The Buy Side: A Wall Street Trader's Tale of Spectacular Excess

by Turney Duff

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. 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. This paperback book has 296 pages and measures: 19.7 x 12.5 x 1.8cm

Genres: Finance, Business, Nonfiction, Biography, Memoir, Audiobook, Economics

304 pages, Paperback

First published June 4, 2013

About the author

Turney Duff has worked on Wall Street since 1994, including at Morgan Stanley, the Galleon Group, Argus Partners, and J.L. Berkowitz. A graduate of Ohio University E.W. Scripps School of Journalism, he has written and executive-produced two short movies and under his rap name "Cleveland D," was partly responsible for the infamous Galleon song, "On the Good Ship Galleon." He currently lives in Long Island City.

Reviews

[Joe Peta · Rating 5 out of 5]

The Buy Side has been out less than 48 hours, I've got another half-dozen books on my nightstand and yet I'm writing this review having just finished the book. That tells you how immensely readable The Buy Side is.

Full Disclosure: Having just written a Wall Street memoir of my own, and having spent roughly the same 15 years on the Street as Turney, I am very familiar with the world he writes about, having been present at some of the book's scenes, and even had a tangential acquaintance with the author at the time. While some may claim that makes this review somewhat biased, it's also true that that familiarity creates a very high "rings true" bar for me as a reader.

Turney soars over that bar.

One of the things a reader has to worry about in any memoir is determining the reliability of the narrator. This is the first Wall Street memoir I have ever read where I didn't feel the author had at least in some way enhanced his own image either via overstatement or omission. Turney Duff was as affable an individual as he describes in the book. If he learned that you, a colleague of one of his brokers, discovered a new burger joint on the lower East Side, he'd get you on the phone and talk about the finer points of burgers with you, offering to take you to his favorite joint by the end of the call. (This actually happened.) Describing his skill as a trader, Turney claims that he shunned technical analysis, lacked fundamental knowledge of the companies he traded and had no taste for macro economic data, yet made money for his employers by expertly reading the people he interacted with everyday. That claim is convincingly backed up by his descriptions of different people in the book. It is incredible how spot on he is in his descriptions of individuals I know from that era. But don't take my word for it, instead consider this: At two different points in the book, he subtly eviscerates both the character and trading skill of a trading desk colleague. And yet, on the day of The Buy Side's publication, that very person tweeted out support for the book. That, I thought, tells you all you need to know about how accurate the accounts in the book are.

As a writer, Turney's gift is his pacing of the story. There is no real suspense to his story, he doesn't resort (like some recent authors - ahem) to cheap footnotes and asides in an attempt to entertain the reader and yet the story soars along. There are a lot of great storytellers in bars and as evidenced by the early-1993 scenes in the book, Turney has been able to count himself among those ranks for years. What's exceedingly rare is the person who can translate that skill to the written page as well. Turney Duff is in very select company on that count.

My only suggestions for more detail centered on two issues: 1) David Slaine, is the wire-wearer who brought down Raj Rajaratnam and Galleon. (It's heavily implied in the book he tried to coax 2008/2009-era info out of Turney as well.) Early in the book, Turney vividly describes Slaine's early 2000s exile from Galleon. How did he get back inside the firm and how much does Turney, given his keen observational skills, feel the humiliating exit a decade earlier shaped Slaine's motives?

2) Turney describes himself as advancing his career by overcoming a lack of traditional ability with superior social skills. I'd like to know if the sell side individuals who supplied him with drugs and hookers were doing the same thing. There's definitely a delineation between top-tier, bulge bracket firms (maybe a half-dozen firms) and the other three to four dozen lesser-tier firms who covered Turney. Was the hooker/drug culture more prevalent at firms, and the individuals who represented them, that had nothing else to offer? Given Turney's credibility, there's no one better to answer that question.

The Buy Side is a great book, and if we're all lucky, coming someday to a theater near you.

