Readers reviews of Licence to Steal
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If you ever suspected that your
interests and the interests of your broker were not perfectly aligned, then this book will
confirm your suspicion. This is a quick and
entertaining read, but it should not distract you from the important material in the book.
The brokerage industry is concerned
about making money and you, the investor or trader, is the way they make it. Their income
stream is enhanced by hidden commissions generated form the sale of brokerage held stock
to brokerage clients. This is not just an American phenomena. The same structure can apply
to any country where brokerages are given IPO stock to sell to customers. The principles
remain the same, although the mechanics may change slightly.
The most important impact of this book
is to encourage you to more closely monitor what is happening with your account. You
should hold your broker more accountable for his actions, and apparent mistakes. It may
encourage you to approach an IPO issue with
more caution, or at the very least, provide you with some
tools to help take advantage of the way IPO
launches are sometimes managed.
Every industry has its crooks. The
brokerage industry is no exception, and this book goes on the shelf next to Foster
Winnians and Liars Poker. Read this book and watch the movie Boiler Room.
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