When the official history of twentieth-century Wall Street is written, it will certainly contain more than a few pages on Michael Steinhardt. One of the most successful money managers in the history of "The Street," Steinhardt far outshone his peers by achieving an average annual return of over thirty percent-significantly greater than that of every market benchmark. During his almost thirty-year tenure as a hedge fund manager, he amassed vast wealth for his investors and himself. One dollar invested with Steinhardt Partners L.P., his flagship hedge fund, at its inception in 1967 would have been worth $462 when he retired from active money management in 1995.
No Bull offers an account of some of the investment strategies that drove Michael Steinhardt's historic success as a hedge fund manager including a focus on his skills as an industry analyst and consummate stock picker. He also reveals how his uncanny talent for knowing when to trade against the prevailing market trend-a talent that was not always appreciated by several erstwhile high-profile clients-resulted in many of his greatest successes. Here he provides detailed accounts of some of his most sensational coups-including his momentous decision, in 1981, to stake everything on bonds-and his equally sensational failures, such as his disastrous foray into global macro-trading in the mid-1990s.

At the same time, No Bull is the rags-to-riches story of a boy from Bensonhurst and his rise from the streets of Brooklyn to the heights of Wall Street. In a thoroughly engaging narrative, Steinhardt relates the early influences that shaped his attitudes toward life and success, as well as the beginning of his love affair with stock investing. Further, he chronicles his dawning awareness of the need for a purpose in life beyond the acquisition of wealth and how it led to his decision to retire and redirect his energies. We learn about his experiences as the chairman of the Democratic Leadership Council for nearly a decade, as well as his innovative thinking and ambitious projects to strengthen the Jewish community.

当二十世纪华尔街的官方历史被写下来的时候，它肯定会包含更多关于迈克尔·斯坦哈特的页面。史坦哈特是“华尔街”历史上最成功的基金经理之一，他的平均年回报率超过30%，大大高于所有市场基准，远超同行。在他近30年的对冲基金经理任期内，他为投资者和自己积累了大量财富。他在1967年创立的旗舰对冲基金Steinhardt Partners L.P.投资的一美元，在1995年从主动货币管理公司退休时价值462美元。
没有牛提供了一些投资策略的帐户，推动迈克尔斯坦哈特的历史性成功作为对冲基金经理，包括他作为一个行业分析师和完美的选股技能的重点。他还揭示了他知道什么时候该逆市交易的超凡天分——这种天分并不总是受到几位昔日知名客户的赞赏，从而造就了他许多最伟大的成功。在这里，他详细描述了一些他最轰动的政变，包括他在1981年的重大决定，把一切都押在债券上，以及他同样轰动的失败，比如他在20世纪90年代中期灾难性地涉足全球宏观交易。
同时，没有公牛是一个从本森赫斯特男孩的故事，他从布鲁克林的街道上升到华尔街的高度，从穷到富。在一个完全引人入胜的叙述中，斯坦哈特讲述了影响他对生活和成功态度的早期影响，以及他对股票投资的热爱的开始。此外，他还记录了他对获得财富以外的人生目标的需要的初步认识，以及这是如何导致他决定退休和重新调整精力的。我们了解他担任民主领导委员会主席近十年的经历，以及他加强犹太社区的创新思维和雄心勃勃的项目。