[Lauren Connolly · Rating 5 out of 5]

It was purely coincidental that I read this true-life account of Turney Duff's rise to the top of Wall Street after finishing Jay McInerney's Bright Lights Big City, but the timing couldn't be better. More conversational and manic, Duff takes you along for the ride. Part Wall Street, part addiction, part inspiration, the page-turner doesn't let you put it down. His honesty is gripping and gut-wrenching, yet takes full ownership of actions. I look forward to seeing this story come to life in the future, as it has all of the makings for a big screen blockbuster.

[R.M. · Rating 5 out of 5]

I read this book over a three day work trip, and I found myself wanting to read more while I was in meetings. I would grab a minute or two here or there, in between, to read a few pages. I just found it so compelling, and not because it's some kind of literary masterpiece. Honestly, the story reads like Turney is telling you his story over the dinner table. It's conversational; sometimes it's even a little manic and disorienting. The whole thing works because the story is about a guy who knew nothing about Wall Street succeeding on Wall Street. It's about a guy with a journalism degree becoming a top trader among people with MBA's from Ivy League Schools. And it's about a young guy who wanted to build real relationships and not be like his douchey, power-hungry bosses as he ascends the ladder to power and turns into exactly those guys. He becomes the guy who chooses partying over family. He becomes the guy who uses his power to belittle someone before he'll give them an account. It's about the rise and fall of a star, and about recovery and forgiveness, and choosing to live "a" good life rather than "the" good life.

I know Turney - I feel it's important to disclose that - and I knew part of his story already. That said, I didn't know it all, and I wasn't prepared for how much I would be thinking about this book once I closed it. Look at my Goodreads list. I don't read books about Wall Street traders. Even so, I found the story was so human and so compelling, that I literally couldn't put it down. He put his story out there - and that includes not making himself look like a hero when he simply wasn't.

Highly recommended. Very interesting, painful, shocking, and even sometimes sweet. Read it.

[Tim O'Hearn · Rating 5 out of 5]

My favorite Wall Street non-fiction book.

The Buy Side is leagues above the benchmark for books in this genre. Though it is clear that Turney Duff, who majored in Journalism, spent a significant amount of time developing this narrative, the reader never has an inkling of suspicion that what's being peddled is falsehood. It's an endearing novel with highs and lows that, while not as historically significant as a Liar's Poker, speaks to the individual at a level deeper than greed, sex, and tropes of male aggression that other novels celebrate.

The crazy part about what I'm trying to communicate in this review is that this book was absolutely marketed as something raw, naughty, and inappropriate. I can't deny that the book contains material that would make Michael Lewis blush, but I can't get away from thinking, all these years later, that the book is wholesome and genuine. I've since read dozens of books about Wall Street, trading, and rich people spending with reckless abandon, and still, the image of Turney's bonus check pervades my thoughts.

There are many classic scenes, quotes, and educational factoids from this book that I remember so fondly. I use this book as a subconscious basis of comparison for not only finance books, but also autobiographies. I can't credit The Buy Side with igniting my passion for reading, but it was near ground zero. It is my hope, more so than usual, that people will see this review and have as positive of an experience with the book as I did.

See this review and others on my blog

[Nathaniel Tilton · Rating 5 out of 5]

The Buy Side was a book that I literally couldn't put down. I started reading it on a Saturday morning in bed with my morning coffee and read it to completion. The ride was exhilarating and a must read for anyone who wonders what the fast-paced Wall Street life is like, and who dares to see the darker side that includes layers of abuse and excess. What struck me was the plight of Turney Duff, from novice trader who climbs to the unexpected heights. His only escape was to hit rock bottom and rediscover himself in ways he never imagined. I enjoyed the authenticity of the main character and found myself rooting for him through the best and worst of times. This is an excellent read and one I'd highly recommend. Well done!

[Erin · Rating 5 out of 5]

Don't let the opening paragraph (the one where Turney Duff sounds like a total douche) rankle you. After a few more pages, I could not stop reading this wanton tale of excess. The author does an excellent job of describing exactly how he ended up the pitiful mess he was. Even his writing style towards the end, as he's hitting bottom, seems to reflect what he was experiencing.
Bonus: learn a little bit about how things work on Wall Street. Fascinating!

