Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    From $11.99/month after trial. Cancel anytime.

    You v. Wall Street
    You v. Wall Street
    You v. Wall Street
    Ebook122 pages1 hour

    You v. Wall Street

    By Dennis Herula

    ()

    Read preview

    About this ebook

    What you don't know can wipe you out!

    On Wall Street, it is said that the bulls make money, the bears make money, but the pigs get slaughtered. What Wall Street doesn't talk about are the sharks that tread the treacherous Wall Street waters, feeding off unsuspecting investors who try to navigate through the tides of the financial ocean.

    Author Dennis Herula was an apprentice stockbroker in 1976. He was trained to “get the money, get more money, get all the money” from the investing public. He learned aggressive cold-calling techniques and hard-core sales pitches, as well as product pushing – all meant to maximize the investment firm’s – not the investing public’s – bottom line. He rose through the ranks to become a stockbroker, corporate officer, and hedge fund manager for 27 years. Today, he is serving a federal prison sentence for defrauding wealthy investors. Who better to learn from?

    In You v. Wall Street, you’ll learn from a knowledgeable stockbroker what goes on in closed-door sales meetings, who actually receives the hot initial public offerings, along with facts behind proprietary in-house financial products. The book will expertly guide you through the investment maze, providing you with the ammunition you’ll need to fend off the sharks and how to recognize predatory methods investment firms use. At book’s end, you’ll know how to read your monthly investment account statement to know if your investment professional in acting in your best interests. You’ll also know how to address inappropriate investment advice and unauthorized trading activity.

    LanguageEnglish
    PublisherDennis Herula
    Release dateJul 11, 2013
    ISBN9781301589333
    You v. Wall Street

    Related to You v. Wall Street

    Related ebooks

    Investments & Securities For You

    View More
    View More

    Related podcast episodes

    Related articles

    • UNLIMITED

      The Difference Between Ambitious and Absurd

      Apr 4, 2023

      AT THE INVESTMENT firm I started five years ago, Unorthodox Ventures, we see a constant stream of founders asking for funding. Unfortunately, some of them leave us feeling like we've just sat through some bizarre theater of the absurd production. Abs

      5 min read

    • UNLIMITED

      PODCAST: Estate-Planning Your Stuff with T. Eric Reich

      Apr 21, 2021

      David Muhlbaum: When it comes to estate planning, money is usually front of mind. Makes sense, that's where decisions about wills, trusts and more can realize real tax savings. But it's stuff, tangible things like houses, china and collectibles that

      17 min read

    • UNLIMITED

      How To Spot A Deal

      Dec 19, 2019

      Let’s say a property is marketed at a particular price – for argument’s sake we’ll call it $500,000. An inexperienced investor will make the automatic assumption that a “deal” is significantly less than the asking price. But that’s not the case. Ther

      2 min read

    • UNLIMITED

      Fourdimensions Of Investing

      Apr 1, 2020

      Fourdimensions Of Investing
      4 min read

    • UNLIMITED

      Notes To A Younger Self

      Dec 1, 2021

      The Best of the Best is our most popular issue of the year – it provides us with information that enables us to save thousands of dollars. It’s certainly a valuable issue, but you’ll find value in every Money magazine. Personally, I have learned much

      3 min read

    • UNLIMITED

      Ignore the Unicorn

      Jun 29, 2016

      Ignore the Unicorn
      2 min read

    • UNLIMITED

      Danger in Plain Sight

      Sep 21, 2016

      Danger in Plain Sight
      2 min read

    • UNLIMITED

      Failing? You Should Be So Lucky

      Dec 7, 2021

      Big Ass Fans founder Carey Smith led the fan and light maker from $0 to its $500 million sale. He started working at age 9 and has never stopped. His “secret” to success is common sense, and he’s happy to share it. His firm, Unorthodox Ventures, focu

      5 min read

    • UNLIMITED

      Got To Be in To Win

      Mar 30, 2022

      Got To Be in To Win
      3 min read

    • UNLIMITED

      Why Fear Is As Good As Greed

      Jul 28, 2022

      Why Fear Is As Good As Greed
      4 min read

    • UNLIMITED

      Lessons From Billionaires

      Apr 17, 2020

      Lessons From Billionaires
      9 min read

    • UNLIMITED

      Is It Time To Level Up?

