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The Buy Side: A Wall Street Trader's Tale of Spectacular Excess, by Turney Duff
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New York Times Bestseller
The Buy Side, by former Galleon Group trader Turney Duff, portrays an after-hours Wall Street culture where drugs and sex are rampant and billions in trading commissions flow to those who dangle the most enticements.� A remarkable writing debut, filled with indelible moments, The Buy Side shows as no book ever has the rewards – and dizzying temptations – of making a living on the Street.
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Growing up in the 1980’s Turney Duff was your average kid from Kennebunk, Maine, eager to expand his horizons. After trying – and failing – to land a job as a journalist, he secured a trainee position at Morgan Stanley and got his first feel for the pecking order that exists in the trading pits.� Those on the “buy side,” the traders who make large bets on whether a stock will rise or fall, are the “alphas” and those on the “sell side,” the brokers who handle their business, are eager to please.
�
How eager to please was brought home stunningly to Turney in 1999 when he arrived at the Galleon Group, a colossal hedge-fund management firm run by secretive founder Raj Rajaratnam.� Finally in a position to trade on his own, Turney was encouraged to socialize with the sell side and siphon from his new broker friends as much information as possible.� Soon he was not just vacuuming up valuable tips but also being lured into a variety of hedonistic pursuits.� Na�ve enough to believe he could keep up the lifestyle without paying a price, he managed to keep an eye on his�buy-and-sell charts and, meanwhile, pondered the strange goings on at Galleon, where tens of millions were being made each week in sometimes mysterious ways.
�
At his next positions, at Argus Partners and J.L. Berkowitz, Turney climbed to even higher heights – and, as it turned out, plummeted to even lower depths – as, by day, he solidified his reputation one of the Street’s most powerful healthcare traders, and by night, he blazed a path through the city’s nightclubs, showing off his social genius and voraciously inhaling any drug that would fill the void he felt inside.
�
A mesmerizingly immersive journey through Wall Street’s first millennial decade, and a poignant self portrait by a young man who surely would have destroyed himself were it not for his decision to walk away from a seven-figure annual income, The Buy Side is one of the best coming-of-age-on-the-Street books ever written.
From the Hardcover edition.
- Sales Rank: #33161 in Books
- Brand: Duff, Turney
- Published on: 2014-06-17
- Released on: 2014-06-17
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .70" w x 5.10" l, .53 pounds
- Binding: Paperback
- 320 pages
Amazon.com Review
Q&A with Turney Duff
Q. When you had big money coming in, you were spending as fast as you got – sometimes on bizarre over-the-top purchases. As a small-town kid from Maine, did you ever look in the mirror and say, “What the heck am I doing?”
A. Yes, but I probably didn’t use the word “heck.” I would have moments where I’d say to myself “I can’t believe this is my life,” which likely only added to the excess. My attitude was, “What’s the point of making a lot of money, unless you’re going to enjoy it?’” so I tried to enjoy it. Conversely, when I was bottoming out, I constantly was saying to myself, “What happened?” The real danger comes when people start equating net-worth to self-worth.
Q. You seem to have been the Einstein of networking, a guy who made being a party animal work for him in a big way. Why do you think the social aspect of Wall Street came so easy, and did it startle you when you realized that having a high social I.Q. could be more profitable than “reading the tape” or being a quant?
A. I’m flattered but, please, I wasn’t the Einstein of anything. I just didn’t have any other skill to rely on and I’m very social by nature. There’s no magic to it, I just treat people the way I’d like to be treated. But I don’t think I ever had an “ah ha” moment where I realized this was the key to success. I just knew that whatever I was doing was working, so I kept doing it. I guess this could add to the I.Q. vs. E.Q. debate. (Oh, and by the way, I understand Albert was also a big fan of shaking the snow globe.)
Q. You worked for Raj Rajaratham, who was convicted of insider trading on an unprecedented scale. Do you think that insider trading is endemic to Wall Street’s culture?
