Sure to be a revelation to even the savviest financial professional, Backstage Wall Street: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments is a brutally honest look at the investment business from a veteran who’s seen it all. “Reformed” Wall Street insider Joshua M. Brown offers clear and proven advice on how to navigate all the snares set by the lords of Wall Street.
There’s no one out there better equipped with the knowledge and moxie to explain how the inner workings of Wall Street 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 secrets 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.
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 investors don’t,
- The products -How funds, ETFs, and other products are invented as failsafe profit generators -for the investors alone, and
- The pitch -The marketing schemes designed for one thing and one thing only: to separate investors from their money
“The 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: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments recreates the boiler room retail brokerage culture of the 1990s and early 2000s in vivid colour.” —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 colourful exposés 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 financial 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: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments could make you cry more 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: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments goes a long way to taking us backstage while making us laugh in the process.” —BARRON’S
|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|
|first published||March 6th 2012|