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Product Details

  • Paperback: 289 pages
  • Publisher: Wiley; 1 edition (Dec 27 2004)
  • Language: English
  • ISBN-10: 0471660469
  • ISBN-13: 978-0471660460
  • Product Dimensions: 14.5 x 2.2 x 22.3 cm
  • Shipping Weight: 358 g
  • Average Customer Review: 3.6 out of 5 stars  See all reviews (20 customer reviews)
  • Amazon Bestsellers Rank: #176,713 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Review

WITH APOLOGIES TO BALZAC, students of business will be forgiven for concluding that behind every great fortune is not necessarily a crime but, at the very least, a swine. If nice guys don't finish last, they rarely build empires, and in fact monomania appears so often in accounts of business success that it's hard to believe its presence is mere coincidence.
Consider the outsized example of Michael Steinhardt. As one of Wall Street's most successful hedge-fund managers, his obsessive focus on performance made him the boss from hell, raging at subordinates and populating the Street with his firm's shell-shocked alumni. "All I want to do is kill myself, " says one chastened employee after mismanaging some bonds. "Can I watch?" Mr. Steinhardt replies coolly.
When a psychiatrist is brought in, the staff members he meets use phrases like "battered children," "mental abuse" and "rage disorder." But when the hapless therapist mildly interrupts one of Mr. Steinhardt's red-faced tirades, he finds himself swept out the door on a tidal wave of invective.
Mr. Steinhardt makes this case for his own swinishness in his modest and even touching memoir, "No Bull: My Life In and Out of Markets," and the result is a breath of fresh air in a traditionally windy genre. Although proud of his accomplishments—"one dollar invested with me in 1967 would have been worth $481 on the day I closed the firm in 1995, versus $19 if it had been invested in a Standard & Poor's index fund"—he dwells as much or more on his failings. He made a lousy soldier, can't control his weight or his temper, can't muster a faith in God to match his devotion to Judaism, and plunges into despair when he occasionally falls short of the impossible performance standards he strives to maintain.
Paradoxically, the picture that emerges from the author's unremitting self-assessment is of a complex, learned and ultimately decent human being determined not just to struggle with his demons but to do something meaningful with his wealth. (Among other things, he finances a key organization for moderate Democrats and launches a drive to provide a free trip to Israel for every young Jew in the world.) Although he was raised by his selfless and loving mother, at the heart of Mr. Steinhardt's story is the author's deeply ambivalent relationship with his father. Sol Frank "Red" Steinhardt is a character right out of Saul Bellow or Philip Roth. A compulsive gambler from a tough section of Brooklyn who dropped out of school when he was 12, Red was married to Mr. Steinhardt's mother only long enough for Michael to be born. The elder Steinhardt, to whom Michael would come to bear an uncanny physical resemblance, drifted in and out of his son's life, turning up at crucial moments with sharp advice or a dubious pile of cash (besides gambling and hobnobbing with mobsters, Red dealt in stolen jewelry). Michael Steinhardt's education at the University of Pennsylvania, where he graduated at 19, and his earliest stake in the stock market were both underwritten by his father.
Freudians will have afield day with this book, whose author clearly sublimated a familial predilection for financial risk into the socially acceptable outlet of the stock market. Mr. Steinhardt reports becoming obsessed with stocks during his impecunious boyhood and never letting go, even to this day, when he devotes himself mainly to charitable activities. Although he offers a cogent discussion of what kind of investments he looked for in his heyday, it's clear that at his Olympian level of achievement there are a lot of intangibles that the rest of us aren't going to learn from a book. Perhaps each of us just needs to get in touch with his inner monomaniac. (Wall Street Journal, November 6, 2001)

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)

From the Inside Flap

When the official history of twentieth-century Wall Street is written, it will certainly contain more than a few pages on Michael Steinhardt. One of the most successful money managers in the history of "The Street," Steinhardt far outshone his peers by achieving an average annual return of thirty percent–significantly greater than that of every market benchmark. During his almost thirty-year tenure as a hedge fund manager, he amassed vast wealth for his investors and himself. One dollar invested with Steinhardt Partners LP, his flagship hedge fund, at its inception in 1967 would have been worth $481 when he retired from active money management in 1995.

