High Flying Adventures in the Stock Market

In the last three years, Delaware Investments mutual fund manager Gerald S. Frey has more than quadrupled his shareholders' money, an extraordinary performance in any market. Drawing on behind-the-scenes information on how Frey runs his funds gathered over more than a year, former Wall Street Journal reporter Baker portrays him sitting behind a computer screen (one that usually malfunctions), reading reports and listening to salespeople. He's a modest and soft-spoken guy who occasionally says things such as ""buy 25,000 shares."" Although trading makes up the book's action, Frey's insights about buying or selling particular stocks, unfortunately, are hidden inside his head. Though Baker tries to make his job seem high pressure, it makes for pretty dull reading. And since Baker never reveals at what price Frey gets his 25,000 shares, or what happens to the stock afterward, she's doesn't generate any excitement about the market's fluctuations. We learn about Frey's bonus provisions in detail, but it's hard to get too worked up over whether he and his team split a $3.3 million or a $2.1 million bonus pool. In addition, the traders on his team are not sketched sharply enough to sustain interest: one always seems half asleep with his feet on the desk and his chair tilted back; the other constantly tosses a foam rubber ball up and down, while giving excruciatingly slow answers to questions. Ultimately revealing little about successful fund managers and their colleagues, this book is decidedly earthbound. (May)