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Take on the Street: How to Fight for Your Financial Future, by Arthur Levitt
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In Take on the Street, Arthur Levitt--Chairman of the Securities and Exchange Commission for eight years under President Clinton--provides the best kind of insider information: the kind that can help honest, small investors protect themselves from the deliberately confusing ways of Wall Street.
At a time when investor confidence in Wall Street and corporate America is at an historic low, when many are seriously questioning whether or not they should continue to invest, Levitt offers the benefits of his own experience, both on Wall Street and as its chief regulator. His straight talk about the ways of stockbrokers (they are salesmen, plain and simple), corporate financial statements (the truth is often hidden), mutual fund managers (remember who they really work for), and other aspects of the business will help to arm everyone with the tools they need to protect—and enhance—their financial future.
- Sales Rank: #261415 in Books
- Brand: Vintage
- Published on: 2003-11-11
- Released on: 2003-11-11
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .90" w x 5.20" l, .60 pounds
- Binding: Paperback
- 384 pages
- Great product!
From Publishers Weekly
Levitt, the Securities and Exchange Commission's longest-serving chairman, supervised stock markets during the late 1990s dot-com boom. As working Americans poured billions into stocks and mutual funds, corporate America devised increasingly opaque strategies for hoarding most of the proceeds. Levitt reveals their tactics in plain language, then spells out how to intelligently invest in mutual funds and the stock market. His advice is aimed squarely at small, individual investors, as he explains how to look for clues of malfeasance in annual reports, understand press releases and draw more from reliable sources. Woven throughout are his recollections about the SEC boardroom fights he oversaw. While most of them serve to illustrate a point about the market and its machinations, some passages, often outlining a failure or frustration, are oddly apologetic. In particular, when addressing the origins of recent corporate scandals (e.g., those involving Enron and Arthur Anderson), his effort to lay the responsibility equally on indifferent legislators, special interest groups, greedy CEOs and, perhaps most of all, lazy investors, makes it clear that Levitt wishes to avoid criminalizing corporate officers' actions. (After all, many of them are his friends and colleagues.) The final chapters, detailing how stocks are bought after they're ordered ("Pay Attention to the Plumbing") and retirement plans are structured ("Getting Your 401(k) in Shape") return to practical, profitable advice. One in particular, "Beware False Profits: How to Read Financial Statements," is worth the book's price. Levitt's mini-MBA course-sans the lifelong club connections-should be mandatory reading for anyone with a dollar invested in the stock market.
Copyright 2002 Reed Business Information, Inc.
From Library Journal
Good advice to individual investors from the longest-serving chair of the Securities and Exchange Commission.
Copyright 2002 Reed Business Information, Inc.
From Booklist
Levitt was the longest-serving SEC Chairman (1993-2001) and was instrumental in making changes to protect individual investors from fraud and level the playing field through equal access to information. This ultimate insider reports that a culture of collusion still exists between brokers, underwriters, analysts, and mutual-fund managers--all eager to make sales and keep the Wall Street casino churning. He shows what really happens when you place an order through your broker, and he reveals the "seven deadly sins" that mutual-fund managers make, such as the hidden costs of fees and the tendency to overtrade, which usually lowers returns. Despite the current bleak market, he continues to tout the advantages of investing over time and has lots of advice on how to protect yourself and make relatively safe financial decisions. He keeps to a fairly traditional approach, as expected, steering clear of Wall Street's obsession with short-term results and market timing. This is solid, understandable advice for the conservative investor. David Siegfried
Copyright © American Library Association. All rights reserved
Most helpful customer reviews
0 of 0 people found the following review helpful.
Assume you will be taken advantage of
By Al Pal
I think it's a good book. It covers a broad range of financial topics from basic (how to pick a financial adviser / if at all) to complex (plumbing of the financial system). Arthur Levitt is perhaps the last competent SEC Chairman who gave a damn (through 2016) about investors' rights, auditor independence, and corporate disclosure.
My favorite thing about the book is his perspective on perverse incentives inherent to the financial system. Advisers' choice of financial products for clients, brokers' choice of market centers, and corporations' relationships with auditors -- to name just a few -- are all sub-optimal arrangements for end-customers, i.e., the investors.
Another favorite is the discussion of different ways companies can game financial statements in the Beware of False Profits chapter. Pro-forma statements that add-back the bad and keep the good (with Trump Hotels used as an example; hmmm can't wait for selective White House disclosures); restructuring charges that front-load recurring expenses; "cookie jar reserves" and "channel stuffing" aka "bill and hold" that inflate profits (where "Chainsaw" Al Dunlap finally cut his teeth); write-downs and reversals; vendor financing (some customers may not pay you back after all, Motorola); goodwill gaming; in-process R&D; and early revenue recognition (hello Microstrategy, you and your scumbag CEO Michael Saylor are still around after all these years). What's appalling is that more often than not, the consequences to such corporate misbehavior are immaterial to perpetrators -- cease and desist letters, fines, and perhaps an occasional short jail sentence.
Bottom line: you have to be very careful who you trust and how you interpret the information provided to you. The devil is in the detail... and understanding everyone's incentives. Assume you will be taken advantage of.
0 of 0 people found the following review helpful.
Excellent book! Start here with your investing education
By Anthony Dietel
Excellent book! Start here with your investing education. Then I recommend branching out to other financial guides as your goals direct you.
3 of 4 people found the following review helpful.
Unique and Important Perspective
By Chiu-ying Wong
The perspective of the former SEC chairman can be very useful for ordinary investors. I learned, for example, how and why some important accounting standards were changed in recent times. This helps me to read financial reports with a better focus. The politics of the investment community was also very interesting. The letters from politicians to the SEC, questioning SEC's proposal to limit the amount of consulting work that accounting firms could do for their audit clients, were particularly enlightening. The expose of how a small group of people can influence policies of public interest is already worthy of the price. I was not completely naive before, but reading such letters from people who gained power by claiming to be protectors of public interest swings the argument for more safeguards for small investors. Self-regulation of professional bodies simply does not work, at least as far as the accounting profession is concerned.
I would have been even happier if the book were to go deeper, and gave more examples, on the issue of number games, in place of the last chapter, on 401K. But the existing chapters on accounting tricks already contained more beef than those in the other book, 'Financial Shenangans' by Schilit, which were very repetitive and not much depth.
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