From the bestselling author of Buyology comes a shocking insider’s look at how today’s global giants conspire to obscure the truth and manipulate our minds, all in service of persuading us to buy.
Marketing visionary Martin Lindstrom has been on the front lines of the branding wars for over twenty years. Here, he turns the spotlight on his own industry, drawing on all he has witnessed behind closed doors, exposing for the first time the full extent of the psychological tricks and traps that companies devise to win our hard-earned dollars.
Picking up from where Vance Packard's bestselling classic, The Hidden Persuaders, left off more than half-a-century ago, Lindstrom reveals how advertisers and corporations:
• Intentionally target children at an alarmingly young age
• Stoke the flames of public panic and capitalize on paranoia over global contagions, extreme weather events, and food contamination scares.
• Are secretly mining our digital footprints to uncover some of the most intimate details of our private lives
• Purposely adjust their formulas in order to make their products chemically addictive
• And much, much more.
This searing expose introduces a new class of tricks, techniques, and seductions--the Hidden Persuaders of the 21st century--and shows why they are more insidious and pervasive than ever.
The rich are not only getting richer, they are becoming more dangerous. Starting in the early 1980s the top one percent (1%) broke away from the rest of us to become the most unstable force in the economy. An elite that had once been the flat line on the American income charts - models of financial propriety - suddenly set off on a wild ride of economic binges.
Not only do they control more than a third of the country’s wealth, their increasing vulnerability to the booms and busts of the stock market wreak havoc on our consumer economy, financial markets, communities, employment opportunities, and government finances.
Robert Frank’s insightful analysis provides the disturbing big picture of high-beta wealth. His vivid storytelling brings you inside the mortgaged mansions, blown-up balance sheets, repossessed Bentleys and Gulfstreams, and wrecked lives and relationships:
• How one couple frittered away a fortune trying to build America’s biggest house --90,000 square feet with 23 full bathrooms, a 6,000 square foot master suite with a bed on a rotating platform--only to be forced to put it on the market because “we really need the money”.
• Repo men who are now the scavengers of the wealthy, picking up private jets, helicopters, yachts and racehorses – the shiny remains of a decade of conspicuous consumption financed with debt, asset bubbles, “liquidity events,” and soaring stock prices.
• How “big money ruins everything” for communities such as Aspen, Colorado whose over-reliance on the rich created a stratified social scene of velvet ropes and A-lists and crises in employment opportunities, housing, and tax revenues.
• Why California’s worst budget crisis in history is due in large part to reliance on the volatile incomes of the state’s tech tycoons.
• The bitter divorce of a couple who just a few years ago made the Forbes 400 list of the richest people, the firing of their enormous household staff of 110, and how one former spouse learned the marvels of shopping at Marshalls, filling your own gas tank, and flying commercial.
Robert Frank’s stories and analysis brilliantly show that the emergence of the high-beta rich is not just a high-class problem for the rich. High-beta wealth has national consequences: America’s dependence on the rich + great volatility among the rich = a more volatile America.
Cycles of wealth are now much faster and more extreme. The rich are a new “Potemkin Plutocracy” and the important lessons and consequences are brought to light of day in this engrossing book.
high-beta rich (hi be’ta rich) @20&21@. a newly discovered personality type of the America upper class prone to wild swings in wealth. 2. the winners (and occasional losers) in an economy that creates wealth from financial markets, asset bubbles and deals. @2021@. derived from the Wall Street term “high-beta,” meaning highly volatile or prone to booms and busts. @2021@. an elite that’s capable of wreaking havoc on communities, jobs, government finances, and the consumer economy. @2021@. a new Potemkin plutocracy that hides a mountain of debt behind the image of success, and is one crisis away from losing their mansions, private jets and yachts.
From the Hardcover edition.
