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Trading With the Enemy: Seduction and Betrayal on Jim Cramer's Wall Street
In January of 1994, Nicholas W. Maier hopped on a train that took him from Cambridge, Massachusetts, where he lived with his parents, to New York's Penn Station. With his wallet stuck in his sock, he headed down to the heart of the Wall Street district for a meeting with Jim Cramer that would change his life forever. For the next five years, Maier would work like a slave inside Jim Cramer's hedge fund, a limited partnership that included only the wealthiest investors, where rules were scarce and where, in his glory days, Jim Cramer managed almost half a billion dollars, raking in phenomenal returns.
Entranced by the game, Maier quickly rose from the office assistant fetching sandwiches from the deli downstairs to a trader playing with a fifty-million-dollar portfolio. But under the pressure of Jim's constant war, Maier's adrenaline rush wore off, and the dark side of Wall Street was Maier had become exhausted and money driven - at his worst moments swapping tranquilizers with his coworkers and passing out on a New York subway.
This is a true insider's story - an honest, raw, page-turning account that takes us on a journey through the volatile world of hedge funds. From Cramer & Company to the brokerage houses and analysts to the reporters who cover the market action, we are shown a Wall Street where almost everyone is dirty - a world where even the SEC fails to maintain order.
Entranced by the game, Maier quickly rose from the office assistant fetching sandwiches from the deli downstairs to a trader playing with a fifty-million-dollar portfolio. But under the pressure of Jim's constant war, Maier's adrenaline rush wore off, and the dark side of Wall Street was Maier had become exhausted and money driven - at his worst moments swapping tranquilizers with his coworkers and passing out on a New York subway.
This is a true insider's story - an honest, raw, page-turning account that takes us on a journey through the volatile world of hedge funds. From Cramer & Company to the brokerage houses and analysts to the reporters who cover the market action, we are shown a Wall Street where almost everyone is dirty - a world where even the SEC fails to maintain order.
- GenresNonfiction
208 pages, Hardcover
First published March 1, 2002
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Displaying 1 - 8 of 8 reviews
March 27, 2018
I read this not long after its publication. I had stopped watching Jim Cramer after taking notes of his trading activity and seeing how his word seemed to have an impact on certain stocks in the markets. While I realize that his predictions, assessments and investments/divestitures were not solely the reason for market movement, at that time, there appeared to be more than meets the eye for me. Yes, of course, he was not the only individual to have an impact (no where near the influence of Warren Buffet as an example). When I would check out his reasons and researched the fundamentals on my own, I felt he was fudging. Then this book got published.
Author, Nicholas W. Maier had the misfortune of working for Jim Cramer. I don't remember the specifics now many years later but it sounds like he escaped the job from hell. The financial world's version of "The Devil Wears Prada". Cramer went through employees like some companies go through copying paper. Likewise, Cramer rage was so extreme, that he was constantly throwing computer monitors at people (usually employees, who didn't react within seconds of any given command from him). This behavior was so common that there was a room stocked with extra monitor to replace those broken - realize this was in the early 2000's before laptops. The average monitor exceeded 10 pounds if not 15. All the office walls had holes in them from these monitor when those thrown missed their intended target and having been hit prior to landing. Amazing as the stories recounted, if Cramer wasn't astoundingly successful his quick temper and other neuroses displayed in similar manner a hundred years ago, would have seen him living in a "home" where getting ice baths and regular electroshock treatments more likely would be prescribed. The book reads like a novel but unfortunately, it rings as very accurate portrayal. Most people didn't last 6 months because of this stressful environment.
Nicholas left Wall Street after this experience and if I recall correctly, he went to work as an independent financial advisor.
I don't know if Jim Cramer ever read this book or if he ever commented on it publicly, however, I saw shades of his narcissism watching him on television and ultimately, the questionable practices noted in this book were probably only on tip of the proverbial iceberg. It definitely gives an insight into the world of money especially at the time it was released.
While it is one of those stories that just seem beyond pale. Studies show that many of the big corporations are run by narcissists and sociopaths, who leave emotional scars and worse on those around them. Companies considered too big to fail and there are plenty of Bernie Madoffs and Kenny Lays all around the world, they just happen to be the names we have heard of in the years since this book was released.
Author, Nicholas W. Maier had the misfortune of working for Jim Cramer. I don't remember the specifics now many years later but it sounds like he escaped the job from hell. The financial world's version of "The Devil Wears Prada". Cramer went through employees like some companies go through copying paper. Likewise, Cramer rage was so extreme, that he was constantly throwing computer monitors at people (usually employees, who didn't react within seconds of any given command from him). This behavior was so common that there was a room stocked with extra monitor to replace those broken - realize this was in the early 2000's before laptops. The average monitor exceeded 10 pounds if not 15. All the office walls had holes in them from these monitor when those thrown missed their intended target and having been hit prior to landing. Amazing as the stories recounted, if Cramer wasn't astoundingly successful his quick temper and other neuroses displayed in similar manner a hundred years ago, would have seen him living in a "home" where getting ice baths and regular electroshock treatments more likely would be prescribed. The book reads like a novel but unfortunately, it rings as very accurate portrayal. Most people didn't last 6 months because of this stressful environment.
