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Baruch: My Own Story, by Bernard Baruch
PDF Ebook Baruch: My Own Story, by Bernard Baruch
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- Sales Rank: #1008968 in Books
- Published on: 1996-02-01
- Ingredients: Example Ingredients
- Original language: English
- Number of items: 1
- Dimensions: 8.75" h x 6.00" w x 1.00" l, 1.28 pounds
- Binding: Hardcover
- 337 pages
Most helpful customer reviews
3 of 3 people found the following review helpful.
The Inspirational Autobiography of a Great American
By Alan Lattanner
My Own Story is a highly entertaining, thoughtful and richly detailed account of the life and times of Bernard Mannes Baruch, one of the most effective and influential men that America has ever produced.
The entertaining aspect comes from his focus on people: his ancestors who arrived in America in the early 18th century, his grandfather the southern gentleman and his father the Civil War surgeon, the many famous financiers with whom he associated in at the turn of the 19th century and his association as an adviser to seven US presidents.
The thoughtful aspect comes from his commentary about the financial, social and political events over his then 87 year life, when this book was published in 1957. As a young "runner" on Wall Street Baruch observed the panic of 1893, drawing the conclusion that great fortunes could be made by buying when everyone else had abandoned the markets. He describes many subsequent financial events in our nation's history and the historical figures involved, their personalities and how events shaped his investment philosophy. The chapters "Learning the Hard Way" and "My Investment Philosophy" will be of particular interest to all who speculate in the markets.
The richly detailed aspect comes from Baruch's wonderful storytelling ability and his clear writing style. One gets a unique insight into the personalities of the late 18th and early 19th century such as financier J.P. Morgan, top trader James R. Keene, Diamond Jim Brady, Woodrow Wilson, Franklin Roosevelt and more. The early 19th century was marked by industrial expansion, particularly in the west. Baruch was an early venture capitalist and investment banker during this era, before these terms were coined, with a solid knowledge of mining engineering and transportation logistics as well as great negotiating skills and financial acumen. His stories of railroad acquisition wars, how the Guggenheim's built their fortune, the founding of Texas Gulf Sulfur and the technologies that made it possible, are all fascinating.
There is an element of hubris in the later chapters that is understandable and beneficial to a better understanding of this rather secretive man. Baruch prefaces his list of achievements and philanthropies with a story or two about the many attempts to defame him by those disgruntled as a result of his investment success or his decisions as the Chairman of the War Industries Board during World War II.
There are important lessons for investors and speculators who are able to read between the lines to peer into Baruch's personality. He developed courage from an early age. Growing up in the rough and tumble rural culture of South Carolina, where boys were expected to take care of themselves and fistfights were common. He took his father's advice to "never stand an insult," but frequently got pounded by the other kids. This made him tough and eventually led him to become a credible boxer, including lessons from boxer "the bigger they are, the harder they fall" Bob Fitzsimmons. He observed his physician father's caring attitude toward mankind, stoking his sense of fairness and generosity while mitigating his natural human impulse of greed. I think these two strong influences molded his later investment philosophy to produce a speculator with minimal tendency to fall into the fear and greed trap that leads so many to ruin. For example, he courageously bought sugar futures, based on his correct assessment that a feared tariff reduction would not pass the Senate, earning him his first million well before 30. On the other hand, he sold all of his holdings about two years before the 1929 market top, then sat and watched the market ratchet higher, and finally went short starting two months before the October 1929 crash. He was not afraid to miss out on the extended market blowoff and he had the courage to go against the trend near the top when that appeared insane to all others.
I often think that young people would benefit more from reading the biographies of interesting people like Bernard Baruch than from learning the diluted and boring version of history found in most textbooks. On any such reading list Bernard Baruch's "My Own Story" would be near the top. I rate it five stars.
1 of 1 people found the following review helpful.
A classic historical account of markets and economic change in ...
By Vinny
A classic historical account of markets and economic change in early 20th century America through the journey of wise stock market speculator. This book is personal and humble, and filled with wisdom that has withstood the test of time.
10 of 10 people found the following review helpful.
Classic, Biography of a great man and stock trader
By Steve Burns
This biography is a great read for anyone interested in this great man who counseled presidents and was associated with Winston Churchill. It is interesting in showing how far ahead of his time Mr. Baruch was in not only stock speculating but also discrimination and economics. He was a millionaire in his early thirties after a few good runs in the stock market and devoted the remainder of his life serving the public and helping the U.S. when WWI and WWII. If you are reading it for only his advice on stocks just read chapter XIX My investment philosophy. It is one of the greatest chapters you will find anywhere on successful stock speculation. He will explain to you that economic conditions do not drive prices, peoples perceptions do. Cut your losses fast. Sell your worst performers keep your best. Know what you are investing in. You can only truly learn the rules of stock trading by experiencing the losses personally. Here is a summary of his 10 rules summarized:
1. Only speculate if you can do it full time.
2. Ignore inside information and tips.
3. Have a complete understanding of a companies fundamentals before you buy the stock.
4. Don't try to buy bottoms or sell tops.
5. Cut your losses quickly.
6. Focus on and buy only a few stocks.
7. Review and update your investments periodically for changes.
8. Study your tax position to know when to sell at greatest advantage.
9. Never invest all your funds. Keep a reserve.
10. Stick to the field you know best in investments.
Chapter 19 is a must read for all serious stock traders.
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