| A second-rate book with intellectual pretensions (Virginia) January 20, 2005 -... |
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| Book - Customer Review:22
Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score Andy Kessler 
Rating: 4.0/5 Stars Rank: 5764 (Virginia) January 20, 2005 - 2.0/5 stars Although "Running Money" is peppered with the same brand of sophomoric humor that permeated Kessler's first book, "Wall Street Meat", this book clearly has intellectual pretensions, with Kessler repeatedly adopting a professorial tone to air his views on America's massive trade deficit, among other things. Sadly, this is the book's major weakness. Kessler's core competency is as a raconteur, not a thinker. When he tries to style himself as a thinker, he inevitably embarrasses himself. For instance, he contends that America's trade deficit should not be a cause for concern, as it is the natural result of the developing world's competitive advantage as a producer of low-margin goods (which are subsequently imported into America). If the trade deficit is really so worrisome, shouldn't America become a producer of low-margin goods in order to curb its imports?, Kessler asks with a touch of sarcasm. This is patent nonsense, of course. The problem is that, like a spendthrift consumer racking up too much credit card debt, America is importing goods from abroad and incurring alarming amounts of obligations to foreigners in the process. Nobody is suggesting that America take the extreme and atavistic step of nurturing its low-margin industries in order to rectify this problem; rather, America should live within its means. I could go on, but Kessler's gaffes are too numerous to list. Kessler's self-deprecating style partially redeems his many blunders - but perhaps there is truth in jest. Like many others, he simply went along for the ride during the bull market of the late 1990s, leaving me with the impression that the stellar performance of his fund was nothing more than dumb luck. "Don't confuse brains with the bull market", he admonishes when describing other high-flying but incompetent fund managers who eventually got their comeuppance. Ironically, Kessler would do well to apply those words of wisdom to himself.
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Editorials(11) | Product Info | Product Listings Customer ReviewsRunning Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score Andy Kessler Customer Review
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