[Ted Lehmann · Rating 4 out of 5]

The Buy Side A Wall Street Trader'sTale of Spectacular Excess by Turney Duff (Crown Busness, 2013, 320 pages, $26,00) can be read as a cautionary tale of the risks and rewards of success on Wall Street, a history of a time that may have seen its end with the past few years of struggle in the markets, a Dante-esque vision of the inevitable corruption that occurs when too much money and too little regulation and restraint co-exist, or merely the story of one man who could not resist the allures of the world in which he functioned. I choose to see all of the above and more in this disturbing and compelling account by Turney Duff of his years of self-destructive behavior as a hedge fund trader on buy side during the most recent go-go years of wall street from the late eighties to the crash of the 2007 and 2008. Read the complete review on my blog.

[Louise Wardell · Rating 4 out of 5]

I won this book on goodreads. I learned somethings about Wall Street. It also scares me that people that are responsible for the financial roles of this country also party and use drugs and alcohol.

I realize drug and alcohol addiction is a disease but I wish there was interventions earlier.
Congratulations to Turney for getting help and turning his life around.

[Alan Ng · Rating 4 out of 5]

Equal parts cautionary and compelling, this book was hard to put down. The brutal honesty in Turney's account of his own drug addiction is reminiscent of Mac Miller's Faces, making the book much more than a tale of spectacular excess as the title indicates, but rather a genuine self reflection of a man who gets caught up in the allures of Wall Street.

[Rick Wilson · Rating 4 out of 5]

Thought this would be a quick, cheap romp through finance bros spending too much money on drugs, parties, and tasteless purchases. And it is, but it also hits some heartfelt notes about the long term effects and cost of that lifestyle. As such it’s surprisingly good memoir. The writing can be a bit stilted, but it was better than I expected, all around a good read.

[Angela]

A great read. Honest and informative. Just written up in NYT. Great job Turney!

[thewestchestarian · Rating 3 out of 5]

"The Buy Side: How to Become a Cliche for Fun and Profit" Boy (or girl) from the sticks arrives in NYC with a backpack and a dream. Through pluck and luck makes a mint and lives the good life until the temptations of the city drag him down. Sound familiar? Well, beyond being the basic plot of many books fictional or otherwise (Bright Lights, Big City), it also represents the story of Duff's life (so far).

And an interesting story it is although Duff's editor should have told him to be a little more liberal with the juicy details. Other than his R-rated dalliances with an aging prostitute, we only hear in generalities of the presumably innumerable exploits with women his new money wealth, good looks and cocaine-fueled insomnia attracted. Related, we also only hear of the insider trading at Galleon, a hedge fund the SEC would take out long after Duff's tenure (and that's saying given how much they miss The Wizard of Lies: Bernie Madoff and the Death of Trust). Certainly, Duff's dirty double-dealing extended further than that and given from his epilogue said he has nothing left, getting sued should be an issue. Having said that enough sex, drugs (and more and more and more drugs) and monetary adventurism saturate the book to carry you all the way through.

Much like Charlie Wilson's War: The Extraordinary Story of How the Wildest Man in Congress and a Rogue CIA Agent Changed the History of Our Times the quality of the tale exceeds the quality of the writing. Most of the sentences rely on personal pronoun-verb-definite article-direct object (normally "cocaine"). Duff doesn't trade much in personal commentary, internal monologue and other color and sticks to more of a Joe Friday "just the facts" track. He reports his outrageous behavior without ever recognizing that he's basically acting like an addict long before he winds up like Howard Hughes: The Untold Story-emaciated, naked and babbling in an expensive hotel suite. He also doesn't truck much foreshadowing which would have helped carry the reader through some slow patches when he briefly gets his shit together and, somewhat recklessly, has a baby with his girlfriend. His attempts to allude to his daddy issues by comparing his shoveling of cocaine into his nose with his father Sisyphusianly shoveling Maine snow are somewhat literary but there's not enough for the reader to understand if he feels like a failure compared to his father or whether he is happy that he followed a more daring path than his father's circumspect life or maybe both.

