About book Confessions Of A Wall Street Analyst: A True Story Of Inside Information And Corruption In The Stock Market (2006)
I remember reading Dan Reingold's opinions back in the 90s when it seemed like tech and telecom would never stop rising. After a few years, the fact that I no longer have stock options worth 100s of K isn't quite as painful, so I wanted to try to figure out what happened. I went looking for Blood On The Street (different author, same general topic) when I saw this autobiography. It made for some good reading.More amusing to me though was how it all ended. In the last 20 or 30 pages of the book, the author questions why Elliot Spitzer stopped where he did in investigating the insider trading etc in telecom in the late 90s. After the whole hooker thing, I wonder now if that had anything to do with it.I am now more convinced than ever that trying to pick and buy stocks is a losers game if you're not actively working on wall street. I'm still proud of my rating on the motley fool's caps competition though, where I bounce back and forth between being ranked in the 97th and 99th percentile.I just hope my next job isn't chosen because of salary and stock options. I worry sometimes that I may give back in to that temptation and go live in a cubicle somewhere.
This book was a really good read. It just gives you so much insight into the scenario of Wall Street at that time. The gradual growth of the telco sector which later turned into a frenzy of activities across the world as regular telephone companies made way for cell phones and later the internet, was all very interesting to see. As a reader the drama surrounding the two rivals as well as the slow unfurling of how the telecom bubble burst was just amazing. sadly the topic of 9/11 was barely touched upon. However it also brings to light how a majority of the failures at that time was not actually due to the 9/11 incident but rather an the very climatic event that had been waiting to happen for a while. As for all the craziness over insane profits and indecent pay checks sudden power and lavish lifestyles, not exactly sure how i feel about it.
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I thought this book was phenomenal!!! I really learned about the investment side of banking and Wall Street Analysts. Before I read this book I really was a novice in this area, not understanding almost anything. I lived through this time and worked for several of the wireless companies of the time i.e.e Sprint PCS, Cingular Wireless (AT&T), and Verizon Wireless. I remember the whole MCI Worldcom debacle right after the Enron scandal. These scandals led up to the regulation of corporations. Fantasic and interesting read!!!
—Tyler
