Theres no substitute for a trading floor to get great ideas, so Jim Cramer created a better. Using the first group as door-to-door salesmen and the second group as his gullible target, Cornfeld built a multi-billion-dollar and multi-national company, famous for its salesmen’s winning one-line pitch: “Do you sincerely want to be rich?” In this eye-opening yet entertaining book, an award-winning “Insight” team of the London Sunday Times examines Cornfeld’s impressive scheme, a classic example of good, old-fashioned American business gumption and guile. RealMoney DAILY DIARY Read the full story and get access to the Real Money Pro trading floor. Cornfeld, a former psychologist and social worker, knew how to make friends fast and soon targeted two groups of people who could help him fulfill his economic ambitions: American expatriates who were looking to build their own fortunes and servicemen abroad who loved to live high-rolling lives and spend money. Until 1996, he was senior portfolio manager at Omega Advisors, a 6 billion investment partnership. "In the fall of 1955, Bernard Cornfeld arrived in Paris with scant money in his pocket and a tenuous relationship with a New York firm to sell mutual funds overseas. Doug Kass is the president of Seabreeze Partners Management Inc. Hedge fund manager Doug Kass, author of Real Money Pros Daily Diary, and Stephen Sarge Guilfoyle, who writes the popular Market Recon column on Real Money, for example, earlier. Subscribe To Our YouTube Channel To Get Notified Of Our Daily Videos. He goes after Jack Grubman, former analyst for Salomon Smith Barney, who "was the chief proselytizer for unrelenting, ineluctable, telecommunications growth." Grubman's success as an industry cheerleader got the better of WorldCom after he hyped its competitors."īy Charles Raw, Bruce Page, Godfrey Hodgson At Seabreeze, and as the top investor at Real Money Pro, Doug Kass identifies big. Cramer (Confessions of a Street Addict) uses WorldCom's Hindenburg-like plummet to illustrate how unscrupulous analysts hyped stocks they knew were already overvalued in return for hefty compensation. In this little book, the outspoken commentator and cofounder of breaks down how such widely touted companies got away with blatant fraud and why investors got screwed in the process. Rounds of layoffs at ill-conceived dot-coms may no longer be making headlines, but the toppling of behemoths WorldCom and Enron have alerted investors to the pitfalls of unprincipled accounting. "If you invested money in the last five years, chances are you lost some of it. Account icon An icon in the shape of a person's head and shoulders.
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