In short, an engaging tale mediocrely written that will form the "based on a true story" of a decent art-house film hit starring Ryan Reynolds trying to get some indie-cred.

[Gary Baughn · Rating 4 out of 5]

I thought this was another book about the financial crisis, then I thought it was another Entourage-ish look at being young and having a lot of money, but it eventually became a rock-n-roll (even though he's on Wall Street) look at the cocaine addiction lifestyle.
This autobiography by Turney Duff is both fun and sad to read. Turney stumbled into a Wall Street job, and made a lot of money, luckily, and made a lot of friends, mostly because, as people keep telling him, he is not the usual Wall Street Asshole.
Of course, this is the story of him turning into exactly that sort of Wall Street Asshole, propelled by but eventually saddled with a cocaine addiction he can't admit that eventually costs him friends, money, job, house, wife and child.
I've read plenty of addiction stories and recovery stories, and this one was not remarkable except that in the end he makes the implicit comparison between the cocaine addiction and the addictiveness of Big Wall Street Commissions. As the final step of his drug recovery, he not only goes into drug rehab again, but upon coming out he turns down the sort of Wall Street job he needs to get out of the economic hole he and the mortgage crisis created because he recognizes not just that that Wall Street lifestyle is not conducive to a recovering cocaine addict, but that easy money is another drug that never satisfies.
As a lower middle class dweller all my life, I, like others, have often asked the question "why do rich people need more money? why don't they just enjoy it?" One answer may be that enjoying making a lot of money doesn't last, and it convinces you that they only way to increase enjoyment is to up the dose of making a lot of money. Such thinking "smacks" of addiction.
On another note, Turney Duff lived through 9/11 on Wall Street without feeling anything other than a mild irritation at how it affected the market and his economic life, and he lived through the financial crisis in the heart of the financial district without once thinking about the similarity between his own shoddy trading practices and those of that part of Wall Street responsible for that mess. You can be really sharp and still not have a clue.

[Jay French · Rating 4 out of 5]

The other reviews I've read are right in that this is a well written book and is hard to put down. Duff is relatable in that "small town boy in big city" way, where he climbs to a very successful career based on doing the work and on having those small town values like treating people with respect. This stands out compared to others in this story. Then, of course, he loses his way. A fascinating story of excesses, and not so surprisingly released at the same time as the Gatsby movie remake - the parties seem similar in scale. From a business perspective, here's a story of dealing with your "golden" customer that you don't read every day.

While reading this book, I pictured Jonah Hill in a movie version. Hill has done quite a few films with similar scenes of work and partying, and if you strung those scenes together you might get close to what the book describes. The story is pretty straightforward for the genre, so I would expect a movie version to throw in a few unexpected twists.

Won in Goodreads First Reads contest.

[Matt Lohr · Rating 4 out of 5]

Tales of Wall Street excess and debauchery are common enough now as to constitute their own subcategory of literature, both fiction (Jay McInerney's BRIGHT LIGHTS, BIG CITY is probably the godfather of this whole genre) and non-fiction. Turney Duff's true-life account of his years as a buy-side trader, and the coke-fueled king-of-New-York nights that almost brought him down, do not tread any particularly innovative ground, but when a familiar tale is spun with as much intelligence, energy and skill as Duff displays here, it's hard not to tear through the pages, eager to see what choice nugget of insight or scandal will lie on the next page. Duff has a journalist's educational background, and he's a genuinely good writer, making this book a much more worthwhile read than you might expect. I know next to nothing about investing, and I still found it fascinating...primarily because I find human folly, weakness and redemption fascinating as well, at least when it's as well-written about as it is here.

