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Morgan Stanley's David M. Darst on Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street
But Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street is much more than a personal investing bildungsroman. The book is so loaded with lessons, warnings, admonishments, and recommendations that readers will find themselves copiously underlining the text and filling the margins with stars, checkmarks, and exclamation points. Dear Mr. Buffett is wide ranging and hard hitting, written with humility, great specificity, honesty, humanity, and historical awareness.
Captious (or offended) readers may criticize the book as: too harsh in parts; overly broad-brush in its treatment of micro and macro events; and possibly bordering on solipsism when Tavakoli frequently cites her own articles, letters, e-mail exchanges, telephone conversations, and television appearances. Serious financial debacles in the post-Millennium years have left plenty of blame to be apportioned among firms, regulators, the financial system, and let’s face it, human nature, and though polite and deferential, Tavakoli (called by Business Week “the Cassandra of credit derivatives”) is not reticent. At times, her tone can be Biblically prophetic.
That said, Dear Mr. Buffett is worth its weight in gold for two main reasons. First, the timeless investment lessons laced throughout the book. To cite a few:
Second, the book contains lucid, lapidary descriptions of options backdating (Chapter 3); mortgages (Chapter 5); complex structured products, securitizations, and off-balance sheet vehicles (Chapter 7); and the perils of leverage and the developments leading to the difficulties at Bear Stearns, Lehman Brothers, and other financial enterprises (Chapters 8 and 9).
Parts of the book read like replaying a YouTube video of a hurricane. Whether or not you agree with Tavakoli in all cases on the details and/or her approach, what comes through in every sentence is her conviction and courage in recounting what happened and her creativity and concretization in proposing safeguards and solutions. In the Preface, she says she is “still learning,” and the financial realm stands the richer from her energy, discernment, persistence, erudition, curiosity, insight, and human empathy.
Read this book as soon as you can. As Warren Edward Buffett has said, “Janet Tavakoli should have been listened to much more carefully in the past... and will be in the future.”
David M. Darst is a Managing Director at Morgan Stanley. He serves as Chief Investment Strategist of the firm's Global Wealth Management Group and is the Chairman of the Asset Allocation Committee. Darst is also the founding president of the Morgan Stanley Investment Group. Prior to joining Morgan Stanley in 1996, he was with Goldman Sachs for over twenty years, where he served as a senior executive in the Equities Division. Darst is often quoted in the New York Times, Wall Street Journal, and Financial Times, among others. He is also a frequent guest on CNBC, Bloomberg, and FOX News. He earned his MBA from Harvard Business School and received a BA in economics from Yale University. Darst is a CFA charterholder.
"Dear Mr. Buffett is strongly, often harshly, and, more than rarely, tartly opinionated. The attitude is, however, well supported by the facts; should anyone ever display the slightest interest in criminalizing the criminals who led us down this path, a prosecutor could do worse than ordering up copies for the grand jury."
―The late GREG NEWTON, Seeking Alpha
"[Tavakoli has] been railing against emperors wearing no clothes in the credit derivatives markets forever. If only people had listened."
―ANDREW TOBIAS, author of The Only Investment Guide You'll Ever Need
"A rousing tale of advice left unheeded . . . An excellent read, loaded with information about the goings-on in the financial sector."
―Business Standard
"Janet Tavakoli . . . writes in a clear, sprightly way. Contrasting the shenanigans of recent years against the good analysis and common sense of Warren Buffett is appropriate, and helps to illustrate the levels of irrational behavior."
―ADAM SMITH (George J. W. Goodman), author of The Money Game and Supermoney
"An insightful look at the global credit crisis. This book is a must-read."
―JOHN P. CALAMOS Sr., Chairman, CEO, and Co-CIO, Calamos Investments
"Read this compelling book [to] understand how name-brand institutions like Merrill Lynch, Citigroup, Wachovia, and UBS collectively lost hundreds of billions of dollars in ill-conceived products they invented and sold to investors who lost much more. Janet Tavakoli saw this coming and explains what happened clearly, logically, and persuasively."
―ERIC GLEACHER, Chairman, Gleacher Partners LLC
"[A] must-read. Tavakoli knows where the bodies are buried in the complex formulas . . . And as a bonus, we get Buffett's views and insights into his derivatives trading. There's nothing more you could ask for in this day and age of financial derivatives meltdown."
―Economic Policy Journal
"A clear and pacy run through the multitude of sins and sinners in the modern financial world . . . Tavakoli makes for an attractive pundit―she knows her stuff, has strong opinions, and turns a colorful quote."
―Financial Times
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