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Title: You Got Screwed! Why Wall Street Tanked and How You Can Prosper by James J. Cramer ISBN: 0-7432-4690-X Publisher: Simon & Schuster Pub. Date: 05 November, 2002 Format: Hardcover Volumes: 1 List Price(USD): $20.00 |
Average Customer Rating: 2.89 (28 reviews)
Rating: 5
Summary: A Very Timely Read!
Comment: Cramer is an easy target for criticism, but this simple book has tremendous value.
I took this book with me on a 7 day Caribbean cruise and had a great time reading it under the coconut trees of St. Maarten and Antigua. Being away from CNBC, Wall Street Week, and the constant media attention to the stock market was a welcome reprise.
And so was this book.
At first glance this book may seem a little bit light on information. It's only 117 pages long at a time when we expect about 300 pages from a typical John Wiley-type finance book. But it's not the number of pages that counts, it's the information, personal interpretations by Cramer, and solid financial wisdom that matter.
By the time I actually got around to reading this book (on those great beaches), I must say that I truly enjoyed it!
The book is divided into 3 very distinct parts.
The first part is about how the public got totally used by Enron, Worldcom, and Rhythms Net type scandals. Since all of these events were so recent it doesn't take long before you start recalling all the pieces of information that came out about these cases. Mr. Cramer does a nice job of taking us all back to those days and recapping what went wrong. Each one was revealing in its own unique way. And yes, we got used!
The second part pinpoints the other culprits in the stock market's two and a half year demise (and giant NASDAQ crash!). Cramer reminds as of the all-stocks-all-the-time mentality that came to be at the market's peak. Also the potential danger of executive options, shady accounting, too many one-way mutual funds, and always bullish brokerage firms. And by the way, these culprits are still at today!!!
And finally, there is the last section about what to do. Here is current advice and simple guidelines to avoid getting used again in the future. Some of the gems are:
1) Have some bonds for income
2) Have some cash for annual buying opportunities
3) Buy stocks in incremental "get your feet wet" amounts
4) Buy at least 5 stocks from 5 different industries
5) It's okay to sell
6) Sell some on the way up
7) Sell your losers because bad stocks may not go up at all
8) Know your stocks and how they make money so you have a feeling of their value.
9) Buy index funds for diversification and low expenses
10) Hedge funds are better than mutual funds in concept. Here's something to research more on. Mutual funds are financial products who's time has gone.
For those readers who want an enjoyable read, who watch CNBC, have an interest in tech stocks, and feel like they were used and want to avoid it in the future, here's a book for you. It's a reminder of how to keep your head when things get too crazy on either the upside or downside.
A very timely piece!
P.S.: As a fellow author I can understand Mr. Cramer's disappointment in the reviewing process. Some people think it's a sign of brilliance to degrade intellectual property when it's simply a matter of them just not getting it. My advice to these negative types is to stand aside if you're not going to be fair. Let the reader have a chance to appreciate the author's work....the content and the spirit.
Rating: 3
Summary: Could be a Five or a One
Comment: This is a short book describing some of the reasons why the tech bubble burst, the stock market tanked and how many companies lied, cheated and stole. It is a totally worthless book for any that are already seasoned in the business, however, for the neophyte or unlearned investor that has money on the line already, this book could prove priceless.
Some time back I reviewed a book called "Net Zero", also a book describing how the bubble burst. I wrote in my review that the problem with the book was that it was much to technical for the beginner, i.e. the guy that really needs to read it. So the simple fact that this book is short, basic and too the point, shouldn't be considered a negative unless you already know the information.
If you're considering putting money into the market for the first time, and you don't already understand why the market tanked and how certain parts of the industry are stinking thieves, then you'd be foolish to pass on reading it. It could save you a fortune.
Rating: 4
Summary: For the dabbler, not the expert
Comment: There are quite a few terrible reviews for this book, mainly along the lines of "Gee, we already know this, duh!" But for those of us not watching the MSNBC ticker and dont bet our life savings on whether a share rises or falls, its quite informative.
He details not only the fall of Enron, but how and why the telecoms rose so high and burned out so brightly. He exposes the inner machinations of mutual funds and how the analysts really make their money. He even offers a bit of good advice on not falling into bad companies and avoiding risky investments.
I admit I wish there was more, and, yes, he did reference thestreet.com (his website) a bit more than is prudent but it was all in the spirit of getting the information out. All in all, the promises he made with the title and back cover of the book, he delivered upon. If you are expecting anything more than to know why your portfolio fell apart and a little advice on sewing it back together, check out another book. Otherwise, its worth the read.
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