The way far too many people at far too many companies think about and execute marketing was born in an era when suppliers-the companies generating products and services-were in the catbird seat. That world is long dead, and customers now occupy that position. In this relentlessly globalizing economy, we live in a world of oversupply and underdemand, with too many suppliers chasing too few customers, offering more goods and services than the market can absorb.
Noel Capon set out to discover what differentiates people who know how to succeed in this changed world-people who are able to create customers for the products and services of their business.
The Marketing Mavens is based on a four-year-long research program that spanned twenty-five industries, identifying long-term winners and what they do differently. Put simply, Marketing Mavens place customers at the center of their business and make marketing everyone's job. Using a wide variety of intriguing, in-depth examples, from ESPN to the Mayo Clinic, Dr. Capon shows how the mavens create customers. How by placing the sports fan at the center of its business, ESPN creates programming that meets the needs of fans that were never given a second thought by the networks; or how physicians at the Mayo Clinic, being both technical experts and skilled at creating a patient-centric ambience, motivate people to pay the extra travel and lodging expenses not covered by insurance.
Marketing Mavens, though a rare breed, can be found up and down an organization-from the CEO to chief marketing officers to business unit managers. Noel Capon has talked to mavens from across the global economy and brings forth their uncanny insights behind the five imperatives of the true Marketing Maven:
¥ Picking markets that matter
¥ Selecting segments to dominate and finding the sweet spot in that segment
¥ Designing the offer to create customer value and secure differential advantage
¥ Integrating to serve the customer
¥ And measuring what matters
Noel Capon in The Marketing Mavens redefines marketing, moving it from a focus on selling and communication into a discipline that guides all the key decisions of a business. By seeing marketing as everyone's business-not the domain of a few specialists-you'll get your business in step with the way the world really works . . . and start creating customers. Next year's profits don't depend on next year's numbers but on next year's customers. The Marketing Mavens points the way to those customers, profits, and an increased stock price.
From the Hardcover edition.
Surprisingly, it's not about education or pedigree or even native smarts. Most of us are like jack welch, who started life as a lowercase guy, the son of a railroad conductor, but went on to become the most celebrated and successful executive of recent years. Sure, Jack Welch--and lots of other people like him--are smart and talented, but there are countless people even smarter and more talented who stall out on the way up. Something else is going on. What is it, and what can the rest of us learn from such people to improve our own chances of accomplishment?
Stephen Baum uncovers not only the business secrets of prominent CEOs but their inner stories as well. He ferrets out the real men and women behind the public personas, learning about life-shaping experiences they all have in common that turn out to be the foun-dation for true success in career and in life. Baum has gotten them to recall key moments that they hadn't thought about for years, as well as the fears, emotions, and learning they've experienced during moments of challenge and doubt.
These seminal events are "archetypal shaping experiences"--critical and often unexpected learning moments when future leaders take advantage of challenges thrown in their path:
- When you take calculated personal risks without the safety net of specific instructions on how to proceed.
- When you are clueless about how to solve a knotty problem but dive in and prepare yourself to work through it.
- When you learn to swim in water over your head, make the tough choice, get good on your feet, or
are forced to take a hard look in the mirror. These character-building moments engender an inner core of toughness and confidence that is the real key to leadership in any business or endeavor--they are what made jack welch . . . JACK WELCH.
Stephen Baum provides an entirely new way of thinking about how to fulfill your dreams and aspirations. You'll come away with the feeling that "if they can do it, so can I" . . . and that is the first step on the journey to becoming extraordinary, awakening the JACK WELCH that lives in each of us--just waiting to take us further than anyone could have predicted.
From the Hardcover edition.
Discover the formula used by twenty-one of the world's most extraordinary leaders to make consistent and smart decisions.
How do the wise decide and lead businesses and organizations to great success is the question Bryn Zeckhauser and Aaron Sandoski posed to themselves after landing their first jobs as managers. Despite the best training the world could offer--Harvard MBAs and stints at McKinsey & Company, the elite powerhouse consulting firm--they felt unprepared when faced with the pressure to make critical decisions. So they set out on a three-year quest to discover how people with remarkable success and experience in both corporate and public life--"the wise"--went about making crucial, often make-or-break decisions.
