The Billion Dollar Mistake: Learning the Art of Investing Through the Missteps of Legendary Investors

ISBN-13: 9780470481066 / Angielski / Twarda / 2010 / 272 str.

Stephen L. Weiss

Opis

Important investment lessons gleaned from the mistakes of accomplished professional investors and billionaire businessmen The Billion Dollar Mistake is an up-close account of the career-defining mistakes that some of the world's most brilliant billionaire investors have made, and a revealing look at what we can learn from them. Drawing on author Stephen Weiss' twenty-two years experience at some of Wall Street's most prestigious firms, the core of this book is based upon original research and interviews with these legendary investors, who discuss the most significant trade or investment that went against them, the magnitude of the loss, its effect on their businesses-and on their personal lives. To some, these fascinating accounts will read like a novel; to others, it will be a treasured and unique investment guide. This intriguing book skillfully examines the causal relationship between the quirks of each investor's personality and the mistakes they have committed. Along the way, Weiss provides a series of compelling narrative accounts of the individuals' road to success, the particular mistakes they made, the character flaws that led to them, and the lessons learned. While some investors made errors of judgment, others made errors of perception. The Billion Dollar Mistake

• Uncovers important lessons learned from the failures of some of the most enduring and accomplished investors, including Kirk Kerkorian, Bill Ackman, Aubrey McClendon and Leon Cooperman
• Discusses how to incorporate these lessons into your investment discipline and avoid the same missteps
• Reveals common mistakes made by bigger investors that the average investor can relate-the only difference is in magnitude with more zeros attached to the loss
• Includes insights on improving your investment endeavors by refining your approach to today's markets

Learning from the missteps of the best in the investment business can help you succeed. With The Billion Dollar Mistake, you'll discover how.

Recenzje

Concentrating on personal finance don ts is a clever idea. Mr. Weiss writes about 11 big investors from the very well known, like the billionaire Kirk Kerkorian, to others like Richard S. Pzena, who runs his own investment firm. The author zeros in on one enormous error that he says each of the 11 made a mistake, in the words of the book s title, that cost each $1 billion or more the book is an intriguing reminder of what not to do when investing your money.
The New York Times

Great investors are often put on a pedestal and worshiped by those trying to emulate them. This book removes the pedestal and allows you to truly learn from them. Author Stephen Weiss has truly crafted a great read and has transformed the lessons of legendary investors into an entertaining and educational narrative. Definitely check out The Billion Dollar Mistake as you′re bound to become a better investor from it.
Market Folly

Weiss creates a fascinating look at these cases with up close narrative reporting. In some instances the famous investors themselves review their mistakes and provide a surprising candor on how and why they failed. You almost feel like an eavesdropper in a closed door meeting learning untold secrets. Who knew investing could be so riveting! – 800 CEO Read (Dec. 2009)

When a great investor flubs it, everyone can learn a lesson. With that in mind, author Stephen Weiss delves into the biggest mistakes of such Wall Street luminaries as Bill Ackman, Leon Cooperman and Richard Pzena. Barron s (Dec. 2009)

Spis treści

Acknowledgments.

Introduction.

Chapter 1 Kirk Kerkorian: Due Diligence is Due Every Time.

Chapter 2 David Bonderman: Does This Mean I Also Overpaid for the Rolling Stones?

Chapter 3 Aubrey McClendon: Falling on the Wrong Edge of the Two–Edged Leverage Sword.

Chapter 4 Bill Ackman: Detour from Discipline.

Chapter 5 Nick Maounis: "Trust, But Verify ."

Chapter 6 Leon Cooperman: The Pirate of Prague Meets the Prince of Princeton and the Boy from the Bronx Gets Squeezed.

Chapter 7 Richard Pzena: Fashions Change, History Persists or Does It?

Chapter 8 Geoff Grant: Style Drift It′s Hot Till It′s Not.

Chapter 9 Volkswagen and Porsche: The Hare Finally Wins and the Shorts Get Squeezed.

Chapter 10 Chris Davis: It Was Dressed Like an Insurance Company, but It Didn′t Quack Like One

Chapter 11 Madoff Investors: Hook, Line, and Sunk.

Epilogue: Me Too: Mistakes I′ve Made and Lessons I′ve Learned.

Notes.

Glossary.

About the Author.

Index.

O autorze

STEPHEN L. WEISS has spent the last twenty–three years on Wall Street working for some of the industry′s most prestigious firms. He is currently a Senior Managing Director and Head of Equities at an investment bank in New York City. Weiss started in institutional sales at Oppenheimer & Co., then moved to Salomon Brothers, where he eventually co–managed the firm′s 500 person global research department and became a spokesperson for the equity division. Weiss also worked at SAC Capital, co–managing the firm for legendary hedge fund manager Steven Cohen. Subsequent to SAC, Weiss joined Lehman Brothers in senior management, helping to restore the once prominent equity business to the pinnacle of the industry.

Blurb

Praise for THE BILLION DOLLAR MISTAKE

"If you want to read only one book on investing this year, make sure it′s The Billion Dollar Mistake. It reads like a novel, but the stories are all true. As an active investor, I will leave this book on my desk and use it as a reference. It′s simply the best investment book in years. Stephen Weiss′s insights blew me away."
ROGER REINLIEB, Private Investor, Retired Partner, Warburg Pincus, LLC

"The Billion Dollar Mistake is perhaps the most entertaining and insightful investment book I have read during my thirty–five years as a top–ranked analyst on Wall Street and my twelve years teaching a course on investing in retail stocks. Anyone with an interest in becoming a better investor would be well served by reading a copy of this book."
JEFF FEINER, Hedge Fund Analyst; Professor, Columbia University, Graduate School of Business

"The Billion Dollar Mistake demonstrates very clearly that even some of the world′s most successful investors can make big mistakes. The key is bouncing back and learning from them. Stephen Weiss′s book shows us how."
JOSEPH V. AMATO, President, Neuberger Berman, LLC

"I′m new to investing and have tried to read other investment books, but they were either too technical or too dry. The Billion Dollar Mistake was perfect fun to read and easy to understand."
BONNIE ROSE, Actress

"The Billion Dollar Mistake does a superb job of combining thoughtful advice and entertainment in a unique style that grabs the reader′s interest and educates. This book should be required reading for every business school educating students in the art of successful investing."
CARLTON MARTIN, Vice Chairman, Blaylock Robert Van, LLC

"Read this book and learn how to avoid financially debilitating investing mistakes. Weiss has delivered a great investment tool within a very engaging book."
SPENCER SHERMAN, author of The Cure for Money Madness and CEO, Abacus Wealth Partners, LLC

"Weiss′s extensive Wall Street experience allows him to extract investment insight in a constructive way, even though he is analyzing a series of huge investment disasters. A most fascinating read."
ALAIN DECOSTER, Founding Partner, ABS Investment Management LLC