BOOK REVIEW: Outsiders allowed inside Wall Street

Take on the Street is primarily a book for the individual investor who seeks better armor against the confusing, proprietary, and often deceptive way Wall Street operates.

Take on the Street is primarily a book for the individual investor who seeks better armor against the confusing, proprietary, and often deceptive way Wall Street operates.

Levitt underscores the club-like atmosphere from which he feels the little guy is largely left out. He has been to the mountain, and he is coming back for us bearing the gift of transparency. Levitt shares his political battles on behalf of retail clients, and advises on the sometimes elusive practice of electronic communication networks and the big boards, as well as his famous characterization of the "numbers game" accountants play. He offers tips on reading financial statements, including how to read between the lines of pro-forma numbers, restructuring charges, and press releases. The section giving examples of press releases with careless or inaccurate financial data merits a close look. As longest-running SEC chairman, Levitt seems to be setting the record straight, giving retail investors a call to action, if not a full-throated battle cry.
Title Take on the Street
Author Arthur Levitt
Publisher Pantheon Books, New York, 288 Pages

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