- How did William George, when CEO of Medtronic, get the real story about why a critical tool used by cardiologists was failing and use that information to fix a systemic problem within the company?
- When inventor Dean Kamen has to make a decision about investing in a new technology, why does he find it useful to "fill a room with barbarians" to get the best thinking from his team?
- How did Shelly Lazarus assess the risks of making a nontraditional career move, a decision that eventually led her to being appointed CEO?
- How did Stephen Schwarzman and Peter Peterson, the founders of The Blackstone Group, turn $400,000 of their own money into one of the world's preeminent alternative asset managers with $100 billion under management?
These and the other accounts of the direct conversations Zeckhauser and Sandoski had with twenty-one major leaders show that between wise decisions and poor ones lie vast fortunes and extraordinary contrasts in success. How the Wise Decide distills their wisdom, and it reveals how you can use this wisdom to be on the winning side of the ledger.
From the Hardcover edition.
A bold and revolutionary thinker’s legacy for how business can meet the greatest economic challenge in decades...
It’s no secret: everyone knows that the way most companies do things is screwed up. Surprisingly, though, herein lays the biggest opportunity for improving growth and profitability in a world in which consumers are tapped out and competition is coming from the devastating combination of low-wage countries with high skills.
For more than a decade, following his landmark Reengineering the Corporation, Michael Hammer did “deep dives” into the processes of companies in every imaginable business--from oil refineries to software developers, factories, retailers, and hospitals--to understand the nuts and bolts of how they do their work, and then to advise them how to do it differently to become faster, cheaper, better. The results were the right product, at the right time, with the right price and quality--businesses that not only ate the competitions’ lunch but their breakfast and dinner, too.
The research and passion Dr. Hammer brought to this book have been ably carried on, following his tragic and unexpected death in 2008, by his colleague, Lisa Hershman, now the CEO of Hammer and Company. Looking at a company's operations not in terms of piecemeal fragments of work performed in a slew of isolated functional departments but as large-scale holistic work units transformed many companies, enabling them to meet the unique challenges of our time.
The late DR. MICHAEL HAMMER was the coauthor of Reengineering the Corporation and the author of The Agenda. LISA W. HERSHMAN is the CEO of Hammer and Company.
From the Hardcover edition.
Argues that more assertive women achieve the success they desire and the respect of others, and provides strategies and tactics for how to become happier and more successful by standing up to difficult people and setting appropriate boundaries.
In this groundbreaking guide, Stephanie Winston explains how she discovered, after more than two decades as a leading organization expert and bestselling author, that senior executives and CEOs seem to possess unique conceptual skills in the areas of time management and organization that enable them to dramatically increase their productivity. Intrigued by this revelation, Winston set out to interview dozens of senior executives in an attempt to better understand the work habits and mental discipline of the supersuccessful, and to quantify their skills and translate them into techniques that will enable managers and ambitious workers at all levels of an organization to develop their own productivity and time management style. The result is a concise, practical, inspiring, and information-filled book that will help any reader get organized for success.
Among the strategies that Winston uncovered are two that may surprise--and give heart to--many readers. First: top executives deal very differently with the day-to-day interruptions that cause most of us to lose focus and get sidelined. They view them not as a menacing obstruction to workflow but instead as a means to connect with fellow workers and enable more work to be done. Second: supersuccessful businesspeople do not multitask; they focus their complete attention on each task at hand until it is done, and then move on to the next thing. And they employ powerful delegation strategies to enhance their own productivity and that of their team.
