Riches Among the Ruins: Adventures in the Dark Corners of the Global Economy

Finance has never been my area of expertise, but this book triggered a new-found enthusiasm for me. When you think of bonds, you don't think "adventure;" more likely, you imagine staid and boring traders sitting at desks on Wall Street, shouting into phones, wearing pinstripe suits and expensive sunglasses. The author of this book is about as far from that stereotype as you can imagine, although he does spend his fair share of time arguing on the phone. In his case, those, it's with characters such as Russian oligarch Vladimir Potanin, double-dealing Turkish grifters and black-market money changers in war-torn El Salvador. This is the dark, seamy, and thrilling side of international finance. The book moves along at a fair clip and only lags in a few places. The economics are clearly and concisely explained; I wouldn't call it a manual for trading, by any means, but it's definitely a good way to get a handle on some of the confusing aspects of the global economy. Rather than learn about spreads, basis points, coupons and interest rates in a dull textbook or an MBA class, pick this book up and get your information with a nice fix of adventure. There's more than just money here; there's also the story of a guy who seems a bit crazy, a bit genius, and completely and totally driven. Ever lost $15 million in a day? Smith has, and he made it all back with sheer nerve. The story jumps nimbly from Brookline to Istanbul to Lagos, and only towards the end does it settle down and slow a little. But that's inevitable, given the fabulous adventures in the first 100 pages. My favorite incident involves a scheme with Lloyds of London in Guatemala that required, if I may say, 'cojones latóns.' Do yourself a favor. Pick this book up.

Most self-help teachers advise those seeking success to find a good role model and emulate what they did to achieve success. The idea is that success leaves footprints - steps that others can follow. Riches Among the Ruins is a great example and Robert Smith would be an excellent role model for others to follow. He finished last in his high school class. But his financial success has allowed him to build a theater and arts center at his high school, a new student center at the college he attended and to renovate the synagogue in his mother's hometown. The opening sentence of the introduction tells how he lost $15 million in one day. But that did not spell financial ruin for him. I will not presume to guess the primary motivation for Mr. Smith writing this book. In my mind there are three themes or lessons to be gained from reading it. The first is a better understanding of foreign currency and the interdependence of world trade. We are all subject to the forces of globalization and having a better understanding of the interdependencies will help us better understand our world and how things fit together. The second underlying message is what it takes to achieve financial success. While these are not directly addressed, they are the footprints we need to observe is we are going to try to follow his example. Success is often found among the ruins. Doing what everyone else is doing will not separate you from the crowd. If you are going to achieve huge success, you must separate yourself from the crowd. Do what others might find distasteful. Another success principle that kept driving Bob was he was doing what inspired and motivated him. You will find it tough going to attempt to do things you truly are not interested in doing. He loved the excitement of working in the "ruins". Find what you love to do and do it. There are many other success principles contained in the book, but I will only touch on one more. The "ruins" represent a major need of others. It is much easier to find financial success if you are fulfilling a major need for a) lots of people or b) one with lots of zeros associated with it. The third theme of the book is looking at the different countries and the problems they faced and then viewing the path that America is following. We have turned from a creditor to the largest debtor nation. We are on a very dangerous path. While we may not be in immediate danger of becoming a third world country, unless we put our financial house on order - both on the national and the individual level, we may find ourselves there sooner than we expect. This is a wonderful read. The first 50 or so pages are a little slow because there is so much background information necessary to understand what is going on. After the introduction, it gets to be a real page turner. There are really a number of valuable lessons in the book. It reads like a novel but probably should be studied like a text book. Some of the lesso

Who says being a banker is steady and boring? Smith paints an image of high wire adventurism that gets more interesting with each chapter (the climax being present day Iraq). Its light on financial theory but makes up for it with practical wisdom on how business gets done in the shady world of emerging market bonds. great summer read!

I was intrigued from the title considering the times we're living in, and I zipped through this well-written, humorous, and interesting book. It reads like an international adventure and is great for someone who is curious about how the world used to work when developing countries teetered near bankruptcy in the 70's and 80's, all told from an entrepreneur's eyes with self-deprecating humility. Especially good book for someone who wants inspiration on starting their own business in the worst of times...

Part exciting adventure thriller, part financial advice, this book reads like an Indiana Jones or Ian Fleming story. Smith takes us through his shenanigans in often war-torn perilous developing countries, where he tried (sometimes successfully and sometimes unsuccessfully) to forge a new financial instrument. Today's huge emerging market industry was shaped by economic frontmen like Smith, and likewise, our nation's woes could utilize the hard lessons learned in the debt-ridden countries where Smith spent the past 30 years doing business.