High-Flying Adventures in the Stock Market
Average customer rating: 2.5 out of 5 stars
  • Run with the Bulls While Watching the Paint Dry!
  • A library book at best...
  • Run with the Bulls While Watching the Paint Dry!
  • No adventures here, only snoozes.........
  • Utterly without context or insights
High-Flying Adventures in the Stock Market
Molly Baker
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback

GeneralGeneral | Popular Economics | Business & Investing | Subjects | Books
GeneralGeneral | Business & Investing | Subjects | Books
Mutual FundsMutual Funds | Investing | Business & Investing | Subjects | Books
StocksStocks | Investing | Business & Investing | Subjects | Books
GeneralGeneral | Finance | Accounting & Finance | Professional & Technical | Subjects | Books
ASIN: 0471443050

Amazon.com

Anyone who's tried day trading can tell you about the frayed nerves and upset stomach that come with following stocks by the hour. But try following their tiny movements day in and day out for a year, with $2 billion hanging on your decisions, and you'll have an idea of what it's like to manage a mutual fund. In mid-1998, reporter Molly Baker tagged along with Jerry Frey, manager of Delaware Investments' top-performing growth funds, and recorded his thoughts, actions, and conversations as he and his team tried to beat out 860 other funds for first place. What emerges is a portrait of a man with intestinal fortitude, a knack for numbers, and an uncanny understanding of market psychology. When a junior manager prepares to sell a rising stock at $30, Frey tells him to lower his target to $29 5/8; there may be a hundred other fund managers thinking, "I'll sell when it hits $30," but there may not be a hundred buyers willing to pay $30. "I've told you not to think in round numbers," Frey cautions.

As the year goes on, Frey's overall ranking rises and falls with the volatile tech sector, and with it his moods. But, ultimately, it's not competing funds that pose the greatest challenge to Frey and his team--it's a record bull market. Index funds were the biggest success story of the 1990s, riding the market's momentum instead of betting on individual stocks. Frey watches helplessly as the value of his handpicked portfolio shrinks, then grows, then shrinks again, while the overall market continues to climb. Personal investors wondering how the pros handle the market--both professionally and emotionally--should find High-Flying Adventures in the Stock Market an illuminating read, one that brings the mystery of big-money investing down to earth. --Demian McLean

Book Description

PRAISE FOR HIGH-FLYING ADVENTURES IN THE STOCK MARKET
"A wonderful read-Baker takes you through a year in the life of a fund manager-it's so well conceived and written that you'll think you were there too. Individual investors who manage their own money should put this book in their 'portfolio.' Informative, educational, great fun."-Larry Waterhouse Jr., Chairman, TD Waterhouse Investor Services, Inc.
"Most Americans know mutual funds only by their performance numbers. In High-Flying Adventures in the Stock Market, Molly Baker takes us inside the fund industry to give us a compelling and intimate look at the human drama of running a fund."-Douglas K. Sease, Editor, Wall Street Journal Books
"Baker uses the eye for detail she acquired as a reporter for the Wall Street Journal to explain the high-pressure world of the money manager in laymen's terms. For those seeking a readable, inside account of the '90s historic stock market boom, this is a book to add to the portfolio."-Dana Milbank, staff writer, The Washington Post
"Baker has provided an unusual perspective into the world of mutual fund management. She is a real reporter who is skilled in her understanding of what she describes and lively in her choice of episodes. The book is fun as well as informative."-Peter L. Bernstein, President, Peter L. Bernstein, Inc. author of Against the Gods: The Remarkable Story of Risk
"A fantastic voyage through the mutual fund universe. Every investor should read this book."-Andrew Metrick, Assistant Professor of FinanceThe Wharton School, University of Pennsylvania

Customer Reviews:

4 out of 5 stars Run with the Bulls While Watching the Paint Dry!.......2004-05-21

Author Molly Baker follows a top-performing mutual team around for a year, and shows you how they did it during the final six months. She gives you diary-like details as the time unfolds. That's the book.

The essence of their edge is that they bought Internet IPOs and stocks much more aggressively than other, similar funds at a time when the Internet was a red-hot investment area. That's the "run with the bulls" part of the story. That's a reference by me to the concept that when the market is hot, you should get into the hottest part of the market (better known as momentum investing). If you take a more conservative approach, you don't make the big bucks. A major part of the year's big gains versus other funds comes in the last few minutes of the last trading day of 1998 as AOL surges following its addition to the S&P 500 Index. But how the team does it is very repetitive and boring, even though they go through a gut-wrenching drop as Russian bond failures collapse the stock market and Long Term Capital has to be rescued by the Fed. That's the "watching the paint dry" part of the story.

