High-Flying Adventures in the Stock Market - Hardcover

Baker, Molly

Hardcover

ISBN 10: 047135936X ISBN 13: 9780471359364

Publisher: Wiley, 2000

Synopsis

PRAISE FOR HIGH-FLYING ADVENTURES IN THE STOCK MARKET
"A wonderful read-Baker takes you through a year in the life of a fund manager-it's so well conceived and written that you'll think you were there too. Individual investors who manage their own money should put this book in their 'portfolio.' Informative, educational, great fun."-Larry Waterhouse Jr., Chairman, TD Waterhouse Investor Services, Inc.

"Most Americans know mutual funds only by their performance numbers. In High-Flying Adventures in the Stock Market, Molly Baker takes us inside the fund industry to give us a compelling and intimate look at the human drama of running a fund."-Douglas K. Sease, Editor, Wall Street Journal Books

"Baker uses the eye for detail she acquired as a reporter for the Wall Street Journal to explain the high-pressure world of the money manager in laymen's terms. For those seeking a readable, inside account of the '90s historic stock market boom, this is a book to add to the portfolio."-Dana Milbank, staff writer, The Washington Post

"Baker has provided an unusual perspective into the world of mutual fund management. She is a real reporter who is skilled in her understanding of what she describes and lively in her choice of episodes. The book is fun as well as informative."-Peter L. Bernstein, President, Peter L. Bernstein, Inc. author of Against the Gods: The Remarkable Story of Risk

"A fantastic voyage through the mutual fund universe. Every investor should read this book."-Andrew Metrick, Assistant Professor of FinanceThe Wharton School, University of Pennsylvania

About this title

Review:

Anyone who's tried day trading can tell you about the frayed nerves and upset stomach that come with following stocks by the hour. But try following their tiny movements day in and day out for a year, with $2 billion hanging on your decisions, and you'll have an idea of what it's like to manage a mutual fund. In mid-1998, reporter Molly Baker tagged along with Jerry Frey, manager of Delaware Investments' top-performing growth funds, and recorded his thoughts, actions, and conversations as he and his team tried to beat out 860 other funds for first place. What emerges is a portrait of a man with intestinal fortitude, a knack for numbers, and an uncanny understanding of market psychology. When a junior manager prepares to sell a rising stock at $30, Frey tells him to lower his target to $29 5/8; there may be a hundred other fund managers thinking, "I'll sell when it hits $30," but there may not be a hundred buyers willing to pay $30. "I've told you not to think in round numbers," Frey cautions.

As the year goes on, Frey's overall ranking rises and falls with the volatile tech sector, and with it his moods. But, ultimately, it's not competing funds that pose the greatest challenge to Frey and his team--it's a record bull market. Index funds were the biggest success story of the 1990s, riding the market's momentum instead of betting on individual stocks. Frey watches helplessly as the value of his handpicked portfolio shrinks, then grows, then shrinks again, while the overall market continues to climb. Personal investors wondering how the pros handle the market--both professionally and emotionally--should find High-Flying Adventures in the Stock Market an illuminating read, one that brings the mystery of big-money investing down to earth. --Demian McLean

From the Inside Flap:

". . . a front-row view into the world of big-money investing."-Dave Kansas, TheStreet.com

Ever wonder what happens to the money you send to your mutual fund? Ever wonder exactly what it takes to produce the performance numbers on your monthly statement? Maybe you own a few stocks, and buy and sell from time to time. But how would you like to be responsible for managing a $2 billion portfolio? What goes on behind the doors of those auspicious funds? Where does your money really go?

In High-Flying Adventures in the Stock Market, Molly Baker shows you where the money goes. For one full year, Baker followed the day-to-day life of mutual fund manager Jerry Frey, leader of the top-performing Delaware Investments Select Growth Funds. With Baker sitting in, Frey and his team ran millions of dollars in the aggressive and competitive world of the market. Through their experiences, Baker takes you inside the stock market, behind the curtain and into the fast-paced world of mutual fund management. She gives you a real-life taste of what moving billions of dollars is like.

It's a world of high-flying sales pitches and hair-raising decisions with the potential for million-dollar gains-or losses. You'll sit in on meetings with the hottest new companies pitching their IPOs. You'll eavesdrop on phone conversations with leading analysts and traders. Which stocks will take off, and which will tank? Baker puts you in the room, at the trading desk, in the moment, and inside the collective minds of Frey's money management team.

It's also a world of cutthroat competition, where every fund is driven to beat the others and produce record returns. A day of prosperity means nothing unless it's maintained into the next day, the next week, the next month, the next quarter, and, ultimately, into the end of the year. A good year rakes in investment dollars and prestige, and a top year-a real, blowout winner-means you can write your own ticket. In High-Flying Adventures in the Stock Market, you'll find out exactly what it's like to compete for these stakes-to feel the intense pressures, and live the human drama of the markets.

This captivating story gives you unprecedented access to the real world of the market. Baker shows you exactly why Frey buys the stocks he buys, and why and when he sells. You'll learn firsthand what happens when the Fed lowers rates, and what a savvy mutual fund manager does when the market takes a tumble. You'll be able to see what the pros do, and as a result, you'll get a better handle on how you're managing your own money right now.

But even if you've never managed a dollar, you'll be engrossed by Baker's true tale of money, risk, and returns. It's the clearest look you'll ever have into the high-flying world of the stock market.

About this edition

• Publisher: Wiley
• Publication date: 2000
• ISBN 10: 047135936X
• ISBN 13: 9780471359364
• Binding: Hardcover
• Edition number: 1
• Number of pages: 288