Rating: 
Summary: No Help
Review: This hedge fund manager's investment advice can be summed up in his phrase "variant perception" which means, if you can develop an intellectually sound investment thesis at odds with the prevailing Wall Street view, you have an idea that will likely make you money. That's it. In other words, be a smart contrarian. Most of "No Bull" digresses on Judaism and Mr. Steinhart's rags-to-riches life story, which, no offense, is a snooze--he lists the rungs of his ladder of success but never gives a sense of what was driving him or how, exactly, he succeeded. I would say he chalks a lot up to innate ability, and I have no argument there. The tone of the book is that of a travelogue or the transcript of a psychoanalytical session. Or maybe just the words of an aging man trying to come to terms with the meaning of his life. I was troubled by the sentimentalization of his father, especially late in the book, when he repeats his saintly funeral eulogy, yet earlier the author made it clear that the elder Steinhardt was an absentee parent and had led a life of crime, fencing jewels, and not hesitating to attack a fellow who had violated the "laws of the streets," whatever that means. I would say he is conflicted, or given to romanticising the past. Also--how can one say that a religion is central to his own personality, as Mr. Steinhardt does, and yet admit (over and over) to atheism? It would seem to reduce the Jewish faith to a brotherhood something akin to the Rotary. The theology of this escapes me--and, to his credit, the author struggles with it. Mr. Steinhardt writes as a gruff but lovable grandfatherly type, and since he made such astounding returns, he feels entitled to explain his religious views, his democratic-centrist political opinions, and his love of animals, including one odd story in which he says he would introduce acquaintances to a bird that liked to chase people--then chortle as the unsuspecting fled in fear (I kid you not). In short, I had hoped he would shed light on his investment methodology, but like the awful Niederhoffer book (Education Of A Speculator), Mr. Steinhardt is more intent on telling us he is a man of the arts (his taste in paintings, his foray into movie-making), a sensitive fellow (who lists many of his generous charitable gifts) with vast interests (horticulture--wait, maybe that's what Judi, his wife, likes) and unlimited family love (how his family supported him in trying times). He's making the case that he's more than a man of money, and assumes the reader is interested. I am not, though his occassional show of humility does earn the book one more star than it merits as an investment text.
Rating: 
Summary: A little disappointing
Review: This is an enjoyable book but I came away a little disappointed because there was not enough explanation of his investment philosophy that has clearly been so successful over time. The "variant perception" chapter is fascinating but I would have liked more in depth explanation.
Rating: 
Summary: Absolutely Bullcrap...waste of time
Review: Unless you are interested in the life of a young Jew growing up in Brooklyn, or the name-dropping and meandering political thoughts of a megomaniac, this book is a complete waste of time and money. There is very little to no insight in this book on how Michael Steinhardt viewed or traded the markets (his Market Wizards interview has much more depth and detail).A COMPLETE WASTE OF TIME
Rating:
Summary: My Life In and Out of Markets
Review: When the official history of twentieth-century Wall Street is written, it will certainly contain more than a few pages on Michael Steinhardt. One of the most successful money managers in the history of "The Street," Steinhardt far outshone his peers by achieving an average annual return of over thirty percent-significantly greater than that of every market benchmark. During his almost thirty-year tenure as a hedge fund manager, he amassed vast wealth for his investors and himself. One dollar invested with Steinhardt Partners L.P., his flagship hedge fund, at its inception in 1967 would have been worth $462 when he retired from active money management in 1995.
No Bull offers an account of some of the investment strategies that drove Michael Steinhardt's historic success as a hedge fund manager including a focus on his skills as an industry analyst and consummate stock picker. He also reveals how his uncanny talent for knowing when to trade against the prevailing market trend-a talent that was not always appreciated by several erstwhile high-profile clients-resulted in many of his greatest successes. Here he provides detailed accounts of some of his most sensational coups-including his momentous decision, in 1981, to stake everything on bonds-and his equally sensational failures, such as his disastrous foray into global macro-trading in the mid-1990s.
At the same time, No Bull is the rags-to-riches story of a boy from Bensonhurst and his rise from the streets of Brooklyn to the heights of Wall Street. In a thoroughly engaging narrative, Steinhardt relates the early influences that shaped his attitudes toward life and success, as well as the beginning of his love affair with stock investing. Further, he chronicles his dawning awareness of the need for a purpose in life beyond the acquisition of wealth and how it led to his decision to retire and redirect his energies. We learn about his experiences as the chairman of the Democratic Leadership Council for nearly a decade, as well as his innovative thinking and ambitious projects to strengthen the Jewish community.
The inspiring true story of a Wall Street genius and world-class philanthropist, No Bull is an unforgettable read for finance professionals and students of human nature alike.
Michael Steinhardt is one of the most successful money managers in the history of Wall Street. He is also widely known for his philanthropic activities, particularly in the Jewish community-most notably as cofounder with Charles Bronfman of birthright israel, a program whose mission is to provide a free educational opportunity for every young Jewish person of the Diaspora to visit Israel.
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