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Take on the Street, by Arthur Levitt.    Although Arthur Levitt is not an expert on investing, as the former chairman of the Securities and Exchange Commission (SEC), he is assuredly an expert on corporate governance.  Indeed, Mr. Levitt's tenure at the SEC during most of the 1990s (the real "decade of greed") gave him an unprecedented vantage point from which to observe and ultimately to report on the numerous Wall Street and corporate scandals of that decade.  He provides the reader with a clear description of many of the shenanigans that ultimately cost amateur investors untold billions in the aftermath of the late 1990s stock market bubble.  Indeed, I think it is fair to say that without the accounting scandals and biased Wall Street research so prevalent in the 1990s (and so well documented by Levitt in this book), there never would have been a market bubble of the proportions we experienced.  This timely book convincingly illustrates the difference between ownership (by stockholders) and control (by management) in American companies, and every investor would gain by reading it.

ISBN: 0375714022
Format: Paperback, 384pp
Pub. Date: Nov 2003
Publisher: Vintage Books

 

 

 

 

 

"During my lifetime, the small investor has never had a better friend than former SEC chairman Arthur Levitt."

Warren Buffett