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- Sales Rank: #129085 in Books
- Published on: 2005-01-11
- Original language: English
- Number of items: 1
- Dimensions: 1.28" h x 9.22" w x 6.28" l,
- Binding: Hardcover
- 368 pages
Review
More than a chronicle of the 1990s tech-stock boom and the ensuing bust ... [it] has "bestseller" written all over it. -- Barron's, February 7, 2005:
There may be no more thorough, or readable, account of [analyst's] foibles than Charles Gasparino's Blood on the Street. -- The Washington Post, February 27, 2005:
From the Inside Flap
"There probably won't be a better book about these events. Notes Gasparino: 'This is a story where there are few heroes, and even fewer people willing to provide an honest account of what went wrong.' Blood on the Street will take most readers as close to the action as they are likely to get--and few will come away comfortable with what they learn." -- BusinessWeek
Most helpful customer reviews
3 of 4 people found the following review helpful.
An Interesting Tale
By P. Scott Pope
In Blood on the Street, Charles Gasparino tells an intriguing story about biased sell-side Wall Street research. Regardless of your feelings on the matter, you will read the book quite amazed at the level of the detail in his descriptions of various events. Accounts of meetings, email messages and one-on-one conversations are retold in granular detail. Some even get quite racy with graphic images of propositions by one female analyst towards a male counterpart. In total, the book makes for engaging story, especially if the reader has any interest in the inner workings of Wall Street.
In providing so much detail, the book is significantly longer than it needs to be. But it isn't so much about the message as it is entertainment. The characters in the book were on par with those in fictional world. At the same time, the key events in the book were public news by the time it was written. There is no smoking gun not already known to the public. So be prepared to read for enjoyment not edification.
If you have particular feelings about the matter of Wall Street research, you might walk away with the opinion the author was highly biased against sell-side analysts and their soft dollar revenue streams. Gasparino glosses over the established "framework" as one analyst puts it that didn't necessary generate unbiased opinions. With a high proportion of "buys", "holds" that implied "sells" and virtually no "sells" across all analyst recommendations, it was clear that there was a great deal of salesmanship in the reports. Presumably, most readers would have known this before starting the book. Even so, there didn't appear to be any attempt to tell the other side of the story.
It would have been nice to gain a better understanding of the logic involved in the sell-side equity research process. Obviously, endlessly hyping stocks only will lead to a crash as fundamentals across the board will not be able to keep pace. This lack of the other side of the story is my one complaint about the book. Yet, even with this problem, it is still a worthwhile read.
4 of 7 people found the following review helpful.
A Little Sex, a Lot of Greed & Tons of Power Trips.
By Susanna Hutcheson
All of the above make for a fun romp were it not for the avarice and thievery the tale describes. But while this interesting and accurate record of the Internet boom and bust and the people who helped other people lose money shows how corrupt analysts were, it also shows how gullible and ignorantabout stock buying the public is.
I remember everyone getting into the market. And it scared me off when the people on the assembly line came home at night and picked stocks to buy. So I sold. The level of stock analysis was on a par with the stock tips Joseph P. Kennedy received from his shoe shine boy in July of 1929. Joe Kennedy exited the market shortly thereafter, only months before the great crash. "When the shoe-shine guy gives you stock tips, it's time to get out", Kennedy said.
Like Kennedy, I left the game while I had lots of chips. But people who had no knowledge of the market were playing a game for grownups and they got burned. Why did they blame the greedy, dishonest analysts in the first place? Because they believe someone looked out for them. No one did. I personally don't blame the analysts who had buys on all the stocks their firms brought to market. I blame the folks who bought the stocks based on their words.
These people later blamed the analysts and anyone else they could place blame on when they should have taken responsibility for their own losses.
But be that as it may, for those of you who want someone to blame and who love to see the mighty fall, this is an excellent book. It has everything from sex to greed to egos the size of Texas and brains the size of peas.
Gasparino has chronicled the Internet boom and bust, the background and all the players. From mighty Mary Meeker who gave up a personal life to become rich to Henry Blodget who was on CNBC about as much as the anchors and all the others who had the power to make or break a stock and a company. These were the stars of the time. And this is their story.
But it is more. It tells of a time when people like Barbra Streisand became day traders. Just about everyone thought they couldn't lose. People quit their jobs to trade stocks. Common people moved up --- only to later have to move out of luxury.
The story it doesn't tell well enough, however, is that the analysts were all but forced to promote a stock and sell out in favor of companies who were clients of their respective firms. The analysts were, in fact, mere pawns in the whole game. The blame for the bad calls belong at the top of the firms from wince came the pressure.
The bottom line --- if you buy stocks, do your own due diligence. Read the reports and if you must look at what some analyst says, see if the company is their client or if the analyst has some agenda. If you can't do that, beware. Just remember that no one cares about your financial security but you. The advice to keep your own counsel has always worked.
Susanna K. Hutcheson
Creative Director
Powerwriting.com LLC
[...]
4 of 7 people found the following review helpful.
A Revisit to the 90s Stock Market Phenomenon
By Rick Spell
This is an exceptional book summarizing the 90s stock market craze and the research analysts that were primarily responsible. The basic premise is these guys pushed stocks unmercifully and investors bought all the while the analysts knew that the valuations were inappropriate. Clearly in retrospect this was true and even at that time anyone who was "drinking the Kool-Aid" should have seen it. But the bubble market allowed this phenomenon to continue until the correction was painful.
Gasparino does a great job researching and presenting the facts in a straight forward method. There are plenty of books on this subject but having delayed this book till release of company emails enhanced his proof. Of particular interest/embarrassment is the pseudo internet affair Jack Grubman has that is exposed in email files now in public records. While I had followed this in the WSJ I had not read of this email exchange. Sure glad my wife does not have to read about it in a book.
Overall I give this book extremely high marks. If you are a casual investor this is a must read to understand information used for investing decisions can be tainted. If you are a sophisticated investor, this will all be old news but still presented in an enjoyable summary that won't bore you with the repeated info. Anyone who is not an investor but wants to study this period of time or wants to learn about investing can also learn what goes on behind the curtain. My only complaint would be there is never any discussion of what blame should be placed with investors.
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