Wednesday, 26 February 2014

Confessions of a Wall Street Analyst

This book follows the trials and tribulations of a newly minted wall street analyst (Dan Reingold, the author) to the time he retires from the industry. He is involved mainly in the telecommunications sector, which, in the years leading up to the 2000 bust, was a hot sector. Several famous names do appear such as "Mack the Knife" and the CEO of WorldCom who faced fraud charges.The story describes his struggles as a young analyst trying to make a name for himself and details his run-ins with his eventual nemesis in the industry, Jack Grubman. The story isn't told with heart-stopping excitement or the best humour but is simple enough for most layman to pick up the tale; most difficult jargons are explained. The story is logical and easy to follow, which is to be expected, coming from an analyst who has written many reports meant to be digestible by both experts and the mass market alike. The book is an interesting look at how an analyst operates day-to-day, covers the moral conflict inherent in the financial industry, as well as describig the zeitgeist of the time. The only draw-back I can see is that there is undertone of whitewashing which I detect in the way the author portrays himself, but this is a minor flaw in an otherwse good book about the life of an analyst.

Found in NLB: Yes
Recommended: Yes