Caveat emptor on Wall Street

The stock markets have always been steeped in scepticism and anyone reading this book will understand why. This is a classic insiders’ account of how things really work on Wall Street. The author, Lee Munson, worked as a speculative trader during the dot-com bubble and later formed an asset management firm, Portfolio LLC. From this vantage point, he challenges some of the basics devised by brokers and shows that the game of investing is basically rigged. Nor, he adds, is this a recent trend — Munson goes back into the history of the markets to show why the age-old concept of “buy and hold” does not work in reality.

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