Nicholas left Wall Street after this experience and if I recall correctly, he went to work as an independent financial advisor.
I don't know if Jim Cramer ever read this book or if he ever commented on it publicly, however, I saw shades of his narcissism watching him on television and ultimately, the questionable practices noted in this book were probably only on tip of the proverbial iceberg. It definitely gives an insight into the world of money especially at the time it was released.
While it is one of those stories that just seem beyond pale. Studies show that many of the big corporations are run by narcissists and sociopaths, who leave emotional scars and worse on those around them. Companies considered too big to fail and there are plenty of Bernie Madoffs and Kenny Lays all around the world, they just happen to be the names we have heard of in the years since this book was released.
August 25, 2019
A very good read!
January 14, 2025
WHAT WAS IT LIKE WORKING FOR JIM CRAMER'S HEDGE FUND?
This 2002 book takes you "inside" Cramer's hedge fund, where Nicholas Maier worked for five years; it displays all of Cramer's profane and manic activity, his sometimes contradictory orders, but also his success (his fund lasted from 1988-2000, and had a 24% average annual return).
He observes about the first time he heard Cramer refer to himself as a "player," that a player was "someone who knew how things worked, commanded a lot of money, and could move the market... a player was a Wall Street insider. I immediately understood that to be a player was VERY important to Jim." (Pg. 11) Maier adds, "Jim Cramer is first and foremost a trader. His style is a combination of certain disciplines and gut emotion." (Pg. 53)
He admits, "Jim turned over half the portfolio in a day, and the holding period might have been better stated in minutes than in months... On TV, Jim would tout a stock we owned, but if it moved up, we would sell. The truth was, we rarely cared what happened tomorrow when money could be made today." (Pg. 56)
He also concedes, "Being a Wall Street insider means getting the news before it's news. With a lot of money and a little effort, the system is easily manipulated. If you believe the everyday investor gets the same level of service as someone like Jim Cramer, you probably should stop trading now... most of Wall Street sees no problem with such discretionary disclosure." (Pg. 91-92) He later adds, "Jim knew firsthand that it was all too easy to perpetuate the rumor mill for a big hit." (Pg. 128)
Cramer ultimately sought "a larger spotlight. At the end of 2000, Jim walked away from Wall Street to pursue precisely this goal." (Pg. 187)
This is a fascinating book, which gives a real "feel" for what it was like during those years.
This 2002 book takes you "inside" Cramer's hedge fund, where Nicholas Maier worked for five years; it displays all of Cramer's profane and manic activity, his sometimes contradictory orders, but also his success (his fund lasted from 1988-2000, and had a 24% average annual return).
He observes about the first time he heard Cramer refer to himself as a "player," that a player was "someone who knew how things worked, commanded a lot of money, and could move the market... a player was a Wall Street insider. I immediately understood that to be a player was VERY important to Jim." (Pg. 11) Maier adds, "Jim Cramer is first and foremost a trader. His style is a combination of certain disciplines and gut emotion." (Pg. 53)
He admits, "Jim turned over half the portfolio in a day, and the holding period might have been better stated in minutes than in months... On TV, Jim would tout a stock we owned, but if it moved up, we would sell. The truth was, we rarely cared what happened tomorrow when money could be made today." (Pg. 56)
He also concedes, "Being a Wall Street insider means getting the news before it's news. With a lot of money and a little effort, the system is easily manipulated. If you believe the everyday investor gets the same level of service as someone like Jim Cramer, you probably should stop trading now... most of Wall Street sees no problem with such discretionary disclosure." (Pg. 91-92) He later adds, "Jim knew firsthand that it was all too easy to perpetuate the rumor mill for a big hit." (Pg. 128)
Cramer ultimately sought "a larger spotlight. At the end of 2000, Jim walked away from Wall Street to pursue precisely this goal." (Pg. 187)
This is a fascinating book, which gives a real "feel" for what it was like during those years.
November 26, 2011
I thoroughly enjoyed this behind the scenes look at Jim Cramer, the host of Mad Money, back when he ran a hedge fund. The portrait of Jim is not a good one but it does show the fast paced environment it takes to work on Wall Street. It is also great to compare the Jim Cramer of this book with the Jim Cramer we today on Mad Money. It appears that Cramer has since changed his ways and is "giving back" to society with his knowledge on his show Mad Money.
May 8, 2008
Really quick read - probably one of the fastest books I've read. Its a fun book if you like general wall street books, but also a good look into the life of a total maniac. I always hated Jim Cramer's style, but this makes you realize that he is just a crackpot.
August 23, 2007
Whiners whine even when they make F-you money.
February 10, 2009
This book would have been even better for me if I didn't already think Jim Cramer was a complete a-hole that should go to jail for the pump and dump he does on tv everyday.
January 8, 2014
Thought this was a great look into one of the more successful minds on wall street.
Displaying 1 - 8 of 8 reviews