Book review: “Backstage Wall Street” by Joshua Brown – Part 1

First of all, it is my intent to provide a complete review of this book. However, my approach will be a bit unorthodox: in serial, chapter by chapter, with comments & personal insights of my own.

Impressions

As a individual investor for many years, I’ve learned that “doing your own homework” easily applies to the investing world as it did back in the fifth grade. Learn as you go. Seek advice. Let your mistakes be important lessons on your road to wisdom. Since high school, my mom would give me tidbits from articles she had read from Money, Fortune, or the newspapers business section. Before the internet, it was print media and especially books that provided the independent advice she sought. So she bought books by Peter Lynch and others to gain insight into the investing world. “If they can do it why can’t I” may have been one of the motivator. The other one being:”how can I profit as others have.”

Now, advice is a tricky thing. One man’s advice is another’s sales pitch. Ah, there’s the rub. My parents were burned on a Florida retirement real estate deal that turned out to be a massive fraud. It was sold to white collar professionals in the 1980’s who were dreaming of a comfortable life in the Sunshine state. They did not do any independent research; they trusted the salesman. They lost big on money and a dream. They survived and still prospered but it left a deep scar…If you’ve watched the TV show, Revenge, let’s just say I sympathize with the protagonist, Amanda Clark.

In Backstage Wall Street, financial advisor and @ReformedBroker,  Joshua Brown, does the retail investor a huge service in this tell-all tome of hustling and hubris in the most powerful industry on Earth, financial services.

The author tells his story in four parts: The People, The Product, The Pitch, and The Murder Holes. I hope you can follow along with me as I review it here.

But, lest I forget, please get a copy of the book! Until my next post, good reading….

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2 Responses to Book review: “Backstage Wall Street” by Joshua Brown – Part 1

  1. AverageJoe says:

    As a former financial advisor, I’m deeply interested in this topic. It’s scary to see some of the ugly stories out there of people losing fortunes to line a broker’s pockets….

    • ajmcafe says:

      Thanks for the comment,AverageJoe. The more we can pull back the curtains, the better to inform our readers to look before they leap.

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