Wolf Money(book recommendation)

 

I was drawn to the book by Kamal Gupta in most part by its title ‘Play It Right’ The Remarkable Story of a Gambler Who Beat the Odds on Wall Street. Gambling and Wall Street made an interesting concoction for the storyline. The book has that personal biography feel. It talks about the life story of the author. I will skip the growing up part and jump right into the world of blackjacks and Wall Street. 

The author graduated with top grades from Indian Institution of Technology. He was never keen in his field of study, going to America was his only hope of getting out of poverty. He started a job as an engineer with Honeywell in the 80s which come with an annual salary of 37k, a high benchmark for a foreigner coming into America getting his first job but that was not what he was looking for. The job was dry and monotonous, he quit the job after 2 years. 

The ability for him to gain an edge over the house attracts him to the game of Blackjacks. He very much prefer the game due to the possibility of beating the house by using card counting method. Card counting as you know is banned in all casinos. Some casinos threw guests out and banned them for life from their premises for that same reason. Having been caught 4 times in his lifetime doing card countings and got thrown out of the casino a few times, he had to cover his tracks by getting into many disguises and sizing his bet small to avoid detection. A small fortune was made playing blackjacks until a job at Lehman brothers came knocking on his door. As a junior staff in Lehman, the amount of abuse and discrimination he suffered was indescribable. He work his way from a junior position pouring coffee for his boss to a mortgage trader within 2 years. Through pure perseverance he developed a fool proof way of trading mortgage securities. He had a record of 103 months without a loss until 2008 GFC. He was clear the problems of subprime and other phoney mortgage products generated by his company were likely to cause a huge financial crisis. He eventually left his trading job at UBS in 2005 before the GFC, he just don’t want to be suck into the crash. Further career advancement came in form of a fund manager position at UBS to a position of hedge fund manager at Brevan Howard in Uk and eventually at ExodusPoint Capital, the largest hedge fund launch in history.

I was hoping that he might share his incredible winning formula unfortunately Wall Street practitioners are very guarded on their secret sauce to gain an edge over the market. I guess the ingredient to success is different for everyone. No particular formula can tailor fit everyone. I find the read an inspiration even thou there was no secret formula shared by the author. The book goes onto lone wolf recommendation for the perseverance of the author which everyone can always learn. The America dream is alive and everyone should reach for the stars. 

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Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.