[Lisa Hazen · Rating 5 out of 5]

Holy smokes--this book pretty much confirms our collective worst fears about Wall Street in the 90s. It's how Turney tells his story that sets this book apart from the others I've seen it compared to. Unlike the Jay McInerney's books, Turney is likeable. (Although prone to epic douchebaggery like "I make seven figures--how cute am I now?") And unlike Smartest Guys in the Room, you get an unvarnished account of the author's experiences in his own words. It reminds me most of Confessions of an Economic Hit Man, where the author lays it all out for the reader, almost as a a means to atonement.

I went to college with Turney, so it is super exciting to see an old friend score such an incredible book deal. Go, Turney! And go Scripps School of Journalism! Dru Evarts would be proud. (ish)

[The Miracle · Rating 5 out of 5]

I was fortunate enough to get an ARC of the Buy Side and there went my productive weekend. I could not put this story down.

I went in thinking I was going to read all about a cocky Wall Street trader and how he had brokers eating out of the palm of his hand. I was quickly corrected as I watched Turney Duff turn from a naïve boy from Maine with big dreams of becoming a writer into a fast- talking, hard partying, popular for all the wrong reasons, Wall Street trader. From first line to last (pun intended) I could not stop rooting for this character to come out the other side unscathed.

The Buy Side will have you cringing, crying and cheering through out. A MUST read.

[Shavon · Rating 5 out of 5]

I sort of envy people whose lives are so interesting they don't have to write fiction. The Buy Side describes such a life. It is at once a personal cautionary tale and a professional career guide - like the life of Whitney Houston in that way. The book is detailed, well-written, painfully honest and too good to put down (I started reading it yesterday and stopped only for a nap and a meal). It's one of the best books I've ever read. It can only be a bestseller. And because of it, from now on, I will always study my dates when they come from the bathroom . . .

[Mary Karen · Rating 5 out of 5]

This memoir is a compelling account of a small town guy falling into a job on Wall Street and making it big in the big city. Unable to resist the temptations that NYC and the financial industry presented, he went from higher than he could have ever expected to lower than I could have ever expected.

I could not put this book down and finished it in two days. This is such a honest account of one man's journey through Wall Street and his addiction. I found myself at times shocked, saddened but above all inspired. A Must Read!

[Joris · Rating 3 out of 5]

Read this book to get to know a trader on Wall Street, not to get to know trading on wall street.

Turney describes his ascend to Wall Street greatness in the first (enjoyable) chapter but then goes on a coke and alcohol crazed trip which takes two thirds of the rest of the book. Not my preferred read.
It seams Mr Duff has his own demons to expel, returning back to bad decisions over and over. The end of this book looks like the starting point of the rest of his life, I wish him luck.

[Meredith Monturo · Rating 5 out of 5]

The Buy Side grabbed my attention from the first page and never let go. To watch a regular guy from a "normal" upbringing, who happens to be a gifted "people person" work Wall Street - from top to bottom, only to return to his regular guy status, is inspirational. It sounds strange but I am absolutely PROUD of Turney Duff. What a ride!

[Vitalijus Sostak · Rating 5 out of 5]

This book covers story similar to "Wolf of Wall Street", but without mega ego and international money laundering considerations. It's also more honest, personal and sadder, too - not much glamour here.
Author went to work in finance purely for money, brushing his true calling aside and paid dearly for that developing drug addiction, losing family and the house and self-respect.
I liked it a lot.

[Micha · Rating 4 out of 5]

When I first saw this title, I thought it was just another Wall Street memorandum.

I was wrong. The experience of Turney Duff may not be too uncommon on Wall Street but the difference is that Turney Duff is hell of a good storyteller. I think he would've told another fascinating story even if he hadn't become a Wall Street trader. I enjoyed this book tremendously.

[Dan · Rating 5 out of 5]

I loved the Buy Side. It is the perfect summer read. It's exciting, well written and brutally honest. It's o e of the best books I have ever read. I could not put it down. Do yourself a favor and read this book at once!

[Michael LeGrand · Rating 4 out of 5]

A good rise and fall story of a hedge fund trader that made it to the top of the finance world, to be taken down by a cocaine addiction. Quick read that showcased drug abuse in a way I hadn't seen before.