A. I can only speak to what I saw and experienced but I think it’s headed in the right direction now. When I was placing bets on the market, Wall Street had convinced itself that the area of insider trading was very grey. It felt like a victimless crime. The thinking went, to compete you have to bend the rules. It’s not all that different from the steroid era and Major League Baseball. There are a lot of guys whose careers have asterisks next to their earnings. As long as there’s big money at stake people are going to cheat. That’s not only how Wall Street works, that’s how the world works. But with the spotlight now on Wall Street it’s harder for inside traders, and it’s getting harder all the time.
Q. Has Wall Street grown less trustworthy? Should we credit what those in power have to say about their integrity?
A. Believe it or not, there are plenty of people with integrity on Wall Street. I was there during 9/11, and there wasn’t a more courageous and patriotic place in the country. Ironically, as more negative press comes out we should probably trust the trading community more. The jig is up. Sure, we’ll still see some bad guys get taken down now and then, but my guess is, the majority of people are playing by the rules. It’s all fear-based now.
Q. The book describes in vivid detail some of your most vulnerable moments – truly jaw- dropping addiction. At what point did you realize that, without help, you’d be unable to pull out of your downward spiral?
A. I made the decision a year after my first rehab that I was only going to relapse once. I knew that I couldn’t just have one, or party just a little, so I told myself that I would blow it out one night and then get back to recovery. After that night I told myself I was allowed to relapse once a month, very private and nobody gets hurt. Soon after, I told myself that I could party twice a month and before I knew it I was right back where I was before rehab—even worse. So by the fall of 2008 I knew there was no end in sight. Something was going to break, but I didn’t have the courage to stop it myself. I had to crash.
Q. Ultimately, what pulled you back from the brink and made you say no to Wall Street’s seven-figure seduction was your daughter. You don’t hold much back. Do you worry how she’ll view the book when she’s old enough to read it?
A. The two people I wasn’t sure I wanted reading this book were my daughter, Lola, and my mom. But once I decided to write it I was fully committed. I can’t predict what my daughter will eventually say, but at the very least she’ll know I was honest. All I can do is show her my love every single day. It only took my mother a week or so to digest the book. Now she’s my biggest supporter. She says she’s proud of my honesty and courage. I hope that’s more than a mom’s take.
From Booklist
With the twists and turns of a suspense novel, this autobiographical account of the rise and fall of a hedge fund trader exposes the risks and liabilities of a career on Wall Street during one of the most turbulent decades of the financial industry. Duff’s 15-year career parallels the peaks and valleys of the stock market, from the boom of the 1990s to the tumultuous decline in the early 2000s. With unabashed honesty, he tells how he went from an entry-level position in Morgan Stanley in 1993 to successful trader on the “buy side” before his excessive partying and downward spiral into drugs ended his career and he had the courage to walk away for good. He exposes the occupational hazards of his high-pressure trading jobs, the lure of power and money when million-dollar trades were commonplace, insider alliances were useful, and collusion was a part of the business. Fast-paced and gritty, this is a fascinating and convincing portrayal of one trader’s challenges in a tough environment and his ultimate redemption. --Cindy Kryszak
Review
“Bracing…calls to mind books like Bright Lights, Big City by Jay McInerney, and especially Liar’s Poker by Michael Lewis…As spectacle [the book] easily trumps both…Mr. Duff proves a fine wordsmith: his prose is smooth, lean and rhythmic…An entertaining and cautionary tale, well worth your time.”
-Bryan Burrough, The New York Times�
�“A heavyweight confessional about the perils of a life spent chasing the almighty dollar…even though the author’s brutal honesty about his increasingly chaotic personal life is commendable, it’s really more his vivid portrait of the everyday inner workings of life at a hedge fund that fascinates…A fast-paced memoir of the easy-money hypercapitalist dream-turned- nightmare.”
