This is an excellent book to lift the curtain and see what really goes on working as an analyst on the street. This book is short, 200 pages,in big print, and makes a point of not taking itself too seriously as it describes a humorous, hard-working and deceptive Wall Street.
Kessler was an engineer plucked from obscurity to become a stock analyst. With simple but great advice from his boss, Kessler flies by the seat of his pants learning the business from 1985 to the mid 90s. But what makes this book perfect is while he describes life on Wall Street and the many conflicts of interest as he learns the business, his Wall Street years were spent working along side many famous analyst who moved the market in the late 90s to the biggest stock market rally in history. Jack Grubman is the most prominent and is described as a good friend, fun-loving guy of incredible talent who later in life controlled the telecom market possibly with questionable tactics. Later he works with Frank Quattrone, known as the banker for the Internet. As an analyst, Quattrone and Kessler were many times on opposite sides of client debates. Kessler humorously describes their battles and debates while giving credit to Frank's unique talents and giving hints of how he might have helped in his downfall. Mary Meeker and Henry Blodgett are also mentioned from a perspective few investors would see from just reading about them in magazines or newspapers.
I can't over-emphasize how much fun this book is. Many times authors try to tell you everything they know. Kessler, possibly from experience writing concise research reports, does a great job of saying a lot without using many words wasting your time. While this book will be good for anyone wanting to learn of the conflicts reseach analysts must face, it is a must read for novice or hobby stockpickers. If nothing else but to show you the system you are working against. I strongly recommend this book for all readers with interest in finance or the stock market.
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Reviewed in Japan on August 21, 2003