Junheng Li was the perfect Chinese tiger daughter, but from childhood on, she dreamed about America and working on Wall Street. Born in Shanghai, the commercial and financial center of mainland China, Li was brought up in an environment that would raise most Westerners' eyebrows. Her demanding father drilled her on her multiplication tables when she was three, and in school she was forced tomemorize facts and regurgitate them perfectly on tests. Success at all costs was the mantra. When she arrived at Middlebury College in Vermont after studying round the clock for months to learn the English language, sheentered a completely different world, where values and morality were taught, individualism reigned, and analytical thinking was encouraged.
Tiger Woman on Wall Street is both the remarkable, dramatic story of one woman's rise in the global business world and a savvy guide to finance and investing. With unflinching candor, Junheng Li tells how a brainy, focused, highly driven Chinese girl who admiredScarlett O'Hara's indomitable spirit drew on the best of both worlds to go where few women have gone before: straight to the top of the financial industry.
Tiger Woman on Wall Street takes you behind the scenes of the world's most important financial markets, from the daily routine of trading to high-level meetings with executives, policy makers, and analysts. Li conveysin fascinating and revealing detail how she arrives at her investing decisions--a powerful combination of keen intuition, meticulous due diligence, and razor-sharp analysis. Li argues that the current Chinese business growth model has hit a wall and shows why investors need to keep both eyes firmly open when investing--especially in China.
By reading this book, you will learn how one of today's most successful China analysts smells a questionable investment a mile away, predicts industry trends, forecasts stock price movements, and develops investmentideas--both long and short--using techniques ranging from scrutinizing data to posing as an average customer in order to examine firsthand a company's latest product. You will also meet colorful characters such as Knucklehedgie,an American hedge fund manager who invests in Chinese companies based on brokers' bragging, and a Chinese executive who takes conference calls with investors while at nightclubs and who made his fortune by selling fraudulent Chinese companies to global investors.
Striking a rare balance between page-turning storytelling and practical investing guide, Tiger Woman on Wall Street shows how one woman has navigated her way through and thrived in this increasingly complicated and exciting period in modern financial history.
Praise for Tiger Woman on Wall Street
"Junheng Li is one of the most astute market analysts I have met in my long career. Her healthy skepticism of China's inevitable rise to economic and market supremacy is refreshing, and her razor-sharp analysis of Chineseequities is as compelling as the story of her own journey from the streets of Shanghai to Wall Street." -- Ron Insana, CNBC contributor
"For investors who are feeling tipsy at 'The Red Party,' Tiger Woman on Wall Street is a much-needed sobering up. For those new to the country, this book is China 101, covering not only the business but also the social and political landscape. Li's simple, explanatory language makes the book an easy read even for those without an investing background." -- Forbes.com
"Tiger Woman on Wall Street is a fascinating read on a subject that couldn't be more timely. A must-read for Western (and Chinese) investors and businesspeopleinterested in China." -- Jim Chanos, President/Founder, Kynikos Associates
"We can all learn a lot about finance and investing from Tiger Woman on Wall Street. Through brains, honesty, and grit, Li has thrived on Wall Street by applying the investigative and analytical skills she learned in China, and this terrific book shows how she did it." -- Karen Finerman, Cofounder and President of Metropolitan Capital Advisers and author of Finerman's Rules
"While alpha males have long dominated Wall Street, now comes a Tiger Woman who may very well eat their lunch in the ultracompetitive world of stock market research. This book tells her extraordinary story and many ofher investing secrets." -- Minggao Shen, Chief Economist for Greater China, Citigroup
"A profound exploration of the heart and mind of modern-day China. With passionate and penetrating prose, Junheng Li expertly uses her remarkable personal story to illuminate the complexities of China's great economic opportunities--and even greater risks." -- Deborah Davis, bestselling author of Strapless, Gilded, and Party of the Century
"There is no question that Junheng Li is an incisive analyst with a unique perspective on some of the defining international and market issues of our times. Tiger Woman on Wall Street demonstrates this in every chapter. But what is especially remarkable is how she uses her own compelling personal story to both add a human dimension to those issues that brings them to life and adds credence to her reliably sound market insights. She is allergic to hype and superficiality. Her own experiences explain why, and serve to offer refreshingly fact-based and granular perspectives on the sweeping, inspiring, and often misleading stories and myths surrounding China's rapid ascent." -- David Rothkopf, CEO and editor-at-large, Foreign Policy magazine; author of Superclass and Power, Inc.
"This very readable book adds a lot of color to what has been a widely misunderstood process in China. By telling her story as an investor, Junheng Li shows in concrete detail how the financial system in China is currently structured in such a way that capital misallocation is not only possible, but indeed is highly likely. Through her own story, Li also shows that under the right conditions, the Chinese people have the courage and determination to take their country to great heights."" -- Michael Pettis, Professor of Finance, Guanghua School of Management, Peking University, Beijing"
"Anyone considering doing business with China or investing with Chinese companies may find Li's book to have relevant insight into the business culture of China." -- Booklist
Die Inhaltsangabe kann sich auf eine andere Ausgabe dieses Titels beziehen.
