No Bull: My Life In and Out of Markets

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9780471181521: No Bull: My Life In and Out of Markets

When the official history of twentieth-century Wall Street is written, it will certainly contain more than a few pages on Michael Steinhardt. One of the most successful money managers in the history of "The Street," Steinhardt far outshone his peers by achieving an average annual return of over thirty percent-significantly greater than that of every market benchmark. During his almost thirty-year tenure as a hedge fund manager, he amassed vast wealth for his investors and himself. One dollar invested with Steinhardt Partners L.P., his flagship hedge fund, at its inception in 1967 would have been worth $462 when he retired from active money management in 1995.

No Bull offers an account of some of the investment strategies that drove Michael Steinhardt's historic success as a hedge fund manager including a focus on his skills as an industry analyst and consummate stock picker. He also reveals how his uncanny talent for knowing when to trade against the prevailing market trend-a talent that was not always appreciated by several erstwhile high-profile clients-resulted in many of his greatest successes. Here he provides detailed accounts of some of his most sensational coups-including his momentous decision, in 1981, to stake everything on bonds-and his equally sensational failures, such as his disastrous foray into global macro-trading in the mid-1990s.

At the same time, No Bull is the rags-to-riches story of a boy from Bensonhurst and his rise from the streets of Brooklyn to the heights of Wall Street. In a thoroughly engaging narrative, Steinhardt relates the early influences that shaped his attitudes toward life and success, as well as the beginning of his love affair with stock investing. Further, he chronicles his dawning awareness of the need for a purpose in life beyond the acquisition of wealth and how it led to his decision to retire and redirect his energies. We learn about his experiences as the chairman of the Democratic Leadership Council for nearly a decade, as well as his innovative thinking and ambitious projects to strengthen the Jewish community.

The inspiring true story of a Wall Street genius and world-class philanthropist, No Bull is an unforgettable read for finance professionals and students of human nature alike.
Michael Steinhardt is one of the most successful money managers in the history of Wall Street. He is also widely known for his philanthropic activities, particularly in the Jewish community-most notably as cofounder with Charles Bronfman of birthright israel, a program whose mission is to provide a free educational opportunity for every young Jewish person of the Diaspora to visit Israel.

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Critical Praise for NO BULL

"Michael Steinhardt rode bull and bear markets to great success for himself and his investors. Since closing his fund in 1995 he has continued his successful streak in more philanthropic enterprises. But what is ultimately compelling about Steinhardt is his drive, no matter the endeavor. No Bull is a highly readable inside look into the man, his successes, and his motivations."-George Soros, Chairman, Soros Fund Management, and Chairman,

The Soros Foundations Network

"Michael Steinhardt has written a fascinating history of his experiences in the tumultuous economic times of the last forty years. His reflections are endlessly interesting, totally candid, very instructive, moving, warm, and in many ways, inspirational. No Bull is an important resource for anyone interested in markets, the evolution of a key player, his ideas and strategies, and his deeply felt personal philosophy."-Laurence A. Tisch, Co-Chairman, Loews Corporation

"Michael Steinhardt has penned a joyous book about his rich (in every way) experiences on Wall Street, filled with angst . . . and reminiscent of a World of our Fathers as only Steinhardt would know. I always knew he was the world's best money manager but I didn't know that he could write, and he writes better than he trades!"-James J. Cramer, Markets Commentator for TheStreet.com and CNBC

"Michael Steinhardt long ago earned Wall Street's highest accolade, 'money maker.' With this fine memoir, he earns a new accolade, 'story teller.'"-James Grant, Editor, Grant's Interest Rate Observer

"No Bull is a memoir rich in language, in detail, and in self-awareness. It is good that this is so because the life about which he writes demands it; it is not only a deeply complicated narrative in its own right but one that touches public issues of concern to us all. Do not be mistaken: Steinhardt is more than a money manager."-Marty Peretz, Editor-in-Chief, The New Republic

About the Author:

MICHAEL STEINHARDT is one of the most successful money managers in the history of Wall Street. He is also widely known for his philanthropic activities, particularly in the Jewish community-most notably as cofounder with Charles Bronfman of birthright israel, a program whose mission is to provide a free educational opportunity for every young Jewish person of the Diaspora to visit Israel.

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