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. Naive 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.
©2013 Turney Duff (P)2013 Random House
As an only child, books were my world. I love to read and audiobooks are essential in my world today. I must admit I am somewhat dependent (addicted?) to audible audiobooks. Too easy. Too good!
I took a risk on buying this book as I am completely illiterate in all things Wall Street. It paid off quite nicely because the author takes us through his journey on Wall Street from his own beginning as an painfully clueless intern. He explains the function of a Wall Street trader in a way that almost anyone can understand and I found it fascinating. He takes the reader with him as he moves up the ladder, becoming one of the biggest names on the Buy Side. While doing this, Duff seamlessly delves into the accompanying lifestyle of the trader-where more money can be made in one day than many people make in a decade. The excess is almost inevitable but it's the drugs that are Duff's final undoing. And eventually, his redoing. Ultimately, he sees the emptiness in all of it but not until he goes through his own version of hell. The beauty of this book is that you need not be a finance major to enjoy it, because the book is not about finance, or stocks, or trading at all. It's about our ever-increasing need to find something outside of ourselves to make us happy, and never finding it.
It was a fascinating story, told from the first person perspective.
A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers--another insider story, but more about the industry than the individual
Almost anyone! I understand why someone who writes a book about his own life would like to read it, but his narration really detracted from the book. I almost stopped listening, although he did a bit better by the end. He was flat and boring.
Steven Hoye or Sean Runnette would have been great.
Not really, I just felt bad for those around him who were hurt by his actions.
I would listen to this book again.
Duff paints a picture for the listener, I truly believe him even when he isn't quite sure what happened.
A blow by blow account of the street's spectacular highs, and lows.
Don't quit during the opening preface. I had a strong urge to stop listening right off the bat however, after Duff 'warmed up' The Buy Side seemed to flow more naturally.
It was an interesting take on the Wall Street experience. A little darker than I imagined but entertaining nonetheless. I'd give it a read if you're looking for some Wall Street entertainment. Oh and cocaine is a hell of a drug haha.
Couldn't put i down. Great story and very entertaining. Captivating narrator. I would recommend this story to anyone who've tried balancing family and career.
Really enjoyed the journey and delivery. Entertaining all the way through, would recommend to anyone interested in the industry
Great story, performance could've have been better but a definite recommendation.
Would listen to it again as it is quite entertaining tale.
"Highly entertaining and believable"
This guys saw real excesses from up close and personal. If you thought the Wolf of Wall Street was good. This is much more believable from my stand-point. Whilst I do not think the life of Mr. Duff is often experienced on Wall Street, it is a genuine account. One that readers can relate to as it depicts exceptional (and often hilarious) excesses but from the perspective of someone who had the perspective of appreciating how high in the stratosphere he was. The story reads like one devours a candy bar. Hard to press pause - you'll be done in no time. One of my top 3 favorite in 2014. No doubt.
Excesses and exes
"An eye opener - on buy side"
I picked this book immidiaty after hearing ' wolf of wallstreet'
I thought it wd be same same and but its different and interesting:)
The reality bites hard. The way author then walked away fm wallstreet career, his narrattion and story.
Free things , Free meals and free favours wd spoil u one day
"Understated but superb"
No - I rarely listen to the same book twice.
The emphasis on the story and not the details of the excesses.
Actually, the prologue, which perfectly sums up what the whole book is about.
I expect the author could have revealed much more of the seedier side of his life, and no doubt some readers will wish he had. But the understated, matter of fact, nature of it all makes it all the more powerful and memorable.
At first I was not sure about the voice. But when you realise that the person reading it is the person everything happened to it makes it more real.
I listened to this in the car in one hour chunks and was sad when it finished. I found it so enjoyable. I'm going to re-listen to Wolf of Wall Street again. Tried before but gave up.
All in all The Buy Side is excellent. Highly recommended.
"Raw Wall Street told from a victim's point of view"
I really enjoyed Turney's openness and honesty. His rise and fall leaves one gutted for him and you are left only wondering how many others go through this journey everyday.
I felt excited to read the cut and thrust of Wall Street trading and brashness of the players. I felt a huge sense of waste when he descended into the hopelessness of drug use.
"Good interesting read"
An insight into the wall street and what the banks get up to with clients money.
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