Born to Steal
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Just finished reading "Born to Steal." While it was written in 2003, it is definitely the movie "Boiler Room" (from 2000) in print. A pretty fascinating read.
I actually found the book to be quite motivating. Take these brokers' work ethic and sales skills, apply it in an ethical manner and you would see tremendous results. Granted, the production numbers would be lower w/out the "max chop" spreads. Still, these guys spent all day on the phone, opening accounts and pitching non-stop. Still a recipe for success.
I read that book as well, it was very interesting. Talk about fast times and faster money.
Ditto, The Judge.
I've always envied the cold call approach of these shysters. Give them some moral fiber and a conscience and they could be one of the top brokers in the country.
[quote=The Judge]
Just finished reading "Born to Steal." While it was written in 2003, it is definitely the movie "Boiler Room" (from 2000) in print. A pretty fascinating read.
I actually found the book to be quite motivating. Take these brokers' work ethic and sales skills, apply it in an ethical manner and you would see tremendous results. Granted, the production numbers would be lower w/out the "max chop" spreads. Still, these guys spent all day on the phone, opening accounts and pitching non-stop. Still a recipe for success.
[/quote]
Exactly right! Most of the Boiler rooms of the 80s took a prospecting/marketing system developed by Lehman top gun Marty Shafiroff and butchered it. it became known as the Lehman system. Shafiroff would work 18 hours days cold calling the biggest business executives in the country pushing Lehman's exclusive research. His was a two call system. Call number one was looking for equity buyers with the offer to hear "Lehman's best ideas." On the second call he "pitched" the idea. Some masterful closing for large positions would open large accounts. Other Wall Street research houses, Bear, Opcho, caught onto the idea, then the penny stock rip off artists modified it for their purposes.
Some of the largest brokers in the country used or are using the system to build their books. Hard work combined with good research topped off by AAA rated salesmanship. Free for all to clone.
Bear's head of private client got his start as a cold call broker. Work ethic in tandem with good (ones that go up) pitches work. It's too bad the bucket shop brokers' pitches aren't as good as their work ethic.
[quote=ymh_ymh_ymh]
Bear's head of private client got his start as a cold call broker. Work ethic in tandem with good (ones that go up) pitches work. It's too bad the bucket shop brokers' pitches aren't as good as their work ethic.
[/quote]
That would be Steve Dantus. Dantus is one of the good guys. As a manager, he made a lot of brokers rich.
Steve Dantus is indeed a good guy and most if not all Bear brokers respect and like him. Steve was never afraid of a little hard work (still isn't).