--Kirkus Reviews
�“Looking for a Hollywood-worthy account of Wall Street with lots of juicy details about the high life? Duff, a former financial trader who climbed the ranks at several major firms, provides a fascinating glimpse into the trader’s life as he narrates his journey from smalltown boyhood in Kennebunk, Maine, to hitting the jackpot in Manhattan, to succumbing to the poisons of success…[This] fast-paced tale will absorb readers…a wild ride.”
--Publishers Weekly
“This is why I keep my money safe and sound under the mattress. You could get high just reading this book. Mamas, don't let your babies grow up to be Wall Street traders."
�--James Patterson, #1 New York Times bestselling author of Along Came a Spider and Kiss the Girls
“Turney Duff is a natural storyteller, and his tale of how�a naive kid from Maine traded in L.L. Bean for Armani and got sucked into the seamy side of Wall Street is almost impossible to put down.�The book is by turns hilarious, harrowing, maddening, and illuminating. After this debut, the smart money will be on Duff.”
--Bethany McLean, New York Times bestselling author of The Smartest Guys in the Room and All the Devils Are Here
“Turney Duff’s The Buy Side picks up where the Academy Award-winning film about systemic corruption on Wall Street, 'Inside Job', leaves off.� Duff, who at one time was the promising rookie on the trading desk at troubled hedge fund Galleon, gives us a front-row seat to the Street’s dark side – but the tale also features a personal story that will have you cheering as Duff fights his way through a jungle of excess and figures out what really matters. To all those who want to rule the market not just during business hours but after hours, beware -- you may not have Duff’s survival skills.”
--Lawrence G. McDonald, New York Times bestselling author of A Colossal Failure of Common Sense
�
“The Buy Side takes the reader on an extremely wild ride so eloquently and honestly that we never want it to end.� Cocaine wants everything you love and everything that loves you. �Turney Duff had everything and nothing while trading billions of dollars on a razor's edge. His book takes you from Wall Street to Skid Row to the Thompson Hotel – and then, mercifully, back to sanity and finding a place in the world. Hang on, The Buy Side is gonna move you around, and there are no seatbelts to keep you from getting hit hard.”
--Brian O’Dea, author of High: Confessions of an International Drug Smuggler
“The Buy Side is ‘Wall Street’ meets ‘Breaking Bad’ – except that this book is fact not fiction. Turney Duff yields to temptation at every turn, and the sheer volume of criminal behavior he saw, and even participated in, is astonishing…If you want to see Wall Street’s seamy underbelly firsthand, read this book.”
--Frank Partnoy, bestselling author of F.I.A.S.C.O and Infectious Greed
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"If you took Gordon Gekko, Bud Fox, a copy of Bright Lights, Big City, and threw them in a blender with�an ounce of cocaine, a bottle of�Patron Tequila, and�your favorite�teddy bear�you'd have yourself a�Buy Side smoothie.�Turney's my kind of guy; a madman with�heart.��I couldn't put the book down."
--Colin Broderick, author of Orangutan
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“Does Wall Street make people crazy or are crazy people simply attracted to Wall Street?� The Buy Side doesn’t get us any closer to answering that question, but along the way we get a look inside perhaps the most ethically-challenged investment firm in recent memory, and a harrowing journey through drug addiction and recovery.� This is not a musical comedy; at the end, you’re just relieved that Duff is alive.”
--Jared Dillian, author of Street Freak: Money and Madness at Lehman Brothers
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“Turney Duff's The Buy Side�is the perfect parable for Wall Street's lost decade. Duff’s account of his rise and fall has it all, from a fast-paced coke-crazed trip through Manhattan nightlife that conjures Bright Lights, Big City, to an eyewitness account of insider trading and front running that reads like a federal indictment. Broke but not broken, Duff ends up better than others on Wall Street have--sober, chastened, and lucky to be alive after the self-destructive excesses of easy money and empty ambition.”
-Guy Lawson, New York Times bestselling author of Octopus
From the Hardcover edition.
Most helpful customer reviews
63 of 68 people found the following review helpful.
