnosticism to being short or long, an aggressive trading mentality, relentless focus on short-term absolute profitability and an obsession with timely, legal information on stocks. In other words, he provided the model for much of Wall Street's burgeoning hedge-fund industry.
His story is worth reading by a wider audience than just those who would emulate his fabulous financial success.
Steinhardt's rise was meteoric. His independent Wall Street career started when he was one of three ambitious young men in a tiny office in 1967. It ended in 1995 when, with his fortune and reputation intact, he elected to walk away from high-profile money management, liquidating his firm rather than have the name continue without his direct control.
Moreover, he is a cultural archetype, a young man who, without much money or sponsorship, and with few connections or even mentors, forged his way to a vast fortune outside any big organisation. (PAUL ISAAC, The Financial Times, November 14, 2001)
.."This is one of the most honest autobiographies written by a leading Wall Street figure.." (Sunday Business, 2 December 2001)
"...Steinhardt has produced a well-written autobiography.." (Lloyd's List, 30 November 2001)
"..meaningful and moving book." (Jerusalem Post newspaper, 3 December 2001)
No Bull offers an account of some of the investment strategies that drove Michael Steinhardts historic success as a hedge fund manager including a focus on his skills as an industry analyst and consummate stock picker. He also reveals how his uncanny talent for knowing when to trade against the prevailing market trenda talent that was not always appreciated by several erstwhile high-profile clientsresulted in many of his greatest successes. Here he provides detailed accounts of some of his most sensational coupsincluding his momentous decision, in 1981, to stake everything on bondsand some of his few but painful failures, such as his disastrous foray into global macro-trading in the mid-1990s.
At the same time, No Bull is the rags-to-riches story of a boy from Bensonhurst and his rise from the streets of Brooklyn to the heights of Wall Street. In a thoroughly engaging narrative, Steinhardt relates the early influences that shaped his attitudes toward life and success, as well as the beginning of his love affair with stock investing. Further, he chronicles his dawning awareness of the need for a purpose in life beyond the acquisition of wealth and how it led to his decision to retire and redirect his energies. We learn about his experiences as the chairman of the Democratic Leadership Council for nearly a decade, as well as his innovative thinking and ambitious projects to strengthen the Jewish community.
The inspiring true story of a Wall Street genius and world-class philanthropist, No Bull is an unforgettable read for finance professionals and students of human nature alike.
Book was shipped quickly an in excellent condition. Would definitely reorder again. I'm very happy with the purchase. The customer service was also goodPublished on Oct. 24 2011 by Mike
Dull, pompous pablum - with surprising little insight into both the markets and Steinhardt's reasoning for the trades he describes in his book. Read morePublished on April 9 2003
In his book, Michael does an excellent job of explaining his success on Wall Street, from his tenancity and sharp intellect to some of the good and bad luck which his firm... Read morePublished on March 2 2003 by Amazon Customer
Steinhardt's extraordinary investment record deserves a book in and of itself. However, I found myself struggling to read this book because I wanted much more detail of his trader... Read morePublished on Feb. 11 2003
As a speculator I learned to take the best from books and ideas without arguments (many readers seem to be training to be shallow critics)--good insights are hard to come by. Read morePublished on Sept. 19 2002 by N N Taleb
If you want to know more about Mr. Steinhardt, his faith, family and philanthropy this book is for you. Read morePublished on Aug. 28 2002 by B. Bigsby
I highly recommend this book. Mr. Steinhardt's thought process offers to any informed reader exactly what kind of internal dialogue produces great trading results. Read morePublished on July 15 2002
Although I bought the book with the perception it would be a book on investing/trading techniques used by a well-respected investor, I liked it much more for what I did not expect... Read morePublished on May 2 2002 by D. Simons
Unless you are interested in the life of a young Jew growing up in Brooklyn, or the name-dropping and meandering political thoughts of a megomaniac, this book is a complete waste... Read morePublished on April 16 2002 by guarddog