Bill Bartmann(ex-billionaire) How to succeed or how to fail?

Discussion in 'Economics' started by peilthetraveler, Aug 30, 2009.

  1. I just bought this guys book on friday and finished it yesterday. (his book is called "Bailout Riches") In it he gives a so called "blueprint" on how to buy non-performing loans and collect on them. Alot of it is good stuff (even though he does not go into detail much about how to price portfolios only to tell you to pay no more than 1/3rd of what you think you can collect of which he tells you nothing of how to figure out what you can collect other than to just guess) Anyway, after reading his book, to where he really pumps himself up, I thought it was strange how he said his net worth was a few billion in 1998 yet his book was just written this year. Why didnt he tell his networth more currently?

    So I did a wiki search on him and again...doesnt say much past 1998. (at this point I still thought he was a billionaire) Then after more digging I find that his company went bankrupt because of some kind of fraud which of course was all blamed on his partner. I dont know how true this is that he knew nothing about it though. Seems a little fishy but he was aquitted. Now the guy is a motivational speaker and his income comes from writing this book he sold me, doing seminars and such things like that. He even sells access to how-to videos on his website for 1,000 bucks.

    Also, im not sure the guy ever actually made a billion dollars even with his phoney accounting. I added up that he only made a few hundred million in total profit (of which 80% would have been his) His net worth was based on GS valuing his business at 3 billion dollars the same year it collapsed.

    Almost makes me wonder if this guy was running a somewhat type of ponzi scheme with bankloans since he financed 100% of his business purchases all the time, I mean, when you have 120+ lenders its easy to pay one off only to pay off another, then get that one you paid off to lend you more next time.

    But anyways....I had actually never even heard of this guy until friday. It would be interesting if anyone has any additional information about this guy, specifically any details about his BK back in 1998, or anyone who lives in Tulsa who remember this guy and what he is like in real life.
     
  2. You did buy it from the Bargain Bin, didn't you. :cool:
     
  3. "His net worth was based on GS valuing his business at 3 billion dollars the same year it collapsed."

    A lot of internet co's were valued at billions but were never worth anything.

    The guy is a pitch man now, that should tell you everything you need to know. Lowliest thing you can do(in the financial world) is pitching no money down real estate bs or stock trading courses. Those that can, do....those that can't, teach bs courses.

    Also don't waste your money on some putz's book.....at least go to the library and rent it for free.
     

  4. Or go to books.google.com , first part of the book is there.

    I actually use it a lot to see if the books even warrant buying, Not all titles are there, but a lot.
     
  5. I actually live across the street from my local library. There are not very many good books in there and if they do have that book, it would be checked out almost instantly. Most of the books are old and nearly useless. Lots of titles like "how to profit from the dot com boom" or "How to buy real estate with no money down" Books that are extremely outdated like that.

    Personally I think the only reason people go into that library is to use the internet. The 15 or so computers they have are almost always full. Never see anyone browsing books.

    Also, its usually only 10 or 15 bucks to buy a book brand new. I know thats alot of money to some of you poor traders in there though, but i can afford it at this stage in my life :)