Wednesday, February 6, 2008

Confessions of a Wall Street Analyst

I just read the book “Confessions of a Wall Street Analyst” by Dan Reingold. Dan was the superstar telecom analyst on Wall Street in the 1990’s. He tracks the “unplanned” journey from MCI to becoming a star analyst on Wall Street. Dan takes us thru the fast-paced life of an analyst traveling across the globe and responding to investors/customers around the clock with no respite. It takes us inside the firms like – Morgan Stanley, Merrill Lynch, and Credit Suisse First Bank.

He describes the (shady) dealings of Global Crossing and WorldCom – the failed telecom companies. The book focuses on his intense rivalry and fight with arch nemesis – security analyst Jack Grubman. It outlines their competition to get on top of the list of the “Institutional Investor” – which is considered the bible for rating Wall Street analysts. Jack was eventually banned for life from the securities industry.

It is a good read – albeit you get to hear just Dan’s side of the story. Will Jack write a book outlining his side of the story? We will have to wait and see.

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