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The Buy Side is Turney Duff's high-adrenaline journey through the
trading underworld, as well as a searing look at an after-hours
Wall Street culture where sex and drugs are the quid pro quo and a
billion isn't enough. In the mid-2000's, Turney Duff was, to all
appearances, the very picture of American success. One of Wall
Street's hottest traders, he was a rising star with Raj
Rajaratnam's legendary Galleon Group before forging his own path.
What few knew was that the key to Turney's remarkable success
wasn't a super-genius IQ or family connections but rather a winning
personality - because the real money wasn't made on the trading
floor or behind a computer screen, but in whispered deals in the
city's most exclusive nightspots, surrounded by the best drugs and
hottest women. For Turney, this created a perilously seductive
cycle: the harder he partied, the more connected and successful he
became, which meant he could party even harder. In time, he became
a walking paradox, an addictive mess after hours, and King of the
Street from nine to five. Along the way, he learned some important
lessons about himself, and the too-wild-to-believe world of Wall
Street trading. In The Buy Side, the money is plentiful and the
after-hours indulgence even more so, which has proved to be a
bestselling and box office winning combination, as the success of
The Wolf of Wall Street attests. Fans of Martin Scorsese's film and
Michael Lewis's Liar's Poker and The Big Short will want to take a
walk on The Buy Side.
"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.
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.
"From the Hardcover edition."
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