Dumb Money

Adventures of a Day Trader

Publisher: Random House

As you read this, five million Americans are day-trading. Not since gold was discovered in California have more people dropped out of their old lives and come running for the promise of a big score. For a time, Joey Anuff was among them. He has emerged-enriched, enlightened, and exhausted-to share his story.
In a marriage of Anuff's own experiences with the brilliant investigative work of his Wired and Suck colleague Gary Wolf, Dumb Money explores and explains the world of day-trading as has never been done before. No strategy is too crackpot to try, no news break too dubious to play off, no so-called guru too shady, no online chat room too pathetic. Using the rhythms of a day trader's typical day as its frame, Dumb Money is a dispatch from the front lines of the stock-market revolution, a brutally Darwinian battleground on which some become wildly rich and more become part of the body count. It is essential reading for online investors, off-line investors, voyeurs, concerned citizens, and adrenaline freaks alike.



These are the years of opportunity. In the late-afternoon sunshine of the twentieth century, good fortune has beamed down obligingly on equity owners everywhere. Rarely have capital gains been so easy.

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Advance Praise for Dumb Money

"Joey Anuff and Gary Wolf have done the impossible: Dumb Money, an early-21st century crossbreed of Dostoyevsky (The Gambler), Matt Groening (Homer Simpson), and the Motley Fools, fully conveys the addictive, populist thrill of online stock trading, but also stands as a cautionary tale about a certain kind of life—twitchy, sweaty, lonely—on the internet."
        — Kurt Andersen, author of Turn of the Century and co-chairman,          Powerful Media

"Read Dumb Money and never again will you worship at the shrine of day traders or most any other Wall Street or Web guru. It is easy to be irreverent, you say? Yes, but it isn't easy to be funny, or wise, or to write so effortlessly. This is Bright Lights, Big City without the cocaine but with the highs felt when a writer captures a moment of mass insanity."
        — Ken Auletta

"Dumb Money is the truest and most entertaining book about the allure of seemingly easy money since Edwin Lefevre's classic, Reminiscences of a Stock Operator. Fusing a riveting and often hilarious personal narrative with a contemporary history of the rise of day trading, Anuff and Wolf cut through the frustrating mix of hype and horror that envelops most writing about the stock market. This is a clear-eyed and painfully honest book, and ultimately a moving one as well. Day trading is now responsible for at least one good thing."
        — James Surowiecki, Slate.com