No Bull
When the official history of twentieth-century Wall Street is written, Michael Steinhardt will almost definitely be included prominently. Steinhardt, one of the most successful money managers in "The Street's" history, outperformed his rivals by attaining an average yearly return of over thirty percent, which was much higher than any market benchmark. He accumulated huge riches for his clients and himself throughout his almost thirty-year employment as a hedge fund manager. When he withdrew from active money management in 1995, a dollar invested in Steinhardt Partners L.P., his flagship hedge fund, at its founding in 1967 would have been worth $462.
No Bull focuses on Michael Steinhardt's talents as an industry analyst and consummate stock picker, as well as some of the financial tactics that propelled his unprecedented success as a hedge fund manager. He also explains how his remarkable ability to discern when to trade against the current market trend—a gift that was not always acknowledged by numerous former high-profile clients—was important in several of his greatest wins. He describes in detail some of his most spectacular successes—including his historic choice to bet everything on bonds in 1981--as well as his equally spectacular failures, such as his disastrous venture into global macro-trading in the mid-1990s.
At the same time, No Bull is a rags-to-riches tale about a young man from Bensonhurst who rises from the slums of Brooklyn to the top of Wall Street. Steinhardt recalls the early influences that formed his perspectives on life and achievement, as well as the beginning of his love affair with stock investment, in a truly captivating book. He also describes how his growing realization of the need for a purpose in life beyond accumulating fortune led to his choice to retire and redirect his activities. We learn about his nearly a decade as chairman of the Democratic Leadership Council, as well as his innovative thinking and ambitious efforts to enhance the Jewish community.
No Bull is an unforgettable read for finance professionals and students of human nature alike, as it tells the inspiring true story of a Wall Street genius and world-class philanthropist.
Michael Steinhardt is regarded as one of Wall Street's most successful money managers. He is also well-known for his charitable endeavors, particularly in the Jewish community, where he co-founded birthright Israel with Charles Bronfman, a program whose purpose is to give a free educational opportunity for every young Jewish Diaspora person to visit Israel.