Among the many other lessons Winston brings to the reader are insights on how to:
- conquer e-mail and paperwork gridlock
- run and participate in meetings more effectively
- develop your own best productivity and time management style
- create techniques to find valuable private time in the middle of a hectic day
- use follow-up strategies that ensure you respond to others consistently and complete all necessary tasks
Throughout Organized for Success, Winston shares practical tips and tested techniques geared to helping workers and managers at every level to adopt the strategies that highly successful executives have employed on their way up the corporate ladder.
Even more, she helps us all--not just those who aspire to the senior executive ranks--to adopt an organized and disciplined mind-set in every aspect of our professional lives.
From the Hardcover edition.
In DEMAND: Giving People What They Love Before They Know They Want It (Crown Business; October 2011), Adrian Slywotzky, named by Industry Week one of the world’s six most influential management thinkers, provides a radically new way to think about demand, with a big idea and a host of practical applications--not just for people in business but also for social activists, governments leaders, non-profit managers, and other would-be innovators.
They all need to master such ground-breaking concepts as the hassle map (and the secrets of fixing it); the curse of the incomplete product (and how to avoid it); why very good ≠ magnetic; how what you don’t see can make or break a product; the art of transforming fence sitters into customers; why there’s no such thing as an average customer; and why real demand comes from a 45-degree angle of improvement (rather than the five degrees most organizations manage).
From the Hardcover edition.
If talent is the leading indicator of whether a business is up or down, a success or a failure (and it is) . . . do you know how to accurately judge raw human talent? Understand a person's unique combination of traits? Develop that talent? Convert what supposedly are "soft" subjective judgments about people into objective criteria that are as specific, verifiable, and concrete as the contents of a financial statement?
The talent masters do. They put people before numbers for the simple reason that it is talent that delivers the numbers. Success comes from those who are able to extract meaning from events and the forces affecting a business, and are able to look at the world and assess the risks to take and the risks to avoid.
The Talent Masters itself stems from a unique combination of talent: During a forty-year career at General Electric, Bill Conaty worked closely with CEOs Jack Welch and Jeff Immelt to build that company's worldrenowned talent machine. Ram Charan is the legendary advisor to companies around the world. Together they use their unparalleled experience and insight to write the definitive book on talent--a breakthrough in how to take a business to the next level:
• Secrets of the masters. The specifics on how companies regarded as world-class--GE, P&G, Hindustan Unilever (and others)--base their stellar performance decade after decade on their systems for finding and nurturing leadership talent.
• Intimate and systemic. Why deep knowledge and intimacy with your talent and a systemic rhythm of reviews are the foundation for creating a steady, selfrenewing stream of leaders for all levels of an organization--from first-line supervisors to the CEO.
• The competency that lasts. Financial results, market share, brand, and legacy products all have a half-life that seems to grow shorter by the year. Talent is the only competency that endures.
• What to do Monday morning. The Talent Masters tool kit provides the specific guidelines for assessing and improving your company’s talent mastery capabilities.
Good Strategy/Bad Strategy clears out the mumbo jumbo and muddled thinking underlying too many strategies and provides a clear way to create and implement a powerful action-oriented strategy for the real world
Developing and implementing a strategy is the central task of a leader. A good strategy is a specific and coherent response to--and approach for overcoming--the obstacles to progress. A good strategy works by harnessing and applying power where it will have the greatest effect. Yet, Rumelt shows that there has been a growing and unfortunate tendency to equate Mom-and-apple-pie values, fluffy packages of buzzwords, motivational slogans, and financial goals with “strategy.”
In Good Strategy/Bad Strategy, he debunks these elements of “bad strategy” and awakens an understanding of the power of a “good strategy.” He introduces nine sources of power--ranging from using leverage to effectively focusing on growth--that are eye-opening yet pragmatic tools that can easily be put to work on Monday morning, and uses fascinating examples from business, nonprofit, and military affairs to bring its original and pragmatic ideas to life. The detailed examples range from Apple to General Motors, from the two Iraq wars to Afghanistan, from a small local market to Wal-Mart, from Nvidia to Silicon Graphics, from the Getty Trust to the Los Angeles Unified School District, from Cisco Systems to Paccar, and from Global Crossing to the 2007–08 financial crisis.
