No Bull by Michael Steinhardt is an autobiographical account of his “life in and out of markets.” So what should you expect?
No Bull details the rise of Steinhardt Partners, an incredibly successful hedge fund with billions of dollars under management. Michael Steinhardt is the chief investment officer and ultimate trading decision maker at his enormously profitable firm. Not only did he pioneer the hedge fund industry, but Steinhardt is also one of the founders of Birthright Israel – one of his many philanthropic ventures. Impressive, right?
No Bull gives an insightful account into how Michael Steinhardt ran such a successful stock trading firm. But it also goes much further and describes the personal and cultural influences that shaped the life and philosophies of Steinhardt. Overall, the book does a great job profiling the life of one of Wall Street’s most successful traders.
Since I just finished reading No Bull, In this book review I’ll give you a quick overview of what I liked most about the book and what you might not like about it.
Why “No Bull” is a Good Read:
No Bull first came up on my radar when I was reading Market Wizards. Jack Schwager’s interview mentioned the book by Steinhardt. I immediately ordered it. And I’m glad I did. No Bull is an excellent read that shows you exactly how to climb to the top of the Wall Street ladder.
No Bull starts out with some background on Michael Steinhardt and the circumstances under which he grew up. No Bull shows the lucky turn that got him into business school, and it shows you how he first became interested in the stock market. From there, No Bull gives a very clear look at how Steinhardt developed his trading strategy – and what he thinks it takes to be an ultra-successful stock trader.
No Bull provides an in-depth and behind the scenes look at the personal and professional life of how a top hedge fund trader makes it to the top, and stays there. But seeing how Michael Steinhardt climbed to the top of the financial services and investment industry isn’t even the best part…
My Favourite Part of No Bull:
No Bull contains a lot of great information. But I found one chapter called “The Steinhardt Style” to be incredibly insightful. And while it was cool to see Steinhardt’s career path to the top, I really enjoyed when he focused on discussing his trading methodology in this chapter. Let me explain…
While No Bull is peppered with information about how Steinhardt makes money in the stock market, this one chapter goes into a lot of detail about how Steinhardt consistently beats the other money managers on Wall Street. At one point in the book, Steinhardt breaks down his investment thesis into four simple and easy to read points. This makes it easy to get a lifetime of investing wisdom in a couple digestible bites. That sounds pretty good right?
No Bull is filled with insight but this chapter dedicated to explaining how Steinhardt came up with his trading philosophy, stands head and shoulders above the rest. I loved how he consistently grinds out trading gains and his gritty determination to extract profits regularly. No Bull really helps you understand the tips and tricks a top money manager used successfully to pad his returns and improve performance for his investors year after year.
No Bull – One Word of Warning:
No Bull, more than other stock trading biographies, focuses on the personal life of the author and protagonist. While I found this comprehensive view of the author very interesting, others might not. So if you’re looking for a book on specific trading techniques or a book that focuses only on trading ideas then you should be warned No Bull has a few chapters about personal and life events.
To be sure, I found the personal insights very interesting. No Bull definitely helps remind you that there is more to life than just trading the stock market. While it’s invigorating to find and analyze your own stock ideas, you need to find other outlets for passion and happiness, even if you have billions of dollars. No bull!
No Bull – The Final Word:
No Bull is an exciting read that details the rise of Steinhardt Partners. The book gives an entertaining and easy to read look at how one of the most successful traders in Wall Street history developed his trading strategy and ran an immensely successful hedge fund. For those reasons I’m happy to recommend you buy No Bull on Amazon right now. There are a couple of very actionable ideas that made this book a very worthwhile investment for me.