Junheng Li runs the independent equity research firm JL Warren Capital LLC, a China-focused research firm aimed at plugging the gap between the business reality in China and American investors. Before launching JL Warren, she was an investment banking analyst at Credit Suisse First Boston, an investment officer at Franklin Templeton Fiduciary, and a hedge fund analyst at Aurarian Capital Management.
| Author Note | |
| Introduction | |
| 1 * Tiger Dad, Tiger Daughter | |
| 2 * Working in the Gold Mine | |
| 3 * Growing Up Under Mao | |
| 4 * Window of Opportunity | |
| 5 * Dreaming of a New Land | |
| 6 * An American Education | |
| 7 * Wall Street 101 | |
| 8 * Learning, Burning, and Crashing | |
| 9 * The Red Party: Instant Alpha | |
| 10 * The New Chinese Reality Check | |
| 11 * Walking with My Father | |
| 12 * The Human Cost of the Economic Miracle | |
| 13 * Muddying the Waters | |
| 14 * The Power of Investigative Research | |
| 15 * What Keeps Me Awake at Night | |
| 16 * From Shanghai to New York and Back Again | |
| Note to Investors: Do Your Homework | |
| Notes | |
| Acknowledgments | |
| Index |
Tiger Dad, Tiger Daughter
Slivers of wood bore into my skin, my back ached, and my shins throbbed withpain. I had been forced to kneel on a washer board in front of my father formore than an hour while he drilled me on the multiplication tables, and thewooden ridges were digging so deeply into my legs that I could barely think.
"Eight times six!" he barked.
"Uh ..."
I must have taken a beat too long to answer, so he slapped me hard across theface.
"EIGHT TIMES SIX!" he repeated.
"Forty?" I ventured.
"Stupid, useless girl!" he yelled, and slapped me again, even harder this time.
"Baba, I know it! Forty-eight!"
On and on it went, until well past dusk. I was beginning to bleed, but therewould be no respite until I completed the entire multiplication table withouthesitation. I was expected to spit out the correct answers like a machine. Dadwas determined that I get these basic mathematic lessons down cold, and as faras he was concerned, the best way of teaching was through a brutal system ofpunishment and reward.
It was not unusual for my father to take this zealous tutoring too far. Hebelieved it was the only way his daughter would gain an edge in China's highlycompetitive education system and get ahead in the world. Others might call ittorture; he called it tough love. Later in life, he figured, I would understandand even thank him. But right then, there was to be no sparing of the rod.
I was just three years old.
When Dad decided the drilling had sunk in, he lifted me off the washer board andbrought me to a nearby park where I could run around and play. At the park, Ifelt so liberated that I dropped my father's hand and took off, sprinting acrossthe grass. By then, it was so dark that I couldn't see in front of me—the publicpark authorities turned off the lights after 8 p.m. to save electricity. Thegroundskeepers had just mowed the lawn and erected barbed wire to protect thegrass. I ran straight into it.
The barbs pierced my stomach's tender flesh and blood started to blossom,staining my blue dress. Dad scooped me up, took me home, and cleaned my wound,the pain flaring as he dabbed rubbing alcohol on my punctures. When I screamed,his face flinched. Then he said something I have never forgotten: "Pain is justweakness leaving the body."
Dad tucked me in, then sat next to my bed until I fell asleep, touching myforehead from time to time and checking my injuries. In that bittersweet moment,I knew he cared for me. If anything, that fierce love was why he always demandednothing less than perfection. His high standards for me were just part of hislanguage of love that got lost in translation.
* * *
Throughout my childhood, his militaristic drills and beatings were almost adaily routine. If I displeased him for any reason, whether it was for cominghome late after playing games with the neighborhood boys or stumbling as Iplayed a tune on my accordion, I would suffer a whipping from his leather belt.
As brutal as he could be, I never once doubted that my father loved my youngersister, Jasmine, and me more than anything in the world. He would do littlethings for us, small love tokens like leaving toothpaste on my toothbrush for mebefore heading to work in the morning or preparing special breakfast foods. Healways rose early to make breakfast for Jasmine and me; he was a stickler forproper nutrition, especially when it came to his children. When the monthlybudget was strained, he would eat less so we could have more. If I were facingan important day at school, such as a big test or an accordion recital, he wouldprepare two eggs poached in hot milk. But I never liked the taste of egg nomatter how good it was supposed to be for me. Once, Dad spotted me spitting itout the moment I left the apartment. After that, I wasn't allowed to leave untilI finished chewing and swallowing right in front of him.