This is a very challenging book to review accurately. The book has many fine qualities. Its best feature is that Molly Baker is terrific for finding everyday analogies for explaining basic stock market concepts. The priciness of P/E ratios is compared to women's shoes at different price levels, for example. So, if you know nothing about stocks, this book is actually a better source of explanations through analogies than any other book about investing I have ever read. However, if you know about stocks, her analogies just waste time and bulk up the book.

The day-to-day activities of the investment managers are about as interesting as watching someone do their laundry. They pretty much do the same things, over . . . and over . . . and over.

Rather than a diary-type recitation of many days, this would have been much more interesting if grouped into subject matters. That would have missed the "excitement" of the gains and losses during the year, but I doubt if too many people really care how a bunch of rich investment managers handle the stress of whether they get their three million plus for the year. I never found myself rooting for or against them.

Unless you really want to know a lot about how mutual fund managers manage your money, you will probably not find this book very interesting. And naturally, your own managers probably do it differently.

My firm does interviews with such institutional money managers every day, and we find that these people have many interesting ideas and insights. Somehow, very few of those ideas and insights made it into this book. That's a missed opportunity, for which I graded the book down one star.

On the other hand, if you know nothing about the market, and want to find out how a group of winners did it one time, you will probably love this book. For you, it is a five star book!

2 out of 5 stars A library book at best..........2003-11-30

I found this book in an airport bookstore and hoped it would make for an entertaining flight home... bad move. This book has all the elements for a truly fun read but as previous reviewers have stated is simply lacking in the execution. As a market watcher for 15 years I assumed that following a fund manager around during one of the most fascinating years in market history would translate well. But the book gives virtually no information about how industry professionals viewed these events, or even a nugget or two of new information or perception. Instead we hear streams of one-sided phone conversations and crib notes of market banter that are unintelligible even if you fully understand the jargon. If you are looking for an entertaining book about the stock market, look elsewhere. If you are considering a career in money management and want to understand the day to day drudgery, this may be useful.

4 out of 5 stars Run with the Bulls While Watching the Paint Dry!.......2000-08-16

Author Molly Baker follows a top-performing mutual team around for a year, and shows you how they did it during the final six months. She gives you diary-like details as the time unfolds. That's the book.

The essence of their edge is that they bought Internet IPOs and stocks much more aggressively than other, similar funds at a time when the Internet was a red-hot investment area. That's the "run with the bulls" part of the story. That's a reference by me to the concept that when the market is hot, you should get into the hottest part of the market (better known as momentum investing). If you take a more conservative approach, you don't make the big bucks. A major part of the year's big gains versus other funds comes in the last few minutes of the last trading day of 1998 as AOL surges following its addition to the S&P 500 Index. But how the team does it is very repetitive and boring, even though they go through a gut-wrenching drop as Russian bond failures collapse the stock market and Long Term Capital has to be rescued by the Fed. That's the "watching the paint dry" part of the story.

This is a very challenging book to review accurately. The book has many fine qualities. Its best feature is that Molly Baker is terrific for finding everyday analogies for explaining basic stock market concepts. The priciness of P/E ratios is compared to women's shoes at different price levels, for example. So, if you know nothing about stocks, this book is actually a better source of explanations through analogies than any other book about investing I have ever read. However, if you know about stocks, her analogies just waste time and bulk up the book.

The day-to-day activities of the investment managers are about as interesting as watching someone do their laundry. They pretty much do the same things, over . . . and over . . . and over.

Rather than a diary-type recitation of many days, this would have been much more interesting if grouped into subject matters. That would have missed the "excitement" of the gains and losses during the year, but I doubt if too many people really care how a bunch of rich investment managers handle the stress of whether they get their three million plus for the year. I never found myself rooting for or against them.

Unless you really want to know a lot about how mutual fund managers manage your money, you will probably not find this book very interesting. And naturally, your own managers probably do it differently.

My firm does interviews with such institutional money managers every day, and we find that these people have many interesting ideas and insights. Somehow, very few of those ideas and insights made it into this book. That's a missed opportunity, for which I graded the book down one star.

On the other hand, if you know nothing about the market, and want to find out how a group of winners did it one time, you will probably love this book. For you, it is a five star book!