No Bull offers an account of some of the investment strategies that drove Michael Steinhardt’s 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 trend–a talent that was not always appreciated by several erstwhile high-profile clients–resulted in many of his greatest successes. Here he provides detailed accounts of some of his most sensational coups–including his momentous decision, in 1981, to stake everything on bonds–and 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.


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FOR SOME TIME, DURING MY EARLY FORTIES, I could not figure out why I often became depressed in the fall. Read the first page
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Customer Reviews

3.6 out of 5 stars

Most helpful customer reviews

By A Customer on Sept. 5 2002
Format: Hardcover
When the official history of twentieth-century Wall Street is written, it will certainly contain more than a few pages on Michael Steinhardt. One of the most successful money managers in the history of "The Street," Steinhardt far outshone his peers by achieving an average annual return of over thirty percent-significantly greater than that of every market benchmark. During his almost thirty-year tenure as a hedge fund manager, he amassed vast wealth for his investors and himself. One dollar invested with Steinhardt Partners L.P., his flagship hedge fund, at its inception in 1967 would have been worth $462 when he retired from active money management in 1995.
No Bull offers an account of some of the investment strategies that drove Michael Steinhardt's 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 trend-a talent that was not always appreciated by several erstwhile high-profile clients-resulted in many of his greatest successes. Here he provides detailed accounts of some of his most sensational coups-including his momentous decision, in 1981, to stake everything on bonds-and his equally sensational 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.
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By A Customer on Feb. 24 2002
Format: Hardcover
This hedge fund manager's investment advice can be summed up in his phrase "variant perception" which means, if you can develop an intellectually sound investment thesis at odds with the prevailing Wall Street view, you have an idea that will likely make you money. That's it. In other words, be a smart contrarian. Most of "No Bull" digresses on Judaism and Mr. Steinhart's rags-to-riches life story, which, no offense, is a snooze--he lists the rungs of his ladder of success but never gives a sense of what was driving him or how, exactly, he succeeded. I would say he chalks a lot up to innate ability, and I have no argument there. The tone of the book is that of a travelogue or the transcript of a psychoanalytical session. Or maybe just the words of an aging man trying to come to terms with the meaning of his life. I was troubled by the sentimentalization of his father, especially late in the book, when he repeats his saintly funeral eulogy, yet earlier the author made it clear that the elder Steinhardt was an absentee parent and had led a life of crime, fencing jewels, and not hesitating to attack a fellow who had violated the "laws of the streets," whatever that means. I would say he is conflicted, or given to romanticising the past. Also--how can one say that a religion is central to his own personality, as Mr. Steinhardt does, and yet admit (over and over) to atheism? It would seem to reduce the Jewish faith to a brotherhood something akin to the Rotary. The theology of this escapes me--and, to his credit, the author struggles with it. Mr.Read more ›
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Format: Hardcover
No Bull is a hard core, magnified study of one of Wall Streets true butt-kickers. Most autobiographies tend to be teflon coated ego pumping finalis to stellar careers. As always, Steinhardt is different. He treats himself like he treated everyone who ever worked for him. You got on that roller coaster knowing you would either make money or end up getting thrown off and landing on your butt. While it is true that he takes no prisoners, his butt-kicking approach often backfires and leaves him in solitary confinement. He holds himself personally responsible for everthing he does wrong. He takes very little credit for making a lot of people, including himself, very rich. He is very clear and clean-cut about the good the bad and the ugly. I like that, it is very refreshing to hear the truth.
I disagree with the pundits who see no clues or get no market advise or secret formula for success. Steinhardt lets it all hangout for all to see and learn. Being brutally honest with yourself is a quality few people possess. Knowing when to hold them and when to fold them is an ego confusing game for anyone. Having achieved huge success, Steinhardt seems to bear his losses greater than he tauts his gains. I truly believe he does not gloat about the money he has made. That is one of his greatest successes. Giving money away to worthy causes now seems to be his biggest hobby.
The secrets he reveals with his personal introspection blow away any motivational or financial seminar you would pay big bucks to attend. If you don't find this book uplifting, refreshing and a new look at yourself and your business, you are braindead. Dale Carnigie could take a lesson or two from Steinhardt about hard work, honesty and fulfilling your wildest dreams. Obsession often comes with different faces.
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