The Faber Report
CNBC's "The Brain" Tells You How Wall Street Really Works and How You Can Make It Work for You
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3.0 • 2 Ratings
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- $9.99
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- $9.99
Publisher Description
These days, when CNBC's David Faber talks, Wall Street listens. Unlike the talking heads that populate the financial news channels, Faber is a down-and-dirty investigative reporter. For six years, on CNBC's popular Squawk Box and in his own segments, Faber has broken story after story. Each day over one million people tune in to hear his daily report. Those who know the score know that Faber is the one to listen to -- especially now that the market isn't doing as well as it used to.
Now Faber has written the smartest, most innovative investment book to be published in years. Like Harvard Business School's famous case study method, each chapter is built around a story -- the story of how a stock was presented to the public. Then Faber extracts clear, easy-to-follow lessons and instructions on how readers can learn the stocks real story, just as he does everyday on CNBC. Readers learn not just how to pick the stocks they want to invest in, but how to avoid joining the "penguins" lining up for big losses. The Faber Report combines practical, down to earth investment advice with wild accounts of investor fraud, company misdeeds, and famous investors and banks that have led investors astray. A quantum leap beyond the usual investment books, The Faber Report is essential reading for anyone who wants to profit-bulls or bears.
PUBLISHERS WEEKLY
Faber, a financial industries reporter who hosts The Faber Report, a CNBC segment, promotes an aggressively skeptical attitude in his first book. Predicated on what he calls Wall Street's core conflict of interest investment firms that analyze companies and also hope to do banking business with them Faber's work critically addresses the current economy. Analysts often assign ratings to stocks, not based on actual value, Faber says, but with an eye toward bringing in millions in fees for their own firms (and, by extension, themselves). He organizes his book as a series of case studies of how various companies' stocks were presented to the public, at times referring to the players simply as Big Firm X and Company A. Playing up his broadcast journalism background, Faber punctuates the finance talk by inserting pointed sidebars on understanding hedge funds and price/earnings ratios, profiles of high flyers like Lucent CEO Rich McGinn and even some Enron gossip. It's refreshing to see Faber's cynicism toward the industry he covers, but his tortured rationalization for why he has continued is unexpectedly touching: "of the many thousands of bankers, traders, money managers, and brokers I've spoken to, not one came to Wall Street in order to do good for his or her fellow man," he says in the introduction. "But... I would counter," he writes later, "that it is better than anything else I've seen." Faber has penned a helpful, instructive book with appropriate amounts of doubt and optimism.