Reflecting an astonishing grasp and integration of economics, finance, technology, history, and the brilliance and foibles of the human character, Good Strategy/Bad Strategy stems from Rumelt’s decades of digging beyond the superficial to address hard questions with honesty and integrity.
Evaluates the cost and consequences of high-speed trading, arguing that the development of automatic, super-intelligent trading machines is eliminating necessary human interests and compromising regulation measures.
John Perkins has seen the signs of today's economic meltdown before. The subprime mortgage fiascos, the banking industry collapse, the rising tide of unemployment, the shuttering of small businesses across the landscape are all too familiar symptoms of a far greater disease. In his former life as an economic hit man, he was on the front lines both as an observer and a perpetrator of events, once confined only to the third world, that have now sent the United States--and in fact the entire planet--spiraling toward disaster.
Here, Perkins pulls back the curtain on the real cause of the current global financial meltdown. He shows how we've been hoodwinked by the CEOs who run the corporatocracy--those few corporations that control the vast amounts of capital, land, and resources around the globe--and the politicians they manipulate. These corporate fat cats, Perkins explains, have sold us all on what he calls predatory capitalism, a misguided form of geopolitics and capitalism that encourages a widespread exploitation of the many to benefit a small number of the already very wealthy. Their arrogance, gluttony, and mismanagement have brought us to this perilous edge. The solution is not a "return to normal."
But there is a way out. As Perkins makes clear, we can create a healthy economy that will encourage businesses to act responsibly, not only in the interests of their shareholders and corporate partners (and the lobbyists they have in their pockets), but in the interests of their employees, their customers, the environment, and society at large.
We can create a society that fosters a just, sustainable, and safe world for us and our children. Each one of us makes these choices every day, in ways that are clearly spelled out in this book.
"We hold the power," he says, "if only we recognize it." Hoodwinked is a powerful polemic that shows not only how we arrived at this precarious point in our history but also what we must do to stop the global tailspin.
From the Hardcover edition.
David Bach has a plan to help you live and finish rich--no matter where you start
So you feel like you've started late?
You are not alone.
What if I told you that right now as you flip through this book, 70% of the people in the store with you are living paycheck to paycheck?
What if I told you that the man browsing the aisle to your left owes more than $8,000 in credit card debt? And the woman on your right has less than $1,000 in savings?
See? You're really not alone.
Unfortunately, the vast majority of people who've saved too little and borrowed too much will never catch up financially. Why? Because they don't know how.
You can start late and finish rich--but you need a plan.
This book contains the plan. It's inspiring, easy to follow, and is based on proven financial principles. Building a secure financial future for yourself isn't something you can do overnight. It will take time and it will take work. But you can do it.
I know. I've helped millions of people get their financial lives together--and I can help you. Spend a few hours with me--and let me challenge you. Give me a chance to become your coach.
Just because you started late doesn't mean you are doomed to an uncertain future. Whether you're in your thirties, forties, fifties, or beyond, there is still time to turn things around. It's never too late to live and finish rich. All it takes is the decision to start.
Is it too late for me to get rich?
Over and over, people share their fears with David Bach, America's leading money coach and the number-one national best-selling author of The Automatic Millionaire. "If only I had started saving when I was younger!" they say. "Is there any hope for me?"
There IS hope, and help is here at last!
In Start Late, Finish Rich, David Bach takes the "Finish Rich" wisdom that has already helped millions of people and tailors it specifically to all of us who forgot to save, procrastinated, or got sidetracked by life's unexpected challenges.
Whether you are in your thirties, forties, fifties, or even older, Bach shows that you really can start late and still live and finish rich - and you can get your plan in place fast. In a motivating, swift read you learn how to ramp up the road to financial security with the principles of spend less, save more, make more - and most important, LIVE MORE. And he gives you the time tested plan to do it.
