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Fiasco: The Inside Story of a Wall Street Trader, by Frank Partnoy
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FIASCO is the shocking story of one man's education in the jungles of Wall Street. As a young derivatives salesman at Morgan Stanley, Frank Partnoy learned to buy and sell billions of dollars worth of securities that were so complex many traders themselves didn't understand them. In his behind-the-scenes look at the trading floor and the offices of one of the world's top investment firms, Partnoy recounts the macho attitudes and fiercely competitive ploys of his office mates. And he takes us to the annual drunken skeet-shooting competition, FIASCO, where he and his colleagues sharpen the killer instincts they are encouraged to use against their competitiors, their clients, and each other.FIASCO is the first book to take on the derivatves trading industry?the most highly charged and risky sector of the stock market. More importantly, it is a blistering indictment of the largely unregulated market in derivatives and serves as a warning to unwary investors about real fiascos, which have cost billions of dollars.
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Product details
Paperback: 288 pages
Publisher: Penguin Books; 1.2.1999 edition (February 1, 1999)
Language: English
ISBN-10: 0140278796
ISBN-13: 978-0140278798
Product Dimensions:
5 x 0.7 x 7.7 inches
Shipping Weight: 4.8 ounces (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
64 customer reviews
Amazon Best Sellers Rank:
#399,971 in Books (See Top 100 in Books)
Where there is large volume of innovation, there is bound to be some fraud. Fraudulent intent may even precede or supersede legitimate intent. It is especially visible in financial product innovation, where incentives are twisted, risks are hidden/unknown, and short-termism is rampant.In this instance, book illustrates the dramatic growth in derivative products market. As a chicken fried equities guy, I had no clue just how exotic these instruments had become by mid-90's. FIASCO goes through painstaking detail explaining the structure and at times dubious purpose of those instruments (disguising something volatile and high-risk as a stable product, for example)... all along shedding some light on personalities involved in creating and selling those products.Makes me wonder how things have changed over the last 20 years. After all, we did have a CMO blowup only 8 years ago. I wonder what's next... Buyers and investors beware! Don't get your faces ripped off.
I actually bought this book as I was trying to learn more about the recent financial crisis. Once I got the book and started reading it I quickly realized the book was about the 80's and 90's. No matter, the story was mostly the same as any recession and why we got there, just switch around some dates.As with most Wall Street tell alls I was horrified these people are running our financial world. Buyer Beware would be an understatement in most instances, especially as you read about derivatives. I often wonder what these brilliant minds could do instead of simply trying to be as rich as they can while screwing everyone else out of their money. Sad to read that state pensions and insurance funds were tied up in this mess, however, what is really sad is the traders and salespeople knew these were risky derivatives and chose to say nothing or provide any warning (at least this is the feeling you get from the book). The author mentions the State of California and the State of Wisconsin (and I am sure New York) were part of this buying, and probably no coincidence, are going through severe financial constrains as I write this review.The author wondered out loud "why such supposedly conservative investors were taking on so much risk." His bosses said as long as they were upfront in disclosing the risks, it was none of their business what these clients bought.I found the definition of "emerging markets" as interesting. The author went on to say Bond Salesmen are very clever at inventing deceptive names for risky bonds to make them seem more desirable. The name sounds great, but they were really a disguise for junk bonds.Good explanation about inflation and Brazil and the impact this had on pricing and interest rates. This would be a fascinating part of the job to learn and understand.For me the book is a good reminder of not getting caught up in fads on Wall Street and to make sure you understand the financial instrument you are buying. The person who sells these should have your best interests in mind and share the goal of helping you reach yours. You will hate some of the people in the book, but realize they were doing a job, albeit a disgusting and ugly one at times.I still think about if these people with these beautiful financial and quantitative minds decided to help those of us who are not financial geniuses how great this country could be (and most of us might not have to work until 70 years old to retire)!
Funny, informative and easy to read. Suitable for practitioners and beginners alike. If you loved Liar's Poker then you would like this one too.Drawbacks: sometimes their examples seem to have a "representation flaw" such as taking one derivatives salesman who did not know how to explain derivatives as a representation of ALL professionals in that line of work.There is also the "banker bashing" tone which has become a past-time for uninformed audience who are mostly outside the finance world but no doubt these tones sell nowadays due to populism.Don't let those flaws repel you from enjoying the book. Most books have their flaws. So long we are aware of the flaws by employing "critical thinking" on everything we read then I think we can make the most out of each book we decide to read.
This is a pretty important book for most investors out there. As the author points out, this includes millions of Americans who own mutual funds or certain equities. As far as I know it is the best book on derivatives. I had little understanding of these financial weapons of destruction and was glad to learn more through this book. Warren Buffett talks about the dangers of derivatives in his shareholder communications. Autobiographies often can be self promoting and have hidden agendas, but I did not find this book to be annoying. The author kept it entertaining by exposing some of the characters and culture in investment banking.As other reviewers have pointed out, FIASCO is a lot like Liar's Poker. At times I cringed at the level of copying (ie: phrases like "rip someone's face off" or clients getting "blown-up"). If you haven't read Liar's Poker or are not too bothered by copy-cats then you shouldn't care about this point. After all, Michael Lewis, the author of Liar's Poker does not mind it and praised FIASCO (see the book's back cover). He realizes that copying is a complement. In any case, the copying takes little away from the educational value of this book and perhaps enhances the entertainment value. If you enjoyed FIASCO, I also recommend:When Genius FailedDen of ThievesLiars Poker
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