The Billion Dollar Mistake Learning the Art of Investing Through the Missteps of Legendary Investors

by Weiss, Stephen L.

• ISBN13: 9780470481066
• ISBN10: 0470481064
• Edition: 1st
• Format: Hardcover
• Copyright: 2010-01-07
• Publisher: Wiley
• More Book Details

Summary

The Billion Dollar Mistake is an up-close account of the career-defining mistakes that some of the world's most brilliant billionaire investors have made, and a revealing look at what we can learn from them. Drawing on author Stephen Weiss' twenty-two years experience at some of Wall Street's most prestigious firms, the core of this book is based upon original research and interviews with these legendary investors who discuss the most significant trade or investment that went against them, the magnitude of the loss, its effect on their businesses-and on their personal lives. There is something for everyone. To some, these fascinating accounts will read like a novel; to others, it will be a treasured and unique investment guide.This intriguing book skillfully examines the causal relationship between the quirks of each investor's personality and the mistakes they have committed. Along the way, Weiss provides a series of compelling narrative accounts of the individuals' road to success, the particular mistakes they made, the character flaws that led to them and the lessons learned. Some investors made errors of judgment, others of perception. The Billion Dollar Mistake: Uncovers important lessons learned from the failures of some of the most enduring and accomplished investors, including Kirk Kerkorian, Bill Ackman, Aubrey McClendon and Leon Cooperman Discusses how to incorporate these lessons into your investment discipline and avoid the same missteps Recounts every day mistakes so even the average small investor can relate; the only difference is in magnitude with more zeros attached to the loss Includes insights on improving your investment endeavors by refining your approach to today's marketsLearning from the missteps of the best in the investment business can help you succeed. With The Billion Dollar Mistake,you'll discover how

Author Biography

Stephen L. Weiss has spent the last twenty-three years on Wall Street working for some of the industry's most prestigious firms. He is currently a Senior Managing Director and Head of Equities at an investment bank in New York City. Weiss started in institutional sales at Oppenheimer & Co., then moved to Salomon Brothers, where he eventually co-managed the firm's 500 person global research department and became a spokesperson for the equity division. Weiss also worked at SAC Capital, co-managing the firm for legendary hedge fund manager Steven Cohen. Subsequent to SAC, Weiss joined Lehman Brothers in senior management, helping to restore the once prominent equity business to the pinnacle of the industry.

Table of Contents

Acknowledgments	p. ix
Introduction	p. 1
Due Diligence is Due Every Time	p. 11
Does This Mean I Also Overpaid for the Rolling Stones?	p. 31
Falling on the Wrong Edge of the Two-Edged Leverage Sword	p. 51
Detour from Discipline	p. 69
"Trust, but Verify... "	p. 89
The Pirate of Prague Meets the Prince of Princeton-and the Boy from the Bronx Gets Squeezed	p. 109
Fashions Change, History Persists-or Does It?	p. 129
Style Drift-It's Hot Till It's Not	p. 149
The Hare Finally Wins and the Shorts Get Squeezed	p. 171
It Was Dressed like an Insurance Company, but it Didn't Quack Like One...	p. 195
Madoff Investors: Hook, Line, and Sunk	p. 215
Epilogue Me Too: Mistakes I've made and Lessons I've Learned	p. 235
Notes	p. 237
Glossary	p. 241
About the Author	p. 249
Index	p. 251
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