2 out of 5 stars No adventures here, only snoozes................2000-07-22

I really wanted to love this book and have been trying to figure out why I didn't; why I wanted to fling it into a pit of fire. Content-wise it told me all about Jerry to the nth degree. In a trite, trivial voice! Oh, it could have been a contender. It could have been wonderful because the follow-a-manager-for-a-year angle is cool. But the problem is Ms. Baker doesn't know how to tell an exciting story, a story with moments and dialogue and emotion. Instead, she transcribes facts! The pacing is turtle-slow, and the writer tries far too hard to be clever by saying things with icky cliches and similies. I wanted to take a pen and edit. I'm sorry to sound harsh that's not my intention because I really think it's not all the author's fault. The editors were asleep. Needs more white space and more pronouns instead of "Jerry this" and "Jerry that." Nothing fresh, not even a bit twisted. Sigh. What was it about again?

1 out of 5 stars Utterly without context or insights.......2000-06-21

The idea for this book is intriguing: follow a mutual fund manager around every day for a year and see what he does. The book takes place during one of the most volatile and hair-raising periods in recent stock market history (1998).

Unfortunately, the author of this book seems to have turned on her tape recorder and left the room for the year, returning only to transcribe her notes. The events in the text unfold utterly bereft of any real context. There is little sense of time or place and often no understanding of why decisions are made. Astonishingly, during a period known as the "Asian meltdown" the word "Asian" is mentioned only in connection with a restaurant! The writing is wooden and full of hollow metaphors. There's no research, no insight, and no reason to read this book.

What the book does accomplish (and this is by no means intentional) is to portray how generally useless fund managers are since 80% of the time they can't beat the market indexes. The book thus makes a great case to invent in index funds, such as those offered by Vanguard, which simply buy the whole index and don't bother churning stocks, spending money on reports, and paying people like the ones described in this turgid, lifeless book.
High-Flying Adventures in the Stock Market
Average customer rating: Not rated
    High-Flying Adventures in the Stock Market
    Molly Baker
    Manufacturer: NY
    ProductGroup: Book
    Binding: Hardcover
    ASIN: B000MUBE8A

    Managing Diversity in Public Sector Workforces
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      Manufacturer: Westview Press
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      Managing Diversity in Public Sector Workforces. (Book Reviews).: An article from: Government Finance Review
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        Managing Diversity in Public Sector Workforces. (Book Reviews).: An article from: Government Finance Review
        Norma M. Riccucci
        Manufacturer: Government Finance Officers Association
        ProductGroup: Book
        Binding: Digital

        NonfictionNonfiction | Subjects | Books | Automotive | Books on CD | Books on Cassette | Crime & Criminals | Current Events | Economics | Education | Foreign Language Nonfiction | Government | Holidays | Law | Philosophy | Politics | Social Sciences | Transportation | True Accounts | Urban Planning & Development | Women's Studies
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        ASIN: B0008G6YOC
        Release Date: 2005-07-30

        Book Description

        This digital document is an article from Government Finance Review, published by Government Finance Officers Association on February 1, 2003. The length of the article is 621 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

        Citation Details
        Title: Managing Diversity in Public Sector Workforces. (Book Reviews).
        Author: Norma M. Riccucci
        Publication: Government Finance Review (Magazine/Journal)
        Date: February 1, 2003
        Publisher: Government Finance Officers Association
        Volume: 19 Issue: 1 Page: 43(1)

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          Customer Reviews:

          4 out of 5 stars Hubble review.......2007-06-02

          The pictures are stunning, as one would expect. The naritive is pretty good but a bit basic. Not only is it a good coffee table book it is a nice reference book to have on the shelf.

          5 out of 5 stars Beautiful imagery from the world's premier astronomical instrument.......2007-05-07

          I can't say if fifteen years seems like a long or short time. In one sense, it doesn't seem like that long ago that Hubble went up. In another, it seems as if Hubble has been a fixture in American life, as if it's always been there. It's hard to remember a time when fantastic Hubble imagery didn't come down every few weeks or so.

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          Hubble: 15 Years of Discovery 2005
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            Spv
            Manufacturer: SPV
            ProductGroup: Book
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            ASIN: B000WT5RKC

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                          Jaime Valdivieso
                          Manufacturer: Universidad de Concepcion- Atenea
                          ProductGroup: Book
                          Binding: Digital

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                          Release Date: 2006-07-14

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                          Citation Details
                          Title: El mito de Sisifo y su significado en el mundo actual. Los mitos en Latinoamerica: Bolívar, José Martí y Fidel Castro. Desdén y anemia de los mitos nacionales: Lautaro y La Araucana *.
                          Author: Jaime Valdivieso
                          Publication: Atenea (Chile) (Refereed)
                          Date: March 22, 2003
                          Publisher: Universidad de Concepcion- Atenea
                          Issue: 487 Page: 135(9)

                          Distributed by Thomson Gale
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                            Manufacturer: Alianza
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                            • Interesante libro sobre los origenes y las tradiciones de navidad
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                            Pepe Rodriguez
                            Manufacturer: Ediciones B
                            ProductGroup: Book
                            Binding: Paperback

