The Practical Guide to Wall Street is an indispensable resource for anyone who aspires to a front-office sales or trading position on Wall Street and an essential desk reference for market practitioners and those who interact with this exciting but widely misunderstood industry. Written by an experienced trader in a clear, conversational style and assuming no previous background in finance, The Practical Guide to Wall Street provides a thorough schooling in the core curriculum of the equity and equity derivatives sales and trading business - exactly what you would learn from sitting beside the traders at a tier-one Wall Street investment bank (except that in practice, traders rarely have time to provide such detailed explanations!) Topics covered include:
Clear, detailed and intuitive explanations of all major products, their function, pricing and risks (several of which are unavailable anywhere else despite producing billions of dollars in annual revenue for Wall St.)
The layout of the trading floor, the roles and responsibilities of the different sales and trading groups and how they interact to service the client business
An overview of the structure of the macro-economy and the trader’s perspective on the significance of economic data releases and their impact on the financial markets
A review of those concepts from fundamental valuation and financial statement analysis of greatest relevance on the trading floor (as opposed to abstract valuation models)
Practical details of the structure and functioning of the equity and derivative markets including translations of trader jargon, Bloomberg tips, market conventions, liquidity and risk considerations and much more…
This book provides the first comprehensive explanation of all aspects of the functioning of the equities division, with information, details and insights previously only available to those who already worked on a trading floor. The availability of this material in a format accessible to non-professionals fundamentally changes the level of industry knowledge employers in the financial services industry can expect of new hires.
Perfect guide for newcomer or trading floor veteran
By Gus Paul - May 21, 2009
Having worked on Wall Street for 7 years, this is the book I wish I had when I started. It gives exactly the right level of depth in each of the product areas you will encounter on the Equity side of Sales & Trading.
If you are an experienced trader on a particular desk the explanations will seem elementary. But as a basis for understanding all the various desks on the trading floor this is perfect.
There are also very useful sections on how to read company balance sheets and announcements and macro economic announcements. Crucially these sections concentrate on what you need to know as a salesperson or a trader and not what you need to be an accountant or an economist. Consequently a lot of unnecessary complication and depth is stripped away to make these concepts much easier to follow.
This book should not just be considered by traders and sales people - it is very relevant to anyone working in middle office or IT/Operations functions too... read more
Superb... a gem of a book
By Roberto Di Pietro - August 29, 2009
I can't think of more useful resource for new hires, junior traders, salespeople or aspiring students than this book. It covers all the different product areas in the division and takes the enormously pragmatic approach of an actual trader - focusing on the real issues faced by practitioners, not abstract theoretical considerations.
As for the condescending (and creatively spelled) 1-star review from William the "FINANACE ENG." [sic], I think he's missed the point of the book entirely. If you want someone's opinion about the content, take a look at the back cover recommendations from the global heads of trading at Morgan Stanley ("an extraordinary accomplishment... enormously useful") and Credit Suisse ("an excellent introduction ... I'd enthusiastically recommend it to any new hire") as well as the professor who teaches at two Ivy League universities ("a textbook that combines practical wisdom with academic rigor").
If you're already in the industry, this book... read more
A must have if you are in the business
By Shubhro Banerjee - March 2, 2013
clear practical guide, excellent explanations and a lucid style. A few case studies might have helped but other than that a great book.
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