Rating: 
Summary: Funny and insightful stories from inside the late Bubble
Review: This is a funny and insightful book. It may seem like a bunch of breezy anecdotes told cleverly about some big name Wall Street names, and it has plenty of those, but it is much more than that. This is a book that should be read by everyone interested in Wall Street, who has money invested there, or is thinking about putting money there, and any MBA interested in finance. Mr. Kessler worked on Wall Street for many years as an analyst for Paine Webber and then Morgan Stanley. Later, he left to work as a portfolio manager at Velocity Capital Management, which means he was and is still working with the same folks, but now as an investor.His stories, escapades, and perspectives will lift the veil for those still innocent enough to believe that salesmen and account managers for the big trading houses have their clients' best interest at heart. I know we learned in b-school about the Random Walk, and arbitrage theory. All of that and the other stuff we learned is important to know. However, more valuable are the real world insights he provides about the structural changes and unintended consequences of the Small Order Execution System and its effect on liquidity and price volatility, Sarbanes-Oxley and the closing off of information to investors, ECNs and the erosion of trading income and the change to emphasis on fees and deals to provide income, momentum investing (momos), and more. I am also very glad that he does not let individual investors off the hook for their own foolishness with their retirement and investment income. Remember, the greater fool theory cannot work without new people volunteering for the job. In the afterword the author also briefly demonstrates why all of the popular theories for the bubble and its popping are all true and none true. All contributed, but none we alone sufficient. Like most disasters, the likely cause is a confluence of little events combined into something no one much caused or could stop. There is an obvious comparison to Michael Lewis's wonderful "Liar's Poker" and I would recommend this book just as highly. Mr. Kessler's career spanned a long enough time to chronicle the change from his being afraid to recommend a stock that could drop in price to Henry Blodget being afraid to downgrade a stock that could still go up in price. An amazing journey indeed and we are the better for his having chronicled it for us in such an entertaining way.
Rating:
Summary: Smart, Irreverent, - Real!
Review: This is a great story of how the real Wall Street was operating throughout the late 80s and throughout the maniacal 90s. Kessler is able to write an entertaining story that connects Boesky to Jim Clark to Ebbers. You can pick up any newspaper today and read about the types of misbehavior that Kessler describes in great detail in this book. One of the most fascinating points that Kessler makes, is that despite all the wrong doing (insider trading, ignoring the Chinese Wall, IPO hand outs, tainted research, etc), everyone knew they were breaking the rules, but in order to make more money, they had to be responsible for more banking business. As a result, every analyst, trader, banker, and VC became a ... to "the deal." This is a quick read, but it is entertaining and well-written. The characters you have come know and despise are well-developed and described in great detail, sometimes sympathetically. You will forever remember this book each and every time your hear the names Blodgett, Quattrone, Grubman and Meeker.
Rating:
Summary: Smart, Irreverent, - Real!
Review: This is a great story of how the real Wall Street was operating throughout the late 80s and throughout the maniacal 90s. Kessler is able to write an entertaining story that connects Boesky to Jim Clark to Ebbers. You can pick up any newspaper today and read about the types of misbehavior that Kessler describes in great detail in this book. One of the most fascinating points that Kessler makes, is that despite all the wrong doing (insider trading, ignoring the Chinese Wall, IPO hand outs, tainted research, etc), everyone knew they were breaking the rules, but in order to make more money, they had to be responsible for more banking business. As a result, every analyst, trader, banker, and VC became a ... to "the deal." This is a quick read, but it is entertaining and well-written. The characters you have come know and despise are well-developed and described in great detail, sometimes sympathetically. You will forever remember this book each and every time your hear the names Blodgett, Quattrone, Grubman and Meeker.
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