Reading Is Fundamental

by David Duncan

Monday, July 09, 2007 - 2:30 pm

Ed. Note—Reading is fundamental on Wall Street. We are big fans of the written word, and would like to introduce you an old warhorse by the name of David Duncan. David spent a long career in print covering dozens of stocks and several sectors. Generalists are dying out, but we have a soft spot for the breed and hope to delay David’s trip to the glue factory. He has long idolized Alexander Hamilton, whose likeness he has taken for his own. Lets hope he is worthy of the honor!

A Killing in the Market

Some people have it both ways. First they make a financial killing in the market, then they get all Godfather-ey and murder their enemies. At least they do if they spend their days structuring private equity deals and their nights and weekends writing steamy potboilers about Wall Street and politics. Guns, money, sex and power.

It is hard to miss with that mix.

The past few years have witnessed an explosion of Wall Streeters publishing novels about life on the Street. But the contemporary king is Stephen Frey with 13 published novels and a 14th on the way. Of course there’s no shortage of scribes willing to cut into the underbelly of the Street and reveal all, but few writers have the inside experience of Frey. His stories add up to a good time, though his plots occasionally take his characters over the top. So what? The books are fun. You have to admire a man with the energy to work on deals all day and hit the typewriter at night to unwind.

As Frey’s bio notes, he’s worked at J.P Morgan in Mergers & Acquisitions; as a vice president of corporate finance at Societe Generale; and at a Virginia-based private equity firm and hedge fund. The Virginia-based fund is one that deserves some attention.

Winston Partners

Winston Partners was founded in 1993 and originally consisted of two distinct businesses: hedge funds of funds and private equity. The firm launched its first hedge fund of funds in 1995 after a period of extensive due diligence on long/short funds. The firm manages four distinct funds, all of which seek to identify the most talented fundamental, research-driven long/short managers.

The most intriguing entry?

This:
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Marvin P. Bush, Co-Founder and Managing Partner

Mr. Bush is the Managing Partner of Winston Partners. Prior to co-founding Winston in December 1993, Mr. Bush spent twelve years in the investment business with Moseley, Hallgarten, Estabrook and Weeden, Inc., Shearson Lehman Brothers Inc., and John Stewart Darrell & Company. He serves on the Board of Directors of Kerrco, Inc. and sits on the NCAA Leadership Advisory Board of Directors and is a member of the Advisory Board of the George Bush Presidential Library. He is a member of the Advisory Board of Calder Capital Partners and the Board of the College Foundation of the University of Virginia. He was previously on the Board of Managers at the University of Virginia. Mr. Bush earned his B.A. from the University of Virginia.
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One wonders whether Frey’s books can be found in the White House. Based on my reading, Frey has been influenced by events in Washington. However, due to the energetic sexual activities of the characters, Frey’s books may reflect the activities of the preceding administration more than the current one.

Libido aside, about a year ago, Frey left Winston to become Managing Director at Westham Capital, a firm with offices in Richmond, VA and Dallas, TX. Presumably his current position gives him the room to create. He’s having a good year. One book out, another coming. Maybe he’ll set a personal record and pump out a third.

Bibliography
· The Takeover (1995)
· The Inner Sanctum (1997)
· The Vulture Fund (1997)
· The Legacy (1998)
· The Insider (1999)
· Trust Fund (2001)
· The Day Trader (2002)
· Silent Partner (2003)
· Shadow Account (2004)
· The Chairman (2005)
· The Protégé (2005)
· The Power Broker (2006)
· The Successor (2007)
· The Fourth Order (2007) (forthcoming)

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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.