No Bull:My Life In and Out of Markets (a review)

Abstract

This memoir of a hedge-fund manager provides not only insights into his investing strategy and successes but also a description of his personal life.

Notes

¹Steinhardt's methods might not work equally well for investors with small amounts of capital at their disposal. According to Brett D. Fromson (“Wired into Wall Street,” Washington Post, December 1, 1991:H1): “Steinhardt Partners also wields considerable clout because of the fees it pays to brokers for executing its trades—$30 million in 1990. Thus, it's not unusual for a brokerage to give him first word of a new ‘buy’ or ‘sell’ recommendation, which enables him to move before the crowd. . . . Steinhardt's access to information has engendered jealousy on Wall Street, and some competitors nodded with disapproval when he told a Wall Street Journal reporter in 1986 that he relied on ‘fancy information’ when trading. That quote caused the SEC to question Steinhardt about what he meant, and the agency apparently was satisfied with his explanation.”

²Ironically, Gallo was a suspect in the 1957 Anastasia murder, which remains unsolved.

³Frank F. Gilmore and Richard G. Brandenburg, “Anatomy of Corporate Planning,” Harvard Business Review (November/December 1962):61-69.

⁴Ansoff discussed synergy in his 1965 textbook, Corporate Strategy.