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Reviewed by Ruffina Oserio for Readers' Favorite
Off Wall Street: How to Win at Short Selling by Betting Against the Crowd by Mark Roberts is a fascinating blend of hard-nosed financial analysis and memoir that documents the author’s journey from a graduate in literature to founding a respected short-selling research agency, the Off Wall Street Consulting Group. The author's career path is unconventional and inspiring, and it starts with managing the family business in the steel industry. He shares his stories that include the launch of his firm in 1990, the company’s short recommendation on Enron, and references to the company in congressional hearings by Senator Lieberman, underlining the principle of asking “why” before buying. Through personal stories like the influence of his background in art history and the wisdom of his grandfather, the author provides practical business wisdom that includes an insider’s view of how to identify overvalued companies.
Off Wall Street is the best “how-to” guide for skeptical equity analysis I have ever read. The book offers compelling arguments that convinced me of what is required for successful short selling: a deliberate distance from the crowd and intellectual independence. Using concepts from behavioral psychology, he demonstrates how market inefficiency can be spurred by contagious optimism and human irrationality. Instead, he advises readers to adopt the generalist thinking style that allows them to identify patterns that help identify flaws in the business model and fraud. Mark Roberts redefines a short seller in this book: someone who cultivates ego-free objectivity, a contrarian artist with the ability to admire and profit from a unique perspective. Readers will learn how to turn patience and skepticism into the disciplined tools required to preserve capital. This book is convincing, authoritative, and informative, a perfect guide for anyone who wants to succeed in the business of short selling.
