The Big WinLearning from the Legends to Become a More Successful Investor
A rousing and practical look at the extremely successful investments of top investors In his first book, The Billion Dollar Mistake, author Stephen L. Weiss showcased the biggest blunders of some of the world's legendary investors—which lost them billions of dollars on a single investment. Incredibly, the mistakes they made were the same mistakes made by everyday investors but for the magnitude of the loss. Weiss's second book, The Big Win: Learning from the Legends to Become a More Successful Investor, highlights financial successes, explaining how the world's most successful investors make a fortune and how you can do the same. As with the missteps Weiss profiled in his first book, the strategies used by these legendary investors are available to all, regardless of size or sophistication. Profiles legendary investors and highlights their investment strategies—from finding the right investment to researching to making a move Probes each investor's personality and questions their investment thinking Identifies and describes each investor's "big win" and why it became their most successful investment The Big Win is a primer on successful investing the way it is really done by the people who do it for a living—passionately and with extraordinary success. The Billion Dollar Mistake told readers what not to do to get rich; The Big Win shows readers how to do it right for the payoff of their lives.
Acknowledgments xi Introduction 1 Chapter 1 The Legends I Have Met: A Behind the Scenes Look at What Makes a Legend 5 Wanted: The Truly Successful and the Truly Interesting 7 Tying the Common Threads Together—The Portrait of the Perfect Investor 16 Chapter 2 Follow the Money: The Ugly Reality of Whale Watching 19 Chapter 3 The Glass Ceiling of Performance: Renée Haugerud 35 Puts and Calls and Corn 36 A Feel for Trading 39 Commodities as Mover and Shaker 42 Managing Risk 48 Renée Haugerud's Big Win: The Three-Instrument Trade 49 Chapter 4 The Boom Goes Bust: James S. Chanos 59 A Fan of the Facts 61 The Baldwin-United Short 64 Short Seller Supreme 67 Doggedly—and Successfully—Cynical 68 The China Short 70 Chapter 5 Digging Deep, Coming Up Big: Lee Ainslie 83 Nurturing a Tiger Cub 84 Apprentice to Journeyman to Master 86 Mapping Maverick 88 The Cognizant Big Win: Challenging Conventional Wisdom with Research 93 Chapter 6 small caps, BIG GAINS: Chuck Royce 109 On the Not-So-Fast Track 113 Reaping Value 118 RBA: A Classic Big Win in the Royce Style 125 Chapter 7 The Prophet of a Profitable Vision: A. Alfred Taubman 133 Native Wolverine 134 Big Wins: The Enclosed Mall and the Irvine Ranch 136 Core Competency 139 Defeating Threshold Resistance 142 The Process 146 Chapter 8 The Twenty-First Century Belongs to China—and Commodities: James Beeland Rogers Jr. 153 Easy Rider Explores the World 156 A Father's Gift 159 Bullish on China 160 The Commodities Connection 162 Chapter 9 Opportunity Is Where You Find It: R. Donahue Peebles 171 No Limitations 172 Finding the Deal 177 On the Beach 179 The Peebles Way to a Win 181 Chapter 10 Finding Value in Junk: Martin J. Whitman 193 Educational Value Added: On-the-Job Training 195 Solo 197 The More You Know . . . 200 Bringing the Carcass Back to Life 201 Conclusion: So There You Have It . . . 211 About the Author 215 Index 217
Stephen L. Weiss is a twenty-five-year veteran of Wall Street and the Managing Partner of Short Hills Capital Partners, LLC. An active investor, markets expert, and public speaker, he is also a CNBC contributor, appearing regularly on Fast Money and Fast Money Halftime Report. Weiss is the author of The Billion Dollar Mistake: Learning the Art of Investing Through the Missteps of Legendary Investors (Wiley), which has been translated into Chinese, Japanese, and Korean versions.
In his first book, The Billion Dollar Mistake, Stephen L. Weiss explored the surprisingly pedestrian blunders of billionaire investors to show the rest of us how to avoid making the same mistakes. Now, in The Big Win: Learning from the Legends to Become a More Successful Investor, he's back, looking at the successes—rather than the failures—of another group of living legends to show you how to make use of their unique strategies to improve your own returns. Diverse in their backgrounds, each one of the investors profiled in the book triumphed by drawing on their personal strengths and transforming them into fortune-building wisdom. Weiss highlights the investment acumen and strategies that allowed these exceptional individuals to excel and details their biggest wins, focusing on those that most clearly illustrate their distinctive investing styles. Incorporating end-of-chapter "takeaways" that succinctly summarize the key lessons to be learned from each story, The Big Win is designed to help readers from all backgrounds and levels of experience understand the qualities that make an investor great, and how to apply the strategies of these luminaries to your investing career. Packed with advice that can be applied to any asset class, the book distills the most important achievements of true investment superstars into exciting and endlessly inspiring stories that you can easily relate to and apply to your financial pursuits to attain greater success. Drawing on the lives of men and women who made their fortunes not only in the stock market, but also in real estate, commodities, and high-yield bonds, The Big Win is an anthology of the incredible stories of true pioneers who transcended race, gender, and class to become investment legends, and what you can learn from their experiences.
Praise for The Big Win "If you want to create wealth, understand how the smartest investors in the world do it. And to learn from the best, then get the best to speak candidly about their investment strategies. That's what Stephen Weiss did in The Big Win, a truly fascinating read that details these legendary investors' winning strategies in stocks, bonds, and real estate." —Larry Kudlow, Host of CNBC's The Kudlow Report "Winning . . . that's what Steve Weiss's The Big Win is all about. I have always thought that we can best succeed by learning from the best. And The Big Win—written in a straightforward and easily readable style—chronicles winners in varied fields who have demonstrated a similarity of drive, passion, process, equanimity, discipline, and humility in reaching rarefied heights that should serve as templates for anyone intent on becoming extraordinary." —Douglas A. Kass, General Partner, Seabreeze Partners Management, Inc. "Winners win. Stephen Weiss gets that because he's done it at the highest level of this game. His sell-side (Salomon Brothers) and buy-side (SAC Capital) experience contextualizes making successful investing a repeatable process." —Keith McCullough, CEO, Hedgeye; author, Diary of a Hedge Fund Manager "Mr. Weiss has written an introduction to alternative investments that has the very best—and very rarest—qualities of business writing, in that his book is educational, entertaining, and accessible all at the same time. Newcomers to the field of non-traditional investment styles will not be intimidated; while seasoned pros may well find new stories here that they can reflect upon to their profit." —Alicia Ogawa, financial consultant; Senior Advisor, Center on Japanese Economy and Business, Columbia Business School
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