The Buy Side: A Wall Street Trader's Tale of Spectacular Excess

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Crown Publishing Group, Jun 4, 2013 - Biography & Autobiography - 320 pages

New York Times Bestseller

The Buy Side, by former Galleon Group trader Turney Duff, portrays an after-hours Wall Street culture where drugs and sex are rampant and billions in trading commissions flow to those who dangle the most enticements.  A remarkable writing debut, filled with indelible moments, The Buy Side shows as no book ever has the rewards – and dizzying temptations – of making a living on the Street.
 
Growing up in the 1980’s Turney Duff was your average kid from Kennebunk, Maine, eager to expand his horizons. After trying – and failing – to land a job as a journalist, he secured a trainee position at Morgan Stanley and got his first feel for the pecking order that exists in the trading pits.  Those on the “buy side,” the traders who make large bets on whether a stock will rise or fall, are the “alphas” and those on the “sell side,” the brokers who handle their business, are eager to please.
 
How eager to please was brought home stunningly to Turney in 1999 when he arrived at the Galleon Group, a colossal hedge-fund management firm run by secretive founder Raj Rajaratnam.  Finally in a position to trade on his own, Turney was encouraged to socialize with the sell side and siphon from his new broker friends as much information as possible.  Soon he was not just vacuuming up valuable tips but also being lured into a variety of hedonistic pursuits.  Naïve enough to believe he could keep up the lifestyle without paying a price, he managed to keep an eye on his buy-and-sell charts and, meanwhile, pondered the strange goings on at Galleon, where tens of millions were being made each week in sometimes mysterious ways.
 
At his next positions, at Argus Partners and J.L. Berkowitz, Turney climbed to even higher heights – and, as it turned out, plummeted to even lower depths – as, by day, he solidified his reputation one of the Street’s most powerful healthcare traders, and by night, he blazed a path through the city’s nightclubs, showing off his social genius and voraciously inhaling any drug that would fill the void he felt inside.
 
A mesmerizingly immersive journey through Wall Street’s first millennial decade, and a poignant self portrait by a young man who surely would have destroyed himself were it not for his decision to walk away from a seven-figure annual income, The Buy Side is one of the best coming-of-age-on-the-Street books ever written.

 

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LibraryThing Review

User Review  - knightlight777 - LibraryThing

A disturbing book of one ex-trader who among the many thousands who populate Wall Street and whose history of excesses have led the country and millions more to years of difficulties and lower quality ... Read full review

LibraryThing Review

User Review  - SigmundFraud - LibraryThing

A great read with some very sad moments. Perhaps it meant more to me because I am in the business. Duff is a terrific writer. I hope we hear more from him. Read full review

Selected pages

Contents

Section 1
1
Section 2
45
Section 3
48
Section 4
50
Section 5
65
Section 6
72
Section 7
79
Section 8
84
Section 19
169
Section 20
178
Section 21
186
Section 22
193
Section 23
201
Section 24
206
Section 25
207
Section 26
219

Section 9
87
Section 10
101
Section 11
103
Section 12
106
Section 13
124
Section 14
136
Section 15
143
Section 16
149
Section 17
151
Section 18
160
Section 27
225
Section 28
242
Section 29
249
Section 30
255
Section 31
265
Section 32
268
Section 33
283
Section 34
303
Section 35
305
Copyright

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About the author (2013)

Turney Duff has worked on Wall Street since 1994, including at Morgan Stanley, the Galleon Group, Argus Partners, and J.L. Berkowitz. A graduate of Ohio University E.W. Scripps School of Journalism, he has written and executive-produced two short movies and under his rap name "Cleveland D," was partly responsible for the infamous Galleon song, "On the Good Ship Galleon." He currently lives in Long Island City.

Bibliographic information