Average Reviews:
(More customer reviews)I read this book after reading Maier's account of working at Cramer's hedge fund, "Trading with the Enemy". While Maier's book is not an in-depth detailed book, it projects Cramer as an egotistical tyrannical trader. Reading this book for a comparison, you can believe both sides of the story. Cramer recounts many of the same stories and they are remarkably similar but from different perspectives. For example, they both wrote about the birthday party where Cramer became extremely intoxicated and puked on the guests. Maier describes this as another example of Cramer's poor manners and ego. Cramer describes the bad day he had had and where he was mentally that had him over drink and embarrass his family. If anything, I was surprised that an egomaniac like Cramer could admit to any shortcomings. Many "Masters of the Universe" can't.
Cramer doesn't strike me as a charismatic guy. But you have to be impressed with where he started and where he ended up. Maybe his tactics were questionable. But to compete in the money arena with the fortunes at stake, it is impressive that he was able to even be on the field and favorably compete at least for a few years.
There are two significant relationships in the book I feel compelled to mention. First the investor who Cramer met who not only invested but recommended investors. This also turned out to be the relationship that Maier knew to get his job. A partnership was formed to set up TheStreet.com and somehow in the personnel problems of the venture, Cramer had a falling out with his favored investor that appeared to eventually leading to the shutdown of the hedge fund. You can sense from hearing Cramer's side that there is another side to the story. Cramer doesn't place blame but you can sense that he probably upset many people in his new business venture. It is an interesting case study listening to the different CEOs that are hired and how in Cramer's opinion they ruined the business.
Also, Cramer talks extensively about the relationship with his wife. She was also a stock trader and at different points in his career, she comes back to assist with trading. This part of the book shows just how emotional and psychological trading can be. Cramer would be a tough guy to live with and being married to another trader who understood the environment and the egos involved would make for a volatile relationship. I'd like to know more of the dynamics of that relationship but I suspect she is a real saint, as it appears to work well.
In summary, this book gives some background on what it is like in the rough and tumble world of Wall Street during a very unique trading period. Cramer is a self-promoter who successfully promoted himself into a high profile media job and therefore has some celebrity status. But the real story is the egos of people in this business and what they have to do to be successful and how they can live with some of their egotistical tendencies
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