Good description of one man's journey in high finance
By Srikumar S. Rao
Duff writes well and I guess he would have done well if he had pursued his original ambition to be a journalist. Instead he took a detour into finance and landed up as a gofer on the trading floor in a well known investment bank. He worked his way up and eventually became a trader in his own right and discovered in himself skills that made him a good one. For example, he did not fall in love with any position he took and was quick to cut losses. He also had sound instincts about the direction the market would head and the steady nerves to bet big on this. So, in glory years, he made a lot of money for his firm and for himself.
As he became successful there were wild parties with alcohol and girls and eventually cocaine, lots of cocaine. He lost control, quit before he was fired, went into rehab, recovered built his career back and became addicted again, went into another rehab and hopefully is now clean and will remain so. But - as he mentions at the end of his book - he has lost his money, wrecked his marriage, shares custody of his daughter and is not sure what the future will being.
Why three stars? I took away one star because he did not reveal as much as I expected he would about the shenanigans of Wall Street Trading. He does mention stuff like how brokers he places orders with routinely 'front run'. That is, they buy stock in the same companies BEFORE they execute his order, his big order drives the price up and they then sell at a profit. This is a practice both illegal and routine. He also has an interesting anecdote about how he was able to get his own back on one such trader by placing a big order with her to be executed at a specific time, waiting for her and her friends to front-run and buy the stock for their accounts, and then canceling his order. Would have liked lots more details about such activity but there was hardly any. Too much of the book was taken up by accounts of his sorry addiction and while I sympathize, I do not have much interest in this.
I took away another star because he rarely, if ever, provides context for his claims. For example, he asserts that traders A and B are the best in the business but does not tell you who their peers and competitors are, how they fare in comparative terms and what the indicia of such success are. Certainly he, and his friends, moved in a fast, drug laced arena. But is this the norm in the industry? What do others do? How wide-spread is the practice? How does he know? None of these questions are answered.
Also, the publicity for the book touts his employment by the Galleon Group founded and run by Raj Rajaratnam and and suggests that the book will give you the real scoop on what happened there. This is patently false. There are some vague suggestions that Raj did indulge in insider trading but you will get much more information by browsing the New York Times.
54 of 64 people found the following review helpful.
AMAZING memoir
By Debra
This book was absolutely awesome - it was everything a memoir should be. It was brutally honest, extremely well written and engaging but not over the top, and didn't come across as overly self focused.
The thing that I think I loved the most was that it was a really unique perspective that most people wouldn't have a lot of access to. I don't know people that make 2 million dollar bonuses, so it was fascinating based on that alone. I also don't know much about the world of finances or Wall Street, so that was also fascinating (and disturbing).
I also really appreciated the chronology. You become lured into his drug addiction just like he was. He believed he could quit and as you're reading it, you do too. It's written so that you become attached to the people involved and experience his life as he's experiencing it. I loved the honesty. He gives you enough detail to make it real but not so much that you feel like you're looking at him naked - it's a balance that's difficult to achieve and he did it flawlessly.
The writing is perfect. Sometimes the story carries the writing and sometimes the writing carries the story, but this had both. He nailed it.
I would say the only disappointment I had was (spoiler alert) that he didn't end up being able to reconcile with his daughter's mom. But that's not really the book so much as the story and I'm a sucker for happy endings. He handles it well though, and you can totally see why the relationship fell apart.
Overall an amazing book that I'll recommend to everyone I know. Well worth the read.
15 of 16 people found the following review helpful.
A Fourth Step Masterpiece
By David Bahnsen
I will let you in a little secret (though I think I admitted this in my review of Wolf of Wall Street already … I will read any book and see any movie that comes out regarding life on Wall Street. I can know ahead of time that it is going to be cartoonishly stupid, and they often are, and I will still read or see it. Some are quite serious in nature (see my lengthy list of reviews covering the financial crisis of 2008), and some are entertainment-driven (the Wolf of Wall Street is a case in point). Michael Lewis may be known to many of you for Moneyball and The Blind Side, but the book that made him famous, Liar’s Poker, literally began a genre of books describing the excesses of Wall Street behavior. I’m not sure that any book in the genre since Liar’s Poker have been quite as good, but many have tried with varying degrees of success. And I read all of them.
