Confessions of a Wall Street Analyst: A True Story of Inside Information and Corruption in the Stock Market
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Confessions of a Wall Street Analyst: A True Story of Inside Information and Corruption in the Stock Market

3.72 of 5 stars 3.72  ·  rating details  ·  391 ratings  ·  36 reviews
Here is the true story of a top Wall Street player's transformation from a straight-arrow believer to a jaded cynic, who reveals how Wall Street's insider game is really played.

Dan Reingold was a top Wall Street analyst for fourteen years and Salomon Smith Barney analyst Jack Grubman's chief competitor in the red-hot sector of telecom. Reingold was part of the "Street" and...more
Hardcover, 368 pages
Published February 1st 2006 by Collins (first published 2006)
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Topher
I remember reading Dan Reingold's opinions back in the 90s when it seemed like tech and telecom would never stop rising. After a few years, the fact that I no longer have stock options worth 100s of K isn't quite as painful, so I wanted to try to figure out what happened. I went looking for Blood On The Street (different author, same general topic) when I saw this autobiography. It made for some good reading.

More amusing to me though was how it all ended. In the last 20 or 30 pages of the book,...more
Vikram
A very interesting and gripping book on what goes on inside wall street, and why individual investors should stay the hell away from individual stock picking due to uneven flow of insider information among top executives on Wall Street. A must read for anyone interested in how the stock market really works. One can't help but wonder what illegal activies the author might have been involved in and not reported in the book. Probably due to the easy connection between Wall Street and corporate crim...more
JDK1962
I picked this up mainly because it seemed an interesting read in the financial sector (where I make my living). It turned out to have significantly more resonance for me. Why? Because Reingold was a telecom analyst during the 1990s and early 2000s...and I was one of those employees at U S WEST, which was acquired by Qwest, who lost a significant fraction of retirement savings. Reingold goes into some depth on Qwest, the acquisition, and Qwest's subsequent flameout which lost a lot of bystanders-...more
Greg
Somewhat overlong and less infuriating than I had heard, this book was still interesting and revealing. The terrible truth that the individual investor can't hope to play the stock-picking game comes through loud and clear.

The author paints a rosy picture of his own actions, which seems maybe disingenuous, but so what? First of all, if he did anything wrong, he can't reveal it here since he never went to trial and thus isn't benefitting from double jeopardy. Second, wouldn't we be suspicious of...more
Greg
Just by looking at the cover, you'd expect this book to be bone dry, but you would be wrong. Reingold manages to organize and tell his story in such a fashion that it actually follows an interesting story progression while informing the reader of an amazing amount of untold corruption.
Michael
Confessions of a Wall Street Analyst is an excellent account on the events preceding the burst of the telecom bubble. Dan Reingold gives a well structured and extremely analytical account on the events and circumstances leading to one of the biggest Wall Street collapses in history. Throughout the entire read you feel assured that this book was written by an expert on the subject matter. Dan's down to earth attitude adds even more to the credibility of this book and is a trait rarely found among...more
Jana
Exceptional detailed description of the inter-workings of Wall Street and the fundamentally biased relationship between the banking and research departments. The book chronicles the monumental impact of the internet age on the telecom industry, through the seemingly endless cash cow stage, to the devastating crash involving some of the largest financial and accounting frauds in history. While companies such as WorldCom were able to blind investors for a time with incredible EPS and growth, soon...more
Peter Hughes
A surprisingly good read. Reingold presents himself as the only honest guy in a world of crooks and - for the sake of following the story - I'm prepared to suspend disbelief. There are many places where the book goes into excrutiating detail ("WorldCom gained almost 6 percet, rising $2.06 to $39.69.") and I expected that I'd be skimming much of the content, in the end however I didn't. Somehow, I continued following every word.

