Gents With No Cents – Book Review
Well, this is embarrassing. Last week I was cleaning up my office when I came across a book that I’d seen but just passed by many times. Eventually I picked it up and realized it was a book that I’d received and been asked if I would honestly review it; oops. I feel bad because had I reviewed it earlier, I could have told you, if I liked it, that there were times it was going to be available for free on Amazon. The last date was June 15th; my bad.
Anyway, the book is called Gents With No Cents by Ron DeLegge II and it takes a humorous look at how Wall Street works and how some of the people working on Wall Street think. And to get this out of the way… I loved this book! Ron’s got a great sense of humor and I found myself laughing out loud at some of the descriptions of what goes on here and there. There are also images in the book that are pretty funny. One in particular that I liked addressed the consumer’s mindset when it comes to whether they should invest or not, and it included things like “walk dog”, “mow lawn”, and “rotate tires”.
The book, about 159 pages, is broken down into 9 chapters, with titles like News, Views and Zoos and Cops and Robbers. He talks about the mindset of those working on Wall Street, the different levels of folks, their tolerance for risk, etc. While laughing, I came away with the sense that I was right about many of these people; they’re as scared as we are because sometimes, even when they’re correct, they’re shocked that they were right.
He talks about shareholders and how one can relate their beliefs to Snow White’s seven dwarfs; I enjoyed that. If you’re an investor you’re a shareholder, and for the most part you’re probably Sleepy or Grumpy and feel like Dopey; that was me.
You will learn about the inner workings of Wall Street, investing, share prices, hedge funds and managers, and of course major share holders. There’s stories and history as well. In the chapter called Earth, Wind and Taxes he tells the story of a technology entrepreneur (no names) and his up and down adventures in investing and how he eventually worked $700 million down to $7 million by being, well, stupid. Major lesson in life for us all.
I heartily recommend you read this book if you want both to learn something and have a good time while doing it. And when you get near the end of the book you’ll actually find that he gives you an interesting investment strategy courtesy of a hedge fund manager he talked to. My bet is that no one will follow it, but in a way it makes great sense, and no, I’m not telling you what it is here. Go read this book; it’s worth your time.