by Bernard Mannes Baruch
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0 of 0 people found the following review helpful:
 The story of a highly accomplished man, 2008-01-03
You may not agree with many of his philosophies on life, markets or politics. Like Soros, he wasn't a supporter of uncontrolled laissez faire capitalism. He was a disciplined man who espoused discipline and control in public and private affairs.
I was drawn to this memoir through the mention of Baruch by Jim Rogers (who founded the Quantum fund with Soros) in an interview two decades back. Then at another place i had heard he sold off his stocks in 1929, just before the big break, when a shoe-polish boy gave him a tip.
Who was Baruch? One of the most successful men in speculation and politics in his time - a wall street partner at 25, a millionaire at 30, a statesman by 50. A very rational observer, he trusted his own judgement above all else. There are many lessons for the trading/investing mind. The one i liked the most was his insistence on never trusting inside information above one's own rational judgement.
This is a fabulous book written by a great man in his closing days. A man who was as big a success in public life as he was in his private.
4 of 4 people found the following review helpful:
Classic, Biography of a great man and stock trader, 2007-08-22
This biography is a great read for anyone interested in this great man who counseled presidents and was associated with Winston Churchill. It is interesting in showing how far ahead of his time Mr. Baruch was in not only stock speculating but also discrimination and economics. He was a millionaire in his early thirties after a few good runs in the stock market and devoted the remainder of his life serving the public and helping the U.S. when WWI and WWII. If you are reading it for only his advice on stocks just read chapter XIX My investment philosophy. It is one of the greatest chapters you will find anywhere on successful stock speculation. He will explain to you that economic conditions do not drive prices, peoples perceptions do. Cut your losses fast. Sell your worst performers keep your best. Know what you are investing in. You can only truly learn the rules of stock trading by experiencing the losses personally. Here is a summary of his 10 rules summarized:
1. Only speculate if you can do it full time.
2. Ignore inside information and tips.
3. Have a complete understanding of a companies fundamentals before you buy the stock.
4. Don't try to buy bottoms or sell tops.
5. Cut your losses quickly.
6. Focus on and buy only a few stocks.
7. Review and update your investments periodically for changes.
8. Study your tax position to know when to sell at greatest advantage.
9. Never invest all your funds. Keep a reserve.
10. Stick to the field you know best in investments.
Chapter 19 is a must read for all serious stock traders.
5 of 5 people found the following review helpful:
 Speculari -to spy out and observe, 2006-05-03
A fantastic writer, a brilliant business leader and judicious statesman. Bernard Baruch's explanation of the background and definition of the term speculator in chapter IX, is one of the finest pieces of business mentorship and insight available in print. He believes it is an ability of priceless value in human affairs, especially the need to act in time. Practical wisdom in any age.
5 of 5 people found the following review helpful:
Amazing Read!, 2006-03-06
This book is the best autobiography that I have ever read. Baruch, the Wall Street financier and advisor to Presidents Wilson through Truman, lived an amazing life. Unlike many autobiographies, which are written with an eye to aggrandizement, this one accurately portrays Baruch as a decent humanitarian that did not let his success and power go to his head. There are no intimations here (or elsewhere) that Baruch was dishonest or untrustworthy, and he served in many public service capacities without pay. Baruch writes about his friendships with guys like John "Bet a Million" Gates and "Diamond" Jim Brady. As an investor, I was impressed about how Baruch was able to write about his early failures in the market and was steeled by the fact that he made so many mistakes in his youth but was undeterred on the path to wealth. This book was so good I read it in one day.
1 of 1 people found the following review helpful:
A capturing read, 2006-03-04
This is a brilliant book, full of exciting details of a time in Wall Street that will never be lived again.
Baruch writes about his childhood in South Carolina as well as his first accounts of New York. This is where he makes all his first big breaks, mistakes and important acqaintances.
Baruch offers much thought and philosophy on some of the major achievements in his life, including working with the Guggenheims & other great figures, and presents wisdom on economics, politics and personal relationships.
Highly reccommended to those interested in stock market history, global economics or commodities.
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