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Confessions of a Street Addict

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Product details
Paperback: 352 pages
Publisher: Simon & Schuster; Reprint edition (June 6, 2003)
Language: English
ISBN-10: 9780743224888
ISBN-13: 978-0743224888
ASIN: 0743224884
Product Dimensions:
5.5 x 0.9 x 8.4 inches
Shipping Weight: 10.6 ounces (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
245 customer reviews
Amazon Best Sellers Rank:
#122,596 in Books (See Top 100 in Books)
The book is an autobiography that is more centered around Cramer's work life and career, though his personal life is touched upon from time to time (most potently when it related to his work). Mercurial would be a good way to describe it - Cramer's start that is. Growing up in Philly then going off to Harvard where he found himself doing journalism then law. Through almost a year span he was homeless, indigently sleeping in his car and barely being able to pay for tuition. Cramer got his big lift when wealthy Marty Peretz in a act of fidelity gave him $500,000 to invest. He ended up getting a huge return on the money. In a few years time, Cramer got the position as a stockbroker for Goldman Sacks. A few years later, he would depart and start his own hedge-fund with his then wife Karen - whom he met at his tenure at Goldman. This - Cramer's successful but tumultuous tenure at his hedgefund - is where the book is most focused. Cramer brings to light much of the cacophony in his life through this time period (the 1990s): his wife's retirement (big deal considering her influence), his public defamation and lawsuits from an article in 1995, his hedgefund's abominable year in 1998 - a 2% return compared to S&P's 34% - that resulted (in the worst times) in many redemptions that ultimately almost crippled the hedgefund, his side venture - TheStreet.com (online stock newsletter) and the deceit; the phonies; the scoundrels; the seamy atmosphere and hierarchical issues that saliently came along with it, its unwarranted and ominous IPO; the untenable precipice and precipitous decline. His fund bounced back fiercely the following years, vastly outperforming the market. Eventually, and impetuously, he called it quits for himself and his family.Cramer's life on Wall Street was no walk in the park. He was sedulous, waking up as early as 3am in quotidian-like fashion with minimal sleep. Everyday that was repleted with activities that started with running the hedgefund, working on his side project - TheStreet, writing many articles, and doing many on-air television appearances then [trying to] accommodate it all with family time. Part of the 'confession' was that he got so obsessed with the market that he often lost touch of higher priority (e.g. familial) things. Some examples: missed his sister's wedding (the situation was understandable though), impulsively taking a call about the market right after his child's conception, and his betrayal of his good friend Marty over a charlatan scumbag. There's two sides to every story, and even though the media may have crudely (and unfairly) portrayed Cramer as a vociferous, egotistical, charlatan - he had his side. Much was elucidated, with what I feel was with much honesty.The tone is sometimes overtly pretentious, and the text [sometimes] could be described as braggadocio but at the same time humble (e.g. his musing that went by something similar to "im such an idiot") but it doesn't take away the quality or the veracity of the book. Cramer's outspoken and confident, and the combination can falsely project conceitedness. He was very candid and delegated much of his success to those around him. I don't know how I can emphasize this more besides quoting the last words in the text "I am lucky. And it's better to be lucky than good". Take this into consideration and enjoy the book!4.3
I was recommended this book by someone who manages a solid amount of money and hates Jim Cramer. When I asked him why he hates him he said "because he is no longer the guy he used to be" and then referred me to this book.To put it simply, this book feels very....raw to say the least. Everything Cramer says is very personal, engaging and easy to sympathize with. Everything Cramer went through while running his hedge fund is covered. All the criticism and accusations he went through, the tough times when he felt stuck with low returns, the issues he faced when Long Term capital management went under etc.This book also covers a lot of other stuff like how he got started, his tumultuous relationship with his first investor, and his obsession with making the stock market a hobby/passion for the average america.Overall this book does a good job of expressing how hard working, passionate, and borderline obsessed hedge fund manager who outperform are, while showing off their vulnerable life can be outside of their secretive world
I must start by stating this book if one of the best I have recently read both from a content perspective and the way its written. In a nutshell, this book is an autobiography of Jim Cramer during the years he ran his hedge fund and co-founded the financial analysis site The [...].This book offers a lot of insight into the world of hedge fund which is mostly kept hidden. This includes both some of the trading strategies used, methods of analysis (fundamental and technical), and the politics involved. It also details how the Hedge Fund are true market makers that are able to shape the markets based on a number of maneuvers. In addition, this book offers insight into the world of financial analysis and news, as Jim talks about The [...] that he co-founded. This part of the book helps understand the .com burst and put it into context. This section also offers tremendous insight into the stock underwriting process and the associated IPOs. All that being said, it shows how trading can become a lethal addiction. An addiction in which any loss can have severe consequences for the underlying financial institution and reminds us that "you are only as good as your last trade". A thrilling, highly recommended book.
As a pure addiction memoir, "Confessions of a Street Addict" stands out from the pack. Other addiction memoirs such as Jerry Stahl's "Permanent Midnight" or Anthony Keidis' "Scar Tissue" are great reading, but become annoying in their repetition as the authors make the same mistakes over and over ad nauseum. Jim Cramer on the other hand, pushed himself to the limit, hit the wall, bounced off, and simply walked away, transmogrifying himself into something else again, a successful journalist and pundit. What makes the book so compelling is honesty, Cramer is completely open about his successes and his failures, and there are a multitude of both. One of the most remarkable aspects of "Confessions" is not James J. Cramer, but his wife Karen, known on Wall St. as the "Trading Goddess" who nimbly steps in and saves their hedge fund in a few hours when they are something like a hundred million dollars in the hole. If you are looking for stock tips, then this is the wrong book, but if you are looking for life tips, or a glimpse into another type of addiction, then "Confessions of a Street Addict" is a compulsive, in-your-face slice of the modern market.
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