If I did something that pleased him, like scoring at the top of my class orwinning a speech contest, he would wake even earlier than usual and bike 20minutes to his favorite dumpling joint to bring home my favorite pan-seared porkbuns and curried beef soup. Every time I saw pork buns for breakfast, I knewthat I had made him happy. Poached eggs and takeout pork buns were luxurybreakfast items at that time—a real splurge. And they were all for my sister andme. Dad would sit in the corner of the living room and eat his rice porridgeseparately, a contented look on his face.
Dad never spoke the words, "I am proud of you." He didn't have to. It wasobvious. "One day you will understand why I'm so hard on you right now," he toldme once. "All I do is to prepare you while you are young and moldable, so thatyou will have a bit more control of your destiny when you grow up."
Working in the Gold Mine
New York, Spring 2005
When I first saw Jason gold, he was carrying his dry cleaning into the office, agleaming glass and steel money fortress on Fifth Avenue, right next door toHarry Winston's New York flagship store. He made a good first impression: heseemed energetic, sharp, and youthful, with a ready smile. His dark eyes werealert and penetrating.
Jason was the founder of Aurarian Capital, a start-up hedge fund where I wastrying to land a job. I was there for my first interview. After working forseveral years on Wall Street, I was ready for a new challenge. The ad for theposition said the fund was focused on under-the-radar small-cap technologycompanies. I knew very little about technology—in fact, I didn't even understandwhat a computer motherboard was at the time—but I knew I could learn anything ifI set my mind to it. I could not wait to learn the ropes of a start-up hedgefund by working my heart out.
Before my interview, I asked around on the Street about Jason's reputation. Hehad an impressive résumé graced with some of the most prestigious multibilliondollar fund names in the business. Before launching Aurarian Capital, he was aresearch director at SAC Capital, one of the world's largest multistrategyfunds, run by Steve Cohen. He had also been a lieutenant to Dan Benton at...
„Über diesen Titel“ kann sich auf eine andere Ausgabe dieses Titels beziehen.
Anbieter: World of Books (was SecondSale), Montgomery, IL, USA
Zustand: Good. Item in good condition. Textbooks may not include supplemental items i.e. CDs, access codes etc. Artikel-Nr. 00102762317
Anzahl: 1 verfügbar
Anbieter: World of Books (was SecondSale), Montgomery, IL, USA
Zustand: Very Good. Item in very good condition! Textbooks may not include supplemental items i.e. CDs, access codes etc. Artikel-Nr. 00085274757
Anzahl: 1 verfügbar
Anbieter: ThriftBooks-Atlanta, AUSTELL, GA, USA
Hardcover. Zustand: Very Good. No Jacket. May have limited writing in cover pages. Pages are unmarked. ~ ThriftBooks: Read More, Spend Less. Artikel-Nr. G0071818421I4N00
Anzahl: 1 verfügbar
Anbieter: ThriftBooks-Dallas, Dallas, TX, USA
Hardcover. Zustand: Very Good. No Jacket. May have limited writing in cover pages. Pages are unmarked. ~ ThriftBooks: Read More, Spend Less. Artikel-Nr. G0071818421I4N00
Anzahl: 1 verfügbar
Anbieter: AwesomeBooks, Wallingford, Vereinigtes Königreich
hardcover. Zustand: Very Good. Tiger Woman on Wall Street: Winning Business Strategies from Shanghai to New York and Back: Winning Strategies from Shanghai to New York and Back (BUSINESS BOOKS) This book is in very good condition and will be shipped within 24 hours of ordering. The cover may have some limited signs of wear but the pages are clean, intact and the spine remains undamaged. This book has clearly been well maintained and looked after thus far. Money back guarantee if you are not satisfied. See all our books here, order more than 1 book and get discounted shipping. . Artikel-Nr. 7719-9780071818421
Anzahl: 1 verfügbar
Anbieter: Bahamut Media, Reading, Vereinigtes Königreich
hardcover. Zustand: Very Good. Shipped within 24 hours from our UK warehouse. Clean, undamaged book with no damage to pages and minimal wear to the cover. Spine still tight, in very good condition. Remember if you are not happy, you are covered by our 100% money back guarantee. Artikel-Nr. 6545-9780071818421
Anzahl: 1 verfügbar
Anbieter: Books From California, Simi Valley, CA, USA
Hardcover. Zustand: Very Good. Artikel-Nr. mon0003932103
Anzahl: 1 verfügbar
Anbieter: Majestic Books, Hounslow, Vereinigtes Königreich
Zustand: New. pp. 256. Artikel-Nr. 96266728
Anzahl: 1 verfügbar
Anbieter: Romtrade Corp., STERLING HEIGHTS, MI, USA
Zustand: New. This is a Brand-new US Edition. This Item may be shipped from US or any other country as we have multiple locations worldwide. Artikel-Nr. ABBB-91240