Book: "The Zeroes"

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Robert Muir
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Joined: Thu Jul 22, 2010 10:15 pm

Post by Robert Muir »

Randall Lane, "The Zeroes: My Misadventures in the Decade Wall Street Went Insane"
Felix Dennis is a multi-100's millionaire who made his money the hard way in the publishing business. His big money started with the Computer Shopper type magazines and ended with Blender and Maxim. In 2009 he wrote a book explaining how to earn the kind of money that he did: "How to Get Rich". I picked it up for $3 in a Kindle book sale. It was an interesting read, but totally impractical for most people.
Anyway, the reason I mention Dennis' book is that Randall Lane basically tried to do what Felix Dennis did, but he made all the mistakes that Dennis was savvy enough to dodge.
Randall Lane was kind of a schlub; not poor, but also not wealthy - basically a middle class guy like most of us. In 2003, he met up with a rich stock trader and started up a magazine called Trader Monthly that was sort of like Esquire for the multi-millionaire trader crowd; selling advertisements for overpriced luxury items. Naive doesn't begin to describe these guys.
The book describes their run through the bull market bubble of the mid to late 2000's and the excess he witnessed along the way. He names names and the book is rather fascinating in a train wreck kind of way. As I was reading it, over and over, I would think that if this guy had read a few Robert Ringer books and Felix Dennis' book, he might have been able to make it. But then again, what happened in 2008 was a perfect storm and it's possible nobody could have weathered it.
I learned of the book after reading about Lenny Dykstra, who features fairly prominently. I would say to only read this book if you wanted to enjoy a little schadenfreude. There isn't a lot to learn from it, other than to avoid hedge funds and private capital funds, which we already know.


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