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                            ASIN: 8440680856

                            Customer Reviews:

                            4 out of 5 stars Interesante libro sobre los origenes y las tradiciones de navidad.......2007-09-11

                            Un interesante libro del autor español Pepe Rodriguez. Este es conocido por sus libros de denuncia sobre la iglesia romana (Pederastia en la Iglesia Catolica, Mentiras Fundamentales sobre la iglesia catolica). Aqui, si bien pone en claro su escepticismo sobre los mitos navideños, no deja de mostrar su interes por ellos, y el resultado es un libro ameno e interesante, con muy buenas ilustraciones ademas.

                            Structural Phase Transitions Data Base: A special issue of the journal Phase Transitions
                            Average customer rating: Not rated
                              Structural Phase Transitions Data Base: A special issue of the journal Phase Transitions

                              Manufacturer: Routledge
                              ProductGroup: Book
                              Binding: Paperback

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                              ASIN: 2881248675

                              Songs of the Humpback Whale: A Novel in Five Voices
                              Average customer rating: 3.5 out of 5 stars
                              • Not so much...
                              • I simply didn't care
                              • Very disappointing
                              • A Little Disappointing
                              • It was "okay."
                              Songs of the Humpback Whale: A Novel in Five Voices
                              Jodi Picoult
                              Manufacturer: Washington Square Press
                              ProductGroup: Book
                              Binding: Paperback

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                              ASIN: 0743431014

                              Book Description

                              Sometimes finding your own voice

                              is a matter of listening to the heart....

                              Jodi Picoult's powerful novel portrays an emotionally charged marriage that changes course in one explosive moment....For years, Jane Jones has lived in the shadow of her husband, renowned San Diego oceanographer Oliver Jones. But during an escalating argument, Jane turns on him with an alarming volatility. In anger and fear, Jane leaves with their teenage daughter, Rebecca, for a cross-country odyssey charted by letters from her brother Joley, guiding them to his Massachusetts apple farm, where surprising self-discoveries await. Now Oliver, an expert at tracking humpback whales across vast oceans, will search for his wife across a continent -- and find a new way to see the world, his family, and himself: through her eyes.

                              Download Description

                              Sometimes finding your own voice is a matter of listening to the heart.... Jodi Picoult's powerful novel portrays an emotionally charged marriage that changes course in one explosive moment....For years, Jane Jones has lived in the shadow of her husband, renowned San Diego oceanographer Oliver Jones. But during an escalating argument, Jane turns on him with an alarming volatility. In anger and fear, Jane leaves with their teenage daughter, Rebecca, for a cross-country odyssey charted by letters from her brother Joley, guiding them to his Massachusetts apple farm, where surprising self-discoveries await. Now Oliver, an expert at tracking humpback whales across vast oceans, will search for his wife across a continent -- and find a new way to see the world, his family, and himself: through her eyes.

                              Customer Reviews:

                              1 out of 5 stars Not so much..........2007-09-28

                              I had heard that Jodi Picoult is one of the best fiction authors out right now, so I decided to pick up one of her books. Not knowing that it was her first novel, I grabbed Songs of the Humpback Whales. I thought the story sounded interesting and the idea of the five perspectives was interesting to me...well, I couldn't even finish this book. I usually become very involved in the stories I'm reading and often read late into the night and this book did NOTHING for me...it was work to get through a few chapters at a time. As I said before, I thought the idea of the following the different characters from chapter to chapter would be interesting...and it wasn't. It made the book very choppy and hard to follow...especially considering that the girl's story was written from the end to the beginning. Because of the lack of flow, I found myself completely disconnected from all the characters and I really didn't care about what happened to any of them...which is why I didn't finish the book.

                              2 out of 5 stars I simply didn't care.......2007-09-27

                              Like many have noted already, this book lacked character development. I struggled to get through each chapter and found that I didn't like most of the main characters. Even now if I try to imagine what each person looks like, I can't come up with a picture in my mind. When I read stories about people, that is critical.

                              Even though Jane suffered abuse at the hands of her father (and I agree with the reviewer that the sexual abuse component didn't seem integral to the story) and even though she was a woman in search of...something, I found I didn't like her. She was not a sympathetic character. And her brother, Joley, was strange. I think he was in love with his own sister (he said, at the end, that she is his anchor). He wrote letters that no brother I know would ever dream of writing. In that regard, I found the prose, while elegant, unconvincing.

