Read The Bull

The 10th episode of Read The Bull is an in-depth conversation with WSJ's Gregory Zuckerman.  Greg is an investigative reporter and a 27-year veteran of the paper who writes about business and investing topics. Greg is a three-time winner of the Gerald Loeb Award—the highest honor in business journalism.

Greg's written six books, including "A Shot to Save the World: The Inside Story of the Life-or-Death Race for a COVID-19 Vaccine," "The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution," "The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters," and “The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History.” Greg's written two books with his sons,  "Rising Above: How 11 Athletes Overcame Challenges in their Youth to Become Stars,” and "Rising Above: Inspiring Women in Sports."

Greg's an intrepid reporter, but he's also a compelling story teller. 

Stefan and Greg discuss in the interview the common thread in his books - breaking down complex topics and telling stories through the people.  Zuckerman reveals that behind all of his books are interesting characters who are the unexpected people leading a revolution - whether it's the small companies leading the charge to find a vaccine for COVID, the wildcatters extracting oil and natural gas buried in shale rock deep below the ground,  a merger arbitrage specialist who unearths the greatest trade or the team of mathematicians who consistently beat the stock market.

Greg  reveals about how he's able to get sources to talk including the secretive and publicity-shy subjects of his books, including John Paulson and Jim Simons.

Greg talks about his writing process and explains why he's taking more time to write his next book.

Check out the interview and see if Stefan can find out the subject for Greg's seventh title. 

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The ninth episode of Read The Bull is a lively conversation with  Anthony Scaramucci, Founder and Managing Partner, SkyBridge, and founder and chairman of SALT. 

Scaramucci discusses his colorful Wall Street career and details how he's distilled his many experiences into his six books including his first, "Goodbye Gordon Gekko," a nod to Michael Douglas' villainous character in the iconic film 1987 "Wall Street" and the 2010 sequel "Wall Street: Money Never Sleeps."  Scaramucci describes "Goodbye Gordon Gekko" as a right-of-passage in which he details his early career and lessons learned along the way, from his stints at Goldman Sachs to starting his own hedge fund, Oscar Capital Management and eventually starting SkyBridge and the SALT conference.

Scaramucci met host Stefan Prelog 15 years ago and they reminisce about the experience working together on Scaramucci's second book The Little Book of Hedge Funds, published by Wiley.

For the uninitiated, Scaramucci is a financier, but he's also an entrepreneur and a risk taker who isn't afraid to tell it like it is.  Scaramucci draws strength from his experiences and advises people to embrace failure and learn from their mistakes. Scaramucci uses his foray into politics and his 11-day stint as White House Communications Director as an example. He explains that the experience of getting fired and roasted by the media was one of the most challenging in his career, but he was determined to get back up, which he did. 

A voracious reader himself, Scaramucci shares his own reading list and notes he's used books as a didactic tool throughout his life. He astutely points out that you can get condensed knowledge from reading books. Scaramucci himself has authored six books, and he discusses his approach to writing and reveals the title of his yet-to-be-released seventh book.

Prelog and Scaramucci cover a lot of ground, from writing to philosophy and even  Yiddish literature. You'll learn Scaramucci's favorite Yiddish words and who he thought gave a better performance parodying him - Bill Hader or Mario Cantone. 

Whether you know Scaramucci or only know about him from what you've read, you'll want to tune in and listen to this episode. 

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The eighth episode of Read The Bull is an enlightening conversation about one of the world's greatest investors - Warren Buffet.  Todd A. Finkle, Ph.D., is the Pigott Professor of Entrepreneurship at Gonzaga who's written the insightful book "Warren Buffett: Investor and Entrepreneur."  Todd brings his 33 years of teaching to the book and distills Buffett's entrepreneurial voyage.  Todd talks about his own entrepreneurial approach to getting the book published. He discusses how he took his time writing it with the goal of making it the most important writing of his career. Todd's originally from Omaha and went to school with Buffett's son Peter, but even with the personal connection, Buffett declined to write Todd's introduction, which publishers wanted before committing to publishing the book. Todd's tireless approach and the fact he's one of the premier professors of entrepreneurship helped get the attention of Columbia Business School Publishing, who ended up publishing the book. Todd discusses with Stefan the impact of Buffett being born during the Great Depression, and noted that Buffett's father lost all of his money during this time.  He explains that there was added chaos in the family as Buffett's mother was dealing with mental health issues. Todd discusses how the "poverty effect" played a part in Buffett's life and likely influences him even today. "He doesn't stop," Todd says of Buffett who's 92.  He talks to Stefan about how Buffett became an entrepreneur at a young age, starting with a lemonade stand and then buying 40 acres of farmland at age 15, which he then leased out. Stefan and Todd go on and talk about some of Buffett's best and not so great investments. Listeners may be surprised to learn that the Berkshire Hathaway investment is considered  one of his worst, despite the fact that it ended up as the name  of Buffett's holding company.  And it was all over 12.5-cents! Stefan notes that Todd may hold the record for getting the most classes invited out to meet with Warren Buffett and they discuss about some of the creative ways Todd and his students secured those coveted invites. Todd highlights how Buffett studies and values companies and they discuss Berkshire Hathaway's own succession issues. Stefan ends the interview testing Todd's knowledge of Warren Buffett quotes and they breakdown a few of the 263 books written about the modern day JP Morgan.

