By Andy Kessler
Wall road is a humorous company. All you might have is your acceptance. Taint it and another person will fill your sneakers. durability comes from holding that popularity. Ask Jack Grubman, the All-Star telecom analyst from Salomon Smith Barney; uber-banker Frank Quattrone at CS First Boston; Morgan Stanley's Mary "Queen of the web" Meeker; or Merrill Lynch's Henry Blodget. good, they most likely will not let you know something. yet have I obtained a few nice tales for you. winning hedge fund supervisor Andy Kessler appears again on his years as an analyst on Wall road and provides this cautionary story of the intoxicating forces free on the planet of finance that crushed sober research.
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Additional resources for Wall Street Meat: My Narrow Escape from the Stock Market Grinder
Example text
These reports tended to get piled high in buy-side mailrooms and never read (something I never realized), but were still necessary to create the proper paper trail to prove one’s worth to clients in order to stimulate their allpowerful vote. One client had a stack of research reports in his office pile six feet high. ” He also dialed his voice mail, which he empties every day, so I could listen. , it was no longer accepting messages— it was over the 100-message limit. · · · How do analysts cut through the clutter?
I originally had a positive rating on the stock, not that I was really sure about the implications of that move. The week before the report was due out, the stock went up 20%, so Bob Cornell and I decided that it would be best not to go out on a limb. , we like it, but not enough to tell investors to load up. Unfortunately, there was a mistake in editing the report—while the rating on the front cover was changed to Hold, on the inside, in the first paragraph, it said Buy. I had the perfect hedge.
Then they complain when it goes down. Or they won’t sell something that works, convinced it’s going higher, and then blame you when it blows up. Stay away from all of them. ” This turned out to be some of the best advice I received in my years on Wall Street. 49 C H A P T E R 4 Bull Run O ne of the fun things about working on Wall Street during a bull market is the amount of money that is thrown around. Paine Webber had this great tradition. The equity salesmen would go out to dinner at Ben Benson’s or some other expensive restaurant, like the four-star French seafood place down the block, Le Bernadin.