                              Jodi Picoult often explores issues of morality in her writings which I really appreciate. But this story left me bothered on several fronts. First, Jane is selfish. She justifies an extra-marital affair (and yes, Oliver was guilty of that too) saying "Sam was who I was supposed to connect with." Please. He is 25. She is 35. If she had connected earlier with him (say 10 years prior) we would have the situation of Rebecca and Hadley in reverse.

                              Speaking of, I was very troubled by their relationship. Again, Picoult describes their short-lived relationship with beautiful prose and flowery language, but one can't avoid the fact that a 15 year old girl has no business being with a 25 year old man. What happened between them on that mountain was a man taking advantage of a young, naive, emotionally immature girl. It was rape. Not only was she young, she was seriously ill with pneumonia.

                              I have enjoyed many of Picoult books, but this book was not one of them.

                              1 out of 5 stars Very disappointing.......2007-09-17

                              I rarely write reviews for books, but I felt compelled to write a review for this book, as it was so disappointing. I have only read one other book by Jodi (The Pact) which I thoroughly enjoyed. However, the same cannot be said for this book, in fact I felt cheated for even reading the book. I felt the style of the book, in that five characters told the story, contributed to a lack of depth in the characters. Consequently, I cared little for any of the characters and ended up skipping any chapter written by Oliver. Rebecca was the most interesting character and I actually felt some emotion during her story. The other characters and story lines were wooden and I was not at all engaged by the main characters pilgramage or emotional awakening. In summary, a very disappointing story, lacking depth and emotion and the style of the "five voices" provided a disjointed read.

                              3 out of 5 stars A Little Disappointing.......2007-09-01

                              I am an avid fan of Jodi Piccoult. I have read most of her books and find myself getting through them quickly, with little desire to put them down. I must express my disappointment with The Songs of the Humpback Whale. Although there are aspects of the books that I do like, it has been a challenge to get through. In fact I finally gave up about three-quarters of the way through and moved on to a new book. I kept thinking that it would grab me at some point and keep me intrigued, but it did not. I will continue to read Jodi Piccoult...I guess all authors have one book that is not a favorite of readers - this is mine.

                              3 out of 5 stars It was "okay.".......2007-08-27

                              I read through the other reviews, and it's amusing that so many other readers had the same opinion about this book as I did. I have been a Jodi Picoult fan for several years, and I have never been disappointed with any of her titles. "My Sister's Keeper," "The Pact," and "Nineteen Minutes" were all amazing. My favorite aspect of Picoult's novels is that each seems to have a surprising twist at the end that I was not expecting. For this novel, I was expecting the twist that never came.

                              Like other readers, I was frustrated with some of the main characters. I liked Jane and Rebecca, and I enjoyed following their relationship, but the secondary characters were annoying. I was very confused at the beginning of the novel when some of the characters were introduced. For awhile, I thought that Sam might have been Jane's father. Joley was also a little creepy to me. I thought that there would be some crazy unexpected twist with his relationship with his sister. I didn't really make the connection between some of the things that he wrote about and the relevance with the rest of the plot. For example, the part that he wrote about the family in their childhood town who got the new windows for their house. Usually I can catch the analogies, but I must have missed that one.

                              While abuse was clearly a major theme in the book, I think it would have been fine if Picoult had left the abuse that Jane suffered from her father as physical and not sexual. It seemed as though that part was just thrown in, and there were not really any major ties to the rest of the novel. The physical abuse was easily related to Oliver hitting Jane as well as Jane hitting Oliver.

                              As for the telling of the story in five perspectives, I was initially excited about the idea. But it was confusing that Rebecca went backward, and I had a really difficult time following the chronological order of the story. Knowing so early on about Hadley's death made it seem as though there was nothing left to anticipate. The climax and the finale were the same, and I was disappointed that there wasn't really anything left to keep my attention. It was incredibly repetitive, and I think this could have been avoided if the situations that were described by different characters had not been so scattered, with each character giving varying information.

                              This is the first time that I have been anxious to finish a Picoult book because I was getting bored. The others that I have read have been fantastic, and I'm glad that she kept writing after this first book.
                              Songs Of The Humpback Whale - A Novel In Five Voices
                              Average customer rating: Not rated
                                Songs Of The Humpback Whale - A Novel In Five Voices
                                Jodi Picoult
                                Manufacturer: Pocket Books
                                ProductGroup: Book
                                Binding: Paperback
                                ASIN: B000NP8JGO
                                Songs of the Humpback Whale: a Novel in Five Voices
                                Average customer rating: Not rated
                                  Songs of the Humpback Whale: a Novel in Five Voices
                                  Jodi Picoult
                                  Manufacturer: Washington Square Press
                                  ProductGroup: Book
                                  Binding: Paperback
                                  ASIN: B000N74CU4

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