出版社/著者からの内容紹介
その人生、その戦略、その希望！
もし２０世紀におけるウォール街の歴史が正式に書かれるならば、その２~３ページがマイケル・スタインハルトに割かれるのは間違いない。この「街」の歴史のなかで、もっとも成功したファンドマネジャーのひとりであるスタインハルトは、マーケットのいかなるベンチマークよりはるかに高い平均年間利益率３０％を達成し、同業の仲間たちよりも優秀な成績を収めた。ヘッジファンド運用者として３０年に近いその在職中に、彼は顧客である投資家と自分自身のために巨万の富を築き上げた。彼の主要ファンドであるスタインハルト・パートナーズＬＰが設立された１９６７年に、そのファンドに１ドル投資していれば、彼が資産運用活動から引退した１９９５年には４８１ドルになっているという。
この本のなかで、マイケル・スタインハルトは自身を歴史に残るヘッジファンド運用者に仕立て上げた投資戦略のいくつかを解説している。そのなかには、産業アナリストとして、また究極の銘柄発見者としての技術の核心も入っている。マーケットの一般的なトレンドに逆らって投資を行うのはいつであるべきか、これを察知する彼の超人的な能力――古いタイプの優良顧客からは必ずしも高い評価は得られなかった能力だったが――によって、最高の成功例がいかにして数多くもたらされたかについても、彼は書中で明らかにしている。また、彼はもっともセンセーショナルな成功例をいくつか詳しく述べている。そのなかには、全投資を債券に賭けた１９８１年の重大な決断も含まれている。また本書では、良いことばかりを述べていない。数は少ないが、苦痛に満ちた失敗例も詳しく述べている。その例として、１９９０年代半ばに行った、世界的なマクロマーケット進出の大失敗が述べられている。
この本はまた、ベンソンハースト出身の一少年が無一文の状態から大富豪に出世した物語であり、その少年がブルックリンの街頭からウォール街へのし上がった物語でもある。スタインハルトの人生観や成功観を作り上げるのに影響した事柄を物語調で語っている。また、株式投資をどうしてこんなに愛するようになったかについても述べている。さらに彼は、富を得た後に人生の目的を持つ必要性を考え始める過程を記録し、その目的がいかにして彼に引退の決意を固めさせ、彼のエネルギーを別の方向に向けていったかについて書き記している。読者はこの本から、１０年近い民主党指導者会議の議長としての経験やユダヤ人社会を強化するために彼が行った革新的な考え方、野心的な計画を知ることになる。
ウォール街の天才かつ世界的な慈善家が書いた人の心を鼓舞する実話として、この本は金融のプロにとってもまた人間の本質を学ぶ人たちにとっても忘れがたい読み物である。
内容（「BOOK」データベースより）
内容（「MARC」データベースより）
Book Description
"Michael Steinhardt rode bull and bear markets to great success for himself and his investors. Since closing his fund in 1995 he has continued his successful streak in more philanthropic enterprises. But what is ultimately compelling about Steinhardt is his drive, no matter the endeavor. No Bull is a highly readable inside look into the man, his successes, and his motivations."–George Soros, Chairman, Soros Fund Management, and Chairman,
The Soros Foundations Network
"Michael Steinhardt has written a fascinating history of his experiences in the tumultuous economic times of the last forty years. His reflections are endlessly interesting, totally candid, very instructive, moving, warm, and in many ways, inspirational. No Bull is an important resource for anyone interested in markets, the evolution of a key player, his ideas and strategies, and his deeply felt personal philosophy."–Laurence A. Tisch, Co-Chairman, Loews Corporation
"Michael Steinhardt has penned a joyous book about his rich (in every way) experiences on Wall Street, filled with angst . . . and reminiscent of a World of our Fathers as only Steinhardt would know. I always knew he was the world’s best money manager but I didn’t know that he could write, and he writes better than he trades!"–James J. Cramer, Markets Commentator for TheStreet.com and CNBC
"Michael Steinhardt long ago earned Wall Street’s highest accolade, ‘money maker.’ With this fine memoir, he earns a new accolade, ‘story teller.’"–James Grant, Editor, Grant’s Interest Rate Observer
"No Bull is a memoir rich in language, in detail, and in self-awareness. It is good that this is so because the life about which he writes demands it; it is not only a deeply complicated narrative in its own right but one that touches public issues of concern to us all. Do not be mistaken: Steinhardt is more than a money manager."–Marty Peretz, Editor-in-Chief, The New Republic
--このテキストは、絶版本またはこのタイトルには設定されていない版型に関連付けられています。
メディア掲載レビュー
Consider the outsized example of Michael Steinhardt. As one of Wall Street's most successful hedge-fund managers, his obsessive focus on performance made him the boss from hell, raging at subordinates and populating the Street with his firm's shell-shocked alumni. "All I want to do is kill myself, " says one chastened employee after mismanaging some bonds. "Can I watch?" Mr. Steinhardt replies coolly.