      Aug 30, 2023

      Is It Time To Level Up?
      2 min read

    • UNLIMITED

      Thinking About Day Trading? Read This First

      Sep 22, 2020

      In the midst of the pandemic, you may have noticed a rather unusual trend: More and more people are jumping into the stock market. Despite, or perhaps even because of, extreme volatility in the market and endless speculation about what could happen n

      3 min read

    • UNLIMITED

      Stop Suffocating Small Businesses

      Jun 21, 2020

      We need to talk. Specifically, we need to talk about your demands to suppliers for substantial discounts during these tough times. Even more specifically, we need to talk about your motivation. Your endgame, to use corporate speak. I’ll start. There

      4 min read

    • UNLIMITED

      What I Learned from Losing $200 Million

      Jul 8, 2020

      I’d lost almost $200 million in October. November wasn’t looking any better. It was 2008, after the Lehman Brothers bankruptcy. Markets were in turmoil. Banks were failing left and right. I worked at a major investment bank, and while I didn’t think

      15 min read

    • UNLIMITED

      What I Learned from Losing $200 Million: The 2008 financial crisis taught me about the illusion of control, and how to give it up.

      Dec 24, 2015

      I’d lost almost $200 million in October. November wasn’t looking any better. It was 2008, after the Lehman Brothers bankruptcy. Markets were in turmoil. Banks were failing left and right. I worked at a major investment bank, and while I didn’t think

      15 min read

    • UNLIMITED

      Is That Hot Investment Worth the Risk?

      Sep 23, 2020

      Recently, we talked about how many folks are riding the wave of day trading activity that’s been encouraged by a climbing stock market. Day trading was trendy decades ago and popular again today, helped along by apps like Robinhood. Many people feel

      3 min read

    • UNLIMITED

      Mysteries Worth Solving

      Feb 24, 2021

      Mysteries Worth Solving
      4 min read

    Related categories

    Reviews for You v. Wall Street

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      You v. Wall Street - Dennis Herula

      You v. Wall Street

      Dennis Herula

      Smashwords Edition

      Copyright 2013 Dennis Herula

      License Notes: This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this ebook with another person, please purchase an additional copy for each person you share it with. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then you should return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Ebook formatting by www.ebooklaunch.com

      TABLE OF CONTENTS

      Introduction

      Chapter One: GLADIATOR SCHOOL

      Chapter Two: YOUR GOALS ARE NOT WALL STREET’S GOALS

      Chapter Three: THOSE WHO PROTECT YOUR FINANCES

      Chapter Four: EMPTY SUITS

      Chapter Five: THE ENEMY WITHIN YOUR PORTFOLIO

      Chapter Six: SCAMS FROM THE PAST

      Chapter Seven: RED FLAGS ABOUND

      Chapter Eight: HEAL THYSELF

      Chapter Nine: CLIENTS of the STOCKHOLM SYNDROME

      Chapter Ten: INVESTING ERRORS

      Chapter Eleven: LET NOT YOUR HEART BE TROUBLED

      Chapter Twelve: TIME TO GET TO WORK

      DEDICATION

      To my sister, Del, for her encouragement, and to my friend, Natalie, for her confidence.

      INTRODUCTION

      You vs. Wall Street is a guide intended to help you, the investor, navigate the pitfalls and greed of Wall Street. This guide was written by an ex-stockbroker, branch manager, corporate executive, and hedge fund manager who lived the stock market life for 27 years, and is currently serving a federal prison sentence for breeching ethical boundaries and betraying clients' trust.

      What really goes on behind the closed doors of brokerage house sales meetings across the country? How is your investment advisor paid? What training does he undergo? And whose team is your brokerage firm on?

      Who really gets those hot IPOs? Do you know how to read your monthly statement? What do you look for in your statement to verify if your investment advisor is working in your best interests? What can you do to protect yourself?

      What you don't know can wipe you out!

      The author lays it all out —- his knowledge and powerful checklists —- on the table as no one else can.