Even if you know everything about Warren Buffett, you'll come away learning somethin  new from this conversation. 

Go to ReadTheBull.com for more information.

The seventh episode of Read The Bull is a topical and wide-ranging conversation with WSJ senior writer Jon Hilsenrath about his book Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval.  Hilsenrath is the perfect person to write a book about Yellen. He's written about economics and finance since 1997, and he's covered Yellen, her predecessors at the U.S. Federal Reserve and many of the economists that appear in the book. Yellen is the first woman to chair the US Federal Reserve and the first female Treasury Secretary. Jon points out that she also has the distinct honor of being the only person that's led the Federal Reserve, been Treasury Secretary and been Chair of the Council of Economic Advisers.  Jon tells host Stefan Prelog why Yellen was a great subject for a book, noting that she's been at the center of every major financial and economic crisis over the past 25 years.  Jon details how Yellen's upbringing and parents impacted her view on the economy and employment. Jon discusses his focus on Yellen's marriage to George Akerloff, himself an economist who has a Nobel Prize to his credit.  Jon uses their relationship to tell a much bigger story about modern economics and how it has evolved.  Jon  also uses the marriage between markets and democratic government to show how the application of economics is a messy process and one that is managed and held together by institutions. Jon tells Stefan the biggest threat to the United States and our way of life  is the growing distrust of institutions that hold this precious marriage between democratic governance and market capitalism. He notes the alternatives to what we have are dangerous - see countries like Iran and Russia - and even if our process is messy, we have to protect what we got. If you enjoy economics and the debate between free markets and government intervention, you'll love this conversation. And even if you're not a fan, you'll find it fascinating to hear Jon explain how economics touches every aspect of our lives.  Stefan ends the discussion by asking Jon a critical question about he approaches airport travel. It's a theme that helps explain the real-world application of economics.

Check out the discussion and go to ReadTheBull.com for more information.

Go to ReadTheBull.com for more information.

The sixth episode of Read The Bull is an engaging discussion with NPR Planet Money's Mary Childs about her book The Bond King, an in-depth look at Pacific Investment Management Co. (PIMCO) co-founder Bill Gross. Mary details Gross' rise as the world's top bond investor. Bond investing was once a sleepy domain of insurance companies where people literally clipped coupons, but Mary explains how it evolved and exploded in the 80s and 90s with PIMCO and Gross leading the charge. Mary covered Gross and PIMCO while she was a reporter at Bloomberg, and she talks to host Stefan Prelog about her first interaction with him and what it revealed about his relationship with the truth and the press. PIMCO and Gross were well positioned during Global Financial Crisis, and Mary explains how the firm leveraged their position to forge a cozy and beneficial relationship with the U.S. Government.  Mary and Stefan talk about PIMCO's aggressive culture fueled by Gross and became fodder for the press and the investing community. She also talks about Gross' complex and often contentious relationship with former PIMCO co-CIO Mohammed El-Erian. Regardless of the relationship, Mary notes that El-Erian and Gross both were the beneficiaries of the rise of PIMCO and active bond investing. Gross and El-Erian's received eye-popping bonuses throughout their tenure, including $230 million and $300 million respectively in 2013. The topic of bonuses leads to a discussion of wealth inequality. 

Gross is a fascinating figure who is finance famous, but his private exploits including his divorce bleed into the mainstream media. Stefan and Mary discuss Gross' legacy and how he will be remembered. 

This is a conversation you don't want to miss.

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The fifth episode of Read the Bull is our first one of 2023. Host Stefan Prelog highlights a few titles from our 23 books for 2023 preview list.  Among the featured titles are books by bond investor Martin Fridson, Wall Street Journal reporter Scott Patterson, Stanford history professor Jennifer Burns, filmmaker and DePaul professor Kelly Richmond Pope and New York Times reporter Rob Copeland.

Later in the episode, Stefan talks with Wiley & Sons Executive Editor Bill Falloon, who's also a former journalist and an author himself. Bill's has had a long and distinguished career at Wiley and he discusses a few upcoming books in Wiley's slate including Axios Crypto reporter Brady Dales's book on FTX and Sam Bankman-Fried and environmental strategist Paula DiPerna's book about valuing the planet. Bill also talks about some of the authors he's worked with, and he and Stefan exchange stories about Vanguard founder John C. "Jack" Bogle. Bill also talks about how he finds topics and authors. 

Stefan and Bill talk about the state of the publishing industry and the growth of audio books and what it means to set books free outside the spine. 

