The Wall Street Jungle

[MadMarketScientist 11]

Classic book by legenary Richard Ney published in 1973. Covers the games and rules in which Wall Street plays by. The book itself covers more of the business side of Wall Street; the bright and the dark side.

[Soultrader 12]

The Wall Street Jungle explains the corrupt practices of the specialist system. Ney talks about how specialists control prices and how the law of supply and demand is misleading under a specialist system. A stock will simply rise because a specialist has inventory objectives and will drop the price once inventory of his own and his friends are distributed and short positions are initiated.

 

Richard Ney goes into depth through case studies, investigation reports, interviews of specialists, etc... to illustrate his point.

 

"A stock is only worth what the specialist is willing to pay for it."

 

"The money stolen from many is divided among a few."

 

"There is only this difference between the New York Stock Exchange and a dictatorship - the dictator confiscates your money outright while the Stock Exchange conditions you to think you made a bad investment."

 

A very interesting read and worth checking out.