Part of me thinks I read all of this stuff because it just fascinates me what people think about the financial advisory profession. I am a corner office managing director guy at a huge Wall Street firm, but I eat dinner with my wife and kids almost every single night. I’ve seen plenty of folks misbehave, but not any more than at an action sports trade show or a real estate office holiday party. It is the BUSINESS of Wall Street I love – the business of advising on capital. In case you haven’t heard me say it before, I LOVE free market capitalism, and there is no free market capitalism without capital markets. Therefore, I love the business of capital markets. And in the United States of America, we call that business “Wall Street”, so there you go.
Anyway, now that my little secret fetish is out (regarding guilty pleasure movie watching and book reading), let me explain what I was expecting out of Turney Duff’s The Buy Side: A Wall Street Trader’s Tale of Spectacular Excess, and let me tell you what I got instead. I was expecting another infantile tale of some piker who, imagine this, liked drugs and sex – a lot. I was expecting a book claiming that every single person in a 50-mile vicinity of the Hudson River lives the same way. And I was expecting a book where a failed piker would blame Wall Street’s business immorality for his lack of success in the business. What I got, on the other hand, was very, very different.
I am not sure I would call the book a mere story of a Wall Street burnout. First of all, the real-life narrative itself is quite rare. For a young man educated in Ohio, a state many Wall Street elites are unaware is a part of the union, to become a prominent buy side trader is rare enough. But for the path to that trading job to have been an admin assistant job on the retail side of the business is utterly unheard of. Mr. Duff describes his journey with skill and literary flair. By the time he ends up at Galleon Group, a massive hedge fund which has since blown up behind the insider trading convictions of its key personnel, I am already enjoying the book, and realizing it is not going to be at all what I expected.
Duff gives readers a far more sensible and credible explanation of what he did for a living than many attempts at describing the business do. Unlike the pathetic scene in Wolf of Wall Street where Leonardo Dicaprio starts yelling to the FBI about “collateralized debt obligations” (before there was such a thing, and something he to this day would have absolutely no knowledge of or participation in whatsoever), Duff does not merely throw out finance-sounding vocabulary to tease the readers and get back to the stories of sex and drugs. Yes, there are a lot of stories about sex and drugs (more drugs than sex), but the book doesn’t insult its readers with disingenuous or vanilla descriptions of high finance. It is comprehensible but sharp, and that is a tough thing to do.
The book does go into exhaustive detail of the demons which brought down Mr. Duff’s career as a trader. In fairness to the author, though, it simply does not read as a glamorization of that lifestyle. Jordan Belfort agonized his readers with an almost frat-boy like description of his shenanigans in the Wolf of Wall Street book (which he pretty much had to do because there weren’t ten pages of actual business material). Duff isn’t bragging. He’s confessing. And if you aren’t rooting for him throughout the final chapters of the book to find recovery, to find sobriety, and to find God, then you just aren’t human.
The book really is an addiction tale more than a business thriller, but it is compelling, honest, and extremely inviting. I spent some time reading some interviews Duff gave after the book came out and he blew me away with his candor. There is no attempt to demonize all of Wall Street – quite the opposite. There is no juvenile story of how “Wall Street polluted me and made me do it”. He is a recovering addict who has been blessed with an extraordinary writing skill. I, for one, hope he’ll write again. This “genre” needs more writers like him. Michael Lewis worked in finance for about ten minutes and has spent twenty-five years getting rich from his moralizing, hypocritical tirades (though he is a remarkable writer, I confess). I do not know what the future holds for Turney Duff, but if he keeps his hands off a highball and on a keyboard, I am positive the best days of his life are still to come.
Because life on Main Street and Wall Street both testify to the powerful adage: Don’t quit before the miracle happens.
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