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The fourth episode of Read the Bull is a fascinating conversation with investigative journalist and author Gary Weiss about his latest book "Retail Gangster:  The Insane, Real Life Story of Crazy Eddie," which was published by Hachette in August. Anyone who grew up in the New York metropolitan area in the 1970s and 80s knew Crazy Eddie.  The retail electronics chain started humbly in Brooklyn in 1971 with its roots in the Syrian Jewish community, but there was nothing humble about its eponymous owner Eddie Antar or its in-your-face advertising campaign led by spokesperson and former WPIX disc jockey Jerry Carroll. Antar guided an aggressive advertising strategy that plastered radio and television ads across the tri-state area. The non-stop ads made Crazy Eddie a household name and created a cult following. The ads helped the brand's popularity and its growth was aided by an increased demand for audio equipment as rock n' roll took hold in NYC. The company was so successful that it went public in 1984 and became an instant Wall Street darling as it exceed growth expectations quarter after quarter. Unfortunately for its investors, the whole company was built on lies, scams and a dizzying amount of fraud. Aided by his cousin Sam E. Antar who became the company's CFO, Eddie created a complex web of accounting chicanery. Weiss tells Read The Bull host Stefan Prelog how Antar executed their many schemes - skimming, lunching, the Panama Pump and many others. 

Eventually everything unravels leading to criminal charges and SEC investigations, which pushes Eddie to go on the run where he ends up in Israel.  He eventually gets sent back to the U.S. and goes on trial and is found guilty, but that's not the end of the story. 

Weiss does an amazing job of detailing all of the intricacies, the characters and admits he had some trepidation in telling the story. There was a lot that was reported and known about the fraud, but to his surprise, Weiss found a lot of details that never made it to the press. Gary and Stefan Prelog also discuss and compare the Crazy Eddie fraud to Enron, Madoff and even FTX. 

The book is a fun and thrilling ride. This is a must-listen episode.

Go to ReadTheBull.com for more information.

The third episode of Read the Bull is a no-holds-barred conversation with Lee Munson, author of "Rigged Money: Beating Wall Street at Its Own Game."  The book came out in 2011, but Stefan and Lee talk about how it's as relevant today as when it was published. Lee and Stefan talk about the evolution as well as the gimmick-ifcation of vehicles like ETFs, and how  many strategies that Wall Street sells distract investors from their goals.  Lee explains how Wall Street is really like one big craps table and why that's not necessarily a bad thing.  Today Lee is one of the top independent RIAs in the country and is a regular guest on CNBC and Fox Business among others. He tells Stefan how his 25-year career got started in the mid-1990s at the colorful brokerage firm, Prime Charter, which was a legitimate version of Stratton Oakmont.  Lee goes on and details a darker time at Bear Stearns and explains why he he left NYC after 9/11 for the serene Albuquerque scene.  After Lee's journey takes him out west, he decides to launch his independent firm, Portfolio LLC in 2008.  He then addresses the infamous 2001 New York Observer article that painted him as a swaggering stock broker of a bygone era.  The Observer article and a Business Insider piece that was published 10 years later led him to reflect and realize he had a good deal of perspective to offer readers. He uses the backdrop  of the Global Financial Crisis and leverages the ensuing anti-Wall Street sentiment to land a book deal, but is left high and dry by a writing partner and is stunned to learn that most investment advice books are ghostwritten.  He then flees to Earthships in Taos to write it and after a couple of months delivers a book that sets the record straight on Wall Street 

This is Lee Munson uncensored and listeners will hear his no-nonsense approach on to how to avoid the pitfalls of Wall Street.  Lee is a voracious reader and he ends the interview talking about his recommended reading list, and why he modeled his book after "The Money Game" by George Goodman, aka Adam Smith.

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The second episode of Read The Bull is an enlightening conversation with Dominique Mielle, author of "Damsel in Distressed: My Life in the Golden Age of Hedge Funds." Dominique is a hedge fund veteran who worked at distressed investing specialist Canyon Capital.  Her career  spanned 20 years and in the interview she touches on some her highlights as well as some of her missteps, including the time she invested in WorldCom bonds right before their accounting scandal. Dominique and host Stefan Prelog talk about the life cycle of companies and the various stages you can invest in a business. Dominique also talks about how her creativity helped her throughout her career. She addresses the lack of women in senior investing roles and discusses how she only ever met one woman who led her own firm.  Dominique and Stefan discuss the state of hedge funds, their lack of outperformance and how they've mainly become asset gathers. Dominique details her journey to get her memoir published and talks about the difficulty securing a book deal.  Dominique also gives her take on Ray Dalio's book "Principles." Spoiler alert: it's not flattering. 

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The premiere episode of Read The Bull is an insightful conversation with Jared Dillian, author of "Street Freak," "All the Evil of This World" and the investing newsletter "The Daily Dirtnap." Jared and host Stefan Prelog look back at the book's publication and reminisce about the anti-Wall Street sentiment that provided a problematic backdrop for the book's promotion. Jared discusses the rigors of being an ETF trader at Lehman Brothers, why Dick Fuld is not evil and why quitting Lehman was one the best things that ever happened to him. Jared opens up about his battle with Bipolar disorder and the serendipitous moment that led him to become a successful investment writer. 

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