When a psychiatrist is brought in, the staff members he meets use phrases like "battered children," "mental abuse" and "rage disorder." But when the hapless therapist mildly interrupts one of Mr. Steinhardt's red-faced tirades, he finds himself swept out the door on a tidal wave of invective.
Mr. Steinhardt makes this case for his own swinishness in his modest and even touching memoir, "No Bull: My Life In and Out of Markets," and the result is a breath of fresh air in a traditionally windy genre. Although proud of his accomplishments--"one dollar invested with me in 1967 would have been worth $481 on the day I closed the firm in 1995, versus $19 if it had been invested in a Standard & Poor's index fund"--he dwells as much or more on his failings. He made a lousy soldier, can't control his weight or his temper, can't muster a faith in God to match his devotion to Judaism, and plunges into despair when he occasionally falls short of the impossible performance standards he strives to maintain.
Paradoxically, the picture that emerges from the author's unremitting self-assessment is of a complex, learned and ultimately decent human being determined not just to struggle with his demons but to do something meaningful with his wealth. (Among other things, he finances a key organization for moderate Democrats and launches a drive to provide a free trip to Israel for every young Jew in the world.) Although he was raised by his selfless and loving mother, at the heart of Mr. Steinhardt's story is the author's deeply ambivalent relationship with his father. Sol Frank "Red" Steinhardt is a character right out of Saul Bellow or Philip Roth. A compulsive gambler from a tough section of Brooklyn who dropped out of school when he was 12, Red was married to Mr. Steinhardt's mother only long enough for Michael to be born. The elder Steinhardt, to whom Michael would come to bear an uncanny physical resemblance, drifted in and out of his son's life, turning up at crucial moments with sharp advice or a dubious pile of cash (besides gambling and hobnobbing with mobsters, Red dealt in stolen jewelry). Michael Steinhardt's education at the University of Pennsylvania, where he graduated at 19, and his earliest stake in the stock market were both underwritten by his father.
Freudians will have afield day with this book, whose author clearly sublimated a familial predilection for financial risk into the socially acceptable outlet of the stock market. Mr. Steinhardt reports becoming obsessed with stocks during his impecunious boyhood and never letting go, even to this day, when he devotes himself mainly to charitable activities. Although he offers a cogent discussion of what kind of investments he looked for in his heyday, it's clear that at his Olympian level of achievement there are a lot of intangibles that the rest of us aren't going to learn from a book. Perhaps each of us just needs to get in touch with his inner monomaniac. (Wall Street Journal, November 6, 2001) --このテキストは、絶版本またはこのタイトルには設定されていない版型に関連付けられています。
Back Cover Copy
"Michael Steinhardt rode bull and bear markets to great success for himself and his investors. Since closing his fund in 1995 he has continued his successful streak in more philanthropic enterprises. But what is ultimately compelling about Steinhardt is his drive, no matter the endeavor. No Bull is a highly readable inside look into the man, his successes, and his motivations."–George Soros, Chairman, Soros Fund Management, and Chairman,
The Soros Foundations Network
"Michael Steinhardt has written a fascinating history of his experiences in the tumultuous economic times of the last forty years. His reflections are endlessly interesting, totally candid, very instructive, moving, warm, and in many ways, inspirational. No Bull is an important resource for anyone interested in markets, the evolution of a key player, his ideas and strategies, and his deeply felt personal philosophy."–Laurence A. Tisch, Co-Chairman, Loews Corporation
"Michael Steinhardt has penned a joyous book about his rich (in every way) experiences on Wall Street, filled with angst . . . and reminiscent of a World of our Fathers as only Steinhardt would know. I always knew he was the world’s best money manager but I didn’t know that he could write, and he writes better than he trades!"–James J. Cramer, Markets Commentator for TheStreet.com and CNBC
"Michael Steinhardt long ago earned Wall Street’s highest accolade, ‘money maker.’ With this fine memoir, he earns a new accolade, ‘story teller.’"–James Grant, Editor, Grant’s Interest Rate Observer
"No Bull is a memoir rich in language, in detail, and in self-awareness. It is good that this is so because the life about which he writes demands it; it is not only a deeply complicated narrative in its own right but one that touches public issues of concern to us all. Do not be mistaken: Steinhardt is more than a money manager."–Marty Peretz, Editor-in-Chief, The New Republic
--このテキストは、絶版本またはこのタイトルには設定されていない版型に関連付けられています。
著者について
著者略歴 (「BOOK著者紹介情報」より)
ウォール街の歴史のなかでも、最も成功したファンドマネジャーのひとり。また慈善活動、特にユダヤ人社会における慈善活動によって広く知られている。その顕著な例は、チャールズ・ブロンフマンとともに「イスラエル・バースライト計画(Birthright Israel)」を創設したこと
奥脇 省三
横浜市立大学商学部を卒業後、山一証券に入社。国際金融部次長、山一ミドル・イースト社長などの後、1985年に太平洋証券へ転籍。国際引受部長、国際営業部長などを経て、1998年に退職。キリスト教関係の翻訳や通訳をしているが、今後は証券関係の文献、小説などの翻訳をしていきたいと考えている(本データはこの書籍が刊行された当時に掲載されていたものです)
