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NEW YORK TIMES BESTSELLER ?A former Galleon Group trader portrays an after-hours Wall Street culture where drugs and sex are rampant and billions in trading commissions flow to those who dangle the most enticements.
A remarkable writing debut, filled with indelible moments, The Buy Side shows as no book ever has the rewards??and dizzying temptations??of making a living on the Street.
Growing up in the 1980??s Turney Duff was your average kid from Kennebunk, Maine, eager to expand his horizons. After trying ?? and failing ?? to land a job as a journalist, he secured a trainee position at Morgan Stanley and got his first feel for the pecking order that exists in the trading pits. Those on the ??buy side,? the traders who make large bets on whether a stock will rise or fall, are the ??alphas? and those on the ??sell side,? the brokers who handle their business, are eager to please.
How eager to please was brought home stunningly to Turney in 1999 when he arrived at the Galleon Group, a colossal hedge-fund management firm run by secretive founder Raj Rajaratnam. Finally in a position to trade on his own, Turney was encouraged to socialize with the sell side and siphon from his new broker friends as much information as possible. Soon he was not just vacuuming up valuable tips but also being lured into a variety of hedonistic pursuits. Naïve enough to believe he could keep up the lifestyle without paying a price, he managed to keep an eye on his buy-and-sell charts and, meanwhile, pondered the strange goings on at Galleon, where tens of millions were being made each week in sometimes mysterious ways.
At his next positions, at Argus Partners and J.L. Berkowitz, Turney climbed to even higher heights ?? and, as it turned out, plummeted to even lower depths ?? as, by day, he solidified his reputation one of the Street??s most powerful healthcare traders, and by night, he blazed a path through the city??s nightclubs, showing off his social genius and voraciously inhaling any drug that would fill the void he felt inside.
A mesmerizingly immersive journey through Wall Street??s first millennial decade, and a poignant self portrait by a young man who surely would have destroyed himself were it not for his decision to walk away from a seven-figure annual income, The Buy Side is one of the best… (més)
I think that novels or memoirs about Wall Street are becoming the new "it" thing. However, Turney Duff's "The Buy Side" though at first enlightening about Wall Street pretty soon just turned into a seedy look at a drug addict.
As other reviewers have noted Mr. Duff writes very well. This was not a hard memoir to read and he does very well with explaining certain technical terms such as the buy side and what hedge funds are and how trading floors work.
What I particularly enjoyed was Mr. Duff's explanation about his background and then showing how he ended up working on Wall Street. His first few chapters where he is often confused and nervous that he doesn't know what he is doing were very funny and I liked how he talked about what his job entailed.
However, by the time we get to Mr. Duff's second job working at another investment firm (the Galleon Group) his life has descended into constant parties, drinking, and cocaine.
I ended up taking away two stars. I took away one star because as I previously stated though the memoir started off promising by the time it got to reading about Mr. Duff's addictions it became boring. Yeah who knew reading about cocaine, drinking, and watching porn could turn boring, but it did very fast.
The other star I took away is that though the novel at first held up quite well towards the end I had no idea what was going on, what Mr. Duff was talking about. He jumps back into describing his addiction and taking cocaine and then intertwines that with his former boss's Raj's (head of the Galleon Group) arrest. Mr. Duff never touches upon what really happened there and if Raj is currently
I was fascinated with his lifestyle and did want to know more about the Galleon Group since it does sound like something unsavory was going on there with insider trading, however, Mr. Duff just becomes vague about all of that. I don't know if it's because he is not allowed to discuss it or he was afraid of being sued. Whatever the reason, it would have been better for him to just leave it totally out of the story since by the time the end of the novel takes place he has not worked at the Galleon Group for I think several months/a year possibly so there was no good reason to bring it up. I ended up taking a quick Google search about the Galleon Group and I wish that Mr. Duff had focused more on what was going on at that hedge firm. It sounds like Mr. Duff may have been guilty of something as well though he quite quickly tells the reader that he had no idea what was going on and just followed orders.
Please note that I received this novel for free via the Amazon Vine Program. ( )
A good read and a horrifying and true tale. The author manages to get hired as a sales assistant by Morgan Stanley and leverages this into several positions at hedge funds. At first, I thought that he would remain at Galleon until its boss went to jail, for insider trading, but he spends not much time there before he joins other funds as head trader. I knew some of these people although I never was big on hedge funds. My 35 years in Wall Street ended in 2002, before they had begun their rise to total dominance. He is right about Galleon and these are total crooks. I was a drunk for many years before I got into AA, and most of my career came later, so I can sympathize with the author and his travails. Much better than the other book which I read on traders which followed a bond syndicate guy at Citicorp named John LeFevre who never grew up and didn't have to. ( )
A great read. Duff knows his stuff and I have no idea how these people did it. I was an analyst for 35 years on Wall Street but I never called on Galleon; we had a salesman who covered it and he wanted me to go see them but I never did, even though hedge funds provided most of the revenues of the street in the late 90s. My salesman went to Bear Stearns to cover the hedge funds and then when they were bought by JP Morgan, for the bank; He was a smart fellow and was interested in prime brokerage, so that the hedge fund growth made him a mint even though he never traded or started one. ( )
A disturbing book of one ex-trader who among the many thousands who populate Wall Street and whose history of excesses have led the country and millions more to years of difficulties and lower quality of life through the financial markets.