The Start Late, Finish Rich promise is bold and clear:
Even if you are buried in debt - there is still hope.
You can get rich in real estate - by starting small.
Find your "Latte Factor" - and turbo charge it to save money you didn't know you had.
You can start a business on the side - while you keep your old job and continue earning a paycheck.
You can spend less, save more and make more - and it doesn't have to hurt.
David Bach gives you step-by-step instructions, worksheets, phone numbers and website addresses --everything you need to put your Start Late plan into place right away. And he shares the stories of ordinary Americans who have turned their lives around, at thirty, forty, fifty, even sixty years of age, and are now financially free. They did it, and now it's your turn. With David Bach at your side, it's never too late to change your financial destiny. It's never too late to live your dreams. It's never too late to be free.
Learning German Has Never Been Easier! Whether you are studying the language in school, planning a trip to Germany or Austria, or trying to learn the basics of the language closest to English, German Made Simple is the perfect book for any self-learner. Void of all nonessentials and refreshingly easy to understand, German Made Simple includes:
- Basics of German grammar
- Modern German vocabulary
- German pronunciation guide
- German reading exercises
- German economic information
- Common German expressions
- Review exercises
- Complete answer key
- German-English dictionary
From the Trade Paperback edition.
Getting a new job or a big promotion is like building a house: You need to get the foundation right for both. With a job, the quick-drying cement is how well you do in your first hundred days, since they establish the foundation for long-term momentum and great performance.
Tom Neff and Jim Citrin are two of the world's leading experts on leadership and career success. As key figures at Spencer Stuart (hailed by the Wall Street Journal as the number one brand name in executive search), they must understand the criteria for success when they recruit top executives for new leadership positions.
Through compelling, first-hand stories you will hear from people such as Jeffrey Immelt, CEO of GE, on how his career has been a series of successive first hundred days. Larry Summers, president of Harvard University, talks candidly about what he could have done differently in his early days to avoid dissipating goodwill among the diverse constituencies important for his future success. Gary Kusin of Kinko's shares the specifics of the hundred-day action plan he crafted for himself before he started his new job. Paul Pressler of Gap Inc. shows how he developed a general strategic agenda that established fundamental principles and goals, waiting to prepare a more detailed strategic plan until later in his tenure.
Tom Neff and Jim Citrin's actionable eight-point plan will be the foundation for your success--whether you are moving to a new organization or being promoted--showing how to:
- Prepare yourself mentally, physically, and emotionally from the time you accept until the time you begin
- Manage others' expectations of you--bosses, colleagues, and subordinates
- Shape and build the team that will work with you
- Learn the lay of the land and find out how things "really work around here"
- Communicate your story effectively to people inside and outside the organization
- Avoid the top ten traps that confront every new leader, such as disrespecting your predecessor, misreading the true sources of power in the organization, or succumbing to the "savior syndrome"
When you start a new job you are in what AOL's Jon Miller calls a "temporary state of incompetence," faced with having to do the most when you know the least. But with the eight-point plan of You're in Charge--Now What? you'll understand and be able to take action on the patterns that will build your success.
Also available as an eBook
From the Hardcover edition.
In his inspiring new book, You Don’t Need a Title to Be a Leader, Mark Sanborn, the author of the national bestseller The Fred Factor, shows how each of us can be a leader in our daily lives and make a positive difference, whatever our title or position.
Through the stories of a number of unsung heroes, Sanborn reveals the keys each one of us can use to improve our organizations and enhance our careers.