[Kent Beck · Rating 4 out of 5]

Honest memoir of losing it all and still having enough

What I loved was the responsibility and lack of self-pity. Some drug books are disguised "hey it's not my fault" stories. This one rings true.

[Callum · Rating 5 out of 5]

Amazing book! Loved every minute of reading it. It was a brilliant insight into life on Wall Street. Even the squalor and darkness of it all. Reading about a man who had everything, to then losing it. Was a refreshing change to read.

[Nora Baldwin · Rating 5 out of 5]

Page. Tuner. Summer read. Loved it.

[Mimi Dang · Rating 5 out of 5]

2/24/14: What a page-turner! Incredible isnight into the life of "some" people on the buyside. Great articulations into his feelings as a fraud and a hypocrite at times. Cocaine kills.

[Khan · Rating 2 out of 5]

Stories centered around the rise and fall of a civilization, political mantra, business or in this case a singular person... Always attract my attention. These stories are particularly interesting to me because they can be eerily similar. You see the same recurrent themes, a belief in the continuation of present circumstances projected over the upcoming months, years or decades. You see a genuine recklessness when it comes to finance's and spending habits, a disregard for any view that contradicts the nucleus of the stories own point of view.

These themes are deeply important to me because I see success as something that can potentially bring a lot of painful lessons into your life if you're not prepared for it. Whether by bringing a variety of unwanted people into your life, psychological changes to your persona that lead to stupidity rather than wisdom and a lack of deep understanding of purpose in your life. If you're not vigilant about these things, new found wealth can quickly throw you into a tail spin that may take years to realize.

The Buy Side is a story similar to those types of stories which is why I found myself picking it up. With stories revolving around a person gaining large sums of wealth in a quick manner, you see these themes play out over and over again. From artists, tech founders, athletes and wall street. We all can conjure up a story where someone in one of these fields imploded and have released some kind of documentary, book or movie. This book is no different but on a smaller scale. Think like the store brand version of wolf of wall street if you're familiar with that movie.

The author graduates from a mid tier university with a degree in journalism but somehow gets a job on wall street. From there he goes on to talk about stories of sexual conquest, trips to restaurants and bars, million dollar yearly bonuses, cocaine binges. The usual stuff, the author pretty much partied his entire time on wall street. It features very little activity on the job except for surface level details. The author credits his trading skills to knowing "instincts" showing you that he and the book lack a level of sophistication in terms of a really understanding wall street at a deeper level. Anyone who is vaguely familiar with wall street knows that the "instinct" type people are the ones that go bust first or go on to have spectacular losses at some point. He and the other traders he cavorted with would go to a house where they would have a plate of cocaine they did lines on, doing lines at restaurants and clubs. During this time, he is making about 700k to 2 million a year, he rents out a 10k a month apartment and continues to party. Over time he he develops a cocaine addiction that would lead to him going to hotels and ordering 20 porno movies and doing lines by himself.

He's married at this point and has a daughter but can't shake off the habit, he would go to rehab at least twice, lose his job, his house, his wife and his entire identity. Despite this he is still offered opportunities to go back to wall street but he declines. He ends up becoming a writer and the book ends with him living in a single bed room apartment in long island despite making a small fortune during his time on wall street.

I have to commend the author for telling his story, a story filled with personal embarrassment and failure deserves respect. In a way, he is telling us what not to do and that is far more valuable than what to do. I give him respect for that and being candid about his story. With that being said, the book lacks a profound layer of introspection. His thoughts on his career, his addiction, how despite working in the finance industry he had little understanding of his own personal finances itself. The book feels like its being written by a finance bro who took writing 101. I feel like the author missed an opportunity to explore why he ended up in this position, what led him to where he is now. What was enticing about going out to restaurants every night and doing lines? Was that just the thing to do with your bros? Overall, I would give this 2 to 2.5 stars. If you're new on wall street maybe pick this up as a reminder of what not to be and how this game can suck you in. I think even though it lacks a lot, it could be helpful to this person.