The book is not as much about these financial shenanigans as one man's personal excesses and failures while living the "high life." Wall Street culture itself is more widely known to be the corrupt thing it is. Where what sometimes does and sometimes does not cross the line to insider information and getting the jump on the other guy to make lots of money. And mostly it does, with a wink and a nod from the regulators who seem to step in after the fact when many or important people get burned.
This book is about Turney Duff whose self absorbed lifestyle reaping millions mostly in "bonuses" from having the right connections, mostly social. That is his talent a party guy who can come in contact with the right guys who help make the money flow. Where he gets himself in trouble, seemingly for his entire life, is when he crosses over into the cocaine drug scene of his time. He burns through the millions by spending it all on the best that life has to offer in material comforts and partying and drugs. An attempt at reform when he hits rock bottom only to fall off again. Then he makes things better and worse by taking on a girlfriend who is kind of like a wife. They have a daughter who of course centers him a little but not altogether. So predictably girlfriend is fed up and leaves and Turney now recognizing that the corrupting Wall Street lifestyle is no longer for him turns to authorship and this tell all book.
It is hard to have sympathy for a guy like this who seemed more self corrupting then the influence of the Street. Maybe he will now mature enough to turn his life around, maybe he won't. ( )
NEW YORK TIMES BESTSELLER ?A former Galleon Group trader portrays an after-hours Wall Street culture where drugs and sex are rampant and billions in trading commissions flow to those who dangle the most enticements.
A remarkable writing debut, filled with indelible moments, The Buy Side shows as no book ever has the rewards??and dizzying temptations??of making a living on the Street.
Growing up in the 1980??s Turney Duff was your average kid from Kennebunk, Maine, eager to expand his horizons. After trying ?? and failing ?? to land a job as a journalist, he secured a trainee position at Morgan Stanley and got his first feel for the pecking order that exists in the trading pits. Those on the ??buy side,? the traders who make large bets on whether a stock will rise or fall, are the ??alphas? and those on the ??sell side,? the brokers who handle their business, are eager to please.
How eager to please was brought home stunningly to Turney in 1999 when he arrived at the Galleon Group, a colossal hedge-fund management firm run by secretive founder Raj Rajaratnam. Finally in a position to trade on his own, Turney was encouraged to socialize with the sell side and siphon from his new broker friends as much information as possible. Soon he was not just vacuuming up valuable tips but also being lured into a variety of hedonistic pursuits. Naïve enough to believe he could keep up the lifestyle without paying a price, he managed to keep an eye on his buy-and-sell charts and, meanwhile, pondered the strange goings on at Galleon, where tens of millions were being made each week in sometimes mysterious ways.
At his next positions, at Argus Partners and J.L. Berkowitz, Turney climbed to even higher heights ?? and, as it turned out, plummeted to even lower depths ?? as, by day, he solidified his reputation one of the Street??s most powerful healthcare traders, and by night, he blazed a path through the city??s nightclubs, showing off his social genius and voraciously inhaling any drug that would fill the void he felt inside.
A mesmerizingly immersive journey through Wall Street??s first millennial decade, and a poignant self portrait by a young man who surely would have destroyed himself were it not for his decision to walk away from a seven-figure annual income, The Buy Side is one of the best
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Google Books — S'està carregant…
(3.66)
1
As other reviewers have noted Mr. Duff writes very well. This was not a hard memoir to read and he does very well with explaining certain technical terms such as the buy side and what hedge funds are and how trading floors work.
What I particularly enjoyed was Mr. Duff's explanation about his background and then showing how he ended up working on Wall Street. His first few chapters where he is often confused and nervous that he doesn't know what he is doing were very funny and I liked how he talked about what his job entailed.
However, by the time we get to Mr. Duff's second job working at another investment firm (the Galleon Group) his life has descended into constant parties, drinking, and cocaine.
I ended up taking away two stars. I took away one star because as I previously stated though the memoir started off promising by the time it got to reading about Mr. Duff's addictions it became boring. Yeah who knew reading about cocaine, drinking, and watching porn could turn boring, but it did very fast.
The other star I took away is that though the novel at first held up quite well towards the end I had no idea what was going on, what Mr. Duff was talking about. He jumps back into describing his addiction and taking cocaine and then intertwines that with his former boss's Raj's (head of the Galleon Group) arrest. Mr. Duff never touches upon what really happened there and if Raj is currently
I was fascinated with his lifestyle and did want to know more about the Galleon Group since it does sound like something unsavory was going on there with insider trading, however, Mr. Duff just becomes vague about all of that. I don't know if it's because he is not allowed to discuss it or he was afraid of being sued. Whatever the reason, it would have been better for him to just leave it totally out of the story since by the time the end of the novel takes place he has not worked at the Galleon Group for I think several months/a year possibly so there was no good reason to bring it up. I ended up taking a quick Google search about the Galleon Group and I wish that Mr. Duff had focused more on what was going on at that hedge firm. It sounds like Mr. Duff may have been guilty of something as well though he quite quickly tells the reader that he had no idea what was going on and just followed orders.
Please note that I received this novel for free via the Amazon Vine Program. (