Genuine leadership – leadership with a “little l”, as he puts it, is not conferred by a title, or limited to the executive suite. Rather, it is shown through our everyday actions and the way we influence the lives of those around us. Among the qualities that genuine leaders share:
• Acting with purpose rather than getting bogged down by mindless activity
• Caring about and listening to others
• Looking for ways to encourage the contributions and development of others rather than focusing solely on personal achievements
• Creating a legacy of accomplishment and contribution in everything they do
As readers across the country discovered in The Fred Factor, Mark Sanborn has an unparalleled ability to explain fundamental business and leadership truths through simple stories and anecdotes. You Don’t Need a Title to Be a Leader offers an inspiring message to anyone who wants to take control of their life and make a positive difference.
Innovation, claims quality consultant Subir Chowdhury, is part of America's DNA. No other country in the world matches America's creative drive and its ability to turn innovative ideas into revolutionary products-from antilock brakes and steel-belted radial tires to sophisticated software and microprocessors. But as fast as we introduce new products, we lose the markets we establish to countries that know how to manufacture higher quality versions for less money. As Japanese and European firms win market share by concentrating on quality, America is continually forced to rely on innovation to stay ahead.
In The Ice Cream Maker, Chowdhury uses a simple story to illustrate how businesses can instill quality into our culture and into every product we design, build, and market. The protagonist of the story is Peter Delvecchio, the manager of a regional ice cream company, who is determined to sell its ice cream to a flourishing national grocery chain, Natural Foods. In conversations with the Natural Foods manager, Peter learns how the extraordinarily successful retailer achieves its renowned high standard of excellence, both in the services it provides its customers and in the foods it manufactures and sells. Quality, he discovers, must be the mission of every employee; by learning to listen, enrich, and optimize, he can encourage and sustain the highest levels of quality in everything the company does.
Like Fish! and Who Moved My Cheese? The Ice Cream Maker offers an essential and universal lesson about one of industry's foremost challenges in a thoroughly engaging style. For managers and executives, small business owners and entrepreneurs, The Ice Cream Maker is a compelling, eye-opening guide to the most effective ways to achieve excellence and become industry leaders on the global stage.
From the Hardcover edition.
New York Times Bestseller
The Buy Side, by former Galleon Group trader Turney Duff, portrays an after-hours Wall Street culture where drugs and sex are rampant and billions in trading commissions flow to those who dangle the most enticements. A remarkable writing debut, filled with indelible moments, The Buy Side shows as no book ever has the rewards – and dizzying temptations – of making a living on the Street.
Growing up in the 1980’s Turney Duff was your average kid from Kennebunk, Maine, eager to expand his horizons. After trying – and failing – to land a job as a journalist, he secured a trainee position at Morgan Stanley and got his first feel for the pecking order that exists in the trading pits. Those on the “buy side,” the traders who make large bets on whether a stock will rise or fall, are the “alphas” and those on the “sell side,” the brokers who handle their business, are eager to please.
How eager to please was brought home stunningly to Turney in 1999 when he arrived at the Galleon Group, a colossal hedge-fund management firm run by secretive founder Raj Rajaratnam. Finally in a position to trade on his own, Turney was encouraged to socialize with the sell side and siphon from his new broker friends as much information as possible. Soon he was not just vacuuming up valuable tips but also being lured into a variety of hedonistic pursuits. Naïve enough to believe he could keep up the lifestyle without paying a price, he managed to keep an eye on his buy-and-sell charts and, meanwhile, pondered the strange goings on at Galleon, where tens of millions were being made each week in sometimes mysterious ways.
At his next positions, at Argus Partners and J.L. Berkowitz, Turney climbed to even higher heights – and, as it turned out, plummeted to even lower depths – as, by day, he solidified his reputation one of the Street’s most powerful healthcare traders, and by night, he blazed a path through the city’s nightclubs, showing off his social genius and voraciously inhaling any drug that would fill the void he felt inside.
A mesmerizingly immersive journey through Wall Street’s first millennial decade, and a poignant self portrait by a young man who surely would have destroyed himself were it not for his decision to walk away from a seven-figure annual income, The Buy Side is one of the best coming-of-age-on-the-Street books ever written.
From the Hardcover edition.