      Chapter One

      GLADIATOR SCHOOL

      George Ball, E.F. Hutton’s president in 1977, stood before my stockbroker training class of 25 eager, newly-licensed stockbrokers. He exuded confidence and power in his blue Brooks Brothers suit, red tie, and black Oxford loafers. He was a diminutive man, but he dropped big names like so many snowflakes—-this congressman called him, that Hollywood producer met with him, President Carter called him at home for advice, and so on. It was all very exciting to a 29-year-old from a Detroit blue-collar background. The glamour of being on Wall Street, in one of the most prestigious firms of the era, and the career potential lying in my path, kept me up at night with dreams of wealth and power.

      Ball told us E.F. Hutton’s dynamic history—of Hutton who had been a stockbroker who used the telegraph during the 1906 San Francisco earthquake to alert New York headquarters of the catastrophe and saving Hutton clients millions by giving them the news before it was published, enabling them to liquidate California assets; to the unique position the firm held with George Ball as a presidential advisor. I ate it up and was ready for bear. Turns out, I needed to be ready for bear—-and more.

      A stockbroker’s major hurdle to success is getting over the fear of rejection. To desensitize us trainees to rejection, we spent our first week cold-calling business people all across the country, asking if they would be receptive to stock ideas from time to time. After the first two hundred hang-ups, my enthusiasm faltered, but the phone supervisor monitoring our calls drove me, using the fear of losing my job as motivation. I made over a thousand calls the first week, and had fewer than thirty people who wanted a call back.

      In week two, we practiced calling our stockbroker seniors at various branches across the country to practice making a stock pitch to them. Their critique followed. My confidence grew again when the pros told me I had a good delivery.

      In week three, I called the few businessmen who’d requested a callback, to make the same stock pitch I’d made to my senior stockbrokers. I opened several new accounts and was at the top of my class in both calls made and new accounts.

      In week four, only fifteen of us remained. I didn’t know that ten were told to go home and look for other jobs. The rest of us were told that, in the next three weeks, we had to open at least one new account per day and do one transaction with that account. The office was open until midnight, enabling us to call the West Coast, maximizing the day from 7 a.m. until midnight. I stayed until midnight, even though I always made sure I had the new account by lunchtime. I used the extra time to set up the next new account. As it turned out, all stockbrokers live for the next new account.

      In week five, we were down to seven trainees. The grind continued six days per week, calling businesses and residences alike. I hated calling on Saturdays but when the heat is on, you do what you have to do on Wall Street. It’s always about the next account, the next trade, and the big trade to come.

      In week six, we were five. I finished first by opening the most accounts, averaging two per day. The phone manager invited us to stay in New York for advanced training.

      Advanced training involved working with the top-producing commission generators in the New York branches. I sat in a senior stockbroker’s office, made calls, and did business while he listened in. I was urged to be more insistent, to ask for more investment money, to ask for a referral, to keep calling the prospect even when the prospect showed disapproval or reluctance to my frequent calls. When I sold a client a thousand shares of stock, I was urged to call him back if the stock crept up a little, pushing him to buy more because this move in the price was the precursor to much higher price levels. I was bullied into bullying the client into giving referrals again and again. Everything was must buy today, without delay, or you’ll miss the move. It was a pressure-cooker atmosphere that took a tough skin and numb mindset.

      Not once did the phone manager or senior stockbroker ask me if I agreed with the stock selection I was pitching. No one cared as long as what I pitched had an advantageous sales commission attached to it. Whatever paid the most was the best. Research reports were skimmed over and beneficial highlights were used for the canned sales pitch. The truth rarely made its way into the spiel.

      When I asked the senior broker about the research, he told me to never concern myself with it because it was of no consequence. He said that research was a function of Corporate Finance Departments, firms’ primary moneymakers, deriving income by arranging initial public offerings (IPOs), charging enormous fees for merger advice, and issuing stock and bond offerings for their corporate clients. Research departments were a cost to firms, providing buy, sell, and hold advice for their clients, corporate as well as individual. The research department would never issue a sell report on a corporate client. No corporate client wants to pay fees, only to be besmirched in a research report. Therefore, research is a function of the needs of the corporate finance department and does their bidding.

      One of the easiest ways to open a new account was to offer prospects shares in IPOs. IPOs have several advantages

      Enjoying the preview?
      Page 1 of 1
      pFad - Phonifier reborn

      Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

      Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


      Alternative Proxies:

      Alternative Proxy

      pFad Proxy

      pFad v3 Proxy

      pFad v4 Proxy