No Bull: My Life In and Out of Markets: My Life In and Out of Markets - Softcover

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

Critical Praise for NO BULL

"No Bull . . . is a breath of fresh air in a traditionally windy genre."
—The Wall Sreet Journal

"Michael Steinhardt rode bull and bear markets to great success for himself and his investors. 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."
—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."
—James J. Cramer, Markets Commentator for TheStreet.com and CNBC

"No Bull is a memoir rich in language, in detail, and in self-awareness."
—Marty Peretz, Editor in Chief, The New Republic