Overall the book is probably too long - the same story could be told...more
Alex Rogers
Well written insight into the world of financial analysts, and in particular, the tumultous world of telco in the first decade of the 21st century. Reingold is a self-confessed nerd, but self-aware enough to be entertaining, and clearly an expert in his field. Hi writing style is clear and informative, and his account of the personalities in the field and clashes with some of his rivals is entertaining. I enjoyed the book, but reinforced my prejudices against the finance sector generally and ana...more
Tyler
I thought this book was phenomenal!!! I really learned about the investment side of banking and Wall Street Analysts. Before I read this book I really was a novice in this area, not understanding almost anything. I lived through this time and worked for several of the wireless companies of the time i.e.e Sprint PCS, Cingular Wireless (AT&T), and Verizon Wireless. I remember the whole MCI Worldcom debacle right after the Enron scandal. These scandals led up to the regulation of corporations....more
Daimen Vauban
This paints a very realistic picture of how biased the game of investing is. The insights were amazing regarding both the lack of ethics as well as the exorbitant salaries that are earned in this business. It is very clear I made the wrong career decision...
Anandh Sundar
The 2000-01 stock market bubble in the USA was largely spurred by the 'new economy' companies in the TMT(Telecom Media & Technology) sectors. And who better to describe it than an analyst in the middle of the telecom sector? Though the book is coloured by his war with star analyst Jack Grubman, the book still makes good reading for what could again happen if securities markets are not regulated adequately.
Brian
I'm noticing a theme in these autobiographies: other people = bad, me = good.

I admire this guy for sticking to his principles, however, and not being hauled off to jail like the rest of the people involved in the WorldCom scandal. He paints a very clear picture of how wall street should work, and why it will never be that way.

Oh, and I still think being an investment banker means you have no soul.
Stuart
"One of the few books that describes in detail what a Wall Street equity analyst does and how they rose to unprecedented heights in the 1990s due to their heavy involvement in investment banking deals, and the huge conflicts of interest that arose, especially for Jack Grubman at Salomon Brothers. An excellent story and makes clear why regulations got so much stricter in the aftermath."
Suraj Baliga
Gives a indepth insight into the day to day workings of the stock market. The content was thrilling and i could especially realte it to wolf of wall street the movie. The book not only gives a look into the dirty world of wall street but also shows how hard it is to get to wall street and stay there. I think the lessons of life from this book was invaluable and great.
Will V.
I wonder if the author really came off as clean as he claimed out of this morass of dishonesty and gambling.

Either way, this book didn't help my general perception that investment banking is not a net good for society.

I should probably stay away from Liar's Poker and that Enron book (The Smartest Guys in the Room, or something along those lines) for a little while.
Courtney
After reading Confessions of an Economic Hitman (which is like a non-fiction John Clancy novel), Confessions of a Wall Street Analyst wasn't as exciting or thrilling. However, it was still very interesting to learn about the people who run Wall Street and how corrupt some (all) of them are... and it's really disturbing, to say the least.
Bryce
I thought the book was pretty interesting. Reading an insiders point of view on some of the largest corporate failures in the history of the US was very telling on the industry and the atmosphere. It was also interesting to see what was affecting the stock prices of the companies.
Dan
Fascinating for the first few chapters and then gets bogged down in telecom industry minutia. The main take-away from the book: the big players on Wall Street have access to much better information than the individual investor and trying to compete with them is suicidal.
Ronando
Apr 16, 2008 Ronando rated it 3 of 5 stars Recommends it for: People interested in Wall Street and telecom money and fraud
An eye opening book. Easy to read, good introduction to the telecom stock market and the corruption that is virtually limitless and ever pervasive. I enjoyed it and actually learned some things.
David
It was a pretty interesting book on the telecom bubble. It's a nice preamble to the whole dot com bubble and bust and rminds you a little of the real estate debacle we just experienced.
Kofi
Tells the accounts of one of the pre-eminent analyst in Wallstreet in the run up to one of the biggest financial scandals (World Com) ever. Simply unbelievable and eye opening.
Nada  Abandah
It's one of the books that you pick up expecting to read about one thing, and you end up lost in a totally different genre! But you are still pleased that you did :)
John Stepper
A brutally honest view of the investment banking research industry from the inside. Compelling and infuriating at the same time.
Petras
A good insight in what it was like to be a telco analyst during .com boom and the variuos conflicts of interest that existed.
Xinyu
the gossip girl of literature on wall street and stock market
Laura Thomas
Interesting read understanding the real conflicts of industry
Simon Ruddell
Terrific stuff! Who knew stock analysis was so exciting?
William Hochmuth
Good, but a lot of work to get through.
Mohannad
Decent overall, bland in some parts
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